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Marine fuel global weekly market update

  • Market: Biofuels, E-fuels, Emissions, Fertilizers, Hydrogen, Natural gas, Oil products, Petrochemicals
  • 05/06/23

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 and access to Argus Marine Fuels, please contact: marinefuels@argusmedia.com.

Alternative marine fuels

2 June Q&A: Brazilian ethanol output may boost low-cost H2 Brazil's mines and energy ministry MME has reaffirmed its commitment to establish a legal framework for hydrogen production, which so far has just totatled about…

1 June Shell urges more action to decarbonize shipping sector Shipping volumes and CO2 emissions both ended 2021 up by 6pc from when Shell published its initial shipping decarbonization report in...

1 June Danish supplier takes on methanol-ready bunker tanker Danish marine fuel supplier Bunker One said it is ready to supply methanol as an alternative bunker fuel to ships calling at the Scandinavian ports ...

1 June Braya's biofuel refinery gets C$86mn boost from feds The 130,000 b/d refinery in Come-by-Chance, Newfoundland and Labrador is getting up to a ...

1 June EU biofuel sector calls for measures on Chinese exports European waste-based and advanced biofuels association Ewaba is calling on the EU to introduce "bold measures" on products certification, as stronger ...

1 June Eni to supply Azimut Benetti Group with HVO Eni Sustainable Mobility said its HVO fuel can reduce emissions by up to 90pc compared with conventional fossil-based bunker fuels.

1 June Indonesia cuts 1H June palm export taxes, levies Indonesia has decreased export duties and levies on palm oil products for the first half of June, after the crude palm oil (CPO) reference price ...

1 June Shipowner TCT to buy methanol vessels Dutch shipowner Tune Chemical Tankers (TCT) has placed an order with Turkish shipbuilder Tersan Shipyard to buy up to four methanol-powered vessels.

31 May Total, Belgium's TES plan $2bn e-methane plant in US TotalEnergies and Belgian start-up Tree Energy Solutions (TES) are considering a US production plant to make synthetic methane by combining ...

31 May Container ship LNG bunkering to rise: MSI LNG as a bunker fuel will likely sell at about 40pc discount to very low-sulphur fuel oil (VLSFO) in 2024, according to ...

31 May Trade body presents guide to methanol as bunker fuel Methanol retains a higher energy density compared with other alternative marine fuels such as LNG and ammonia, making it a more…

31 May Grieg Maritime buys ammonia-ready vessels The ships will be able to run on conventional bunker fuels, but will have the flexibility to run on the alternative marine fuel, when it becomes ...

31 May Transatlantic Capesize rates drop 19pc today "Ultimately in the shipping market, everyone is a price taker, and therefore you just have to fix at the best rate in front of you," Grimes said.

30 May Western Canada could export low-c ammonia to Japan Canadian midstream operator Pembina agreed with Japanese trading firm Marubeni to export low-carbon ammonia from a ...

30 May Ocean Yield to acquire ammonia-ready bulk carriers Norway-based vessel owner Ocean Yield will acquire eight or nine ammonia-ready ...

30 May Neste uses co-processed fuel in HVO tanker shipments Finnish biofuel producer Neste has started fuelling tankers Suula and Kiisla with co-processed marine fuel to ...

30 May Brazil's Acelen eyes HVO, SAF export market Abu Dhabi state-owned Acelen, which owns Brazil's largest privately-owned oil refinery, plans to build a biorefinery in Bahia state that will produce hydrotreated vegetable oil (HVO) and ...

29 May China Merchants orders more LNG carriers Chinese shipowner China Merchant Energy Shipping (CMES) has ordered two LNG carriers from state-owned shipbuilder China State Shipbuilding's (CSSC) Dalian shipyard.

Conventional marine fuels

2 June Tight market supports HSFO margins in Europe Options for replacing fuel oil imports from Russia are limited at present, tightening supply, writes Hussein al-Khalisy London, 2 June (Argus) — High-sulphur fuel oil (HSFO) margins in northwest Europe are strengthening on ...

2 June Oversupply pressures Mideast Gulf gasoil Middle distillates are piling up in the Mideast Gulf as a stream of diverted Russian exports meets output from new refineries, depressing spot market values.

