Marine fuel global weekly market update

Market: Biofuels, Fertilizers, Hydrogen, Oil products, Petrochemicals
17/04/23

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

14 Apr Adnoc adds five newbuild VLGCs to fleet Abu Dhabi's state-owned Adnoc announced...

14 Apr Senators urge US not to invest in fossil H2 Four US senators urged the US Department of Energy (DOE) to...

14 Apr Capacity expansions to raise Asian methanol supplies Methanol supply to Asia-Pacific markets is expected to rise in the medium-to-long term...

14 Apr Brazilian refiners tighten renewable diesel focus Brazil's leading refiners Petrobras and Acelen are focusing investments on...

14 Apr Japanese firms eye low-carbon ammonia import hub A consortium of Japanese companies intends to transform...

14 Apr Cepsal to build Spanish HVO plant with Apical Abu Dhabi-owned Cepsa said it plans to build a...

13 Apr Hapag-Lloyd ups biofuel for marine fuel German cargo ship operator Hapag-Lloyd has significantly increased its reliance...

13 Apr Icelandic utility recruits Linde for e-fuels projects Iceland's state-owned power company Landsvirkjun and industrial gas company Linde have signed...

13 Apr Germany plans intervention on wrongly labelled biofuels The German federal environment ministry (BMUV) has told Argus that...

13 Apr LNG vessels divert from well-supplied South Korea Limited incentives for power-sector gas burn and mild weather have left high South Korean LNG inventories...

13 Apr GCMD, Lloyd's Register to study vessel CO2 offloading The Singapore-based Global Centre for Maritime Decarbonisation (GCMD) announced...

12 Apr Titan delivers LNG on barge to NYK vessel Dutch LNG bunker supplier Titan completed its first ship-to-ship...

12 Apr Honeywell launches H2 carrier US engineering firm Honeywell launched a liquid organic hydrogen carrier...

12 Apr Trio team up to create marine CO2 credits Green technology firm Njord is teaming up with European alternative asset management firm...

11 Apr Gothenburg to develop methanol bunkering storage Port of Gothenburg and Inter Terminals Sweden (ITS) will develop a methanol...

11 Apr CMA CGM in $3bn methanol, LNG ship deal French shipping firm CMA CGM has signed a $3bn agreement with Chinese shipbuilder...

11 Apr Lula to expand Petrobras' fleet, focus on renewables Brazil's president Luiz Inacio Lula da Silva vowed to expand the marine fleet of state-controlled...

11 Apr Exempt H2 from EU emissions directive: Industry body Industry body Hydrogen Europe has urged EU institutions to exempt all...

11 Apr Study backs potential for Angolan green ammonia project Australia-listed Minbos Resources is looking to move ahead with a planned project in...

11 Apr South Korea's DSME receives order for LNG carrier South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has received an order...

10 Apr Cruise ship refuels with LNG in Barbados Barbados' three national energy companies collaborated to ...

10 Apr Osaka Gas, IHI, PGTS plan biomethane output in Malaysia Japanese gas utility Osaka Gas and engineering firm IHI have partnered with...

10 Apr China's Baofeng Energy starts 2.4mn t/yr methanol unit Chinese private-sector petrochemical giant Baofeng Energy achieved on-specification methanol...

10 Apr Firms tie up to supply green methanol at Chinese ports China-based shipping company Cosco Shipping, France-based shipper CMA-CGM and...

9 Apr Tsuneishi builds methanol-fuelled ships for J Lauritzen Japanese shipbuilder Tsuneishi Shipbuilding has received an order to build two dual fuel...

Conventional marine fuels

14 Apr Panama March bunker sales up from 2022 Panama bunker fuel sales in March…

14 Apr France imports diesel again after strikes French ports have mostly reopened after strike action, allowing large...

14 Apr Europe refiners restarting in south, shutting in north) The early part of Europe's refinery maintenance season cut especially into throughputs in...

14 Apr S Korea's SK Energy plans Ulsan refinery maintenance South Korean refiner SK Energy will conduct heavy maintenance at its...

14 Apr Refinery start-ups push Chinese fuel overseas Chinese product exports remain far higher than expected...

14 Apr Vietnam's Dung Quat postpones turnaround to early 2024 Vietnam's 145,000 b/d Dung Quat refinery has postponed its turnaround originally planned for...

14 Apr NWE scrubber spread narrows to below $100/t The scrubber, or Hi-5, spread in northwest Europe has narrowed to...

14 Apr Singapore bunker sales rise on year in March Total bunker sales in Singapore reached 4.18mn t in March, 11pc higher than...

13 Apr Coker halt prompts residue export from Greece's Elefsis Greek refiner Hellenic Petroleum is exporting ...

13 Apr Inland oil products demand picks up in ARA on the week Independently-held oil product stocks at the Amsterdam-Rotterdam-Antwerp ...

13 Apr Volatile arbitrage redirects Asian gasoil Volatile arbitrage economics have forced Mideast Gulf and Indian gasoil supplies to...

