Marine fuels
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Latest marine fuels news
Browse the latest market moving news on the marine fuels industry.
UK eyes 80pc maritime emissions cuts by 2040
UK eyes 80pc maritime emissions cuts by 2040
London, 26 March (Argus) — The UK is aiming to reduce fuel lifecycle greenhouse gas (GHG) emissions in its domestic shipping by 30pc by 2030 and 80pc by 2040 compared with 2008 levels, reaching zero by 2050. The goals are "intentionally ambitious", the UK government said, and will be supported by both domestic and international policy measures as set out in its new maritime decarbonisation strategy. The first phase of the strategy "will rely on existing IMO regulation" to improve vessel efficiency this decade, the government said. The second phase will centre on larger vessels. One key policy in the strategy is pricing maritime emissions, which the government expects to do through a combination of pushing for the IMO to introduce a global shipping GHG levy from 2027, and the government's existing plan to extend the UK emissions trading scheme (ETS) to domestic maritime emissions from next year. The government will "work to understand how these schemes interact, and to avoid any double charging of emissions", it said. It is still to consider the feedback to its recent consultation on technical elements of the sector's inclusion in the UK ETS, it added. The government also intends to regulate maritime fuel use, both by pushing for IMO-level standards this year on the GHG intensity of fuels, and implementing domestic UK fuel regulations on which it plans to consult in 2026. Calls for evidence were also published alongside the strategy on both potential requirements for zero or near-zero at-berth emissions, with a formal consultation on this planned next year, and on measures to support the decarbonisation of small vessels and targeted maritime sub-sectors. For the latter, the government expects to focus on vessels "with a clear route to decarbonisation". "Measures for harder-to-decarbonise vessels may not be required until the mid-to-late 2030s," it said. Maritime emissions accounted for 8pc of the UK's transport emissions in 2022, despite having declined by 30pc compared with 1990 levels, government data show. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Carnival raises 2025 outlook despite volatility
Carnival raises 2025 outlook despite volatility
New York, 24 March (Argus) — Carnival Cruise line raised its net income guidance for the rest of 2025 despite geopolitical and economic volatility affecting some of its booking activity. Carnival increased its 2025 projected earnings by $185mn to about $2.4bn. This would be around 30pc higher than its 2024 net income total at $1.9bn, the company said. While it recognized increased geopolitical tensions since US president Donald Trump took office in January, it remained vague on which events could affect its business. The company has had ebbs and flows in booking demand since the end of last year, but it was nothing out of the ordinary, chief executive Josh Weinstein said during the company's first quarter earnings call. "It all came out to the bookings we were able to make at the pricing that we wanted to make and sets us up, as we talked about, in a really good position. And at the end of the day, people just need to be getting used to the new normal, which is exactly what's happening," Weinstein said. Carnival has not noticed a change in customer spending onboard its vessels during the first quarter of this year and into the first weeks of March, according to Weinstein. The company's business in Europe has outperformed North America for about the last six quarters, Weinstein said, but said that does not indicate under-performance in North America. Carnival's marine fuel consumption was steady at 700,000 metric tonnes (t) to begin 2025. Its marine fuel expenses dropped from $505mn in the first quarter of 2024 to $465mn, an 8pc decline. The company reported a $78mn loss in this year's first quarter, down 63pc from the same quarter in 2024 at a $214mn loss. By Luis Gronda Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Mediterranean to face dearth of VLSFO in April
Mediterranean to face dearth of VLSFO in April
London, 21 March (Argus) — Marine fuels suppliers in the Mediterranean region are looking to reduce their very-low sulphur fuel oil (VLSFO) inventories before an emissions control area (ECA) comes into force in May, with shortfalls predicted in April. Under new rules from the International Maritime Organisation (IMO), sulphur output limits on vessels transiting the Mediterranean sea will drop to 0.1pc from 0.5pc on 1 May, meaning only those with sulphur-scrubbers installed will be allowed to use fuels comprising more than 0.1pc sulphur, such as VLSFO. Market participants have said VLSFO supply could come under strain in April because the post-ECA demand drop-off will weigh on refinery margins, disincentivising refineries from raising output. Refining premiums for cif west Mediterranean VLSFO cargoes against front-month Ice Brent crude futures narrowed to a little over $9/bl on 20 March, from $13.50/bl in early February. Steady falls in VLSFO production heading into May could, paradoxically, cause margins to rebound in April as vessels leaving the Mediterranean look to buy left-over product, creating a run on availability. Refineries producing large amounts of VLSFO will begin to reduce production or switch to delivering to export markets, according to a trader. However, the global VLSFO pool supply remains ample. A recent influx of cargoes to Singapore, the world's largest bunkering hub, has come up against softening demand, weighing on worldwide values. Delivered VLSFO bunker prices at the city-state were assessed at $518.53/t on 27 February, a drop of nearly 10pc on the month and the lowest in three-and-a-half years. By Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Green fuel supply needs a boost: Danish Shipping
Green fuel supply needs a boost: Danish Shipping
New York, 19 March (Argus) — Production of zero-emission fuels needs to be increased to a level which will lower the cost of buying the fuel and help accelerate the transition to green fuels, according to Danish Shipping in a new report. Consumption of zero-emissions fuels needs to reach 27pc of total energy consumption by 2036 and 93pc by 2046 to reach the maritime industry's goal of net-zero emissions by 2050, Danish Shipping, an industry trade group, said in the new report listing 10 recommendations on how Denmark's government can increase green fuel production. The Danish government should allocate a larger share of projected revenue from the EU Emissions Trading System (EU ETS) for producing zero-emission fuels, Danish Shipping said. About 3.8bn Danish krone ($555mn) of annual revenue is expected from the Danish shipping industry to fund EU ETS once it is fully implemented next year, according to the report. "Revenue from the EU ETS could be effectively used as an earmarked support scheme for shipping's green transition – covering both fuel production and offtake," Danish Shipping said. The FuelEU maritime regulation requires ship operators traveling in, out and within EU territorial waters to gradually reduce their GHG intensity on a lifecycle basis, starting with a 2pc reduction in 2025, 6pc in 2030, reaching an 80pc reduction by 2050, compared with 2020 base year levels. The Danish government should also set up financial mechanisms to support green shipping, Danish Shipping said, like establishing competitive bids for contracts and sending money to the EU hydrogen bank and EU Innovation Fund that would go towards green fuel production projects. The government should set up green shipping corridors in the North and Baltic seas. According to Danish Shipping, this would help make the Nordic region a leader in green shipping and incentivize suppliers, port authorities and shipping companies to transition to zero-emission fuel. Singapore and Rotterdam have set up green shipping corridors to facilitate green shipping for vessels travelling between those ports. By Luis Gronda Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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Related events
Argus Sustainable Marine Fuels Conference
Argus Sustainable Marine Fuels Conference
Argus Biofuels Europe Conference & Exhibition
Argus Biofuels Europe Conference & Exhibition
Argus Green Marine Fuels Asia Conference
Argus Green Marine Fuels Asia Conference
