Over $750 million worth of fuel oil traded 1st week of June. Trading frenzy leads to record price swing. Major commodity houses are betting against each other on the direction of fuel oil in Singapore, the world's largest market for shipping fuel, in a clash that has led to a record price swing and is set to smash monthly trading levels. More than $750 million of physical cargoes have been traded in the first week of June during an end-of-day pricing window, accounting for about 60 percent of Singapore's average monthly sales of the fuel and creating logistics challenges at the port. Strong buying has been led by Swiss-based Glencore and Mercuria, China's PetroChina, and oil major BP, daily trade data shows. Russian major Lukoil, Swiss-based traders Gunvor and Vitol, and French oil major Total are the main sellers. Buyers are so far on top, flipping the benchmark 380-cst fuel oil differential from a discount of $6.33 a tonne to Singapore spot quotes to a $7 a tonne premium in just 10 trading days, the biggest two-week gain on record. "This time round it's a serious play," said a Singapore-based veteran oil trader with at least 10 years of experience in the industry. Gunvor, Vitol, Mercuria, Lukoil and Glencore declined comment. The other companies did not immediately respond to Reuters queries.
State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received in June and supplied to domestic thermoelectrical companies, according to a document seen by Reuters on Thursday. The fuel will be delivered to Cammesa, Argentina's electricity market administrator, while the 90,000 barrel per day (bpd) Campana refinery undergoes a maintenance to its key operational plants
Algae-X International has acquired the exclusive North and South American representation for the patented product line of Heavy Fuel Oil (HFO) Treatment equipment and Water In Diesel Emulsion (WIDE) technology. This CD92 product line is manufactured by SIT/Nordika GmbH in Germany. The SIT Homogenization and Emulsification equipment is based on technology for the treatment of heavy fuel oil, waste oil, & diesel fuel. It is designed to eliminates sludge and waste oil disposal
When Battleground Oil Specialty Terminal (BOSTCO) on the Houston Ship Channel starts operations in October, ship channel congestion is likely to be lessened. BOSTCO will start operations in October 2013 with 2.84 million barrels of residual fuel oil and feedstock storage, about 40% of its earlier-announced 7.1 million-barrel capacity, report Platts, citing sources close to the project and Gulf Coast fuel oil traders.
Mitsubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Kakoki Kaisha, Ltd. (MKK) say they have jointly developed a "Hybrid SOx Scrubber System" that efficiently removes sulfur oxides (SOx) from exhaust gas emitted by marine diesel engines – the first in Japan to comply with the more stringent SOx emission regulations that will take effect in designated emission control areas (ECA) in 2015. The system is capable of scrubbing exhaust gas from the combustion of fuels emitted from
Bunkering rose again for the first time since 2011 in Rotterdam, the biggest bunker port of Europe: 10.6 million tonnes compared to 10.4 in 2013. The whole of the increase is accounted for by marine gas oil and diesel; sales rose from 500,000 to almost 700,000 tonnes. Sales of fuel oil stabilised – after falling for years – at 9.8 million tonnes. In addition, 100,000 tonnes of lubricant were sold. Cleaner shipping
ExxonMobil Marine Fuels (EMMF), a world leading supplier of marine fuels, has warned that alternatives to a pure sulphur cap on fuels need to be investigated, made workable and used, if serious pitfalls are to be avoided. Steve Walker, Global Technical Manager of EMMF, told the recent International Bunker Conference in Rotterdam that, while any move to ensure cleaner air should be welcomed, the current EC proposal for amendment of the Sulphur in Liquid Fuels Directive has yet to look in
Oil leaking from a fuel tanker that sank in the Gulf off the coast of the United Arab Emirates while reportedly smuggling Iraqi oil was brought under control on Sunday, a UAE official said. The 3,500-ton Iraqi tanker Zainab, which sank on Saturday, was intercepted several days ago by the Multinational Interception Force that enforces sanctions against Iraq, an official at the Bahrain-based U.S. Navy's Fifth Fleet said.
OW Bunker highlights potential for Mass Flow Meters at customer event in Copenhagen and shows how onboard blending and monitoring processes ensure product quality OW Bunker, one of the world’s leading suppliers and traders of marine fuel oil, highlighted today the impact that mass flow meters can have in solving the ‘quantity issue’ and demonstrated the steps that it is taking to ensure product quality in an event attended by key customers including DFDS, Maersk Oil
Company will hire 20 to 40 bunker fuel specialists Independent energy and commodities group Mercuria’s global head of trading discussed the expansion of the group's maritime fuel business, Minerva. "We believe we are forging a strong new model in the maritime fuel business. This is a transparent and reliable model that puts the client first to ensure the quality and delivery of their energy needs to their marine vessels," said Magid Shenouda
The European Commission has approved under EU state aid rules Finland's plans to grant €23 million to construct a small scale LNG terminal at Pori on Finland's west coast. The European Commission has concluded that Finland's plans to grant €23 million of public funding for
Azerbaijan Caspian Shipping Company expects to get the first of the three passenger vessels being built currently at the Baku Shipbuilding & Repair Plant (Baku Shipyard LLC) until the end of 2015, reports the Trend. The cases of all three ships are already built and the
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
Huntington Ingalls Industries (HII) announced today that its Newport News Shipbuilding division has converted its steam-generation plant from heavy fuel oil, also known as Bunker C, to natural gas to improve safety and lower operating costs and emissions to the environment.
A ship with 3,500 metric tonnes of marine fuel oil that was reported missing in the Malacca Strait off Malaysia on Saturday, has been found in Indonesian waters without its cargo, Malaysian Maritime Enforcement Agency said. The 10 crew members of the Singapore-registered tanker MT
More Cargo, Less Fuel, Greater Flexibility are Design Hallmarks Deltamarin debuted a design that it dubs the first state-of-the-art container vessel of its series, the A.Delta2300. With extensive R&D the maritime design house delivers what it believes to be a 'best-in-class' design
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
The Ship Information Management System (SIMS) jointly developed by NYK and the Monohakobi Technology Institute has been recognized with a special award from the Japan Institute of Navigation. An awards ceremony was held on July 27, 2015, and attended by Koichi Akamine
A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on sulfur emissions garner retrofit and rush orders. Even China’s Directive 55 obliges its mixed bag of yards to
Nakilat-Keppel Offshore & Marine (N-KOM), the joint-venture shipyard of Keppel Offshore & Marine and Nakilat, continues to see strong interest for its ship repair services in 2015, having already delivered more than 450 projects for shipping and oil and gas companies over the past four
Finnlines, a Ro-Ro and passenger vessel operator with services in the North and Baltic Seas, has contracted Wärtsilä to supply three vessels with exhaust cleaning scrubber systems. The deal marks a repeat order for Wärtsilä
A towboat that sank in Texas' Neches River August 21, and caused a temporary closure of the waterway, was lifted out of the water Wednesday Evening. T&T Marine, a contractor hired by the towboat company, refloated and towed the vessel Louise to Bolivar Barge Cleaning Service
ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design, engineering, manufacturing, and installation.
Clean Marine has signed a contract with the Chinese yard Huanghai Shipbuilding Co.Ltd. for the supply of exhaust gas cleaning systems (EGCS) on two reefer/fishing support vessels. The vessels are owned by EF Transport (Malta) Ltd, whose fishing fleet is primarily engaged in the North-East
Record high stocks of fuel oil in Singapore are pushing traders to store the shipping and feedstock fuel into tankers temporarily as demand slows regionally. At least seven very large crude carriers (VLCCs) have been provisionally fixed to store fuel oil on short-term time charters