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Bunker Fuels

Bunker Fuel Market Poised 460 million tons by 2020

Image: GAC Bunker Fuel

 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. Attain ISO Certification

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

Matson Decreases Fuel Surcharge by One Percentage Point

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

N. American ECA May Tighten Supply of Distillate Fuel

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' additional services at Galle, Sri Lanka

Courtesy GAC Bunker Fuels

  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

New GAC Bunker Trader for Bergen Team

Per Steffen Bolstad: Photo GAC

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 Cuts Bunker Fuel Prices $10

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

OW Bunker Collapse Rattles Singapore Bunker Markets

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"

Singapore Registers Double-Digit Bunker Fuel Sales Growth

Photo source: Maritime and Port Authority of Singapore

 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

Recovery for European Shipowners?

Pic: Maersk Line

 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

New LNG Bunkering Solutions to Be Developed for Singapore

ExxonMobil and Pavilion Energy Pte Ltd are collaborating to develop solutions for liquefied natural gas (LNG) bunkering and other downstream developments in Singapore. With LNG growing in significance as part of the marine fuel mix, ExxonMobil is working toward providing vessel operators with

Shippers Brace for IMO's New SOx Rules

Photo: Eric Norcross

IMO to decide whether to introduce rules in 2020, or 2025; EU, China already pushing for stricter regulation. The global shipping industry is bracing for a key regulatory decision that could mark a milestone in reducing maritime pollution

Bunkering First for Gazpromneft Marine Bunker

Photo: Gazpromneft Marine Bunker

 Gazpromneft Marine Bunker Ltd performed its first delivery of marine oil to the vessel operated by Chevron in Ust-Luga port.    The delivery was arranged with cooperation with Gazpromneft-Lubricants – the Gazprom neft’s oil and lubricants business operator – as

Winson Oil buys VLCC for Med Storage

Buys VLCC to store gasoil in Mediterranean. Hong Kong-based trader Winson Oil has bought a very large crude carrier (VLCC) to store oil in the Mediterranean as it pushes to expand its business in Europe, two company sources said. The step could boost Asian gasoil margins if the firm enters

Negative Outlook for Global Shipping Industry: Moody’s

Photo: Global Shippers Association (GSA)

 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

Asia Pushes LNG as a Bunker Fuel

Image: Chevron

 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

Oil Spills from VLOC in Strait of Malacca

Incident of oil spill Photo Berge Bulk Maritime

Berge Bulk Maritime confirms that an its VLOC (Very Large Ore Carrier)  “BERGE BUREYA” – (IMO/LR # 9297539) operated vessel was involved in an oil spill incident off Malaysia in the Malacca Strait earlier yesterday morning.  

Hapag-Lloyd Posts H1 Loss

File Image: A Hapag-Lloyd Containership. (credit: Hapag-Lloyd)

Freight rates down 20 pct; CEO says to focus on costs cuts, merger deal with UASC. German container shipping group Hapag-Lloyd said it dropped to a first-half operating loss as disappointing freight rates hurt its business. The loss before interest and tax (EBIT) came to 39

ExxonMobil Expands Mass Flow Metering System in Hong Kong

Photo courtesy of ExxonMobil

ExxonMobil introduced its second independently accredited mass flow metering system (MFMS) in Hong Kong onboard the bunker vessel, Anelly. It follows the introduction of the first independently accredited MFMS in Hong Kong fitted on the barge, Anshing

Monjasa Bags Credit Facility from Société Générale

Photo: Monjasa Group

 Danish bunker fuel supplier and shipping firm Monjasa has signed a credit facility with French bank Société Générale for USD 80 million.    A statement from the company says credit facility is already operational

MN100: Krill Systems, Inc.

(Image: Krill Systems, Inc.)

The Company: Krill Systems Inc. was founded as a software development company focusing on accurate vessel fuel consumption measurement and efficient data transmission. In 2011, identifying demand from commercial marine markets for accurate, reliable

BV Classes First LNG-fuel Oil/Chemical Tanker

LNG-fuel oilchemical tanker built by Avic for Terntank Rederi AS

Leading international classification society Bureau Veritas has classed the first LNG-fuelled newbuilding oil/chemical tanker, the 15,000 dwt Ternsund, built under BV class at Avic Dingheng, China and delivered to Denmark’s Terntank Rederi at the end of June 2016

DNV GL's New Project on EU LNG Market

Photo: DNV GL

 Whilst LNG has proven to be a viable option as a bunkering fuel for ships, there are still challenges to the pace of its development and demand for LNG as a fuel. One of the obstacles to the accelerated uptake is the uncertainty regarding its availability.   

Houston Ship Channel Re-opens to Some Vessel Traffic

The Houston Ship Channel re-opened to some vessel traffic on Tuesday afternoon, the U.S. Coast Guard said, after an early morning tanker fire prompted closure of the waterway.   The U.S. Coast Guard Houston Vessel Traffic Service said it would commence with tow vessel transit outbound from

BV & Ship-to-Ship LNG Bunkering

Ship-to-ship LNG bunkering

Bureau Veritas is supporting the adoption of clean fuel LNG through the classification of both vessels in the world’s first ship-to-ship LNG bunkering operation between two independent ocean-going vessels. On September 3 2016, Terntank Rederi’s M/T Ternsund bunkered LNG from Coral

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