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On Fuel Oil Prices News

07 Dec 2023

Market Watch: Container Freight Rates Fall, Costs Soar

"So far this year, container volumes have fallen nearly 2% year-on-year while average freight rates have declined, reaching 2019 levels in September. Since then, they have continued to fall. However, the cost to charter a ship remains 25% higher than in 2019,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.Liner operators continue to struggle with a worsening supply/demand balance, affecting freight rates. On average, the fleet has year-to-date grown 5% and 19% compared with 2022 and 2019 respectively.

11 Aug 2022

Fuel Oil Stored in Ships Near Singapore to Rise on More Russian Supplies

© Igor Groshev / Adobe Stock

The number of tankers used for storing fuel oil along the Singapore Strait has risen since the Ukraine war broke out and could rise further as more of Russia's supplies hit by sanctions head to Asia, industry sources and analysts said.A rise in floating storage supply along the strategic waterway is an indicator that more supplies are available to Asia, which will help ease tight markets. But, at the same time, it could limit a recovery in spot fuel oil prices for the year and weigh on Asian refining profits for the grade.Earlier this month…

27 Jul 2022

Floating Oil Storage Stacks up in the Singapore Strait

Copyright Adwo/AdobeStock

The number of tankers used for storing fuel oil along the Singapore Strait has risen since the Ukraine war broke out and could rise further as more of Russia's supplies hit by sanctions head to Asia, industry sources and analysts said.A rise in floating storage supply along the strategic waterway is an indicator that more supplies are available to Asia, which will help ease tight markets. But, at the same time, it could limit a recovery in spot fuel oil prices for the year and weigh on Asian refining profits for the grade.Earlier this month…

23 Jan 2020

Low-sulphur Fuel Oil Prices Drop

© Igor Yu. Groshev / Adobe Stock

Prices for very low sulphur fuel oil (VLSFO) in ports around the world have fallen within the first month since the International Maritime Organization's (IMO) new regulation for a 0.50% global sulphur cap for marine fuels has taken effect.Singapore has seen one of the largest drops in the price of VLSFO, which peaked on January 7, 2020 at $740 per metric ton (MT) and dropped $99 to $641 per MT on January 22, BIMCO points out.Prices rose in December as shipowners transitioned…

08 Nov 2019

U.S. Scoops up Overseas Fuel Oil in pre-IMO Push

file Image / AdobeStock / © mikes jc

The United States is taking advantage of record-low prices of one of the world's dirtiest fuels by buying record volumes, which it intends to upgrade into cleaner products before new shipping rules take effect, trading and analyst sources say.U.S. trade sources said it recently had become economical to ship fuel oil from countries such as Russia, boosting imports of the product into the United States.This comes even as prices for high-sulphur fuel oil (HSFO) on the U.S. Gulf Coast…

23 Oct 2019

Oil Stockpiling Builds Ahead of IMO 2020 Rules

EXXON's Rotterdam Refinery (CREDIT: EXXON)

S-Oil, South Korea's third-largest refiner, said on Wednesday that regional refining margins are expected to improve in the fourth quarter on the back of inventory build-up ahead of implementation of stricter rules on marine fuels in 2020.The refiner, whose top shareholder is Saudi Aramco, said in an earnings statement, strong demand for heating oil was also expected to support refining margins, along with the International Maritime Organization (IMO)'s stricter shipping fuel…

10 May 2019

Belships Hedges 2020 Fuel Oil Prices

Norwegian shipping company Belships has has entered into an agreement to hedge the price differential between compliant 0.5% sulphur fuel oil (VLSFO) and 3.5% sulphur fuel oil (HSFO).The secured exposure is for 24,000 tons of bunkers for the full calendar year 2020. The volume equals the annual fuel consumption of about four vessels. The fixed price differential is USD 198 per ton, with monthly settlements in 2020.The company's trading fleet will be physically ready by January 2020 to comply with the IMO Sulphur Cap 2020, which prohibits marine bunkering fuels containing more than 0.5 per cent sulphur in order to improve the shipping…

14 Nov 2018

Maersk Warns Trade War Will Impact Box Shipping

Maersk Chief Executive Soren Skou (CREDIT: Maersk)

Top U.S. importers are stocking up on Chinese goods before new import tariffs take effect, shipping giant A.P. Moller-Maersk said on Wednesday, but warned a trade war would hit demand for container shipping in the coming years.Maersk's data indicated that imports into the United States from China had grown 5 to 10 percent year-on-year in the third quarter as companies such as Walmart and Home Depot built up inventories to avoid new import tariffs, Chief Executive Soren Skou said."The irony is that after (U.S.

27 Mar 2018

LR Grants Approval in Principle for HHI’s LNG-fueled VLOC

South Korean shipbuilder Hyundai Heavy Industries (HHI) has received approval in principle (AiP) from Lloyd’s Register (LR) for a 250,000-deadweight-ton (dwt) class very large ore carrier (VLOC) fueled by liquefied natural gas (LNG). HHI, who has been focusing its efforts on LNG-fueled ships ahead of the International Maritime Organization’s (IMO) SOx emission limitations from 2020, set out on a joint development project (JDP) last year with LR, ship owner and operator ANANGEL and LNG supplier WOODSIDE to develop the LNG-fueled 250,000 dwt VLOC design optimized for the trade route from North West Australia to North Asia, based on the XDF engine.

