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ENGINE introduces price tracker of comparable alternative and conventional bunker fuels

Platform introduced its Fuel Switch Snapshot and also teamed up with price reporting agency and biofuels specialist PRIMA Markets on biofuel-blended bunker fuel benchmark prices.

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ENGINE introduces price tracker of comparable alternative and conventional bunker fuels

Bunker intelligence platform ENGINE on Wednesday (13 March) introduced its Fuel Switch Snapshot, a price tracker of comparable alternative and conventional bunker fuels in the world’s two biggest bunkering hubs, Singapore and Rotterdam.

Despite the EU Emissions Trading System’s (EU ETS) tax on carbon, burning HSFO, VLSFO or LSMGO and paying for the CO2 they emit still pays off when bio-blended alternatives are priced as high as they are today. 

However, as time goes on and penalties increase, the switch to alternative fuels becomes a question of when, not if.

ENGINE’s weekly Fuel Switch Snapshot provides an apples-to-apples comparison of bunker fuels on the market, so buyers can consider not only the outright price of the fuels, but also how far their ships can sail on them and what they will pay to burn them on EU-linked voyages.

Once a week, ENGINE will publish a snapshot of alternative and conventional bunker fuel prices in the world’s two biggest bunkering hubs. 

The prices will come adjusted for calorific contents – the bang for your buck – and with costs of emitting CO2 in the EU both included and excluded. This is to illustrate the impact of the EU ETS on pricing and provide the best possible generalised comparison tool in these fast-changing times.

ENGINE has also teamed up with price reporting agency and biofuels specialist PRIMA Markets on biofuel-blended bunker fuel benchmark prices.

Combining ENGINE’s conventional bunker fuel benchmarks with PRIMA Market’s assessed biofuel benchmarks, and backing them up with stems, generates robust B24 and B30 benchmarks for Rotterdam, Singapore and Los Angeles.

Together, we are launching a series of eight bio-bunker benchmark prices:

  • B30 VLSFO Rotterdam HBE
  • B30 LSMGO Rotterdam HBE
  • B30 UCOME VLSFO ARA
  • B30 UCOME LSMGO ARA
  • B24 UCOME VLSFO Singapore
  • B24 UCOME LSMGO Singapore
  • B30 UCOME VLSFO Los Angeles
  • B30 UCOME LSMGO Los Angeles

The two HBE prices listed above contain 30% biofuel produced from advanced bio feedstocks listed in Annex IX Part A of the EU’s recast Renewable Energy Directive (RED II). Advanced biofuel prices are effectively rebated through the Dutch hernieuwbare brandstofeenheden (HBE) system, and this HBE rebate is currently about 3-4 times greater than the EU Allowance (EUA) deduction for the same biofuels.

The six other used cooking oil methyl ester (UCOME) benchmarks represent biofuels produced from bio feedstocks listed in Annex IX Part B of RED II. These do not qualify for Dutch HBE rebates and are therefore typically priced higher than advanced biofuels in the Netherlands – the world’s biggest market for bio-bunkers.

All eight of these new benchmark prices will be displayed with market commentary in the news feed on the ENGINE marine fuel intelligence platform and the PRIMA CarbonZero data analytics platform.

ENGINE managing editor Erik Hoffmann, said: “Biofuels are increasingly making their way into the bunker blending pool as regulations on ship emissions tighten and incentives to burn more sustainable fuels grow.”

“Partnering with PRIMA Markets on bio-bunker price benchmarks makes a lot of sense for ENGINE because PRIMA is a trustworthy and rigorous price reporting agency that produces robust price assessments on bio feedstocks and finished biofuels.”

“In the marine space, ENGINE has developed the industry’s largest database of real bunker market transactions to bring transparency to this historically opaque market. Combining PRIMA’s biofuels expertise with ENGINE’s bunker market intelligence makes for a strong combination and we’re thrilled to be able to deliver these specialist benchmark prices.”

PRIMA Markets director Matthew Stone, said: "The marine market is the latest entrant to the booming renewables space. PRIMA Markets has a long history of helping firms across different verticals develop and execute their emissions reduction strategies.”

“PRIMA Markets provides the data, information frameworks and deep understanding of the market from feedstocks to renewable fuels to allow firms to execute successful strategies in Renewables.”

“PRIMA is proud to be working with ENGINE to extend its services to shipping firms, bunker blenders, and the end-users looking to reduce the emissions profile of their products as they cross the globe.”

 

Photo credit: ENGINE
Published: 18 March 2024

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Alternative Fuels

Argus Green Marine Fuels Asia eBook released ahead of February bunker conference

eBook features interviews with Microsoft, JERA, IBIA, Anglo American, Sumitomo Corporation, Hafnia, BHP, Global Maritime Forum, DS NORDEN, ADNOC Group, and Standard Chartered Bank.

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Argus Media organises Green Marine Fuels Asia Conference in Singapore

Independent global energy and commodity market intelligence provider Argus Media recently published an eBook as part of a prelude leading towards the Argus Green Marine Fuels Asia Conference on 18 to 19 February in Singapore.

The Pre-conference content: Argus marine fuels Asia eBook features exclusive industry interviews with Microsoft, JERA, IBIA, Anglo American, Sumitomo Corporation, Hafnia, BHP, Global Maritime Forum, DS NORDEN, ADNOC Group, and Standard Chartered Bank.

