Marine fuel global weekly market update

Market: Biofuels, E-fuels, Fertilizers, Hydrogen, Natural gas, Oil products, Petrochemicals
03/04/23

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, please contact: oil-products@argusmedia.com.

Alternative marine fuels

31 Mar Yara and Enbridge plan 1.4mn t blue ammonia plant in US Norwegian fertilizer producer Yara has signed a letter of intent with Canadian midstream company Enbridge to…

31 Mar Spanish biodiesel exports boom in January Biodiesel exports from Spain, including re-exported cargoes, reached almost…

31 Mar Shell scraps Singapore SAF/HVO, base oil plant plans Shell has cancelled plans to set up a biofuel unit and a Group 2 base oil plant in Singapore.

31 Mar Pupuk Indonesia eyes green ammonia output by 2045-60 State-controlled fertilizer producer Pupuk Indonesia aims to achieve large-scale green ammonia production...

31 Mar Pavilion bunkers tug with LNG at Singapore's Jurong Singapore-based Pavilion Energy bunkered a hybrid-fuel tug boat owned…

31 Mar Spanish biodiesel exports boom in January Biodiesel exports from Spain, including re-exported cargoes, reached almost…

30 Mar China eyes green ammonia exports by late 2024 While new clean ammonia projects are being regularly confirmed in Australia, Europe, the Americas, India and the Middle East, news on green ammonia projects in China…

30 Mar European ports to be key hydrogen demand centres: study Hydrogen demand in EU port areas could reach…

30 Mar Singapore B24 bunker prices decline on Ucome oversupply B24 biofuel bunker prices in Singapore have weakened since…

30 Mar Biodiesel blend hike raises prices in Brazil Differentials for biodiesel supply contracts to Brazilian distributors in April…

29 Mar Canada budget proposal thin on biofuels Canada's new federal budget commits tax incentives to keep pace with massive US clean energy spending but leaves biofuel…

29 Mar Caribbean shipping sector to push decarbonization The Caribbean shipping sector has signed an agreement with the…

29 Mar Titan receives first of two small-scale LNG vessels Dutch firm Titan LNG has received the 12,000m³ Titan Unikum LNG small-scale carrier, which will undergo…

29 Mar Jiangnan, Hyundai Samho receive orders for LNG carriers China's Jiangnan Shipyard and South Korea's Hyundai Samho Heavy Industries (HSHI) have each received orders to build two…

29 March Import data shows shake-up of Russian methanol flows Latest import data from Global Trade Tracker (GTT) shows changing Russian methanol flows in…

28 Mar Spain's Ence, Sener to develop 6 new biomethane plants Spanish bioenergy company Ence's subsidiary Ence Biogas has signed an agreement with…

28 Mar Shell, Zim complete first 10-year LNG bunkering deal Shell and Israeli shipping firm Zim have completed the first LNG bunkering operation…

28 Mar IMO GHG meeting still reflects profound divisions The draft revised strategy on the reduction of emissions in shipping agreed at the…

27 Mar Q&A: Methanex says future of biomethanol is in shipping Canadian firm Methanex, one of the largest methanol producers, told Argus…

27 Mar Japan's KHI to build LPG-fuelled LPG, ammonia carrier Japan's shipbuilder Kawasaki Heavy Industries (KHI) plans to build an 86,700m³ LPG and ammonia carrier that is…

Conventional marine fuels

31 Mar Australia's Ampol offers rare residual fuel spot supply Australian refiner Ampol has offered rare residual fuel spot cargoes, after it…

30 Mar China on course for shock diesel export increase Chinese oil firms have revised up their export plans for…

29 Mar Argentina's VLSFO sales fall to lowest since 2019 Argentina's sales of very low-sulphur fuel oil (VLSFO) fell in…

29 Mar Ohio River lock chambers closed after vessel crash A vessel crash yesterday morning on the Ohio River has closed three…

