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
Three oil tanker ships were detained by the Malaysian Maritime Enforcement Agency (MMEA) off the waters of Pengerang for illegal ship-to-ship transfer of marine fuel oil (MFO) near Pengerang. Tanjung Sedili District Maritime Enforcement head
Ecoslops' refinery in the Port of Sinès, Portugal, has commenced industrial production and delivered the first volume of marine fuel products compliant with ISO8217, validating the company’s commercial proposition, the company announced today
Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of reduced arbitrage volumes from the West next month even as the market remained quiet, traders said.
Seaspan Ship Management Ltd. will implement the DNV GL fleet performance management solution ECO Insight to improve their fleet monitoring. ECO Insight will also enable Seaspan to increase their vessel’s performance and energy efficiency.
Malaysian Maritime Enforcement Agency (MMEA) in Johor Baru thwarted the biggest robbery attempt so far this year on marine fuel oil (MFO). MMEA director-general Admiral (Maritime) Ahmad Puzi Ab Kahar said in a Twitter message that the robbers went on board the MT Almi Spirit at 7am
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
Gulf Coast Shipyard Group (GCSG) has delivered Harvey Power, the second LNG vessel operating in the United States—for Shell Upstream America’s deep water operations in the Gulf of Mexico—is fully in service. She is the second of six LNG OSVs being built for Harvey Gulf
Eniram Ltd., a provider of energy management technology and analytic services to the shipping industry, announced at Gastech the release of Eniram Engine, a new tool to help guide TFDE LNG carriers' engineers and officers efficient use of engines and fuel.
French LNG containment specialist GTT, along with French containerline CMA CGM (and its subsidiary CMA Ships) and classification society DNV GL have released a technical and feasibility study for a new mega boxship dubbed the Piston Engine Room Free Efficient Containership (PERFECt)
Tri-Marine Management Co., Tri-Marine Fishing Management and Cape Mendocino Fishing (Tri-Marine) have agreed to pay $1.05 million in civil penalties and to perform fleet-wide inspections and other corrective measures to resolve claims stemming from an October 2014 oil spill in American Samoa and
GTT, the world leader in the design of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas), announces the launch of a new offer with LNG Advisor. Designed for LNGCs, it is a new boil-off gas (BOG) monitoring system during LNG sea transport
Refining capacity in Asia has been growing rapidly for many years. Not surprisingly, the vast majority of this growth took place in China, which more than doubled its refining capacity over the last 10 years. The other significant growth engine in Asia has been India
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 delivery of Alya McCall is significant in that it is the first vessel in a fleet of new class monohull Fast Support Vessels (FSV) for SEACOR Marine. Alya McCall is the first vessel in the SEACOR Express Plus class and features striking lines not ordinarily found in traditional monohull
The Coast Guard has confirmed several reports it has received stating that main engines may not attain the expected speed when using ultra low sulfur fuel oil. The Coast Guard has revised its list of recommendations to vessel owners and operators about the importance of establishing