TUI Cruises receives methanol-ready ship
Cruise ship company TUI Cruises took delivery of a methanol-ready cruise ship which will start operations at the end of June.
Methanol-ready vessels allow ship owners to easily retrofit their vessels to burning methanol in the future. The 7,900t deadweight Mein Schiff 7 will operate in the North Sea, the Baltic Sea, along the European Atlantic coast and in the Mediterranean and run on marine gasoil (MGO). It was built by Finland's Meyer Turku shipyard.
In January, TUI Cruises signed a memorandum of understanding with trading company Mabanaft for future supply of green methanol. Mabanaft would cover TUI's methanol needs in northern Germany, and gradually add other European locations.
Grey methanol was pegged at $717/t MGO equivalent and biomethanol at $2,279/t MGOe average from 1-18 April in Amsterdam-Rotterdam-Antwerp. About 0.9 times and 2.9 times, respectively, the price of MGO, Argus assessments showed.
TUI Cruises is a joint venture between the German tourism company TUI AG and US-based cruise ship company Royal Caribbean.
Related news posts
Korea’s GS Caltex to debottleneck Yeosu cracker in Sep
Korea’s GS Caltex to debottleneck Yeosu cracker in Sep
Singapore, 4 July (Argus) — South Korea's petrochemical producer GS Caltex is expected to start a two-month scheduled maintenance and debottlenecking at its mixed-feed cracker in Yeosu in September. The cracker will undergo a turnaround and debottlenecking from 23 September to 25 November, according to sources at the company. GS Caltex's mixed-feed cracker currently has a nameplate capacity of 750,000 t/yr of ethylene and 410,000 t/yr of propylene. Its ethylene capacity will increase by 150,000 t/yr to 900,000 t/yr after the debottlenecking process, while propylene capacity will rise by 60,000 t/yr to 470,000 t/yr. The debottlenecking process will also raise GS Caltex's crude C4s output from the existing 250,000 t/yr to 300,000 t/yr. The company now feeds its crude C4s to a 90,000 t/yr butadiene extraction unit, a joint venture (JV) plant between GS Caltex's parent company GS Energy and fellow producer Lotte Chemical. GS Caltex also owns two polymers units at the same site — a 500,000 t/yr high density polyethylene (HDPE) and a 180,000 t/yr polypropylene (PP) plant. The PP unit takes in propylene from GS Caltex's existing refinery fluid catalytic crackers (FCC). The debottlenecking will raise olefins output, resulting in a surplus of 400,000 t/yr of ethylene for domestic sales and exports after supplying its HDPE plant. The propylene surplus will be 800,000 t/yr after factoring in GS Caltex's 500,000 t/yr propylene output from existing FCCs and its PP consumption. This will also mark the first turnaround of GS Caltex's cracker since it was commissioned in 2021 . GS Caltex's mixed feed cracker can take in a combination of naphtha, liquefied petroleum gas and off-gas from its FCC. New derivative units GS Energy also plans to bring two more new downstream units on line, after the cracker maintenances. GS Energy and Lotte Chemical aims to start-up their new 350,000/215,000 t/yr phenol/acetone plant and 240,000 t/yr bis-phenol A unit in the fourth quarter of this year. Feedstock propylene will come from an existing GS Caltex cracker. Another JV between GS Energy and Hanwha Solutions will be a new 300,000 t/yr ethylene vinyl acetate (EVA) plant. It aims to start up in September 2025, and the feedstock ethylene for the EVA unit will also come from GS Caltex's existing cracker. By Toong Shien Lee Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Hengyuan's Malaysian refinery completes LRCCU repairs
Hengyuan's Malaysian refinery completes LRCCU repairs
Singapore, 4 July (Argus) — China-based independent Hengyuan Refining (HRC) has completed repairs at the long residue catalytic cracking unit (LRCCU) at its Malaysian 156,000 b/d Port Dickson refinery on 30 June. The LRCCU was shut after a leakage at a carbon monoxide boiler on 19 June. It is a gasoline production unit and typically uses residual fuel as a feedstock to produce full-range catalytic cracked gasoline (CCG). Inspection activities for HRC's hydrogen manufacturing unit and Euro4Mogas facilities were also complete. The refinery has restarted the units and is "recovering to its normal operational level", said HRC. The LRCCU issue had prompted HRC to offer rare and prompt straight-run fuel oil cargoes, and buy gasoline cargoes for June and July loading. The Port Dickson refinery houses two crude distillation units, a LRCCU, two naphtha treaters, a merox plan, two reformers and a gasoil treatment plant. Approximately 85pc of its oil products are sold domestically in Malaysia. By Aldric Chew Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Upper Mississippi locks closed by high water
Upper Mississippi locks closed by high water
Houston, 3 July (Argus) — High water levels on the upper Mississippi River have caused several lock closures and spurred delays for barge carriers. Lock and Dams (L&D) 12, 16 and 17 on the upper Mississippi River closed 2 July and are expected to remain closed through the rest of this week and possibly into the next, according to the US Army Corps of Engineers. Locks 11, 13, 18 and 20 are expected to close on 4 July. The Corps will likely close locks 14 and 22 on 5 July, while lock 15 is expected to close 6 July. The Corps said the duration of the July 4-5 closures is unclear. Another 2-5 inches of rain fell along the western Corn Belt in the past week, according to the National Oceanic and Atmospheric Administration. High river conditions led to major flood status at Dubuque, Iowa, while other locations along the river are at moderate flooding levels. Water levels are 4-5ft below record highs on the upper Mississippi River. The outdraft at lock and dam 16 was at 211,444 cubic feet per second (cfs) on Tuesday, compared with typical flow of 41,100cfs. Major barge carrier American Commercial Barge Line anticipates 7-10 days of disruption followed by a 2-3 week catch-up. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US services contract in June, signal broad weakening
US services contract in June, signal broad weakening
Houston, 3 July (Argus) — Economic activity in the US services sector contracted in June by the most since 2020 while a report earlier this week showed contraction in manufacturing, signaling a broad-based slowdown in the economy as the second quarter came to an end. The Institute for Supply Management's (ISM) services purchasing managers index (PMI) registered 48.8 in June, down from 53.8 in May. Readings above 50 signal expansion, while those below 50 signal contraction for the services economy. The June services PMI "indicates the overall economy is contracting for the first time in 17 months," ISM said. "The decrease in the composite index in June is a result of notably lower business activity, a contraction in new orders for the second time since May 2020 and continued contraction in employment." The business activity/production index fell to 49.6 from 61.2. New orders fell by 6.8 points to 47.3. Employment fell by 1 point to 46.1. Monthly PMI reports can be volatile, but a services PMI above 49 over time generally indicates an expansion of the overall economy. "Survey respondents report that in general, business is flat or lower, and although inflation is easing, some commodities have significantly higher costs," ISM said. The prices index fell by 1.8 points to 56.3, showing slowing but robust price gains. ISM's manufacturing PMI fell to 48.5 in June from 48.7 in May, ISM reported on 1 July. It was the third consecutive month of contraction and marked a 19th month of contraction in the past 20 months. Wednesday's weaker than expected ISM report, together with a Wednesday report showing initial jobless claims last week rose to their highest in two years, slightly increase the odds that the Federal Reserve may lower its target rate later this year after maintaining it at 23-year highs since last year in an effort to stem inflation. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Business intelligence reports
Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.
Learn more