1 June USGC fuel oil stocks surge in May While the EIA does not cite grade, market participants had cited increased availabilities of both low-sulphur and high-sulphur fuel oil, as ...

1 June Pakistan's PRL offers rare fuel oil on lean demand Pakistan's state-owned marketer PSO, a major fuel oil importer, has also not bought any cargoes since October last year as ...

31 May Uniper exits UAE marine fuel trading business Uniper's 67,000 b/d Fujairah refinery was sold to a consortium comprising global trading firm Montfort, a major supplier of bunker-grade…

31 May Minerva supplies bunker fuels in Egypt Marine fuel supplier Minerva Bunkering has started bunker deliveries in Egypt, with 10 vessels already refuelled.

31 May Chinese oil stocks swell as exports slow Net fuel oil imports trebled from March to 300,000 b/d last month, as ...

31 May Stocks draw as diesel demand rises Chinese diesel stocks are finally starting to drop as ...

31 May Political uncertainty hits Ecuador transmission tender These fields largely use diesel and fuel oil to generate electricity.

31 May Japan temporarily shuts 1mn b/d refining capacity Lower runs also weighed on Eneos and Cosmo's profits ...

30 May Japan's bioethanol imports remain low Japan has reduced its bioethanol purchases this year, with ...

30 May Russian 1Q bunker sales up 21pc Bunker sales at the Russian Arctic Sea ports were up 13pc at ...

30 May Low Australian LR2 prices subdue SE Asian Aframax rates The lower bunker prices would save shipowners about $9,500 on their ballasting costs.

30 May Tsakos' 1Q profit grows on doubled rates Greece-based shipowner Tsakos Energy Navigation's earnings for its fleet more than ...

29 May Singapore's fuel oil tightness to ease slightly in June Singapore's average fuel oil inventories in May have fallen to multi-year lows on ...


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News
27/02/25

US seeks to dismiss suit about RFS delay

US seeks to dismiss suit about RFS delay

New York, 27 February (Argus) — The US has asked a court to dismiss a case over a missed deadline for updating the Renewable Fuel Standard (RFS), a move that could portend further delays in setting new biofuel blend mandates. Ethanol industry group Growth Energy and biomass-based diesel group Clean Fuels Alliance America sued late last year, asking the US District Court for the District of Columbia to compel the US Environmental Protection Agency (EPA) to set required renewable fuel volumes for 2026. Under the Clean Air Act, the government must set new RFS mandates at least 14 months in advance of a compliance year. Lawyers for EPA and the US Department of Justice in a court filing this week agreed that President Donald Trump's administration is behind the legal schedule for updating the program. But they said that the biofuel groups registered their discontent too early, submitting notices of intent to sue before EPA had missed the deadline, and that the case should be dismissed on those technical grounds. The Clean Air Act allows groups to sue the government 60 days after filing these notices, but the Trump administration is arguing that the law only authorizes suits after notice of an existing — not prospective — harm. "The anticipatory pre-violation letters plaintiffs sent here fail to provide notice of any actual violation," the filing argues. Growth Energy and Clean Fuels' respective notices to the government came in July last year, months before the agency missed its Clean Air Act deadline. But both notices pointed to a plan from President Joe Biden's administration to finalize new RFS volumes more than a year behind schedule in December 2025. The groups must now respond to the government's dismissal request, delaying the case's ultimate resolution. Biofuel groups have long been at loggerheads with EPA over its delays implementing the program, which requires oil refiners and importers to blend biofuels into the conventional fuel supply, but the government's new legal strategy differs from recent cases. In 2022, Growth Energy sued the administration of President Joe Biden first over its delays finalizing 2021-2022 volumes and then again later that year over late 2023 volumes. In both those cases, EPA published a proposed consent decree in the Federal Register within 30 days of the biofuel group's respective complaints to the court. In the first case, EPA finalized new blend mandates within four months of Growth Energy's filing, and in the second case, EPA finalized volumes within 14 months. The timing of notices of intent to sue does not appear to have come up in those cases, even though Growth told EPA in one notice it could sue over 2022 volumes a few weeks before the agency had missed the deadline. The Trump administration's apparent efforts to avoid negotiating an agreement in the new case suggests that final volumes for 2026 and beyond could take longer than market participants have expected, adding to deep uncertainty in the sector about future policy incentives. Multiple biorefineries have idled or shut down in the past year. Trump's efforts to cut much of the federal workforce and slash spending could also impact EPA's timeline for updating the RFS, a highly technical program that has historically proven vulnerable to legal challenges. The longtime director of EPA's fuel programs office left the government late last year. EPA did not immediately comment on its timeline for proposing or finalizing new RFS volumes. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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News