05 Jan 2016

“K” Line Group to Implement “K” Line Wind program

“K” Line Group (Kawasaki Kisen Kaisha)  taking steps to improve our corporate culture and climate through the “K”-no-Kaze” (“K” Line Wind) program. Additionally, it is prepared a long-term policy for environmental conservation—called “Environmental Vision 2050”—to fulfill its responsibility to minimize our impact on the global environment. Early next month, DRIVE GREEN PROJECT, construction of a car carrier equipped with state-of-the-art technologies and designed to achieve the highest level of energy savings and environment-friendliness, is scheduled to be completed. "I believe this new vessel will become symbolic of our ideal of “contributing to affluent living as a globally trusted corporate group,” Eizo Murakami, President & CEO, Kawasaki Kisen Kaisha, Ltd said.

14 Dec 2015

Asia Fuel Oil Dragged Down by Crude Drop

Asia's fuel oil prices continued their downward trend towards new seven-year lows and at levels not seen since early 2005 amid a growing global oil glut that saw benchmark crude prices extend their losses for the 7th session and nearing their eleven-year trough. The contango curve for the more actively traded 380-cst fuel widened while its differentials deteriorated after Monday trading. Conversely, the contango curve for the 180-cst fuel oil narrowed and its differentials improved. "Seems like the downside is getting limited," said one Singapore-based trader. Bunker sales rose markedly for the month of November in Singapore, data from the Maritime and Port Authority of Singapore (MPA) showed…

25 Aug 2015

NYK’s SIMS Wins Special Award

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, NYK senior managing corporate officer; Makoto Igarashi, president of MTI; and Hideyuki Ando, a senior general manager at MTI. The Japan Institute of Navigation is a public incorporated association for the purpose of contributing to the academic advance of navigation. This special award is bestowed for achievements in practical fields related to navigation, and this year marks the 13th time the annual award has been presented.

09 Sep 2014

Marorka’s Powerplay

Ole Skatka Jensen

As Ole Skatka Jensen settles into the CEO suite at Marorka, Maritime Reporter & Engineering News catches up with the industry veteran to discuss the future direction of this provider of online shipboard energy management systems. What attracted you to the top spot at Marorka? I have always be attracted to new technologies and being part of MDT development over the almost last 20 years gave me a great opportunity to be in the forefront of new technology development. Marorka has been developing Marorka energy management solutions for the last 12 years…

14 May 2014

BOS Provides 2-5% Fuel Savings

With consistent results of 2-5% fuel savings, Keppel Offshore & Marine’s subsidiary Blue Ocean Solutions (BOS) said that it has proved that emulsified fuel can bring significant fuel savings adding to the well established NOx reduction, if done correctly. The patented BOS Emulsified Fuel System (EFS) is designed to improve combustion efficiency by improving the injector fuel atomization. In addition to the measured fuel savings, firm evidence of better combustion has also been recorded in the form of increased heat release rate.

25 Dec 2012

GDF Suez Further Develops LNG Bunkering

Small scale LNG: GDF Suez takes positions in this high potential market with capacities in Zeebrugge, Belgium, LNG terminal. GDF Suez continues to develop its small scale liquefied natural gas (LNG) activities in North West Europe following the award by Fluxys of additional berthing and storage capacity long term rights at the Zeebrugge LNG terminal. GDF Suez will have access to these capacities after the completion of the second jetty being constructed by Fluxys (expected in 2015). Those capacities will enable GDF Suez to reload small LNG carriers, such as LNG feeders and LNG bunkering vessels that will supply LNG as marine fuel for shipping companies.

08 Aug 2003

EIA: Short-Term Energy Outlook

Average crude oil prices for July were little changed from June. The West Texas Intermediate (WTI) spot average for July was $30.75 per barrel compared to $30.66 in June. EIA’s Outlook is for prices to remain firm through the rest of 2003, or at least until autumn, when OECD oil inventories may rebuild above observed 5-year lows. Once inventories have been rebuilt, WTI oil prices may slide gradually to $26 per barrel during 2004, as Iraqi oil exports return to near pre-war levels. U.S.

04 Aug 2004

Low Sulfer Fuel Demand Set to Rise

New international rules – set to enter force in May 2005 – which require ships to burn fuel oil with a maximum sulfur content of 4.5 percent by May next year, and down to 1.5 a year later in certain world regions, will significantly boost the demand for low sulfur fuels, according to wire reports. The measures are set to increase shippers' demand for low sulfur fuel oil, while supplies may be insufficient to meet the anticipated pick-up in buying interest. Front month forward paper prices for fuel oil with a low 1.5 percent sulfur content were at about $168.50 a ton on Tuesday, just $2 above 3.5 percent high sulfur fuel oil prices. The premium widens to $7 a ton for fourth-quarter paper, and to $10 by the third quarter of 2005.

29 Nov 2000

Taiwan Cuts Bunker Fuel Prices $10

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. Marine diesel oil (MDO) was set at $306 and $303, for spot and term respectively.

15 Aug 2001

LevelSeas Adds Key Clients

Internet ship-brokerage Levelseas said that seven of the world's biggest commodity traders and three key shipping players had signed up to its system, LSX, allowing them to fix transport deals directly from mid-September. At the click of a button, traders like BP, Cargill or BHP Billiton will for the first time be able to book their cargoes of oil or grain directly onto a ship, a process that was once the almost-exclusive domain of shipbrokers. "They've all signed up to LSX in the last three weeks and will automatically be signed up for LSX-2 in September," Levelseas Chief Operating Officer Kevin O'Connor said on Tuesday. LSX is available on Levelseas' website www.levelseas.com.