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Morgan Stanley forecasts $90 brent oil prices by 2020

‘We foresee a scramble for middle distillates that will drive crack spreads higher and drag oil prices with it.’

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The International Maritime Organization (IMO) 2020 sulphur cap which requires vessels to use 0.50% sulphur limit marine fuel will create increased demand for crude and drive the price of brent crude to as much as $90 per barrel by 2020, believes Morgan Stanley analysts.

“We foresee a scramble for middle distillates that will drive crack spreads higher and drag oil prices with it,” writes Martijn Rats in a report as quoted by Bloomberg.

The system configurations of certain refiners such favour middle distillate production and minimal high-sulphur fuel oil output, such as Repsol SA, Reliance Industries Ltd., Valero Energy Corp. and Tupras Turkiye Petrol Rafinerileri AS, will be among those which will see “the most advantageous combination after 2019,” he suggests.

The increased use of distillate fuels by vessels to meet the IMO 0.50% sulphur cap is expected to boost demand by an additional 1.5 million barrels a day by 2020.

However, current refining capacity will not be enough to meet the world’s total demand of 5.7 million barrels a day by 2020.

“The last period of severe middle distillate tightness occurred in late-2007/early-2008 and arguably was the critical factor that drove up Brent prices in that period,” Rats wrote; he referred to the period when crude oil approached levels close to $150 a barrel.

“We expect the crude oil market to remain under-supplied and inventories to continue to draw,” the bank said. “This will likely underpin prices.”

Published: 18 May, 2018
 

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Alternative Fuels

New agreements inked to advance marine electrification in Singapore

Lita Ocean, SeaTech Solutions, Pascal Technologies, and Evoy will develop a fully electric passenger harbour craft, specifically for Singapore, while Yinson GreenTech and Evoy will develop electric vessels.

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New agreements inked to advance marine electrification in Singapore

Innovation Norway and Team Norway on Wednesday (6 November) announced two agreements aimed at advancing sustainable maritime solutions, signed at the Singapore Norway Innovation Conference (SNIC) 2024.

The first agreement—a Letter of Intent (LOI)—was signed by Lita Ocean Pte Ltd, SeaTech Solutions International (S) Pte Ltd, Pascal Technologies AS, and Evoy AS, to develop a fully electric high-speed harbour craft specifically designed for Singapore’s maritime landscape. The second agreement—a Memorandum of Understanding (MoU)—was signed between Yinson GreenTech and Evoy, aiming to foster collaboration in marine electrification across Asia. 

The LOI signed between Lita Ocean, SeaTech Solutions, Pascal Technologies, and Evoy marks a key milestone in Singapore’s ongoing efforts to decarbonize its maritime industry. 

The project will develop a fully electric passenger harbour craft, integrating cutting-edge technologies like advanced electric propulsion and air lubrication systems to maximise energy efficiency and performance. This new vessel will set new standards for sustainable harbour operations and support Singapore’s green transformation goals in maritime transportation. 

Evoy sign MOU in Norway Singapore agreement 02

The collaboration builds on previous advancements in electric harbour crafts in Singapore, positioning the project as a critical step toward achieving maritime decarbonisation and a cleaner, greener future for the region. 

Additionally, Yinson GreenTech and Evoy have signed an MoU that will combine their strengths to drive marine electrification in the region. Yinson GreenTech’s electrification solutions, paired with Evoy’s electric propulsion systems, will support the conversion of internal combustion engine (ICE) vessels to electric power and foster the development of new electric vessels. 

This partnership is aimed at advancing the transition to a more sustainable maritime industry, with the shared goal of exploring new opportunities, collaborating on upcoming projects, and playing a key role in the broader transition to greener shipping solutions in Asia. 

The MoU was signed by Jan-Viggo Johansen, Managing Director of marinEV at Yinson GreenTech, and Mads Roland-Glimsholt, Business Development Manager at Evoy. 

“As a proud partner in this Norway-Singapore initiative, Evoy is excited to bring our high-performance electric propulsion systems to Singapore’s maritime landscape. We are committed to setting new standards in sustainable harbour craft and working with our partners to support a greener future in maritime transport” Mads Roland-Glimsholt, Business Development Manager at Evoy. 