It offers a peek into their thoughts on infrastructure readiness, the marine fuels shipowners are gravitating towards, LNG decarbonisation pathways, collaboration across the marine fuels value chain, and more.

The eBook is available for download through the image below:

argus media marine fuels asia ebook

The Argus Green Marine Fuels Asia Conference will be held at PARKROYAL COLLECTION Marina Bay, 6 Raffles Boulevard, Singapore 039594 on 18 to 19 February in Singapore.

Key speakers for the event include Kenneth Lim, Assistant Chief Executive (Industry & Transformation), Maritime and Port Authority of Singapore (MPA); Torben Nørgaard, Chief Technology Officer - Energy & Fuels, Maersk Mc-Kinney Moller Center; Jerid Soo, Assistant General Manager (Global Sustainability and ESG), Pacific International Lines; Kazuki Yamaguchi, General Manager and Head, Maritime Energy Solution, Energy Transformation Business Group, Sumitomo Corporation; and Mahua Chakravarty, Editor, Marine Fuels (Asia), Argus.

Related: Argus Media organises Green Marine Fuels Asia Conference in Singapore

 

Photo credit: Argus Media
Published: 17 January, 2024

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Bunker Fuel

TFG Marine, OOMCO form bunker fuel joint venture to supply in Oman ports

TFG-OOMCO will deliver bunker fuels to vessels visiting Oman’s ports of Duqm, Muscat and Sohar and offer customers a reliable and transparent bunkering provider in the Arabian Gulf.

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TFG Marine, OOMCO form bunker fuel joint venture to supply in Oman ports

TFG Marine, the international marine fuel joint venture founded by Trafigura, Frontline and Golden Ocean on Thursday (16 January) said it has established a bunker fuel joint venture with Oman Oil Marketing Company (OOMCO) to supply vessels visiting Oman’s ports of Duqm, Muscat and Sohar.

TFG-OOMCO LLC, incorporated in Oman, will combine the local knowledge of OOMCO with the international footprint, sourcing of all grades of marine fuels, infrastructure and logistics capability of TFG Marine, to offer customers a reliable and transparent bunkering provider in the Arabian Gulf.

Tarik Al Junaidi, CEO of Oman Oil Marketing Company, said: “This partnership aligns with Oman Oil Marketing Company’s efforts to develop the maritime transport and shipping infrastructure in Oman, which is in alignment with the objectives Oman Vision 2040.”

“It underscores our commitment to meeting the increasing demand of compliant, high-quality marine grades of fuel while adhering to the highest international health, safety, and environmental standards.”

“Through our partnership with TFG Marine, the adoption of cutting-edge technologies and the implementation of global best practices in fuel bunkering, we strive to lead towards excellence and sustainability in the bunker fuel business in the Sultanate’s ports.”

Mark Russell, Chief Commercial Officer, TFG Marine, said: “This is TFG Marine’s first venture in the Middle East and we look forward to serving our customers in this region. Oman has a rich history as a maritime nation and is well located close to the main shipping routes connecting the Arabian Gulf and the Indian subcontinent with the rest of the world.”

The announcement follows the signing of an MOU agreement between SOHAR Port and Freezone and TFG Marine, to establish an international bunker fuel supply operation. 

TFG Marine has already deployed bunker vessel Margherita Cosulich to the region to supply vessels at SOHAR’s deep-sea port. The vessel is fitted with a Mass Flow Meter (MFM), calibrated to the ISO 22192 international standard as required by SOHAR Port. SOHAR Port in February 2024 announced a mandate on the alignment of ISO 22192 standards ‘Bunkering of marine fuel using the Coriolis MFM system’ for all marine fuel supply operations within the port.

TFG Marine added it has long been an advocate of the global adoption of calibrated MFMs to bring much-needed transparency to bunkering and encouraging digitalisation in the long-term interests of the bunker industry and helping to further the decarbonisation goals of the shipping industry.

Related: TFG Marine to establish international bunker fuel supply op at SOHAR Port
Related: TFG Marine completes first bunker fuel delivery with “Margherita Cosulich” barge
Related: Metcore signs agreement with SOHAR Port and Freezone for MFM implementation support

 

Photo credit: TFG Marine
Published: 17 January, 2025

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Biofuel

Burando Energies delivers B30 bio bunker fuel to tug “MV Bylgia” in Rotterdam

Firm said it successfully delivered ISCC-certified B30 biofuel blend, derived from renewable feedstocks, to Heerema’s Anchor Handling Tug “MV Bylgia” at Port of Rotterdam.

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Burando Energies delivers B30 bio bunker fuel to tug “MV Bylgia” in Rotterdam

Burando Energies on Thursday (16 January) announced it successfully delivered ISCC-certified biofuel to Heerema’s Anchor Handling Tug MV Bylgia at the Port of Rotterdam.

The delivered B30 biofuel blend, derived from renewable feedstocks, will help reduce carbon emissions by an estimated 25% (well-to-wake)—an impactful move in Heerema’s ongoing commitment to sustainability.

“This delivery not only reflects our commitment to offering sustainable energy solutions but also strengthens our partnership with Heerema in their green ambitions,” said Duncan Huisman, Sustainable Bunker Trader at Burando Energies. 

“We are proud to contribute to initiatives that prioritise the well-being of our planet and future generations.”

Burando Energies said it will continue to focus on innovation and sustainability, striving to provide energy solutions that drive both environmental progress and business success.

 

Photo credit: Burando Energies
Published: 17 January, 2025

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