Global energy and commodity price reporting agency Argus Media on Tuesday (10 September) provided a IMO 2020 marine fuels industry related update:
Inventories of IMO-compliant fuel oil and blending products reached 2.9mn t in Singapore on floating storage vessels at the end of August, according to estimates by oil analytics firm Vortexa.
Total offshore floating oil storage capacity in Singapore rose to 6.9mn t in the past 12 months, up by 2.6mn t, Vortexa said. Vortexa's estimates of high-sulphur fuel oil (HSFO) stocks were 300,000t lower over the past month, while low-sulphur fuel oil (LSFO) storage increased dramatically.
The number of very large crude carriers (VLCCs) storing IMO-compliant fuels is estimated to be 17, Vortexa said.
Singapore is the world's largest bunkering hub, with monthly marine fuels sales of around 4mn t. IMO-compliant marine fuel demand will probably be highest in Singapore next year. A dramatic increase in storage of 0.5pc fuel oil and blending components could result in lower demand for marine gasoil in 2020 than previously expected. MGO will account for 45pc of total global marine fuel demand in 2020, according to IEA forecasts in March. US investment bank Goldman Sachs forecasts MGO will cover 42pc of total marine fuel demand next year.
Europe shipped at least 480,000t of 0.5pc fuel oil, marine gasoil and blending components for IMO-compliant fuels in August to Singapore. Shipping company Euronav's ultra large crude carrier (ULCC) Oceania will arrive in Singapore this month to be used as floating storage for IMO-compliant fuels. The vessel loaded 420,000t of these products in the Mediterranean before setting off for Asia-Pacific. Italian refiner Iplom and Israel's ORL loaded 30,000t vessels of 0.5pc fuel oil for Singapore in August.
Major storage companies in Europe probably started loading 0.5pc fuel oil in tanks at major marine fuel hubs such as the Amsterdam-Rotterdam-Antwerp area. Europe is traditionally an exporter of HSFO, but it was not clear if 0.5pc fuel oil would flow east in 2020, as refineries might just meet domestic demand. European exports of HSFO fell to their lowest since at least January 2016 in August. A recent report by Euronav suggested the US Gulf could import European residual products for marine fuels blending.
Source: Argus Media
Photo credit: Manifold Times
Published: 11 September, 2019
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