12 Apr Carnival cuts particulate matter emissions by 50pc US cruise company Carnival Cruise Line says it has achieved one goal related to...

11 Apr Baltic port Ust Luga cancels ice restrictions Ust Luga port has cancelled its ice restrictions from ...

10 Apr Brazil's diesel imports reach six-month high Brazil's diesel imports reached a six-month high in...

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Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

10/04/25

Egypt’s NCIC issues fertilizer sales tender

London, 10 April (Argus) — Egyptian producer NCIC has issued a tender to sell various fertilizers for loading in May, closing on 15 April. NCIC is offering the following products: 15,000t of DAP — it sold 30,000t at $647-650/t fob in its 24 March tender for shipment to India, likely in May 15,000t of TSP — it sold 15,000t at $495-503/t fob in its 24 March tender 30,000t of 19pc SSP — it sold 10,000t at $213-215/t fob in its 24 March tender 10,000t of CAN27 — it sold 12,000t at $300-305/t fob in its 24 March tender 5,000t of granular urea 1,500t of water-soluble SOP — it sold 1,500t at $555-560/t fob bagged in its 24 March tender, significantly lower than $580-590/t fob bagged in its 26 February tender NCIC had offered the fertilizers sold in its 24 March tender for loading in April. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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News

India’s DOF proposes additional phosphate subsidies

10/04/25

News

10/04/25

India’s DOF proposes additional phosphate subsidies

London, 10 April (Argus) — India's Department of Fertilizers (DOF) has proposed additional subsidies on DAP and imported TSP for the April-September Kharif season, according to a document seen by Argus . The proposed compensations are on top of the current nutrient-based subsidy (NBS) and the 3,500 rupees/t special additional subsidy (other costs) on DAP that are already in place. If approved, they would balance DAP importers' losses at current rates. The DOF has proposed returning to DAP importers and producers 4pc of the maximum retail price (MRP), plus a rebate on the goods and services tax (GST) on the MRP. The DOF also has suggested paying importers the difference between the cfr prices for cargoes imported during this Kharif season and the average cfr price for DAP imports over the October 2024-March 2025 Rabi season. At current exchange rates, this would add $81-82/t to the subsidy on DAP imported in the mid-$670s/t cfr, broadly equal to the losses currently faced by importers. Importers buying DAP in the mid-$670s/t cfr are facing losses of about $84/t, given the US dollar/rupee exchange rate, the MRP of Rs27,000/t, the NBS of Rs27,799/t and the special additional subsidy of Rs3,500/t. The 4pc return on the MRP, plus GST, will fall slightly short of covering the $33/t losses incurred by DAP producers importing phosphoric acid at $1,153/t P2O5 cfr and ammonia at $350/t cfr. Producers making DAP with 30-31pc P2O5 phosphate rock imported at $153/t cfr, sulphur received at $300/t cfr and ammonia delivered at $350/t cfr already are making profits of about $50/t. But they also would still receive the 4pc MRP return and GST rebate. The same proposal applies to imported TSP. The DOF suggests paying 4pc of the Rs25,000/t MRP, and the GST, plus the increase from the average Rabi import cost to importers. By Tom Hampson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Delta pulls full-year forecast amid US tariffs: Update

09/04/25

News

09/04/25

Delta pulls full-year forecast amid US tariffs: Update

Adds details from earnings call throughout. Houston, 9 April (Argus) — Delta Air Lines pulled its full-year 2025 financial guidance today, citing US tariff-related uncertainty. "Given the lack of economic clarity, it is premature at this time to provide an updated full-year outlook," the airline said Wednesday in an earnings call. Delta said it hoped the growing US tariff war with the world would be resolved through trade negotiations, but that it also told its main aircraft manufacturer, Airbus, that it would not purchase any aircraft that includes a tariff fee. "If you start to put a 20pc incremental cost on top of an aircraft, it gets very difficult to make that math work," chief executive Ed Bastion said in an earnings call today. In the meantime, Delta is protecting margins and cash flow by focusing on what it can control, including reducing planned capacity growth in the second half of the year to flat compared to last year, while also managing costs and capital expenses, Bastion said. Delta expects revenue in the second quarter of 2025 to be either 2pc higher or 2pc lower from the year earlier period with continued resilience in premium, loyalty and international bookings offsetting softness in domestic and standard flights. Punitive taxes on imports from key US trading partners were implemented on Wednesday despite President Donald Trump's claims of multiple trade deals in the making. Trump's 10pc baseline tariff on imports from nearly every country already went into effect on 5 April. The higher, "reciprocal" taxes went into effect today, although at midday Wednesday he announced a 90-day pause on most of the higher tariffs, while increasing tariffs on Chinese imports even higher. The company reported a profit of $240mn in the first quarter of 2025, up from $37mn in the first quarter of 2024. Confidence craters in 1Q Corporate travel started the year with momentum, but a reduction in corporate confidence stalled growth in February and March, Delta said. For the first quarter, corporate sales were up by low-single digits compared to the prior year, with strength led by the banking and technology sectors. The company's fuel expenses were down by 7pc in the first quarter of 2025 compared to the prior year period. The average price Delta paid for jet fuel was $2.45/USG, down by 11pc to the prior year period. Delta said it has seen "a significant drop off in bookings" out of Canada amid the trade disputes with that country which started earlier than the broader US tariffs. Meanwhile, Mexico is "a mixed bag," the company said. Delta is considering reducing capacity levels in Mexico and Canada in the future. The company reported a profit of $240mn in the first quarter of 2025, up from $37mn in the first quarter of 2024. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Delta pulls full-year forecast on tariff uncertainty