29 Mar Exmar shipping profit rose in 2022 Belgium-based LPG shipowner Exmar's shipping arm increased its profit to…

29 Mar EU diesel imports slump EU diesel imports dropped to just 375,000t last week, the lowest for any week since…

28 Mar Russian fuel oil exports rising Seaborne Russian fuel oil exports were 6.2pc higher than the…

28 Mar Pirates board products tanker in Gulf of Guinea Pirates have boarded a tanker in the Gulf of Guinea…

27 Mar Russian 1Q bunker sales up, 2Q outlook mixed Russian first quarter bunker sales were around…

27 Mar Kenya-Mideast Gulf oil tender lift MR rates to Africa Freight rates for clean Medium Range (MR) clean tankers from the Mideast Gulf to Africa will potentially…

28 Mar Carnival Cruise narrows losses in 1Q Carnival Cruise Line pared its loss in the first quarter…

27 Mar Australia's Ampol shuts FCC unit at Lytton refinery Australian refiner Ampol has shut a fluid catalytic cracking unit (FCC) at its…

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News

07/03/25

NorthAm market presumes potash is USMCA compliant

Houston, 7 March (Argus) — North American fertilizer market players presume that potash (MOP) imported from Canada to the US will be exempt from tariffs for now, despite lack of a clear definition from the latest White House executive order. Potash that is mined and produced in Canada would be considered compliant under the US-Mexico-Canada Agreement (USMCA) and should not face a duty during the tariff pause initiated by the administration of President Donald Trump on Thursday, industry sources told Argus . That understanding should account for the vast majority of MOP produced in Canada and exported to the US. Any potash that is not USMCA certified faces a reduced 10pc duty imposed this week during the month-long delay on the broader Canada and Mexico tariffs Trump has threatened, according to the executive order signed on Thursday. Though the details of what form of Canadian potash products may not be compliant is unclear, the fertilizer market assumption is that no tariffs will apply if data can be provided by the exporter, importer or producer to show the product crossing the border is USMCA compliant, sources said. Examples of non-certified potash product could be compound NPK fertilizers, which are created by mixing nitrogen, phosphate and potassium or other micronutrients, sources said. US industry association The Fertilizer Institute (TFI) called the new executive order's actions "a positive step forward" in its efforts to stress the importance of affordable fertilizer products. On a nutrient basis, the US imported 98pc of its potash in 2023 and about 85pc of those imports came from Canada, according to TFI. But some sources have voiced confusion regarding whether other imported Canadian fertilizer products, such as nitrogen, ammonia and sulfur, would also be considered USMCA compliant. Although sulfur is wholly produced in Canada as a by-product of crude oil refining, and ammonia is created through the usage of likely Canadian natural gas, the situation would be less clear for phosphate fertilizers from Mexico, where some raw materials are imported. The US imported 33pc of its urea consumption on a nutrient basis in 2023, where 15pc of imports came from Canada. For ammonia, the US imported 12pc of its consumption, 50pc of which came from Canada. And 35pc of US ammonium sulfate imports came from Canada in 2024, according to US Census Bureau data. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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News

