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Bunker Oil News

19 Mar 2024

BIMCO: 13% of World Seaborne Trade Under Attack from Houthis and Somali Pirates

One of the largest of the international shipping associations BIMCO has reported increased threats associated with maritime shipping amid Red Sea risks related to Houthi strikes and rise of piracy activities offshore Somalia.Since November 2023, the threat to shipping has increased as the Houthis started attacking ships in the Red Sea and the Gulf of Aden. Simultaneously, piracy activity off the East coast of Somalia has risen and since December, two bulk carriers and several fishing ships have been hijacked.

14 Mar 2024

NYK Receives Data Management Award

Source: NYK

NYK received the grand award at Data Management 2024 hosted by the Japan Data Management Consortium (JDMC) on March 8.JDMC established the Data Management Award in 2014 to publicize data management's role and importance and share pioneering know-how.NYK has been developing and utilizing data lakes - a data management system for data utilization and analysis. They are suitable for collecting and storing vast amounts of data, regardless of the format or scale of the data to be stored.NYK…

16 May 2023

Platts Launches Tanker Freight Rates to Reflect Costs of New Fuels

© momentscatcher / Adobe Stock

Platts, part of S&P Global Commodity Insights, has launched new price assessments for tanker base freight rates that factor in pricing for alternative fuels, the agency said on Tuesday.The move comes as the agency expects the maritime sector's use of alternative fuels, such as liquefied natural gas (LNG) to grow significantly in the next few years.With about 90% of world trade transported by sea, shipping accounts for nearly 3% of the world's CO2 emissions, yet environmental campaigners…

27 Oct 2022

Rotterdam Port to Make New Metering System Compulsory for Ship Refueling

©Nataraj/AdobeStock

Rotterdam, Europe's biggest port, plans to make mass flow meters, which can measure fuel supplies more accurately, compulsory for ship refueling, a spokesperson for the port told Reuters on Thursday. The move aims to boost transparency and efficiency to avoid disputes over fuel volumes that sometimes occur during refueling, a process known as bunkering. Singapore, the world's largest bunkering hub, made mass flow meters compulsory for ship refueling in 2017 and is the only port to have done so until now.

06 Jul 2022

Methanol Dual-fuel VLCC Design Gets Class Approval

(Photo: Korean Register)

A methanol dual fuel 300,000 DWT crude oil carrier (VLCC) has received Approval In Principle (AIP) from classification society Korean Register (KR).The methanol dual-fuel VLCC, which was developed under a joint project between KR and shipbuilder Hyundai Heavy Industries (HHI), is powered by methanol and marine gas oil (MGO). HHI has developed the vessel so that the methanol fuel tank can be placed in either the open deck or the cargo area and KR has verified the safety and suitability of the vessel’s design…

03 Sep 2021

Off the Boil: LNG Tankers Burn More Oil as Gas Prices Soar

© Anatoly Kolodey / Adobe Stock

Liquefied natural gas (LNG) tankers are burning more dirty fuel oil than normal after the price of their super-chilled cargo soared above that of oil, trade and shipping sources said.LNG tankers often use some of their cargo, stored in liquid form at minus 163 degrees Celsius, for power, as a small portion tends to evaporate or "boil off" during transit and needs to be removed from the tanks anyway to avoid a build up of pressure.Older LNG tankers run on steam turbines that burn a combination of fuel oil and boil-off gas…

11 Sep 2020

Sri Lanka Working to Stop Fuel Leak from Fire-hit Oil Tanker

Credit: Sri Lanka Navy

A salvage team is still trying to plug a fuel leak from the fire-stricken New Diamond oil supertanker, Sri Lankan Navy spokesman Indika de Silva said on Friday.The tanker, which is carrying the about 2 million barrels of oil, caught fire on Sept. 3 and is currently 45 nautical miles (83 km), off Sri Lanka's east coast.The fire has been extinguished but the New Diamond has left two long trails of fuel oil after the Navy towed it out to sea.Authorities want to avoid damage to the…

09 Sep 2020

Sri Lanka Pursues Legal Action Against Tanker's Owner After Fire

(Credit: Sri Lanka Navy)

Sri Lanka will take legal action against the owner of the oil supertanker that caught fire on Thursday as there is a large leakage of bunker oil from the stricken vessel, an official at the Marine Environment Protection Authority said.“We are deciding whether to claim criminal liability or civil liability or both,” Jagath Gunesekara, Deputy General Manager of the Authority said. He said action will be filed under Sri Lankan laws protecting the marine ecosystem.Greece-based Porto…

19 Aug 2020

Wakashio Spill Highlights Importance of Adopting Latest International Legal Instruments

(Satellite image ©2020 Maxar Technologies)

The ongoing oil pollution incident from the grounded 203,000 DWT bulk carrier MV Wakashio is threatening an ecological catastrophe around the Indian Ocean island of Mauritius, endangering corals, fish and other marine life already under threat from climate change (IPCC 2018).In addition, it risks bringing devastating consequences for the economy, food security, health and tourism industry. Tourism in Mauritius - a popular destination for its pristine beaches - reportedly contributed about $1.6 billion to its economy during the last year…

14 Aug 2020

Who Pays for Mauritius Oil Spill and How Much?

