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Bunker Fuels

Bunker Fuel Market Poised 460 million tons by 2020

Image: GAC Bunker Fuel

 Transparency Market Research launched its latest study on the global bunker fuel market, in terms of revenue and volume. The report predicts that the global bunker fuel market is likely to reach an estimated volume of 460 million tons by 2020.    The market, therefore, is poised to exhibit a moderate 3.1% CAGR during 2014-2020, expanding from 372.30 million tons in 2013. Bunker fuel is a fractionally distilled liquid fuel derived from crude oil.    Also known as fuel oil, the substance can be classified on the basis of its chemical composition, intended purpose, and boiling point. Unlike other petroleum products, bunker fuel is more polluting and highly unrefined.   Apart from fuel oil, there are other middle distillate fuels, which are also used as bunker fuels. The cost incurred on fuel accounts for approximately 70% of the overall voyage expense of a vessel.    The report states that a majority of ship operators are inclined toward purchasing a large amount of bunker fuel that could last the entire trip at once from the ports, where the prices are comparatively low.    There are two main kinds of fuel available in the global bunker fuel market at present, namely residual and distillate fuel. Among these, residual fuel accounted for a dominant share in global bunker fuel consumption in 2013.   


GAC Bunker Fuels Ltd. Attain ISO Certification

GAC Bunker Fuels Ltd. awarded ISO 9001:2008 Management System Standard certification by DNV. The ISO 9001:2008 certificate awarded by Det Norske Veritas (DNV) recognises GAC Bunker Fuels’ best management practices in the trading and brokerage of marine fuels and lubricants across its global operational sites. It demonstrates the company’s full compliance with the requirements of this international best practice standard, which considers a range of measures


Matson Decreases Fuel Surcharge by One Percentage Point

As a result of recent declines in bunker fuel prices, Matson Navigation Company will lower its fuel surcharge in its Hawaii, Guam/CNMI and Micronesia services by one percentage point, from 19.75 percent to 18.75 percent, effective November 5, 2006. "Bunker fuel prices continue to decrease, allowing us to make this second consecutive reduction to our fuel surcharge," said Dave Hoppes, senior vice president, ocean services


N. American ECA May Tighten Supply of Distillate Fuel

The move to burn 1% RMG 380 spec & other bunker fuel may tighten inventories following the ECA imlementation 1, Ausgust 2012 The stock of available bunker fuels may be tightened as suppliers juggle limited space with increasing selection for shipowners and buyers, according to Platts' market sources The primary concern associated with the implementation of the new ECA specs has been the cost involved with moving to low sulfur fuel oil as less and less LSFO is being produced


GAC Bunker Fuels' additional services at Galle, Sri Lanka

Courtesy GAC Bunker Fuels

  GAC Bunker Fuels and its local partner in Sri Lanka, Interocean Energy (IOE), have moved the bunker barge MT 'Kandy' to Galle to meet growing demand for bunker supplies at the port on the southern tip of the island nation. Thanks to its proximity to international east-west shipping lanes, Galle is a popular choice for vessels taking on supplies. For more than two decades, the GAC Group has taken advantage of that strategic location


New GAC Bunker Trader for Bergen Team

Per Steffen Bolstad: Photo GAC

GAC Bunker Fuels says it has further consolidated its position in the North Sea by appointing Per Steffen Bolstad to the bunker trading team in Bergen, Norway, where he joins bunker trader Christer Benjaminsen. Nicholas Browne, Global Director of GAC Bunker Fuels says “Per Steffen has eight years’ shipping experience, and was mostly recently Branch Manager in Bergen. He is yet another quality addition to our global bunker trading team


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


OW Bunker Collapse Rattles Singapore Bunker Markets

Major oil companies, trade firms to expand market share; tight credit hits small retailers. The collapse of OW Bunker in the wake of an alleged fraud at its Singapore trading unit will shake up the city state's more than $25 billion marine fuel market, the world's largest, as major companies expand and small ones shrink amid a credit squeeze. OW Bunker, a leading supplier of marine fuel oil known as "bunker"


Singapore Registers Double-Digit Bunker Fuel Sales Growth

Photo source: Maritime and Port Authority of Singapore

 Maritime and Port Authority (MPA) of Singapore said that Singapore bunker fuel sales rose 5.34% month on month and up 12.33% year on year, to 3.58 million mt in March reports Platts.   The vessel arrivals in Singapore for bunker fuel rose to 3,295 in March, up 9.65% from February and up 0.61% year on year, the data showed.   According to official figures released by the MPA, the March volumes included 2


Recovery for European Shipowners?

Pic: Maersk Line

 European Shipowners may increase freight rates or renegotiate bunker clauses in the coming year in order to capitalise on lower crude oil prices and consolidate the recovery seen in 2015, reports ICIS.   Bunker fuel prices came down significantly amid lower crude oil prices but some shipowners have been unable to take advantage of this because of the bunker clauses they agreed to.   A bunker clause is an agreement between charterer and shipowner whereby the charterer pays


ClassNK Launches Bunker Fuel Oil Analysis Service

ClassNK’s subsidiary ClassNK Consulting Service (NKCS) has officially launched its Bunker Fuel Oil Analysis Service. The service will provide an oil analysis report for the properties of bunker fuel oil based on the ISO8217 Standard with advice such as oil heating and purification.  