09/04/25

News

09/04/25

Delta pulls full-year forecast on tariff uncertainty

Houston, 9 April (Argus) — Delta Air Lines pulled its full-year 2025 financial guidance today, citing US tariff-related uncertainty. "Given the lack of economic clarity, it is premature at this time to provide an updated full-year outlook," the airline said Wednesday in an earnings call. Delta said it hoped the growing tariff war woudl be resolved through trade negotiations, but that it also told its main aircraft manufacturer, Airbus, that it would not purchase any aircraft that includes a tariff fee. In the meantime, Delta is protecting margins and cash flow by focusing on what it can control, including reducing planned capacity growth in the second half of the year to flat compared to last year, while also managing costs and capital expenses, chief executive Ed Bastion said. The company reported a profit of $298mn in the first quarter of 2025, up slightly from $288mn in the first quarter of 2024. The company's fuel expenses were down by 7pc in the first quarter of 2025 compared to the prior year period. The average price Delta paid for jet fuel was $2.45/USG, down by 11pc to the prior year period. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Keystone oil pipeline shut down after ND spill: Update

08/04/25

News

08/04/25

Keystone oil pipeline shut down after ND spill: Update

Adds latest pricing for US, Canadian sour crudes. Calgary, 8 April (Argus) — North American sour crude prices rose relative to their benchmarks today after the 622,000 b/d Keystone pipeline carrying Canadian crude was shut down following a spill in North Dakota. Canadian crude prices on either side of the spill diverged in Tuesday's trading, with Western Canadian Select (WCS) at Hardisty, Alberta, trading between a $9.15-11/bl discount to the CMA Nymex, with the midpoint representing a widening of about $1/bl day-over-day. WCS at the Texas Gulf coast was up by about 45¢/bl from its prior assessment, trading at a $2.60/bl discount to CMA Nymex. Fellow Canadian heavy sour Cold Lake meanwhile was up by a similar level, trading between $2.25-$2.65/bl discounts against CMA Nymex. The Keystone system is a major route for Canadian heavy crude destined for both the US midcontinent and the Gulf coast. Pipeline operator South Bow initiated a shutdown at 8:42am ET Tuesday after the leak occurred about 6 miles south of Kathryn, North Dakota, according to North Dakota environmental quality program manager Bill Suess. A pipeline employee working on a pump station along the route heard what he described as a "mechanical bang" prompting him to shut down the pipeline, which took about two minutes, Suess said. Crude was then seen surfacing in an agricultural field about 300 yards south of the pump station, where it was contained. Suess said there is no impact to a nearby stream. South Bow estimates about 3,500 bl was released. No restart timeline The company and government officials did not have an estimate for when the pipeline would restart. Next steps involve assessing the area for other utilities before excavating down to the 30-inch pipeline to make repairs. The US Pipeline and Hazardous Materials Safety Administration (PHMSA) said it has dispatched personnel to the scene to conduct a failure investigation. Today's upset is the latest of several incidents to disrupt the market since it was commissioned in 2010. The pipeline halted flows for more than three weeks in December 2022 after it spilled about 12,937 bl of oil in Washington County, Kansas. A crack in a flawed weld was determined to be the cause. Once fixed, PHMSA allowed the line to operate again, but at a reduced pressure. Only last month did PMHSA give South Bow the green light to increase pressure again . Other US prices affected Louisiana-delivered Mars and Thunder Horse widened their premiums over the Domestic Sweet (DSW) benchmark by over 30¢/bl, trading at 80¢-$1/bl premiums and $1.80-$1.90/bl premiums to the basis, respectively. Texas-delivered Southern Green Canyon (SGC) traded as strong as a 60¢/bl discount against the Cushing basis Tuesday morning, after trading at $1/bl discount for the prior two sessions. April DSW was exchanged for May in the Cushing physical spot market at premiums as high 60-70¢/bl, from roughly 45¢/bl on the final day of the April trade month on 25 March. In the futures market, May Nymex WTI has moved up to end the session at a 48¢/bl premium to June, rising from a 26¢/bl premium at settlement in the prior session. DSW is the assumed grade for delivery into the Nymex contract. It is blended to specifications in Cushing and is comprised of various crudes, including Canadian grades. The appreciating differentials came despite pressure from weak export demand from the US Gulf coast. By Brett Holmes, Mykah Briscoe and Amanda Smith Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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