 

Photo credit: Evoy
Published: 8 November, 2024

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Vessel Arrest

Malaysia: MMEA detains tanker in Sekinchan waters for anchoring illegally

Investigations found that 13 crew consisting of six Myanmar nationals, four Bangladeshis and three Indonesians, were on board the tanker when detained.

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Malaysia: MMEA detains tanker in Sekinchan waters for anchoring illegally

The Malaysian Maritime Enforcement Agency (MMEA) on Thursday (7 November) said it has detained a tanker for anchoring without permission in Sekinchan waters. 

Selangor MMEA director Captain Abdul Muhaimin Muhammad Salleh said the tanker was detained by a MMEA patrol boat at 9.6 nautical miles southwest of Sekinchan at 5 pm on that day.

Investigations found that 13 crew consisting of six Myanmar nationals, four Bangladeshis and three Indonesians, were on board the tanker when detained.

Further examination of the documents found that the ship's captain failed to present any documents for permission to anchor.

The ship's captain, 56, and chief engineer, 39, have been taken to Selangor MMEA Headquarters for further investigation.

The case is being investigated under Section 491B (1) (l) of the Merchant Shipping Ordinance 1952.

 

Photo credit: Malaysian Maritime Enforcement Agency
Published: 8 November, 2024

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Alternative Fuels

ExxonMobil supplies Hapag-Lloyd with B25 bio bunker fuel blend in Antwerp

Firm supplied Hapag-Lloyd vessel “Colorado Express” with 1,320 mt of B25 bio marine fuel blend, which consisted of ExxonMobil’s Premium HDME 50™ fuel and waste-based FAME derived from UCOME.

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Hapag-Lloyd

ExxonMobil on Thursday (7 November) said it supplied Hapag-Lloyd’s vessel Colorado Express with 1,320 metric tonnes (mt) of a B25 bio marine fuel blend in Antwerp. 

The blend consisted of ExxonMobil’s Premium HDME 50™ fuel, a 0.10% sulphur Emission Control Area (ECA) fuel, and waste-based fatty acid methyl esters (FAME) derived from used cooking oil methyl ester (UCOME).

“The ‘drop-in’ blend met the requirements of ISO 8217:2017 with the exception of the FAME component. The FAME content complied with EN 14214,” ExxonMobil said in a statement.

“The bio component was made material certified as meeting the sustainability requirements of the RED II: feedstocks not in competition with land for food production.”

ExxonMobil’s bio marine fuel blend underwent a range of tests prior to delivery in Antwerp. 

The blend offered an estimated 20.1% well-to-wake greenhouse gas (GHG) reduction compared with conventional marine fuel formulations on an energy basis.

“Hapag-Lloyd aims at having net-zero carbon fleet operations by 2045. As part of that commitment, we are continuously looking for opportunities to onboard new bio blends in our fuels mix. We appreciate ExxonMobil’s efforts to supply us with a bio blend with ULSFO, which is another step forward in our decarbonisation journey,” said Ilyas Muhammad, Head of Green Fuels at Hapag-Lloyd. 

“We successfully bunkered bio-ULSFO blend at our Colorado Express and so far our operational experience with this product is positive. We look forward to increasing bio-ULSFO consumption in the future,” said Nikolai Doerner, Senior Manager Biofuels at Hapag-Lloyd.

The Colorado Express used the bio marine fuel blend without incident; both NOx and particulate emissions were within accepted limits.

“ExxonMobil is looking for ways to support our customers [to] reduce their GHG emissions,” said Pelin Gillis, Marine Fuels Sales Manager, BNL, ExxonMobil. “We are proud to have helped Hapag-Lloyd on their journey to a lower GHG emissions future.”

“ExxonMobil has greatly extended its range of ‘drop-in’ bio marine fuel blends,” said Armelle Breneol, Marine Fuels Technical Advisor, ExxonMobil. 

“We now offer a B25 ULSFO, a B30 VLSFO, a B7 MGO and a B10 HSFO. This will help our customers access the blend they need to meet their engine operations and GHG emission reduction goals.”

 

Photo credit: Hapag-Lloyd
Published: 8 November, 2024

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