Transparency Market Research launched its latest study on the global bunker fuel market, in terms of revenue and volume. The report predicts that the global bunker fuel market is likely to reach an estimated volume of 460 million tons by 2020. The market, therefore, is poised to exhibit a moderate 3.1% CAGR during 2014-2020, expanding from 372.30 million tons in 2013. Bunker fuel is a fractionally distilled liquid fuel derived from crude oil. Also known as fuel oil, the substance can be classified on the basis of its chemical composition, intended purpose, and boiling point. Unlike other petroleum products, bunker fuel is more polluting and highly unrefined. Apart from fuel oil, there are other middle distillate fuels, which are also used as bunker fuels. The cost incurred on fuel accounts for approximately 70% of the overall voyage expense of a vessel. The report states that a majority of ship operators are inclined toward purchasing a large amount of bunker fuel that could last the entire trip at once from the ports, where the prices are comparatively low. There are two main kinds of fuel available in the global bunker fuel market at present, namely residual and distillate fuel. Among these, residual fuel accounted for a dominant share in global bunker fuel consumption in 2013.
GAC Bunker Fuels Ltd. awarded ISO 9001:2008 Management System Standard certification by DNV. The ISO 9001:2008 certificate awarded by Det Norske Veritas (DNV) recognises GAC Bunker Fuels’ best management practices in the trading and brokerage of marine fuels and lubricants across its global operational sites. It demonstrates the company’s full compliance with the requirements of this international best practice standard, which considers a range of measures
GAC Bunker Fuels says it has further consolidated its position in the North Sea by appointing Per Steffen Bolstad to the bunker trading team in Bergen, Norway, where he joins bunker trader Christer Benjaminsen. Nicholas Browne, Global Director of GAC Bunker Fuels says “Per Steffen has eight years’ shipping experience, and was mostly recently Branch Manager in Bergen. He is yet another quality addition to our global bunker trading team
GAC Bunker Fuels and its local partner in Sri Lanka, Interocean Energy (IOE), have moved the bunker barge MT 'Kandy' to Galle to meet growing demand for bunker supplies at the port on the southern tip of the island nation. Thanks to its proximity to international east-west shipping lanes, Galle is a popular choice for vessels taking on supplies. For more than two decades, the GAC Group has taken advantage of that strategic location
The move to burn 1% RMG 380 spec & other bunker fuel may tighten inventories following the ECA imlementation 1, Ausgust 2012 The stock of available bunker fuels may be tightened as suppliers juggle limited space with increasing selection for shipowners and buyers, according to Platts' market sources The primary concern associated with the implementation of the new ECA specs has been the cost involved with moving to low sulfur fuel oil as less and less LSFO is being produced
As a result of recent declines in bunker fuel prices, Matson Navigation Company will lower its fuel surcharge in its Hawaii, Guam/CNMI and Micronesia services by one percentage point, from 19.75 percent to 18.75 percent, effective November 5, 2006. "Bunker fuel prices continue to decrease, allowing us to make this second consecutive reduction to our fuel surcharge," said Dave Hoppes, senior vice president, ocean services
European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS. Bunker fuel prices came down significantly amid lower crude oil prices but some shipowners have been unable to take advantage of this because of the bunker clauses they agreed to. A bunker clause is an agreement between charterer and shipowner whereby the charterer pays
Taiwan's Chinese Petroleum Corp. (CPC) has cut spot bunker fuel oil prices to $171 per ton from $181 effective from Tuesday. The posted prices were for spot 180 and 380-centistoke bunker fuel delivered to ships at the ports of Kaohsiung, Keelung, Hualien, Taichung and Suao. Its term price was $3.00 lower at $168 for both grades at the same ports. Spot and term prices of marine gas oil (MGO) were reduced to $312 and $309 per ton, down from last week's $314 and $311, respectively
Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest, as major companies expand and small ones shrink amid a credit squeeze. OW Bunker, a leading supplier of marine fuel oil known as "bunker"
Maritime and Port Authority (MPA) of Singapore said that Singapore bunker fuel sales rose 5.34% month on month and up 12.33% year on year, to 3.58 million mt in March reports Platts. The vessel arrivals in Singapore for bunker fuel rose to 3,295 in March, up 9.65% from February and up 0.61% year on year, the data showed. According to official figures released by the MPA, the March volumes included 2
An increasing number of ships and vessels are using liquefied natural gas or LNG as a clean fuel to comply with the regulations laid by the International Maritime Organization (IMO) across emission control areas. LNG as a ship fuel reduces the emission of sulphur dioxide by
Moody's Japan K.K. says that its outlook for the global shipping industry over the next 12-18 months is negative. "The negative outlook reflects our expectation that earnings will worsen, with freight rates likely to remain depressed amid ample supply," says Mariko Semetko
The demand for container shipping is really not going anywhere at the moment. Indicators for growth in the first months of 2016 point to limited overall demand and huge variations from trade to trade. In addition, all numbers are impacted by Chinese New Year
A set of Standard Operating Procedures (SOP) for surveyors has been developed by the International Bunker Industry Association (IBIA) to help the industry manage new regulations, standardize best practice and build trust in the market, IBIA announced.
Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market. The global shipping sector is under pressure from governments to reduce
A South Korean Car carrier Ocean Tango was grounded by a storm which battered Busan, Korea, on Apr 17. The 2,736 dwt Vessel was docked at Yeong-gu area, reportedly fuel tanks were damaged with ensuing fuel leak.
Higher fuel prices could help lift freight rates - Shanghai broker. Freight rates for capesize bulk carriers on key Asian routes are likely to hold around the current levels, after a revival in charter rates this week ran out of steam as the fundamentals of too many ships chasing little cargo
The California Air Resources Board has fined the China Navigation Co. Pte. Ltd. $129,500 for failure to switch its engines over from heavy diesel bunker fuel to cleaner, low-sulfur fuel when close to the California coast, as required by state law
International oil trader Vitol Group (Vitol) has started a new bunkering operation in Nigerian waters with shipping and logistics firm PPP FM Bunkers (PPPFM), supported by the Secure Anchorage Area (SAA) West Africa. Nigeria's PPPFM is fully licensed by that country's
Singapore-based dry bulk operator Pioneer Marine posted a loss of $80.6m for the fourth quarter, and a yearly loss of $96.9m for 2015. Excluding the effect of the impairment loss, net loss as adjusted would have been $22.5 million for the year ended December 31, 2015 or $0
Three heavy weights have come together in the Middle East to promote LNG as marine fuel in the region - Qatargas, the Maersk Group and Royal Dutch Shell Plc signing a memorandum of understanding to explore future opportunities.
Qatar and Royal Dutch Shell have agreed to develop liquefied natural gas (LNG) as a marine fuel for use by the world's largest container shipping company, A.P. Moller-Maersk, Qatargas said in a statement on Monday. Qatargas, the world's largest LNG producer
The world’s first National Technical Reference for Bunker Mass Flow Metering (TR48 : 2015) was launched in support of the Maritime and Port Authority of Singapore (MPA)’s and industry’s initiative to use the mass flow metering (MFM) system for marine fuel oil deliveries in
Veritas Petroleum Services (VPS) and DNV GL have launched a new Fuel Analytics solution. As part of DNV GL’s ECO Insight fleet performance management portal, the tool will enable a systematic assessment of the impact of fuel quality on vessel performance
Falling shipping freight rates for transporting containers from Asia to Northern Europe on Friday showed there was no traditional surge in cargo exports from China ahead of the Chinese New Year, indicating a bleak outlook for the industry.