Brazil's GDP growth accelerates to 3.4pc in 2024

07/03/25

News

07/03/25

Brazil's GDP growth accelerates to 3.4pc in 2024

Sao Paulo, 7 March (Argus) — Brazil's economic growth accelerated to an annual 3.4pc last year, the fastest growth since 2021, as gains in the services and industry sectors offset contractions in the agriculture sector, according to government statistics agency IBGE. Growth accelerated from 3.2pc in 2023 and 3pc the prior year. Growth was at 4.8pc in 2021 as the economy recovered from the Covid-19 induced contraction of 3.3pc in 2020. Agriculture contracted by 3.2pc in 2024 after a 15.1pc gain the year prior. The sector's weak performance came as Brazil faced extreme climate events last year that damaged crops , IBGE said. Corn and soybean output fell by 4.6pc and 12.5pc, respectively, according to IBGE. The industrial sector grew by 3.3pc last year after a 1.6pc gain in 2023. Manufacturing industries rose by 3.8pc, driven by a higher output of vehicles, transport equipment, machinery and electric equipment, according to IBGE. Electricity and gas, water and sewage management increased by 3.6pc in 2024 but still decelerated from a 6.5pc gain a year earlier. Higher temperatures throughout 2024 drove the increase, IBGE said. On the other hand, the climate was unfavorable for power generation. The oil, natural gas and mining industry grew by 0.5pc in 2024 from a year earlier. Gross fixed capital formation — which measures how much companies increased their capital goods — rose by 7.3pc from a 3pc contraction in 2023, led by higher domestic output and capital goods imports. Exports rose by 2.9pc, while imports rose by 14.7pc last year. Investment grew by 17pc. Household consumption increased by 4.8pc from a year prior, driven by a 6.6pc unemployment rate — the lowest registered since IBGE started its historic record in 2012 — federal social aid programs and increased lending. Government spending rose by 1.9pc in 2024 from a year earlier. Quarterly GDP Brazil's GDP growth slowed to an annual 3.6pc in the fourth quarter from 4pc in the third quarter, with several sectors contracting, according to IBGE. Agriculture contracted by an annual 1.5pc in the fourth quarter, with 2.9pc and 0.9pc contractions in the wheat and sugarcane crops, respectively, IBGE said. But the industrial sector grew by an annual 2.5pc in the quarter. Manufacturing posted 5.3pc growth, led by the steel sector and higher output of machinery, equipment, vehicles and chemicals. The services sector grew by 3.4pc. The oil, natural gas and mining industry contracted by 3.6pc from a year earlier thanks to a decrease in oil, gas and iron output, IBGE said. Electricity and gas, water, and sewage management fell by an annual 3.5pc, on lower power consumption as power rates became more expensive amid a drought that struck the country in mid-2024. Household consumption grew by an annual 3.7pc, while government spending grew by 1.2pc in the fourth quarter. Gross fixed capital formation increased by an annual 9.4pc in the fourth quarter, according to IBGE. Exports fell by 0.7pc, while imports, which subtract from growth, rose by 16pc. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Libya unveils upstream licensing round details

07/03/25

News

07/03/25

Libya unveils upstream licensing round details

London, 7 March (Argus) — Libya has unveiled new details from its first upstream oil and gas licensing round in 18 years. The licensing round offers 22 blocks for exploration and development, split equally between onshore and offshore, according to a summary brochure seen by Argus . State-owned NOC said the blocks are estimated to hold in-place resources of more than 10bn barrels of oil equivalent (boe), while nine of the blocks contain undeveloped discoveries with estimated in place reserves of 1.68bn boe. The bid round is being offered up with a new Production Sharing Agreement (PSA) model, replacing the outdated Epsa 4 contract model of Libya's last licensing round in 2007. NOC said the new PSA could increase contractor internal rate of return (IRR) to 35.8pc compared with 2.5pc under existing terms. Contractors would also share profits with NOC from day one, while a fixed rate for cost recovery would shorten the investment payback period. While the licensing round was officially launched on 3 March in Tripoli, little or no detail had been unveiled until today. There still appears to be no publicly available information on the timeline for bid submissions and awards. Libya also appears to have updated its long-standing crude production target of 2mn b/d. The brochure accompanying the licensing round now mentions a "vision to produce 2mn-3mn b/d." Libya currently produces about 1.4mn b/d of crude and 1.2bn ft³/d of gas, which it wants to increase to 4bn ft³/d. Oil minister Khalifa Abdulsadek previously told Argus that the licensing round was primarily aimed at boosting reserves and keeping output steady. The country's political divisions remain a key risk to the success of Libya's output goals and its latest licensing round. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

