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ENGINE on Fuel Switch Snapshot: Bunkering gets pricier in Singapore

All prices rise sharply in Singapore; LNG inches closer to VLSFO; Rotterdam’s B24-VLSFO premium over LNG widens.

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ENGINE on Fuel Switch Snapshot: Bunkering gets pricier in Singapore

Once a week, bunker intelligence platform ENGINE will publish a snapshot of alternative and conventional bunker fuel prices in the world’s two biggest bunkering hubs. The following is the latest snapshot:

24 June 2024

Singapore's bunker fuel prices have increased across the board over the past week. Conventional fuel prices have climbed $17-20/mt higher, while bio-bunker blends have gained slightly less, at $12-17/mt. LNG has increased by $14/mt in the port.

The price gap between Rotterdam's LNG and VLSFO grades has narrowed in the past week. LNG is now only $2/mt cheaper than VLSFO in Rotterdam with estimated EU Allowance (EUA) costs for voyages between two EU ports added, down from $15/mt a week earlier. The price difference is wider without EUAs, at $8/mt, and has come down from $21/mt.

The B24-VLSFO premium over pure VLSFO has moved $2/mt lower in Rotterdam and $8/mt lower in Singapore.

VLSFO

Rotterdam’s VLSFO benchmark has increased by $7/mt in the past week. Steady availability of the grade in Rotterdam and the wider ARA region could explain its gains falling short of a $19/mt ($2.62/bbl) jump in front-month Brent futures.

Singapore's VLSFO benchmark has climbed $20/mt in the past week, mirroring Brent's rise.

A sharp tightening of VLSFO availability in the port has supported price gains. Most suppliers indicate lead times of 7-17 days for the grade, a significant increase from 2-11 days the week prior.

Biofuels

Rotterdam’s B24-VLSFO HBE price has been steadier in the past week, with only a $5/mt gain. Availability of bio-blended bunkers remains good in Rotterdam and the ARA hub, a source says. 

Singapore’s B24-VLSFO price has gained $12/mt in the past week. The bio-bunker price has gone up despite a $5/mt drop in the UCOME FOB China benchmark, according to PRIMA Markets.

“Lower offers last week of $960-980/t were still mostly met by limited demand, with other optimistic sellers still offering above $1,000/t in other areas of the country,” PRIMA said.

LNG

A $7/mt decline in Rotterdam’s LNG bunker price can be attributed to a drop in the front-month NYMEX Dutch TTF Natural Gas benchmark amid the abundant gas storage levels in European countries.

In contrast, Singapore’s LNG bunker price has jumped higher by $14/mt in the past week.

The price rise in Singapore is supported by higher prices in the Asian LNG market and the Japan/Korea Marker (JKM) price, as well as an extended outage at Chevron's Wheatstone LNG facility in Australia.

By Konica Bhatt

 

Photo credit and source: ENGINE
Published: 25 June 2024

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Ammonia

Singapore: EMA, MPA shortlist two consortia for ammonia power generation and bunkering

Chosen consortia are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, NYK Line and Sumitomo Corporation.

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RESIZED bunker tanker singapore

The Energy Market Authority (EMA) and the Maritime and Port Authority of Singapore (MPA) on Thursday (25 July) said they have shortlisted two consortia that will proceed to the next round of evaluations of proposals to provide a low- or zero-carbon ammonia solution on Jurong Island for power generation and bunkering. 

The two consortia were selected from a total of six that were earlier shortlisted in 2023 to participate in a restricted Request for Proposal (RFP), following an Expression of Interest (EOI) called in 2022. The bids were assessed based on the technical, safety and commercial aspects of their proposals. 

The two consortium leads are Keppel’s Infrastructure Division and Sembcorp-SLNG, and the bunkering players in these consortia are Itochu Corporation, Nippon Yusen Kabushiki Kaisha (NYK Line) and Sumitomo Corporation. The two consortia will proceed to conduct engineering, safety and emergency response studies for the proposed Project.

