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Marine fuel global weekly market update

  • Market: Biofuels, E-fuels, Fertilizers, Hydrogen, Natural gas, Oil products, Petrochemicals
  • 07/08/23

Marine fuel global weekly market update

A weekly Argus news digest of interest to the conventional and alternative marine fuel markets. To speak to our team about accessing the stories below and access to Argus Marine Fuels, please contact marinefuels@argusmedia.com.

Alternative marine fuels

New York, 4 August World Kinect bunker sales slump but profit is up US-based fuel supplier World Kinect, formerly known as World Fuel Services, boosted its profit in the second quarter from a year earlier, as its cost cutting outpaced falling sales.

Singapore, 4 August Methanex hikes China methanol contract price, cuts Asia Canada-based methanol producer Methanex has hiked its China Posted Contract Price (CPCP) for August, but lowered its Asian Posted Contract Price (APCP) for a fifth consecutive month.

London, 3 August Brooge Energy moves ahead with UAE green ammonia plant Cayman Islands-based Brooge Renewable Energy has completed a feasibility study on an export-focused green ammonia project in Abu Dhabi in the UAE.

London, 3 August Thyssenkrupp Uhde to collaborate on green ammonia FSPO German chemical engineering firm Thyssenkrupp Uhde will collaborate with a consortium to develop a green ammonia and hydrogen floating production and offloading vessel (FPSO) by 2027.

London, 3 August Italiy's Hysytech to develop Swedish bio-LNG project Italian energy engineering company Hysytech has been awarded a contract to upgrade a Swedish biogas site to produce liquefied biomethane (bio-LNG).

Houston, 3 August PBF 2Q margins down, first renewable fuel sales US independent refiner PBF's margins were more than halved in the second quarter, but overall profits were only marginally down from the same period in 2022.

London, 3 August Global LNG output rebounds in July Aggregate LNG output from producers rebounded in July, both on the year and the month, supported by quicker exports from the US and Australia.

London, 3 August S Korea's HHI receives order for two LNG carriers South Korean shipbuilder Hyundai Heavy Industries (HHI) has received a new order for two LNG carriers.

Brussels, 2 August EU consults on ETS implementation The European Commission has published further draft technical legislation for consultation, notably allowing for the inclusion of maritime and further aviation emissions in the bloc's emissions trading system (ETS), as well as an additional scheme covering road transport and building emissions.

New York, 1 August Fuel oil bunkering to linger despite new GHG rule The International Maritime Organisation (IMO)'s revised greenhouse gas (GHG) regulation for marine fuel will dent residual fuel oil demand, but the market could persist on demand from oil tanker and dry bulk vessel owners, and on production from decarbonised petroleum refineries.

Sao Paulo, 1 August Brazil's Bndes expands sustainable biofuels financing Brazil's state-owned development bank Bndes has expanded sustainability-linked financing available to the biofuel sector to R3.5bn ($730mn), after approving an R1.5bn boost in the loans to producers that agree to reduce their carbon footprints.

London, 31 July SK's Hanwha Ocean receives LNG carrier order South Korean shipbuilder Hanwha Ocean has received a construction order for an LNG carrier to be delivered before March 2027.

Conventional marine fuels

London, 4 August Ban squeezes Europe's HSFO supply The EU ban on Russian fuel oil imports has been a bigger problem for Europe than for Russia — unsurprising, considering Russian high-sulphur fuel oil (HSFO) accounted for a much bigger share of EU imports than of Russian exports.

London, 4 August Unit to restart at ExxonMobil's UK Fawley refinery ExxonMobil said it will return a unit online at its 270,000 b/d Fawley refinery in the UK this coming weekend after a turnaround.

London, 4 August Croatian VGO imports at record in July: Vortexa Croatia's vacuum gasoil (VGO) imports were 69,000t in July — the highest on record — and other major European consumers raised their receipts, according to data from Vortexa.

Kingston, 4 August Drought effects to cost Panama Canal $200mn The Panama Canal is projecting fiscal year 2024 revenues to be $200mn less than its initial $4.9bn estimate, its administrator Ricaurte Vasquez said.

London, 3 August Russian sanctions squeeze HSFO supplies in the EU The EU ban on Russian fuel oil imports has been a bigger problem for Europe than for Russia — unsurprising, considering Russian high-sulphur fuel oil (HSFO) accounted for a much bigger share of EU imports than of Russian exports.

London, 3 August Drop in fuel oil pressures ARA stocks Independently-held oil product stocks at the Amsterdam-Rotterdam-Antwerp (ARA) oil trading hub fell marginally in the week to 2 August, according to Insights Global, to 5.68mn t. A near 6pc dip in fuel oil inventories drove the downturn.

New York, 3 August Panama Canal delays boost clean rates to Chile, Peru The longest delays in at least two years at the Panama Canal's Panamax locks are causing clean tanker operators to charge premium rates to take US Gulf coast refined product shipments across the canal to South America's Pacific coast, or avoid canal transits altogether.

New York, 2 August Peru HSFO exports double on production spike Peru high-sulphur fuel oil (HSFO) exports nearly doubled in the first five months of the year on significantly higher production.

Singapore, 2 August Kuwaiti al-Zour August LSFO offers to weaken Kuwaiti state-owned KPC's low-sulphur fuel oil (LSFO) offers from its 615,000 al-Zour refinery are expected by market participants to slow this month because of reduced production.

London, 2 August Scorpio Tankers bullish despite drop in rates Scorpio Tankers' profits fell in the second quarter of 2023 on lower vessel earnings amid weaker summer demand, but the product tanker owner remains bullish about the market because of robust product demand and low inventories leading to record levels of seaborne exports.

