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"
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
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
TRIYARDS Holdings Limited has secured contracts to build two oil barges worth NTD 716 million (equivalent to approximately about US$21.82m) from a new client, CPC Corporation, a Taiwan state-owned oil and gas company responsible for supplying energy to its domestic market.
Detailed insights and analysis of the global market for LNG bunkering fuel have been included in a new market research report recently published by Transparency Market Research (TMR). The report includes an analysis of market’s historical statistics to present an overview of
Transparency Market Research (TMR) have given a detailed insights and analysis of the global market for LNG bunkering fuel in its recently published market research report. On the basis of capacity, the market, which had a valuation of mere 70 kilo tons in 2013
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.
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
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.
Shipping-maritime industry is smoked out of the recently published draft of the NFCCC COP21 climate agreement, currently being negotiated in Paris. The most recent draft of the agreement, released Wednesday, was without language regarding the limitation of greenhouse gas
China will introduce tough controls on ship emissions at three key port areas from January to reduce sulphur dioxide which results in acid rain, causing respiratory difficulties and sometimes premature death, said the Ministry of Transport.
Countries calling for an ambitious agreement at the Paris climate summit must insist that language on aviation and shipping emissions be reinserted or the prospects of keeping global warming below 2°C, let alone 1.5°C, will be fatally undermined, green groups have warned.
ExxonMobil announced it has introduced the first independently accredited mass flow metering system (MFMS) in Hong Kong, following introduction of the system in Singapore. The fuel delivery system can help save vessel operators up to an estimated three hours and $5
Six crew members are still missing after a general cargo freighter sank in the Singapore Strait following a collision with a chemical tanker at 8:14 p.m. (1214 GMT) on Dec. 16. The 10,385 deadweight tonne (dwt) cargo freighter Thorco Cloud
Opec study on the impact of lower oil price assumptions on the penetration of LNG vessels has released. In light of the regulations on sulphur emissions issued by the IMO the prospect of using LNG as an alternative bunker fuel was explored.