(Satellite image ©2020 Maxar Technologies)

A Japanese bulk carrier struck a coral reef off the Indian Ocean island nation of Mauritius on July 25, spilling about 1,000 tonnes of fuel oil and triggering a state of "environmental emergency".Scientists say the spill is the country's worst ecological disaster, killing wildlife and damaging pristine waters that attract tourists from around the globe. The full impact is still unfolding. As residents scramble to mop up the oil slicks, they are seeing dead eels and fish floating…

01 Apr 2020

Vitol Marine Fuels Acquires Sinanju Tanker Holdings

©  Rex Wholster / Adobe Stock

Vitol Marine Fuels Pte Ltd, a subsidiary of the Vitol Group, has acquired 100% of Singapore-based bunkering specialist Sinanju Tankers Holdings.The Singapore Bunkering license holding entity has been renamed Vitol Bunkers (S) Pte Ltd and from 1st April 2020 all bunker deliveries will be carried out by Vitol Bunkers (S) Pte Ltd.Through the transaction, Vitol has acquired an expert bunker tanker manager and operator with extensive experience of physical bunker supplies in the port of Singapore…

20 Feb 2020

Green Bunker Demand Jumps at Rotterdam

Low-sulfur fuel sales rose sharply in Rotterdam in the last quarter leading up to the implementation of International Maritime Organisation (IMO) 0.5pc sulfur cap on 1 January.According to Port of Rotterdam, the demand for LNG, bio and low-sulfur bunkers has increased enormously in Rotterdam over the past year. Total sales in this largest European bunker port fell from 9.5 million m3 to 9 million m3.In the last quarter of 2019, sales of low-sulfur bunker oil with a maximum sulfur content of 0.5% – the so-called VLSFO, very low sulfur fuel oil – increased enormously. In December, 62 percent of the fuel oil sold was VLSFO, said Europe’s largest sea port.Over the entire last quarter, 48% of the fuel oil sold was VLSFO.

09 Dec 2019

Rotterdam Port Promotes VLSFO

Europe’s largest bunker port Rotterdam said that the new low-sulfur bunker oil VLSFO (Very Low Sulfur Fuel Oil with a maximum 0.5% sulfur) has become extremely popular in the port.Half of all November bunker sales were for VLSFO. This became apparent from the bunkering notifications via the Port of Rotterdam Authority’s TimeToBunker App.As of 1 January 2020, sea-going vessels on the world’s oceans may only use fuel with a sulfur content of no more than 0.5%. The current maximum is 3.5%. High-sulphur fuel will only be permitted on vessels that have scrubbers - an installed filtration system - on board.The TimeToBunker App shows that VLSFO sales have increased dramatically over the past two months: September 1,700 tonnes, October 32,000 tonnes and November 95,000 tonnes.

08 Nov 2019

IMO2020: Market Uncertainty Brings More Fuel Oil Price Volatility

Photo: BIMCO

The oil market has recently been shaken up by geopolitical events, but volatility in the price difference between low and high sulphur fuel cannot be explained by that alone – the uncertainty is the chaos factor.The uncertainty of the upcoming IMO 2020 Sulphur cap regulation (IMO2020) is having a big impact on the bunker market. Whereas, the price for Marine Gas Oil Low Sulphur (MGO LS) has largely remained stable, the price for High Sulphur Fuel oil (HSFO) has been become increasingly more volatile in recent months.

12 Aug 2019

HSFO, EGCS Better for Reducing Global GHG

Stack Emissions_AdobeStock C dbvirago

Members of the Clean Shipping Alliance 2020 have welcomed a new addition to the canon of scientific literature relating to exhaust gas cleaning systems (EGCS), the latest of which indicates that continued use of residual fuels with a scrubber can help towards global CO2 reduction.In a study published in June by Norway’s SINTEF, one of Europe’s largest independent research organisations, Chief Scientist Dr Elizabeth Lindstad concluded that from well-to-wake the continued use of…

21 Feb 2019

LNG Bunkering Takes Off in Rotterdam

The throughput of LNG - liquefied natural gas - as bunker fuel in the Rotterdam bunker port increased considerably from 1,500 to 9,500 tonnes in 2018.Meanwhile, the sale of bunker oil - fuel for shipping - in the bunker port decreased from 9.9 million m3 to 9.5 million m3. The decrease can almost entirely be ascribed to the decline in sales of heavy fuel oil from 8.3 million m3 to 7.9 million m3.The Port of Rotterdam Authority suspects that the decline in bunker volumes in Europe’s largest bunker port is a consequence of the increased scale and use of modern vessels in container shipping. Supplies to container ships account for approximately 70 per cent of the total Rotterdam bunker market.These days, LNG bunkering in Rotterdam is business as usual.

