Connect with us

Business

IEA and OPEC discuss COVID-19 impact on global oil markets

Income from oil and gas will fall by 50% to 85% in 2020, reaching the lowest levels in more than two decades, according to recent IEA analysis of current conditions.

Admin

Published

on

Fatih Birol IEA

Paris-based autonomous intergovernmental organization, the International Energy Agency (IEA) on Monday (16 March) published an article highlighting key points in a phone discussion between its Executive Director, Dr. Fatih Birol and Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo reviewing the current situation in global oil markets.

The two leaders expressed deep concerns about the coronavirus (COVID-19), which is already a grave and unprecedented global health crisis with potentially far-reaching economic and social consequences. 

Dr Birol and SG Barkindo assessed the impact of the virus and the recent broad-based financial and oil market volatility on the global economy. 

In particular, they discussed the inherent risks of the fast-evolving dynamics, including the most recent developments in global oil markets. 

They agreed these create material impact, particularly for citizens of developing countries including those that rely heavily on income from oil and gas production for essential services and are especially vulnerable to market volatility.

Dr Birol and SG Barkindo reviewed the impact on vulnerable developing countries and noted if current market conditions continue, their income from oil and gas will fall by 50% to 85% in 2020, reaching the lowest levels in more than two decades, according to recent IEA analysis. 

This is likely to have major social and economic consequences, notably for public sector spending in vital areas such as healthcare and education. 

They both underscored the importance of market stability, as the impacts of extreme volatility are felt by producers, particularly in terms of much needed income, and by both producers and consumers, who are affected by an unstable and unpredictable market.

SG Barkindo and Dr Birol emphasised the importance of finding ways to minimise the impact of the current situation on vulnerable developing countries.

They agreed to remain in close contact on the matter and continue their regular consultations on oil market developments.


Source:
IEA
Photo credit: Friends of Europe
Published: 18 March, 2020

 

Continue Reading

Legal

“Yangtze Harmony”: The practical effects of enforcing bunkers arbitral awards in Rem

Helmsman says Singapore High Court in The “Yangtze Harmony” [2026] SGHC 3 confirmed that the court can lift a ‘stay’ on in rem proceedings, which were put on hold in favor of arbitration.

Admin

Published

on

By

Helmsman expands legal services into IP and Technology, Media and Technology

In shipping law, in rem proceedings are unique as a claim may be brought against the ship itself as a separate legal entity rather than the owner personally. This is what allows a ship to be arrested and used as security for such a claim.

Earlier this year, the Singapore High Court in The “Yangtze Harmony” [2026] SGHC 3 clarified an unanswered question: whether the court can lift a “stay” on in rem proceedings – which had earlier been put on hold in favor of arbitration. The court has now confirmed that it can. This means that if a party wins an arbitration, it can return to court and enforce the award as a judgment against the ship or its judicial sale proceeds.

Multi-disciplinary law firm Helmsman LLC focuses on the significance of the “Yangtze Harmony” judgment in enforcing arbitral awards in rem proceedings:

Written by Arjun and Shakthi 1

MT: How are arbitration claims against ships usually enforced in Singapore?

In shipping disputes, it is common for a claimant to start court proceedings against a ship to arrest the ship as security, even though the dispute is to be decided by arbitration. These proceedings are then stayed, pending the arbitration’s conclusion, while the claim remains secured in the form of (a) the arrested ship, or (b) its sale proceeds, or (c) any alternate form of security (such as a bank guarantee or an insurer’s letter of undertaking).

Ordinarily, arbitration awards are enforceable only against the parties named in the award (i.e. in personam). If a shipowner fails to pay, the award holder must enforce the award against the shipowner. The significance of the Yangtze Harmony judgment is that it allows an award holder to enforce the award directly against the ship which it previously arrested. This is crucial for cases against one-ship companies where the ship (or its sale proceeds) may be the only meaningful asset for recovery.

MT: If a ship is sold, where do bunker claims rank in getting paid?

While the decision makes enforcement easier, it does not affect the priority in which sale proceeds are distributed. In Singapore, judicial sale proceeds generally satisfy claims in an order of priorities. Higher ranking claims such as dues, Sheriff costs and secured claims are paid first.

A claim for bunkers supplied for a ship’s operation or maintenance are typically considered a statutory lien claim, which ranks at the bottom of the priorities ladder. Bunker suppliers are only paid from whatever funds remain and they share this equally with other similar claimants. A bunker supplier may not know what other high ranking claims exist until after the vessel is arrested or sold. If those claims are substantial, there may be little or nothing left to satisfy bunker claims.

MT: Can bunker suppliers improve their chances of getting paid?

