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IMO – The Doomly Gloomy World of Shipping

Apurva Mali, the Trading Manager for Dubai-based commodities trading firm Ennero, offers his outlook for the international shipping industry in 2019.

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The following blog post was prepared by Apurva Mali in his personal capacity and shared with Manifold Times. The opinions expressed in this article are the author’s own and do not reflect the view of Dubai-based commodities trading firm Ennero where is he employed as Trading Manager.

In My Opinion, (hereafter labelled IMO), outlook for 2019 for the Global Maritime Industry is not-great. But when has it ever been Great?

Yes shipping is cyclical with sharp peaks and prolonged troughs, and in my 16-year career, nothing I’ve seen overall, IMO, has come close to the highs of the pre-2008 peaks.

How does one know if the maritime industry will do well or not this year? And who has the more accurate synopsis? The ‘outlooks’ vary and point to all the varying 360 degree opinions. In this case, lets imagine the actual ship to represent the shipping industry and the external weather conditions represent the external forces the ship (industry) has to contend with. The industry is often just like a large ship changing its course without control, when its own power or steering ability fails to work, and is at the mercy of the wind and the seas. World-trade-related macro figures, brokers’ reports, shipowners and financier’s’ views all reveal a different story in line with their own understanding and objectives.

A few shipowners I spoke to while writing this, from different segments (dry bulk tanker and offshore) revealed in the simplest of words, ‘Market is bad and competition eroding margins’, and one of them even commented, ‘I’d rather be sunbathing at the beach than commenting on freight rates’, only watching ships from a distance. Perhaps ships (and the industry?) do look much prettier and calm from a distance.

IMO, the maritime shipping industry is indeed a ship without its own power or propulsion. It continues swaying and swinging within its ‘6 degrees of freedom’ (FYI, the 6 degrees are: pitch, heave, roll, surge, sway and yaw), at the mercy of the external forces of world trade, protectionism, new-fuel-regulations, a slowing China and supply-demand imbalance. And this year, even more than in 2018, it is super-obsessed with the new sulphur-emission regulations expected to come into force in 2020.

It only remains to be seen if the external forces will keep pushing the industry against its own free will and decision making. Amongst many other weather forces in 2019, IMO, it will have to also contend with two, very significant events taking place, when the world’s two largest democracies (India and USA) will host their General Elections, with each incumbent leader trying to make it Great, once again.

Readers who are interested to reach out to Apurva Mali may contact him at the following address [email protected] or mobile number at +971 50 605 1905.

Published: 12 February, 2019
 

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LNG Bunkering

Seaspan Energy hits 150 LNG bunkering milestone in 18 months

Company is now ranked seventh globally by LNG bunkering volume, according to the latest LANSDOWNE Moritz rankings.

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Seaspan Energy to offer renewable LNG bunker fuel along West Coast

Canadian low-carbon marine fuel provider Seaspan Energy on Wednesday (29 July) said it has completed its 150th ship-to-ship LNG bunkering less than two years after launching operations.

The company is now ranked seventh globally by LNG bunkering volume, according to the latest LANSDOWNE Moritz rankings. LANSDOWNE Moritz is a boutique advisory business specialising in the energy industry, with specific focus on the natural gas, LNG and maritime sectors. 

Since completing its first ship-to-ship LNG bunkering at the Port of Long Beach in December 2024, Seaspan Energy has all three of their LNG bunker vessels operating on the West Coast and is now averaging 12 LNG bunkering operations per month. 

Working closely with key stakeholders to obtain all necessary authorisations, Seaspan Energy serves cruise ships, container ships, car carriers and tankers across the ports of Vancouver, Nanaimo, Royal Roads, Long Beach, and Seattle.

More than half of Seaspan Energy’s LNG bunkering operations have taken place in the Port of Vancouver, reinforcing the port’s position as a leading gateway for LNG-powered vessels and alternative marine fuels.

Seaspan Energy delivers made-in-BC LNG sourced from FortisBC’s Tilbury LNG facility to help meet the growing global demand for lower-emission marine fuels.

Harly Penner, President, Seaspan Energy, said: “Completing 150 LNG bunkering operations in just 18 months is an incredible achievement for our team. This milestone reflects the hard work and commitment of our vessel crews and shoreside staff, who have built a reputation for delivering safe, reliable LNG bunkering. I am incredibly proud of what we have accomplished together and grateful for the trust our global customers continue to place in our team.”

Gary Regan, Managing Consultant, LANSDOWNE Moritz, said: “Seaspan Energy has become one of the world’s leading LNG bunker suppliers in a relatively short period of time. The company is now ranked seventh globally by LNG bunkering volume according to our data and is well positioned for future growth given its access to dedicated SSLNG loading facilities and competitive value proposition.”