New York, 1 August Clean tanker demand to rise ‘significantly': Ardmore A drawdown of European diesel stocks is expected to increase EU import demand for refined products, boosting ton-mile demand for product tankers in the process, according to tanker owner Ardmore Shipping.

New York, 1 August Norwegian Cruise reports first profit since 2019 US-based Norwegian Cruise Line (NCL) reported its first profit since 2019 as passenger demand continues to rise after the Covid-19 pandemic.

New York, 1 August Fuel oil bunkering to linger despite new GHG rule The International Maritime Organisation (IMO)'s revised greenhouse gas (GHG) regulation for marine fuel will dent residual fuel oil demand, but the market could persist on demand from oil tanker and dry bulk vessel owners, and on production from decarbonised petroleum refineries.

London, 1 August Gibraltar suspends port operations after oil spill Operations have been halted at the port of Gibraltar today following an oil spill.

Houston, 1 August US Gulf coast VGO-LSFO premium nears 2-month high US Gulf coast low sulphur VGO premiums to low sulphur fuel oil (LSFO) extended to $11.25/bl this week behind gains in both markets.

New York, 1 August Panama Canal delays expected to increase Wait times for vessels transiting Panamax and Neopanamax locks at the Panama Canal — the key route for US Gulf exports of LPG to Asia-Pacific — will "invariably increase" owing to additional water-conservation measures as drought conditions affect the waterway, according to the Panama Canal Authority (ACP).

Hamburg, 1 August Rising Rhine water levels lower freight rates Rising Rhine river water levels have allowed for an increase in loading capacity on barges and have reduced freight rates for journeys from the Amsterdam-Rotterdam-Antwerp (ARA) hub to inland destinations.

Shanghai, 31 July China's fuel oil output rises in January-June China produced 27.07mn t fuel oil in the first half of this year, up by 11pc on the year, according to National Bureau of Statistics (NBS) data.

London, 31 July Saudi Bahri shipping profits up in 2Q Saudi Arabian state-owned shipping firm Bahri's profits rose year on year in the second quarter, boosted by higher revenues in the crude and chemicals transportation sectors.

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Some countries are considering retaliatory tariffs, while others hope to reduce their trade deficit in order to negotiate lower rates London, 9 April (Argus) — Newly announced US tariffs on goods entering the country and some of the countermeasures already announced by large trade partners are unlikely to cause any direct disruptions to global gas markets. But the indirect effects on gas supply and demand may be huge, stemming from a weaker macroeconomic outlook, fuel substitution and inflationary pressures on infrastructure development. US president Donald Trump on 2 April imposed a minimum 10pc tax on all foreign imports from 5 April,with much higher tariffs on selected countries that briefly came into force on 9 April, before Trump announced a 90-day pause. China is the only exception. It has announced retaliatory tariffs that could disrupt US energy exports, resulting in an escalation that has already brought up the respective levies to 125pc in the US and 84pc in China. These are unlikely to have any direct impact on LNG trade flows, as China had already stopped importing US LNG earlier this year. But disruptions to trade between the world's two largest economies may weigh heavily on manufacturing activity in China, in turn reducing industrial gas demand. And the ripple effects of disruptions to US LPG exports to China may alter fuel-switching economics in the region and beyond. Most other countries in Asia-Pacific have opted not to follow China's lead by retaliating against US tariffs, even though many have warned about the potential for long-term economic disruption. The Japanese government intends to negotiate a better tariff deal and is considering investing in the US' proposed 20mn t/yr Alaska LNG export project as part of wider efforts to reduce its trade surplus with the US. Countries in Asia-Pacific have been hit with some of the highest of Trump's targeted duties. The EU is keeping retaliatory measures on the table, but these are unlikely to include any levy on US LNG. Europe has become much more reliant on LNG imports after losing the bulk of its Russian pipeline supply, and imposing tariffs on energy imports would only reignite inflationary pressures that European countries have tried to curb over the past three years. The bloc says it is ready to negotiate on possibly increasing its US LNG imports to reduce its trade surplus and would zero out its tariffs on industrial imports if the US agrees to do the same. But Trump says this offer is not enough, citing the EU's upcoming Carbon Border Adjustment Mechanism as one of the "unfair trade practices" that justifies a tariff response. Nerves of steel Much greater risks for gas markets may stem from rising infrastructure costs in the US' upstream and midstream sectors, particularly as a result of earlier tariffs imposed on steel and aluminum imports. These present an immediate risk for US LNG developers, particularly for the five projects under construction and the six others expected to reach final investment decisions this year. Metals account for up to 30pc of the cost of building an LNG export plant. An LNG terminal can cost $5bn-25bn to build, depending on its size, with steel used for pipelines, tanks and other structural frameworks. US facilities can be built using some domestic metal, but higher prices for this may lead to construction and final investment decision delays for the country's planned liquefaction projects. US tariffs' primary effect on the domestic gas market stems from duties levied on non-energy goods used by the oil and gas industry, including steel and specialised pipeline components such as valves and compressors, which are imported from overseas. The US remains a net natural gas importer from Canada , but these flows are unlikely to be affected by trade tariffs given the lack of alternative supply sources available to some northern US states. US LNG project pipeline mn t/yr Project Capacity Expected start/FID Under construction Plaquemines 19.2 2025 Corpus Christi stage 3 12.0 2025 Golden Pass 18.1 2026 Rio Grande 17.6 2027 Port Arthur 13.5 2027 Waiting for final investment decision Delfin FLNG 1 13.2 mid-2025 Texas LNG 4.0 2025 Calcasieu Pass 2 28.0 mid-2025 Corpus Christi train 8-9 3.3 2025 Louisiana LNG 16.5 mid-2025 Cameron train 4 6.8 mid-2025 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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