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
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
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
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
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
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
Singapore’s September bunker fuel sales fell 10.3% in September on month but rose 9.3% on year to 3.85 million mt. The port of Singapore has recorded a fall in container throughput in September. These finding are based upon the data released Tuesday by the Maritime and Port Authority (MPA) of Singapore. The month-on-month drop in bunker fuel sales in the world's biggest bunkering port follows the all-time monthly high of 4.29 million mt seen in August
The move to LNG as a fuel is a game changer which cannot be ignored, said Angus Campbell, Managing Director of Bernhard Schulte Shipmanagement UK, (BSM), speaking at Gastech in Singapore today. “Independent industry predictions indicate that the use of LNG as a bunker fuel offers
Brussels sets end-2016 deadline for CO2-cutting proposals by IMO. The shipping industry expects to be stung by a carbon levy as momentum building from climate talks in Paris starting this month makes a cut to its greenhouse gas emissions likely.
Horror stories frequently circle the maritime industry portraying tales of onboard damages induced by catalytic fines, or cat fines, used in oil processing. All cat fines that remain in fuel oil after centrifugal separation have the potential to cause abrasive wear and damage to the engine
The global steel company SSAB and Aspo Group’s ESL Shipping Ltd have signed a long-term frame agreement covering sea freight for SSAB’s inbound raw material sea transport within the Baltic Sea and from the North Sea.
Denmark's AP Moller-Maersk, which operates the world's largest container shipping line, has revealed another huge share buy-back scheme a year after it launched its current programme. Maersk will buy back up to $1bn (DKK 6
DNV GL has developed a new class notation for gas bunker vessels that targets safer fuel transfer operations from one ship to another. Until now, the development of standards guiding gas fuel transfer operations in ports has lagged behind, as the maritime industry focussed on developing
German container shipping group Hapag-Lloyd aims to launch preparations for a stock market flotation in September, earlier than initially planned, four sources familiar with the transaction told Reuters on Thursday. That would permit the company's shares to trade on the Frankfurt stock exchange
Calnetix Technologies, LLC has published a White Paper describing new processes for producing supplemental power for a ship’s electrical load. The White Paper, entitled New-Technology Shipboard System Converts Heat from Engine Jacket Water into Electrical Power
Press release -- Vitol announced it has begun supplying physical bunker fuel to Houston and the Mississippi River. Bunker grades RMG, RMK and DMA 0.1 percent will be marketed under the V-Marine Fuels brand, on a retail (delivered) basis in Houston.
Liberian-flagged bulk carrier MV Victoria is reportedly stuck on a shoal off the west coast of Sweden with a 3-meter gash in its hull after running hard aground Saturday night. According to local reports, the 190-meter ship was en route from Rostock
Moody’s Investors Service (Moody’s) changed the rating for German Container shipping company Hapag-Lloyd to positive from stable, thanks to cheaper fuel. According to Moody’s the outlook on the B2 corporate family rating (CFR)
India has extended the benefit of nil custom and production tax on bunker fuels to domestic coastal movement of containers, in a move to decongest its roads and reduce carbon emissions, a government statement said on Wednesday. Earlier exemptions form the customs and production tax on bunkering
National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a significant hike in third-quarter net profit on Thursday. The company's net profit for the three months to Sept. 30 was 510.3 million riyals ($136.1 million), up from 84
Test kit detects catalytic fines to help prevent irreparable damage to fuel pumps, injectors, piston rings and liners A new Cat Fines Test Kit has been launched by asset control and protection technology provider Parker Kittiwake. The onboard test identifies the presence of abrasive
For shipping companies operating in emission control areas (ECAs), liquefied natural gas (LNG) represents an attractive bunkering alternative. "The lower cost of LNG bunker fuel than other variants of ECA-compliant fuels in Europe and North America is the primary reason