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 International Convention for the Prevention of Pollution from Ships (MARPOL) ANNEX VI Regulation 14 requires ships with Marine Compression-Ignition Engines at or Above 30 Liters per Cylinder use fuel with sulfur content less than 0.1%, after 01 January 2015 within the Baltic Sea area –
Iran says it is storing condensate and fuel oil, not crude; some traders believe crude is being stored. As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil.
As traders speculate over what type of oil is being kept by Iran in floating storage, two Iranian oil officials said on Thursday that the oil was condensate and fuel oil. The millions of barrels on ships could be delivered quickly to Iran's customers once sanctions are lifted and some
Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to maintain its role as the world's top bunkering hub. The move to issue bunker supplier licences to the gas sector complements the
Marine fuel prices are set to fall further after plunging to their lowest since late 2013, with traders in Singapore, the world's largest ship refuelling hub, saying they are looking to sell quickly in the face of a global supply glut.
Dennis de Bruin, Marine Director at BMT Surveys, explains the current issues and new regulations concerning the on-board blending of fuels. Fuel oils are mainly a blend of oils and other components, for example; aromatic hydrocarbons such as benzene, toluene and xylene
In accordance with "Air Pollution Control (Ocean Going Vessels) (Fuel at Berth) Regulation" of the Government of Hong Kong, vessels berthing in Hong Kong waters on or after 1 July 2015 shall be required to use fuel oils whose sulphur content does not exceed 0
Solvent-free product offers a single-coat solution for rapid cure and return to service, suitable for a wide range of oil products and chemical cargoes. PPG Protective and Marine Coatings has unveiled NOVAGUARD 810, a specialized tank storage coating which provides outstanding resistance
Mitsui tests first commercial model on HFO and methanol MAN Diesel & Turbo licensee Mitsui Engineering & Shipbuilding Co., Ltd. (MES) recently demonstrated the liquid-gas-injection concept in Japan on 17 June, 2015 using the very first ME-LGI engine to ever be commercially produced
MES delivers next ship of its Eco-Ship neo60BC design, 60,000 DWT type bulk carrierM.V. Phoenix Rising Mitsui Engineering & Shipbuilding Co., Ltd. (MES) completed and delivered a 60,000 dwt type bulk carrier M.V. Phoenix Rising (MES Hull No
Bunker Holding Group (Bunker Holding), a global leader in the purchase, sale and supply of marine fuel with 54 offices in 27 countries, announced today the acquisition of LQM Petroleum Services Inc. (LQM). LQM is one of the largest international marine fuel oil brokers who handles
A new class of 33-meter catamaran passenger ferries has been designed by Incat Crowther for Majestic Ferries in Singapore, to operate between Singapore and Batam. With four of the vessels already under construction at PT Cahaya Samudra Shipyard in Indonesia, the design targets increased speed
MGO and ECA products are available in volume throughout the Gulf Coast. Atlantic Gulf Bunkering LLC, a division of Bunkers International LLC, announced today that the company has expanded availability of both MGO and ECA product that meets the 2015 ECA specification of 0
Vessel operators have an additional tool in their arsenal for preventing oil spills during bunkering operations. “Bunkering Best Practices: Protecting People and the Environment” is a free, 14-minute training video that demonstrates bunkering best practices applicable to
The Shearer Group, Inc. (TSGI) informs it has recently completed the design of a 130’ x 35’ x 10’ double skin bunker barge for an unspecified Gulf Coast marine fuel supplier. The new barge design features below deck piping for cleaner and safer deck operations