At the next phase, we will select one of the two bidders as the lead developer of the project. The lead developer will develop the end-to-end ammonia solution comprising (i) generating 55 to 65 MW of electricity from imported low- or zero-carbon ammonia via direct combustion in a Combined Cycle Gas Turbine; and (ii) facilitating ammonia bunkering at a capacity of at least 0.1 million tons per annum (MTPA), starting with shore-to-ship bunkering followed by ship-to-ship bunkering. 

Given the nascency of the technology and global supply chains, the Government will work closely with the appointed lead developer to implement the Project. We aim to announce the lead developer by Q1 2025.

The project is part of Singapore’s National Hydrogen Strategy launched in 2022, which outlines Singapore’s approach to develop low-carbon hydrogen as a major decarbonisation pathway as part of the nation’s commitment to achieve net zero emissions by 2050.

A key thrust of this strategy is to experiment with the use of advanced hydrogen technologies that are on the cusp of commercial readiness. Ammonia is currently one of the most technologically-ready hydrogen carriers with an established international supply chain for industrial use.

“If successful, the project will position Singapore as one of the first countries in the world to deploy a direct ammonia combustion power plant and support the development of ammonia bunkering for international shipping, EMA and MPA said.

“This will help to unlock the potential of low-carbon ammonia as a low-carbon fuel.”

 

Photo credit: Manifold Times
Published: 25 July 2024

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LNG Bunkering

China: River-sea LNG bunkering vessel named and delivered in Shanghai

The 14,000 cubic metre ship, “Huaihe Nengyuan Qihang”, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) for Huaihe Energy Holding Group.

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China: River-sea LNG bunkering vessel named and delivered in Shanghai

China’s river-to-sea LNG bunkering vessel, which was built locally, was named and delivered in Shanghai on Monday (19 July), according to the Shanghai Association of Shipbuilding Industry (SASIC). 

The 14,000 cubic metre (cbm) ship, Huaihe Nengyuan Qihang, was independently developed, designed and built by Hudong-Zhonghua Shipbuilding (Group) Co., Ltd for Huaihe Energy Holding Group as part of China’s "Gasification of the Yangtze River” project.

The ship is capable of travelling through the Nanjing Yangtze River Bridge all year round and has been dubbed a “Customised Yangtze River” LNG refuelling and transportation ship.

The ship is equipped with the B-type LNG containment system independently developed by Hudong-Zhonghua and authorised by a national patent.

According to SASIC, this was the first time such a system has been applied to a domestic LNG  refuelling and transportation ship, marking a major breakthrough in the B-type LNG containment system developed by China with independent intellectual property rights.

Related: China’s first river-sea LNG bunkering ship completes inaugural bunkering operation

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

 

Photo credit: Shanghai Shipbuilding Industry Association
Published: 25 July 2024

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Newbuilding

Singapore: EPS takes delivery of LNG dual-fuel bulker “Mount Ossa”

Firm said said the last vessel in its series of six 210,000 dwt DF LNG Newcastlemaxes chartered to Rio Tinto, was successfully delivered by New Times Shipbuilding.

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Singapore: EPS takes delivery of LNG dual-fuel bulker “Mount Ossa”

Singapore-based shipping firm Eastern Pacific Shipping (EPS) on Wednesday (24 July) said the last vessel in its series of six 210,000 dwt dual-fuel LNG Newcastlemaxes chartered to Rio Tinto, was successfully delivered.

The delivery of Mount Ossa marked the 21st vessel being delivered by New Times Shipbuilding to EPS.

“Despite global challenges, Rio Tinto and EPS have shown unparalleled resilience and a strong commitment to decarbonize shipping,” it said in a social media post.

“Over the past three years, these LNG-powered vessels have proven to be a sustainable choice, emitting 30% less than their conventional counterparts. We have successfully completed over 200 LNG bunkering operations, significantly reducing emissions across our fleet.”

“We celebrate our strong partnership with New Times Shipbuilding on this 21st milestone delivery to the EPS fleet, grateful to have 43 world-class vessels built and delivered, including those on order from New Times, which means we are only halfway through our esteemed collaboration.”

 

Photo credit: Eastern Pacific Shipping
Published: 25 July 2024

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