US adds 151,000 jobs in February, unemployment up

07/03/25

News

07/03/25

US adds 151,000 jobs in February, unemployment up

Houston, 7 March (Argus) — The US added 151,000 nonfarm jobs in February and the unemployment rate ticked higher, but federal jobs fell, possibly reflecting the first of the mass layoffs launched by the new US administration. The job growth was under the 160,000 jobs forecast by analysts surveyed by Trading Economics. It followed upwardly revised job growth of 323,000 in January and downwardly revised growth of 125,000 in December, marking downward combined revisions of 2,000 reported Friday by the Labor Department. Monthly job gains averaged 168,000 over the prior 12 months. Unemployment rose to 4.1pc from 4pc. Average hourly earnings grew at a 4pc annual rate, down from 4.1pc in the prior period. Manufacturing added 10,000 jobs in February, with motor vehicles and parts adding 9,000 jobs. Mining and logging added 5,000. Health care added 52,000 jobs in February, financial activities added 21,000 jobs and transportation and warehousing added 18,000 jobs. Retail trade fell by 11,000. Federal jobs fell by 10,000 in February, possibly reflecting the first of the mass layoffs launched by the new US administration earlier last month. While federal government jobs fell, state and local government jobs grew by 20,000. The employment report comes one day after employment consultancy Challenger, Grey & Christmas reported that US-based employers announced 172,000 job cuts in February, the highest for the month since 2009 , led by federal job cuts. Federal government job cuts totaled 62,242 announced by 17 different agencies as part of the Department of Government Efficiency (DOGE)'s mass layoffs and contract cancellations, Challenger said. Most of the job cuts captured by Challenger were in the latter part of the month, while the government employment report is based on a survey that includes the pay period encompassing the 12th of the month. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Hedge funds slash nearly 120TWh off Ice TTF net long

07/03/25

News

07/03/25

Hedge funds slash nearly 120TWh off Ice TTF net long

London, 7 March (Argus) — Investment funds have slashed close to 120TWh off their near record-high TTF gas net long position on the Intercontinental Exchange (Ice) in the past three weeks, according to the most recent Ice Commitment of Traders (CoT) report. Investment firms' net long position plummeted to around 175TWh in the week ending 28 February, down by 57TWh from the previous week and by nearly 118TWh from the first week of February. This is investment firms' smallest net long position since the week ending 26 July 2024 ( see net positions graph ). Investment firms cut 151TWh of long positions across the three-week period and closed 34TWh of shorts. This led to an aggregate open position of 520TWh, down from 705TWh in the week ending 7 February. Over the same period, Argus ' benchmark TTF front-month assessment dropped from a peak of €58.16/MWh on 10 February to €44.39/MWh on 28 February, while other prices further down the curve dropped by similar amounts ( see prices graph ). This suggests that the shift in investment firms' positions contributed to the drop in prices. A growing sentiment in the market that Russian gas transit through Ukraine could resume, signalling from the European Commission on more flexibility in meeting storage filling targets, and a mild weather outlook across Europe for March, all contributed to the recent drop in European gas prices. Many market participants have pointed towards a desire to take profits over the past few weeks while prices remained elevated and cut risk exposure as unpredictable geopolitical events, particularly regarding the war in Ukraine and US president Trump's tariff policies, have upended many commodity markets. But while investment funds cut their net long position, commercial undertakings — predominantly firms with retail portfolios — flipped to a small 3TWh net long position for the first time since late December and before that September. Their net short position had been as high as 54TWh on 7 February. This was driven mostly through firms closing their short positions, with commercial undertakings cutting 57TWh of risk reduction short contracts — generally used for hedging purposes — between the weeks ending 7 and 28 February, compared with 20TWh of risk reduction longs. In addition to commercial undertakings moving to a net long position, the other main category of market participant, investment/credit firms, slashed their net short position by 80TWh in these three weeks to end at 159TWh. By Brendan A'Hearn Net positions on ICE TTF TWh Argus TTF prices in February €/MWh Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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