 

Photo credit: Seaspan Energy
Published: 30 July, 2026

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Biofuel

Burando Energies holds 30% of Rotterdam’s biofuel blend market in H1 2026

Company supplied approximately 30% of all biofuel blended marine fuel and B100 volumes bunkered in the Port of Rotterdam in the first half of 2026, based on data from the Rotterdam Port Authority.

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Burando Energies holds 30% of Rotterdam's biofuel blend market in H1 2026

European marine fuel supplier Burando Energies on Wednesday (29 July) said it supplied approximately 30% of all biofuel blended marine fuel and B100 volumes bunkered in the Port of Rotterdam in the first half of 2026, based on data from the Rotterdam Port Authority. 

This excludes alternative fuels such as methanol, ethanol and LNG.

The company said Rotterdam remains one of the most cost-competitive locations in Europe to bunker biofuels.

The Netherlands is currently the only major bunkering hub in the ARA region where RED III has been transposed for marine, creating an ERE-based discount mechanism that makes blended fuels in Rotterdam meaningfully cheaper than equivalent products in other ports outside the Netherlands.

For shipowners focused on EU ETS and FuelEU Maritime compliance, the economics of bunkering biofuels in Rotterdam are the most cost-effective.

“We have positioned ourselves to capture this demand through deliberate infrastructure investment, including our dedicated, company-owned biofuel blending terminal at AFT Amsterdam,” it added. 

Backed by its wholly owned fleet of biofuel barges, the company said it ensures reliable and timely delivery, while its in-house sustainability team issues all compliance documentation accurately and promptly.

Burando Energies supply an array of biofuel blends across all Dutch and Belgian ports, including Zeebrugge.

Its portfolio includes HSFO, VLSFO and Marine Gasoil/Diesel-based blends alongside B100 FAME, B100 HVO and B100 FAME Residue products.

“We are extremely proud to see the trust of our new and repeat customers supporting the growth of our operation and enabling us to continuously improve both our physical products and associated compliance documents,” said Nick de Haan, Head of Decarbonisation Strategies at Burando Energies.

Biofuel uptake in Rotterdam is growing and Burando Energies expects that trajectory to continue as FuelEU Maritime obligations increase and the EU ETS cost of conventional fuel rises.

“Among other initiatives, we continue to invest in shore- and water-based logistics capacity for low-carbon methanol,” the firm added. 

“Our ambition is to continue to grow and further diversify our market position while continuing to deliver the reliability and documentation quality our clients depend on.” 

 

Photo credit: Burando Energies
Published: 30 July, 2026

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Bunker Fuel

BGN enters US retail bunkering market with Gulf Coast launch

To launch its bunkering operations, BGN has partnered with Houston-based Centerline Logistics Corporation, chartering two new barges, the “Jackson Eades” and “MGI 2100”.

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BGN enters US retail bunkering market with Gulf Coast launch

Energy and commodities trading company BGN on Wednesday (29 July) launched its first US-based retail marine bunkering business, marking another important milestone in the continued expansion of its global shipping platform.

To launch its bunkering operations, BGN has partnered with Houston-based Centerline Logistics Corporation, a marine petroleum transportation company, chartering two new barges, the Jackson Eades and MGI 2100. The company’s double-hulled fleet of bunker and terminal barges are designed to maximise safety and minimise environmental impact.

The new business will supply high sulphur fuel oil (HSFO), very low sulphur fuel oil (VLSFO) and marine gas oil (MGO) to vessels calling at ports across the US Gulf Coast.

Initially, the operation will support BGN’s owned and chartered LPG fleet of around 40 vessels, helping to strengthen the integration between our trading, shipping and marine fuels businesses. The new service will also provide reliable, competitive bunkering solutions to third-party shipowners operating throughout the region.

Harry Thwaites, Head of Fuel Oil, Feedstocks and Marine Fuels, said: “We are delighted to launch BGN’s first retail bunkering business, representing an important milestone in the continued growth of our marine fuels platform. The US Gulf Coast is one of the world’s most important shipping and energy hubs, making it the ideal location to establish our first retail bunkering operation.

“Initially, the business will support our own global LPG fleet while also providing reliable, competitive marine fuel solutions to third-party shipowners operating across the region.

“We are also pleased to be working with world-class partners such as Centerline Logistics, whose advanced fleet of liquid oil barges will support our ambition to grow BGN’s bunkering operations across the Americas. Going forward, we will look to expand into other major international ports as we continue to strengthen our marine fuels trading platform globally.”

 

Photo credit: BGN
Published: 30 July, 2026

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