A depressed market for marine fuels is to be expected in Q3 2020 due to weak global demand and increasing supplies for bunker fuel across the globe, reports Reuters.
Consulting firms note as countries like China and Brazil continue to increase production, global supply is estimated to rise by 620,000 barrels per day (bpd), placing downward pressure on bunker fuel prices and creating a depressed market.
Inventories were allegedly at a record high in June at northwest Europe, United Arab Emirates and Singapore.
“Until recently, bunker fuel sales at key bunkering hubs were buoyed by opportunistic restocking, but sales volumes have since caught up with the reality of slowing global trade,” said consulting firm Energy Aspects, as quoted by Reuters.
“A meaningful rebound in bunkering demand is unlikely before the end of the summer.”
KPI OC seeking to recover debt of USD 805,602.15 over five bunker deliveries, not including accrued interest of about USD 363,000 since 15 September, showed court documents obtained by Manifold Times.
Discussions around the need to develop methanol bunkering operations are taking place at numerous ports ahead of estimated demand of above 7M mtpa by 2030, says Chris Chatterton of Methanol Institute.
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.