Upper Mississippi River ice thickens before March


27/02/25
News
27/02/25

Upper Mississippi River ice thickens before March

Houston, 27 February (Argus) — Ice measurements near the upper Mississippi River were thicker than the previous readings, the US Army Corps of Engineers (Corps) reported on 26 February. The Lake Pepin ice depth results traditionally help determine when the upper Mississippi River will reopen for spring transit. The second ice measurements taken this week revealed deeper ice than the week prior . The ice along mile 770 of the lake thickened by 1in to 20in which is also thicker than the same time last year. This measurement is 4in more than the five-year average for the period and slightly above average for overall ice thickness for this time of the year, according to the Corps. Nevertheless, ice did melt at the ends of the Lake because of warmer temperatures this week. If high temperatures and winds continue through the coming weeks, Lake Pepin's ice will begin to dissipate, said Corps civil engineering technician Alan Vanguilder. But should temperatures fail to increase by mid March, the reopening of the upper Mississippi could be delayed. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Braskem shifts focus to gas for polymer production


27/02/25
News
27/02/25

Braskem shifts focus to gas for polymer production

Sao Paulo, 27 February (Argus) — Brazilian petrochemical giant Braskem said it will increase its Rio de Janeiro petrochemical plant's capacity by 220,000 metric tonnes (t)/yr each of ethylene and polyethylene as part of its "switch to gas" efficiency initiative. The company will increase the use of domestic ethane from state-controlled Petrobras and reduce the use of naphtha, which is less competitive because of higher costs, chief executive Roberto Ramos said during the company's 2024 earnings call on Thursday. The company authorized R233mn ($40mn) for the new project's engineering studies and will sign a long-term ethane supply contract with Petrobras. Braskem aims to accelerate this investment, funded by Brazil's special tax regimen (REIQ) resources until the end of 2026, when the REIQ ends. The REIQ reduces the VAT-like PIS/COFINS taxes for the chemical and petrochemical industries and establishes benefits for companies that expand their installed capacity and/or install new plants. The expanded Rio de Janeiro plant is expected to start operations between late 2027 and early 2028. It will maintain current operational levels until then. Furthermore, Ramos said that its plant in Rio Grande do Sul state could also process natural gas, while the Camacari plant in Bahia can operate with a 10pc gas mix, potentially increasing to 20pc. "All Braskem furnaces that crack naphtha can be adjusted to use 20pc ethane and some propane, giving us a competitive edge with minimal investment," he said. Braskem is also considering gas-naphtha blends for its Sao Paulo state operations, but has no immediate plans to increase capacity. Ethane for the Rio de Janeiro plant will be supplied by Petrobras from pre-salt fields, transported via the Rota 3 pipeline, and processed at the Energias Boaventura natural gas-processing unit. A long-term financing contract with Petrobras is being finalized. Petrochemical downturn Meanwhile, Braskem anticipates a prolonged downturn in the petrochemical cycle because of increased imports, which has reduced its polymers market share in Brazil from around 60pc to a little over 40pc in the past two years, Ramos said. To address this, Braskem announced strategic initiatives, including asset rationalization, higher import tariffs and anti-dumping investigations against polyethylene from the US and Canada, and potentially polypropylene from China. "The anti-dumping investigation against polyethylene produced in the US and Canada is in its early stages," Ramos said. "We advocate for this action in Braskem's best interest." Ramos expects a slight improvement in domestic polymer demand this year, and has already seen some improvement in January, but he does not anticipate a significant increase in plant utilization from the current 72pc. 4Q production and sales Braskem's domestic resin sales reached 3.34mn metric tonnes (t) in 2024, flat year-over-year. Fourth quarter domestic resin sales fell by 7pc from the prior period but increased 3pc from a year earlier. Combined 2024 resin sales in the US and Europe decreased by 7pc. Mexico sales rose by 5pc year-on-year. The company's profit margins for resins and chemicals in Brazil and for polyethylene (PE) in Mexico increased last year. Marginsfor polypropylene (PP) in the US and Europe also increased in 2024. Braskem's average plant utilization rate at domestic operations was at 72pc last year, up from 71pc in 2023. Braskem's combined US and Europe PP plant utilization rates hit 74pc, down by seven percentage points year-on-year and down by nine percentage points quarter-on-quarter. In Mexico, Braskem Idesa's plant utilization rate increased to 77pc this quarter, up by three percentage points from the quarter before. The rise was driven by more ethane supply from state-run oil company Pemex and the end of a scheduled maintenance shutdown. The company's plant utilization rate rose by one percentage points from the previous year, reaching the highest annual utilization rate since 2017 due to the greater availability of ethane. Braskem reported a $2.2bn loss in 2024, widening from a loss of $935mn in 2023. By Frederico Fernandes Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