04 Dec 2018

Danish Maritime Authority Calls for Renewal of Shipping Documents

Time has come to apply for renewal of CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority (DMA). The certificates must be renewed once a year when the underlying insurance expires.According to DMA, ships that are required to hold a certificate must not operate without valid certificates.Many certificates expire on 20 February 2019.These are typically  CLC, Bunker, Athens and Wreck Removal Certificates based on P&I insurance.Some CLC, Bunker, Athens and WRC Certificates expire on dates other than 20 February 2019. That typically goes for certificates issued on the basis of declarations on cover for liability (Blue Cards) from insurance companies that are not members of the International Group of P&I Clubs.

07 Aug 2018

MOL Blue Ocean Environmental Bonds will be Japan's 1st Green Bonds

Mitsui O.S.K. Lines (MOL) announced a plan to issue green bonds (its 20th and 21st series unsecured corporate bonds) through a public offering in Japan's domestic market. It also announced the acquisition of a second opinion from a third-party institute.Japan's 1st Green Bonds are aimed at individual investors. Green bonds are used to raise funds for businesses aimed at protecting and improving the environment.MOL established the MOL Group Environmental Vision 2030 in April 2017, and designated environment-related and emission-free businesses as core activities in its "Rolling Plan 2018" management plan.Main use of funds:-Ballast water…

16 Jul 2018

MV SSL Kolkata: Salvage Operations Continue

The salvage operations of the container vessel MV SSL Kolkata that had caught fire last month, is continuing in rough weather conditions with 2- 4 metre swells. The vessel is grounded at about 8 nautical miles off the ecologically sensitive Sundarbans since the 13th of last month when its cargo area had caught fire following an explosion. All 22 crew members were   rescued by the Indian Coast Guard. The Directorate General of Shipping and its allied office, Mercantile Marine Department, Kolkata, Govt. of West Bengal, the Indian Coast Guard and various authorities have been constantly monitoring the developments as the salvage efforts continue.

19 Jan 2018

Myanmar Accedes to Treaty Covering Bunker Oil Pollution Damage

The International Maritime Organization (IMO) treaty ensuring that adequate compensation is available to persons that suffer damage caused by oil spills, when carried as fuel in ships’ bunkers, has been ratified by Myanmar. The International Convention on Civil Liability for Bunker Oil Pollution Damage (BUNKER) applies to damage caused on the territory, including the territorial sea, and in exclusive economic zones of States under the Convention. Under the Convention, the registered owner of a vessel is required to maintain compulsory insurance cover, and there is also the requirement for ‘direct action’ – which allows a claim for compensation for pollution damage to be brought directly against an insurer.

07 Dec 2017

DMA Call for Various Certificates

Time has come to apply for renewal of CLC, Bunker, Athens and Wreck Removal Certificates from the Danish Maritime Authority(DMA). The certificates must be renewed once a year when the underlying insurance expires. Ships that are required to hold a certificate must not operate without valid certificates. Many certificates expire on 20 February 2018; these are typically the CLC, Bunker, Athens and Wreck Removal Certificates based on P&I insurance. Some CLC, Bunker, Athens and WRC Certificates expire on dates other than 20 February 2018. That typically goes for certificates issued on the basis of declarations on cover for liability (Blue Cards) from insurance companies that are not members of the International Group of P&I Clubs.

17 Nov 2017

Cooperation for Oil Spill Preparedness in Africa

A regional conference of countries in west, central and southern Africa has committed to continue to work at both national and regional levels to boost preparedness to deal with oil spill incidents which could be devastating both for the marine environment and financially. The conference (6-9 November) in Abidjan, Côte d'Ivoire, was hosted by CIAPOL, the Ivoirian pollution control centre. It brought together industry and government focal points from 20 out of 22 west, central and southern African countries covered by the Global Initiative for West, Central and Southern Africa (GI-WACAF). This project is run by the International Maritime Organization (IMO)…

27 Oct 2017

MOL on Next-generation Ship Management Support System

Mitsui O.S.K. Lines (MOL) announced that MOL and Mitsui Engineering & Shipbuilding have been jointly developing practical use applications and commercialization of the "next-generation ship management support system" and the current data collection and monitoring systems, providing the basis for an advanced new system, have upgraded the functionality. This initiative will allow enhanced operating support from shore-side systems and personnel. The two companies are working to reduce environmental impact of vessel operation by preventing problems and reducing the consumption of oil consumption, such as bunker fuel oil, which in turn cuts exhaust emissions. Details of the upgrades are as follows. This prevents problems by visually identifying abnormal values in onboard instruments.