First Bunker Supply by Barge at Paradip

Manan Goel (Photo: Gulf Petrochem)

Gulf Petrochem Group, the UAE based global bunker supplier, has set another milestone in its operations with the first-ever bunker supply by barge at the non-conventional port of Paradip in Odisa, India’s east coast in a joint effort with Indian Oil Corporation Limited (IOCL).   


New Bunker Supplier Eyes Houston/Galveston Market

File photo: Port of Houston Authority

GCC Bunkers said it seeks to establish itself as a leader in developing compliance solutions for the IMO global sulfur cap in 2020 and is operated by principals Mark VandeVoorde and John Mafrige. Longer term, GCC is actively evaluating several processing or manufacturing opportunities for post


IBIA Backs ICS, IMO Proposals on CO2 Emissions

Photo: International Bunker Industry Association

 Pressure is growing on the International Maritime Organization (IMO) to deliver specific commitments to reducing greenhouse gas emissions.     A proposal from the International Chamber of Shipping (ICS) and other shipping organisations offers a possible way forward


Refining Capacity Growth to Exceed Demand Until 2020 -Forecast

© katatonia / Adobe Stock

Until 2020, global refining will move toward lower utilization and margins as capacity growth exceeds demand, according to energy industry data and analytics specialist McKinsey Energy Insights (MEI). Post-2020, however, market conditions are expected to improve with higher demand for distillates


India for Optimum Utilization of Shipping Sector

Indian Prime Minister Naredra Modi. Photo: Official FB Page

 The Ministry of Shipping, India has prepared a Vision Document for “Coastal Shipping, Tourism and Regional Development” for optimum utilization of the shipping sector and coastal resources.   The document envisages increasing the share of Coastal/Inland water transportation


Singapore 2016 Bunker Volumes at Record High

The Maritime and Port Authority of Singapore (MPA) expects 2016 sales of bunker fuel for ships to rise to a record for a second consecutive year, with early estimates showing volumes increased 7.7 percent to 48.6 million tonnes, it said on Wednesday.  


China Adds More Ports to Its Low Sulphur ECAs

© William Messing / Adobe Stock

China has expanded its Emission Control Area (ECA) regulations to include ships berthing at six additional ports, bringing the total number of key ports in the country’s ECA to 11.   With the new rules, effective from January 1, 2017


IMO Training in Malaysia

Photo: International Maritime Organization (IMO)

 An International Maritime Organization (IMO) training in Malaysia has seen port State control officers practice inspecting air pollution and energy efficiency rules aboard a container ship in Johor Port.    The participants from across Malaysia have been taking part in the


LNG Bunkering Commences in Australia

(Photo: EVOL)

First Australian commercial LNG bunkering completed in WA’s north-west on 23 January 2017 by EVOL LNG for Woodside   Under an agreement with Woodside, EVOL LNG refueled the platform supply vessel, Siem Thiima, on January 23 at King Bay Supply Base near Dampier


ICS Chairman Outlines Plan for CO2 Reduction

Photo: ICS

Esben Poulsson, Chairman of the International Chamber of Shipping, has set out what the industry would like the International Maritime Organization (IMO) to achieve as part of its CO2 reduction strategy for the shipping sector.   Speaking at The Economist’s World Ocean Summit in


IBIA in Attack Mode

Bunker fuel company staff supervising supply operations at port [Photo: ©2016 Patrick King Photo for GAC]

IBIA Attacks IMO Low-Sulfur Fuel Proposals; Association says 2020 decision may be based on overly optimistic fuel availability forecast   The IMO’s MEPC 70 proposals for a marine fuels sulfur cap of 0.5% to be in place by 2020 have attracted severe criticism from several major


Fewer Bunkers in Rotterdam in 2016

Photo: The port of Rotterdam

 In 2016 the sale of bunker oil - fuel for shipping - in the Rotterdam bunker port diminished from 10.6 million m3 to 10.1 million m3.    There is no reason known for this decline. For the first time, ships bunkered a sea-going vessel with LNG, liquefied natural gas, in Rotterdam


Fleet's Support Capability Gets Sirius Boost

HMAS Sirius passes the Sydney Opera House to commence her journey back to her home port in Western Australia. Photo: Royal Australian Navy

 The Royal Australian Navy’s replenishment capability is operating at capacity once again with HMAS Sirius back in the brine after four months of maintenance at Captain Cook Graving Dock, Garden Island.   The fleet tanker cut an impressive figure against the city skyline as she


India Boosts Shipping Industry

Indian Shipping Minister Nitin Gadkari. Photo: Official Site of Nitin Gadkari

 The Expansion, modernization and upgradation of shipping infrastructure in India is an on-going process to keep the ports abreast with new technologies and also to promote trade and cargo.   The Government is committed to provide best possible infrastructure facilities to Indian






 
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