Argus Media News

Russia has pledged to disclose more data about the volume of its fuel refining and exports after OPEC+ asked Moscow for more transparency on classified fuel shipments from the many export points across the vast country, sources at OPEC+ and ship-tracking firms told Reuters.Russia is the only member of OPEC+ which contributes to export cuts rather than production cuts as part of its participation in the group's agreement to curb supplies. Market analysts have struggled to verify…

U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data, as the tanker Wisdom Venture unloaded 80,000 tonnes of Bakken crude in Odessa on July 6 for the Kremenchug refinery,…

Oil price reporting agency Argus Argus has launched low-sulphur fuel oil (LSFO) price assessments for the ex-wharf and delivered bunker markets in Fujairah.Fujairah is a major bunker fuel hub on the Gulf of Oman in the UAE, supplying up to 1mn t/month to vessels.The Argus LSFO 0.5pc sulphur prices for the ex-wharf and delivered bunker markets are the first assessments to be launched in the Fujairah market for the quality of fuel needed to comply with the International Maritime Organisation's (IMO) new sulphur limits for marine fuel. The IMO's new regulation will reduce the maximum sulphur content in marine fuels to 0.5pc from 3.5pc from 1 January 2020.The IMO is a division of the UN with a remit to provide a regulatory framework for shipping.

Oil price reporting agency Argus has launched five new price assessments for low-sulphur marine fuels, ahead of new global rules capping the amount of sulphur in marine fuels, also known as bunkers.International Maritime Organization (IMO) regulations will cut the limit for sulphur in bunker fuels globally from 3.5 percent to 0.5 percent from the start of 2020."Argus is pleased to be taking the lead in bringing price transparency that enables this large and emerging oil market to advance trading in preparation for the IMO 2020 required fuels…

Dubai-based shipowner United Arab Shipping Company (UASC) has filed suit against Miami-based marine fuels provider World Fuels Services (WFS) seeking relief from damages incurred through the bunkering of off-spec fuel oil in 2016, reports Arabian Industry.UASC is seeking relief from damages incurred through the bunkering of the off-spec fuel oil, according to the suit filed in the US District Court for the Southern District of Florida on 27 June, 2018.The Middle East shipping giant claims that on or about 21 September 2016, it entered into contract with WFS for delivery of 3,500-4,200 tons of high-sulphur 380cst bunker fuel for containership UASC JILFAR in the port of Kavkaz…

Coal prices in Asia are being driven to multi-year highs by a rare combination of simultaneous demand growth in the region's top four importers.Depending on the price used, thermal coal is either close to a two-year high or near the strongest in six years as China, India, Japan and South Korea imported more of the polluting fuel in the first five months of this year compared to the same period in 2017.The Australian thermal coal benchmark, the weekly Newcastle Index, ended last week at $108.89 a tonne…

The seaborne iron ore market appears to be in something of a sweet spot currently, with largely steady demand and prices that have been flatlining for the past couple of months. Of course, another way of saying that a market is enjoying relatively stable and good times is that it's boring, but in iron ore there is plenty of action bubbling beneath the seemingly calm exterior. It's not so much that iron ore prices or volumes are expected to shift dramatically in the coming months, it's more that structural changes in the world's biggest importer, China, are re-shaping how the industry works.

Phillips 66 has chartered a Marshall Islands-flagged vessel, making use of a temporary waiver of the Jones Act that was put in place to meet fuel shortages in the wake of hurricanes Harvey and Irma, Argus Media reported on Thursday. The vessel, Nave Jupiter, departed from Houston, Texas on Sept. 9, and was docked near the company's Alliance refinery in Louisiana, the report said. The nearly 100 year-old law mandates the use of U.S.-flagged vessels to transport merchandise between U.S. coasts. Last week, the U.S. Homeland Security Department had waived the law for a week, the first such waiver since December 2012 after Hurricane Sandy. The department said earlier this week that it was extending the temporary waiver until Sept. 22.

The International Bunker Industry Association (IBIA) will be holding a forum entitled: ‘Bunkering with new fuels – Building on strong foundations’ as part of London International Shipping Week, on Wednesday 9 September. The event will include presentations from Mark Bell from SGMF (Society for Gas as a Marine Fuel), Michael Green, Global Technical Manager for Intertek Lintec, Armelle Breneol EAME Marine Fuels Logistics Advisor for ExxonMobil, Vyacheslav Mischeko from Argus Media and Nigel Draffin maritime consultant and author. The speakers will address the latest topical issues, in particular the availability of ECA compliant fuels…

Global energy and commodity price reporting agency Argus has launched a daily marine fuels pricing and analysis service, Argus Marine Fuels. It provides market data and intelligent analysis of the increasingly complex marine fuels market. Trade in marine fuels is changing quickly. Oil prices are high and volatile. New environmental regulations are forcing ships to burn more expensive low-sulfur fuels. Trading companies are entering the market as others abandon it. And with "bunkers" now accounting for up to 80pc of their operating expenses, shipowners and managers are taking a closer look at procurement costs. Argus Marine Fuels throws a much needed light on this rapidly changing market.

Argus Marine Fuels has launched a daily marine fuels pricing and analysis service. The new service provides unique market data and intelligent analysis of the increasingly complex marine fuels market. Trade in marine fuels is changing quickly. Oil prices are high and volatile. New environmental regulations are forcing ships to burn more expensive low-sulfur fuels. Trading companies are entering the market as others abandon it. And with "bunkers" now accounting for up to 80pc of their operating expenses, shipowners and managers are taking a closer look at procurement costs. Argus Marine Fuels throws a much needed light on this rapidly changing market.

Singapore, 16 March  — The 11 March earthquake and tsunami in Japan, and the continuing nuclear crisis that they triggered, will have significant repercussions in global energy markets, according to international energy price reporting agency Argus. Japan will rely more on oil for power generation at least until the end of this year, altering regional balances for some grades of crude and providing a large boost in demand for low-sulphur fuel oil (LSFO). And it will seek additional LNG supplies. The quake and tsunami knocked nuclear plants with 11GW of generating capacity off line, and another 1.1GW nuclear plant was shut for maintenance at the time, leaving 25pc of Japan's nuclear capacity shut after the disaster.