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
LNG bunkering volume in Q3 was up 144% to 3,165 mt from the previous quarter, show port data.
COVID-19 measures had no significant impact on the Russian bunker market as most bunkering companies were running normally, says Argus Media.
Firm on 20 October issued plans to purchase 90% of ENN Zhoushan held by ENN Technology, ENN Group and ENN Holdings via cash, and share issue.
Monjasa will offer new refuelling solutions to Greek ship owners – both through Monjasa’s physical supply locations and global trading locations across 11 sister offices.
Can Onay and Cagatay Azakli joins the company as Sales & Trade Manager and Chief Financial Officer respectively.
Vessels “FPS Rijn” and “FPS Waal” now join “FPS Maas” on the transformational journey to become zero-emissions vessels.
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
