Bunker Fuel Market Poised 460 million tons by 2020
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
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
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"
Recovery for European Shipowners?
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
IMO Low-Sulfur Requirements to Disrupt Industries
The International Maritime Organization (IMO) recently confirmed that global refiners and shippers must comply with new regulations to reduce the sulfur content in marine bunker fuels by January 2020—five years earlier than many expected. As a result, both the global refining and shipping industries will experience rapid change and significant cost and operational impacts, according to new analysis from IHS Markit
Brightoil Launches Online Bunker Trading Platform
International bunker trader and supplier Brightoil has launched a new suite of online tools that aims to transform the way bunker fuel is traded globally. Brightoil Bunker Online E-Delivery platform is now live and includes a Forward Fixed Price (FFP) facility making the process of buying bunkers anywhere in the world faster, easier and more transparent. The new facility enables customers to lock-in bunker cost for up to nine months forward thereby reducing exposure to major price
U.S. Oil Exports set to Take Off by 2022
Enterprise sees four-fold jump in U.S. crude exports by 2022. Crude oil exports from the United States will increase to meet 5 percent of global demand by 2022, as refiners seek more low-sulphur crude to meet stricter rules for cleaner fuels, an executive from Enterprise Partners LP said on Monday. U.S. oil exports may rise to about 4 million barrels per day (bpd) by 2022, a four-fold jump from this year, said Brent Secrest, a senior vice president at Enterprise Products
Chevron Lubricant Receives Approval from WinGD
Chevron Marine Lubricants received a No Objection Letter (NOL) from Winterthur Gas & Diesel (WinGD) for the use of its Taro Special HT 100 cylinder lubrication oil in a number of the manufacturer’s engines when operating on a wide variety of fuels from 0.0% to 3.5% sulphur, including fuels compliant with emissions control area (ECA) regulations with a maximum content of 0.10% sulphur, eliminating the need to change cylinder lubricants when operating in and out of ECAs
Universal Energy Faces Millions in Claims
Universal Energy entered voluntary liquidation on Oct 3, tightening credit in Singapore's bunker fuel market. Shipping fuel suppliers are filing millions of dollars in claims over unpaid marine fuel bills against now defunct Singapore-based peer Universal Energy, formerly one of the city state's largest bunker suppliers but which has now entered liquidation. Universal Energy, ranked as Singapore's third-largest bunker fuel supplier by volume in 2016
Aegean Marine Strengthens Presence on the U.S. East Coast
Aegean Marine Petroleum Network has announced the launch of a new service center in Savannah, Georgia, the third largest container port in the United States. The operations in Savannah will be managed by the existing Aegean U.S. team. Under the terms of the agreement with Colonial Terminals, Inc., Aegean will lease tankage from Colonial's oil terminal on the Savannah River.
ExxonMobil Joins with Eagle LNG, Crowley on LNG Marine Fueling
ExxonMobil, Eagle LNG Partners LLC (Eagle LNG Partners) and Crowley have signed an agreement to collaborate on the development of LNG as a marine fuel. The goal is to establish the storage and technical support necessary to provide safe, reliable LNG delivery for vessel operators bunkering in North America. The three companies signed a Memorandum of Understanding (MoU) on June 27, 2017. The parties will initially focus their efforts in Florida before expanding to other North
Denmark to Deploy 'Sniffer Drones' to Monitor Polluting Ships
The Danish EPA has contracted Danish startup Explicit to monitor sulphur compliance from ships. The monitoring will be conducted from the air by sampling exhaust plumes from vessels in waters around Denmark. The operation will deploy a unique new sniffer technology developed by Explicit for easy-mount on helicopters – and eventually also drones. The objective is to detect and deter violations of the 0.10% ECA restriction on sulphur in the bunker fuel.
India to Push Shipping Sector
Under the Government of India’s Sagarmala Program to promote port-led development, a master plan has been formulated for the 12 Major Ports. 142 port capacity expansion projects with an estimated cost of INR 91,434 Crore (USD 14.3 billion) and capacity creation of 884 MMTPA have been identified in this master plan for implementation over the next 20 years. Out of these, 58 projects with project cost of approximately INR 28,767 Crore (USD 4
Singapore Revokes Panoil Petroleum's Bunker Licence
The Maritime and Port Authority of Singapore (MPA) has revoked the bunker craft operator licence of Panoil Petroleum, effective 14 August 2017. Panoil will no longer be allowed to operate as a bunker craft operator in the Port of Singapore. "As part of MPA’s on-going regulatory efforts to ensure the safety, reliability and quality of bunker supplies in Singapore, checks were conducted on Panoil Petroleum Pte Ltd between January and March 2017
IBIA Supports Efforts to Ensure Integrity of MFM Systems
The International Bunker Industry Association (IBIA) believes the benefits achieved from adopting mandatory use of Mass Flow Meters (MFMs) for marine fuel oil deliveries in Singapore must be protected by effective enforcement, and that using approved MFMs to measure quantity being loaded onto bunker tankers as well as that delivered to ship would address a missing link in supply chain integrity. The Singapore regulation that came into effect on 1 January 2017 was widely perceived
Aegean Marine, Freepoint Commodities Pact on Bunkering Sales
Aegean Marine Petroleum Network and Caribbean Bunkers LLC have signed an agreement to cooperate on bunkering sales, focused around the US Virgin Islands facility at Limetree Bay, St. Croix. Under terms of the agreement, Aegean will market bunker fuels and marine gas oil supplied by Freepoint to customers calling on the Limetree Bay Facility. The agreement calls for future expansion in the region that could lead to adding delivery capability through Aegean's owned fleet.
OW Bunker Investors to Sue IPO banks
Institutional investors to sue Morgan Stanley, Carnegie. A group of institutional investors in OW Bunker said they plan to sue Morgan Stanley and Carnegie for about $80 million, accusing the two investment banks of misleading them ahead of the 2014 listing of the now bankrupt marine fuel oil supplier. Denmark's OW Bunker was valued at $1 billion when it floated in March 2014, but the company filed for bankruptcy in November that year after suffering hedging losses of almost
Arctech Helsinki Shipyard Awards Contract to MELCAL
MELCAL said it has received a new contract from Arctech Helsinki Shipyard for the design and production of two ATEX Zone 1, IIB T3 cranes to be installed onboard an icebreaking arctic tanker. The hose handling cranes will feature heated cabins and are designed to handle both cargo hoses and bunker fuel hoses, as well as provisions and engine spares. In man-riding mode, the cranes are also suitable for safe lifting of personnel
Marine Fuels Supplier Bomin Group Launch New Brand Identity
The Bomin Group, a leading global physical supplier and trader of marine fuels, today announced the launch of a new brand identity and website as it positions itself to deliver the company’s next phase of global growth. The shipping industry is experiencing significant change, and the fuel supply chain is becoming increasingly complex. The launch of Bomin’s new brand identity reflects this evolution, and the company’s global position within the market.
Winson Oil, Unipec Snap up Gasoil Cargoes
Both traders buy over 12 million barrels in September. Oil traders Winson Oil and Unipec have snapped up over 12 million barrels of gasoil in just under two weeks and are booking vessels in Singapore to either store the fuel or export it, shipping and trading sources said on Wednesday. Winson Oil, based in Hong Kong and registered in Singapore, bought the bulk of the cargoes at over 9 million barrels in oil price agency S&P Global Platts' market since the start of