Evgenia Vanadzina, analyst at Swedish bunker supplier Gasum on Tuesday (12 May) published a forecast for 2020 bunker demand in light of recent developments in the oil market from lowered production and recovering economies:
The Risavika LNG index continued its downward trend following European gas markets fundamentals, resulting in the index falling by 2 % week on week. Despite lower pipeline gas imports to Europe and colder weather last week, the market remained oversupplied. Most of the oversupply is accounted for by LNG imports and historically high gas inventory levels.
Oil prices went up last week on OPEC+ production cuts, lower US oil production, recovering demand and easing fear of lack of oil storage capacity. Fuel oil prices (FO 3.5) front month closed at 160.68 USD/t last week, 8 % higher than previous week. Low Sulphur (MFO 0.5) front month has gained 3 % and closed at 220.40 USD/t. Stocks of all refined products held in independent storage in the
Amsterdam-Rotterdam-Antwerp (ARA) oil hub fell 4% as of 14th of May, indicating demand recovery, after a record high level just a week before.
However, the pace of recovery is not going to be fast. According to the IEA forecast, global bunker demand will fall by 8 % year on year in the second quarter as covid-19 related restrictions and policies still limit trade movements and passenger travels, while demand from oil and chemical tankers will stay largely unchanged. The agency forecasts that bunker demand from container, dry bulk and cruise ships will marginally recover in the third and fourth quarters. However, it will still result in demand from all vessel types dropping by 5 % this year compared to 2019.
Photo credit: Gasum
Published: 21 May, 2020
Mitsui O.S.K. Lines, MOL Coastal Shipping, Tabuchi Kaiun, Niihama Kaiun, Murakami Hide Shipbuilding, and The Hanshin Diesel Works involved in project.
Development principally related to impact of global oil prices resulting in a constrained credit environment for the bunkering sector.
Sea-Lng supports global regulation of marine fuels, believing that further discussions on “Fit for 55” will develop suitable solutions to some of the complex issues.
Platform designed to help industry navigate uncertainties in sourcing fuel and lubricants while reducing time and costs.
Lau Chin Huat is appointed as the Liquidator for the purpose of winding up the companies and all creditors are to submit proofs of debt before Friday, 23 April.
Carnegie-Jones is a trader with over 29 years of experience; and joins GP Global from World Fuel Services Europe Ltd., where he was Marine Commercial Manager.
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MPA has also asked Glencore to improve its internal procedures to ensure that prompt action is taken in future when it becomes aware of, or reasonably suspects, any irregularity in fuel quality, it states.
Dynamic Asset Investments Limited and Goldsland Holdings Co Ltd helped Vermont UM Bunkering maintain a “Cash Float” of about SGD 100,000 to facilitate “buyback” bunker transactions at Singapore port.
Senior Cargo Officer gained SGD 48,800 worth of commission from “buyback” bunker transactions and illegally obtained SGD 410,712.257 by cheating Vermont, a Singapore court heard on Thursday (21 July).
Firm hopes to leverage partnership in Greece as a springboard to expand into neighbouring and overseas markets including Europe and China, says Robin Van Elderen, Regional Head Bunkers, Europe, Sing Fuels.
Singapore can help less developed countries in SouthEast Asia through ‘piloting and scaling fuels and technology as well as a leading hub for green finance’, said DNV Group President and CEO Remi Eriksen.
