Maritime transportation provider for refined petroleum products Scorpio Tankers believe the global shift to a lower sulphur cap of 0.5% for marine fuels by 2020 to bring about opportunities for improved market performance.
“The market remains soft. All that I can say is that in similarity with many of you, we remain focused on the significant secular shift that the IMO 2020 legislation would provide,” said CEO Emanuele Lauro during an earnings call on Tuesday, as quoted by Seeking Alpha.
‘Much remains unclear however, this is undeniably an exciting backdrop for the world’s largest provider of seaborne ton mile to refined product markets.”
He adds, “put differently as management, we are most excited about the evolution of the market towards January 2020.”
Robert Bugbee, President of Scorpio Tankers, was optimistic that the tanker market is on a route to recovery.
“So that’s why I say we may well have seen the darkest side before a dawn, that very often happens in shipping,” he notes.
“The inventories now are low and if the world holds together, you are turning to a stronger season and you are turning to a clear defined increase in incremental demand as a result of 2020 and even if you use the low case scenario of Wood Mackenzie, you get a dramatic shift in utilization.”
Moving forward, Cameron Mackey, Chief Operating Officer of Scorpio Tankers, reiterates the company’s stand on scrubbers.
“We’ve said in the past that we continue to evaluate scrubbers and other alternatives,” he explains.
“There are a number of risks and challenges that scrubbers represent that we’re continuing to evaluate, obviously, the larger ship sizes have easier or more compelling case for scrubbers, that’s not to say the smaller ships do not.
“But, obviously, you’d see them probably lead the way because it’s a clear path and payback profile.
“As we’ve shown with ballast water treatment, we shoot when we see the whites of the eyes and scrubbers are no exception. So, we’ll update you and the market as and when we get closer to decisions regarding scrubbers, but we haven’t discounted the possibility at all.”
Related: Scorpio Bulkers: ‘We continue to evaluate scrubbers’
Published: 1 August, 2018
Seaspan worked closely with VARD Marine Inc. to incorporate emerging technologies resulting in a decrease in emissions and underwater noise.
In the new financial year, TFG Marine has planned further bunkering operations in the US Gulf Coast, the Mediterranean, South Africa, the Middle East, China and South Korea.
Petrobras trading office in Singapore expected to sell the residual fuel oil to local registered suppliers.
Lead times are shorter for VLSFO and LSMGO stems in Singapore, while VLSFO supply has tightened in China’s Shandong area this week, according to update.
‘Ecoslops is proud to be able to count on the EIB and its teams to support it in its European development.’
Singapore Supreme court to auction off the UE Star after January, show documents.
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.
Octamar™ Ultra HF, Octamar™ Complete, and Octamar™ F35C were found to have improved the fuel economy while reducing exhaust gas and other emissions of marine engines in a series of trials, states report.
Disposal of evidence has resulted in Singapore not being able to provide full details to the United Nationals Panel of Experts which sought information regarding the case, says Ministry of Foreign Affairs.
‘We are proud to be amongst the first to show the successful steps taken by Singapore’s bunkering ecosystem to remain forward thinking and relevant,’ Choong Sheen Mao, Director of EMF, tells Manifold Times.
‘With the launch of a common data infrastructure, Kenoil aims to continue achieving an end to end visibility and transparency on the bunker data supply chain,’ states Kenoil Managing Director.