UK 2024 bitumen consumption drops 10pc


27/02/25
News
27/02/25

UK 2024 bitumen consumption drops 10pc

London, 27 February (Argus) — UK bitumen consumption fell by 10.5pc last year compared with 2023 and hit the lowest level since 2016, data from the UK government's department for energy security and net zero (DESNZ) shows. The UK consumed 1.38mn t of bitumen in 2024. In the fourth quarter bitumen demand fell by 5.4pc to 322,000t compared with the same period of 2023, although December consumption rose by 3.75pc on the year to 83,000t. The fall in 2024 continues a downward trend in bitumen consumption since 2021 in the UK. Domestic consumption fell by 25.1pc between 2021 and 2024 and production dropped by 38pc over the same period, despite a rise in production last year. Production rose by 20.3pc on the previous year to 449,000t in 2024, despite lower fourth quarter output, when the UK produced 51,000t of bitumen, 16.3pc lower than in the fourth quarter of 2023. The highest output was in the second quarter last year, with the highest quarterly output since the second quarter of 2021. Output during the winter months tends to drop as cold weather halts much road building and maintenance. Insufficient government funding for road paving projects is limiting bitumen demand. UK finance minister Rachel Reeves allocated £500mn ($631mn) to road maintenance in October, but England alone needs £14.4bn as a one-time catch up cost, according to industry organisation the Asphalt Industry Alliance. By Tim van Gardingen Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

India eyes higher ethanol blending target


27/02/25
News
27/02/25

India eyes higher ethanol blending target

Mumbai, 27 February (Argus) — India is considering increasing its target for ethanol blending in gasoline from the current level of 20pc, oil and gas minister Hardeep Singh Puri said. "We have already set up a group under [government think-tank] Niti Aayog and the concerned people who are looking at it," Puri said, without indicating how long the process could take. Ethanol blending in gasoline reached a record high of 17.4pc in the three months from November 2024 to January 2025, and 19.6pc in January, the latest oil ministry data show. India initially set a target to achieve a 20pc ethanol blend in gasoline in the November 2025 to October 2026 period, under its ethanol blending programme designed to cut dependence on crude imports. India is likely to achieve the 20pc target by March, Puri said. The government estimates that 11bn litres/yr of ethanol would be needed to achieve the target. Domestic ethanol production has currently reached around 15bn l/yr, comprising 6.05bn l/yr from grain-based distilleries and 9.23bn l/yr from molasses-based distilleries. Ethanol interest subvention schemes have helped increase ethanol distillation capacity to 17bn l/yr. India's crude oil consumption is likely to rise to 6.5mn-7mn b/d in the short to medium term from around 5.5mn b/d now, buoyed by economic growth, Puri said. The IEA expects India to again be among the leading sources of oil demand growth this year, forecasting its demand to rise to 5.83mn b/d in 2025 from 5.6mn b/d in 2024. By Roshni Devi Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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