The court has the power to alter the order of priorities when it is equitable to do so, but it is rare and requires evidence of exceptional circumstances. Ordinarily, a claim for the price of unpaid bunkers would not meet this threshold.

While the Yangtze Harmony brings welcome clarity to allow enforcement of arbitral awards as in rem judgments, this does not guarantee recovery, given the risk of priorities. Bunker suppliers in particular should carefully assess the likelihood of being paid in the event of a judicial sale before taking steps such as arresting a ship.

 

Photo credit: Helmsman
Published: 17 June, 2026

Continue Reading

Bunker Fuel

Huanghua Port expands bunkering capabilities with dedicated fuel oil terminal

Previously, bunkering vessels serving Huanghua Port were required to replenish marine fuel oil at other ports, including Tianjin, before returning to carry out bunkering operations, often resulting in delays.

Admin

Published

on

By

China Flag

Huanghua Port has strengthened its marine fuel supply infrastructure with the commissioning of its first dedicated, all-weather bunker terminal, a move aimed at improving vessel turnaround times and supporting growing shipping activity at the port, according to China-based news outlets on Thursday (11 June). 

On 9 June, bunker tanker Heng Feng You 165 completed fuel loading operations at the terminal in the Huanghua Port Comprehensive Port Area before proceeding to an anchorage to provide bunkering services to waiting cargo vessels.

According to local authorities, the new facility addresses a longstanding bottleneck in the port’s marine fuel supply chain. 

Yao Meichen, Deputy Director of the Cangzhou Municipal Ocean and Port Administration Bureau said bunkering vessels serving Huanghua Port were required to replenish marine fuel oil at other ports previously, including Tianjin, before returning to carry out bunkering operations, often resulting in delays for vessels awaiting bunkers.

As cargo throughput and vessel traffic have increased in recent years, the absence of a specialised bunker terminal became a constraint on port efficiency. To address the issue, local authorities invested RMB 266 million (USD 39 million) to develop Huanghua Port’s first dedicated marine fuel oil terminal and actively pursued regulatory approvals for both a domestic transfer export bonded warehouse and a liquid bonded storage facility.

The terminal, which entered service at the end of last year, features a dedicated 5,000-dwt berth and storage tanks with a combined capacity of 66,000 cubic metres. It has a designed annual throughput capacity of 820,000 tonnes and primarily handles marine gasoil as well as 120 CST and 180 CST fuel oils.

Authorities said the facility has been operating smoothly since its launch and is capable of ensuring a stable supply of bunker fuel for vessels calling at the port.

The bunkering infrastructure will be further enhanced following approval from Shijiazhuang Customs for the establishment of both the domestic transfer export bonded warehouse and liquid bonded storage facilities. The additions are expected to strengthen Huanghua Port’s ability to provide bunkering services to international-going vessels.

“The commissioning of the marine fuel oil terminal has completely changed the previous situation of off-site fuel supply and ships queuing for fuel, achieving benefits for both bunkering vessels and cargo ships,” said Dong Xianke, General Manager of Cangzhou Bohai New Area Gangkun Marine Fuel Co., Ltd., the terminal’s operator.

 

Photo credit: David Yu from Pixabay
Published: 16 June, 2026

Continue Reading

Methanol

China: Chimbusco takes delivery of new methanol bunkering vessel in Zhoushan

Company says commissioning of “Zhong Ran LV Neng 85” will further enhance its service capabilities in green methanol bunkering in major domestic ports.

Admin

Published

on

By

Chimbusco takes delivery of new methanol bunkering vessel in Zhoushan

China Marine Bunker (PetroChina) (Chimbusco) recently took delivery of its first bunkering vessel in China to deliver methanol to dual-fuel ships.

The 8,500-dwt duplex stainless steel chemical tanker Zhong Ran LV Neng 85 was successfully delivered in Zhoushan.

The company said the commissioning of this new ship will further enhance Chimbusco’s service capabilities in green methanol bunkering in major domestic ports and expand its national marine new energy service and support network

During the delivery period, Chimbusco said it focused on safe operations and conducted special training for all crew members of the vessel.

The training covered methanol bunkering operation specifications, prevention of collisions between commercial and fishing vessels, daily vessel reporting, and voyage report filling standards.

Manifold Times previously reported the launching of the bunkering vessel at Taizhou Fangzhen Shipbuilding Wharf in Zhejiang.

The floating out of the ship comes after Chimbusco has obtained methanol bunkering licences for Shanghai Port and Ningbo Port.

Related: Chimbusco launches new methanol bunkering vessel in Zhejiang

 

Photo credit: China Marine Bunker (PetroChina) (Chimbusco)
Published: 16 June, 2026

Continue Reading

Trending