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Marine fuels
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The introduction of new regulations has caused fundamental change across the marine fuel markets. Reliable insight and data reflecting the market direction are more pressing than ever.
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Our global coverage of marine fuels delivers market-driven price assessments, supply and demand data, price forecasts, and forward curve prices. Along with the latest news, market commentary, and in-depth analysis led by our market experts, our comprehensive insight helps your business decide on the best suited alternative marine fuel for your needs.
Latest marine fuels news
Browse the latest market moving news on the marine fuels industry.
Mitsubishi Shipbuilding to build methanol-fuelled ship
Mitsubishi Shipbuilding to build methanol-fuelled ship
Tokyo, 18 June (Argus) — Japan's Mitsubishi Shipbuilding plans to build two methanol-fuelled coastal roll-on roll-off (RoRo) vessels at its Shimonoseki shipyard in west Japan's Yamaguchi prefecture, aiming to deliver them within the April 2027-March 2028 fiscal year. Mitsubishi Shipbuilding, a group company of engineering firm Mitsubishi Heavy Industries, will build two 15,750 gross tonne car carriers with 2,300 vehicle capacity. The RoRo ships, which are equipped with a ferry-type ramp for transport of wheeled cargo such as trucks and trailers, will be delivered to Japanese shipping firms Toyofuji Shipping and Fukuju Shipping. The ships will be equipped with dual-fuel engines, which can burn both methanol and conventional marine fuel. The company expects use of methanol to curb carbon dioxide (CO2) emissions by more than 10pc compared with the use of conventional heavy oil. The ships can also use green methanol to further reduce CO2 emissions in the future. Methanol has emerged as a potential alternative fuel as the marine sector looks to cut its greenhouse gas emissions. Fellow Japanese shipbuilders Imabari Shipbuilding and Japan Marine United, as well as domestic vessel engineering firm Nihon Shipyard, also target to build 209,000dwt methanol-fuelled Capsize bulk carriers , aiming to deliver them to shipping firm NS United Kaiun from 2027. By Nanami Oki Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
High-Low spread negative for first time in nine months
High-Low spread negative for first time in nine months
London, 12 June (Argus) — European High-Low fuel oil spreads moved into negative territory on 11 June, with thin supply of higher sulphur products flipping the margin, market participants said. Front-month swaps for high-sulphur fuel oil (HSFO) barges loading in ARA traded above those for low-sulphur fuel oil cargoes (LSFO) loading in northwest Europe on 11 June, for the first time since mid-August 2023. Month one LSFO swaps were trading at $471.50/t, gaining $2.50/t on the day, while month one HSFO barge swaps rose by $5.25/t to $473.75/t, giving a High-Low spread of -$2.25/t. Market participants said on 11 June that demand for lower-sulphur power generation fuel is weak and would need to pick up in summer to pressure the LSFO market. Prompt LSFO, which contains 1pc sulphur, would currently find higher demand from the marine fuels market, where HSFO, comprising 3.5pc sulphur, is in short supply. Middle eastern countries are using higher-sulphur residual product for power-generation purposes, creating knock-on tightness in the European marine fuels market. Europe is also oversupplied with very-low sulphur fuel oil (VLSFO), comprising 0.5pc sulphur, also mostly used as marine fuel. This means LSFO would be unlikely to find its way into the VLSFO blending pool. By 16:30 BST on 11 June, second-month LSFO swaps were pricing at $3.25/t above the month one swap, implying that the market is oversupplied with 1pc sulphur product. For HSFO swaps, month one was pricing $2.50/t higher than second-month swaps, implying the opposite for this market. By Bob Wigin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
EU not on track for green shipping fuel target: Study
EU not on track for green shipping fuel target: Study
Brussels, 3 June (Argus) — The EU is on course to fall short of its green shipping fuel targets for 2030, according to non-governmental organisation Transport & Environment (T&E). Confirmed e-fuels production projects in the bloc will not reach the mandated 1pc threshold of 280,000 t/yr of oil equivalent (toe/yr) by 2031, T&E analysis found. The organisation mapped 61 e-fuels projects in development that could supply shipping fuels, with 17 of them "specifically dedicated to the maritime sector". But total volumes from existing plants and projects that have reached a final investment decision (FID) stand at just 130,000 toe/yr, T&E estimates. Many of the other projects are facing "likely delays" or "even total cancellation", according to T&E's shipping officer Inesa Ulichina. T&E pointed to just a handful of shipping-dedicated projects that have reached FID, including four green hydrogen projects and two e-methanol projects, amounting to 40,000 toe/yr and 30,000 toe/yr, respectively. It did not find one shipping-dedicated e-ammonia project with an FID. The organisation assumes that LNG, biofuels and shoreside electricity will supply the lion's share of alternative shipping fuel demand in the EU until 2030. Under the FuelEU Maritime regulation, the European Commission can, if appropriate, propose lifting the green shipping fuels mandate to a 2pc share, or some 560,000 toe/yr, from 2034. EU elections — set to take place this week — will not roll back green shipping fuel targets, Ulichina said. "We envisage increased ambition for mandatory e-fuels uptake post-2030," she told Argus . In line with the commission's projected 2040 emissions cuts , Ulichina called for the shipping sector to deliver at least 80pc absolute emission reductions by 2040. Under the revised EU Emissions Trading System (ETS), shippers have to surrender ETS allowances for 50pc of GHG emissions for extra-EU journeys. Surrender obligations for intra-EU shipping are phased in at 40pc of verified emissions reported for 2024, 70pc for 2025 and 100pc for 2026 onwards. The bloc's FuelEU Maritime regulation requires greenhouse gas (GHG) intensity cuts for bunker fuels of 2pc in 2025, 6pc from 2030, 14.5pc from 2035, 31pc by 2040 and 80pc by 2050. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore launches commercial methanol bunkering
Singapore launches commercial methanol bunkering
Singapore, 28 May (Argus) — Singapore has launched commercial-scale methanol bunkering at the Tuas port, after a successful run of its first simultaneous methanol bunkering and cargo operation (Simops) on 27 May. Bunkering operations for shore-to-ship, ship-to-ship, and simultaneous cargo operations while bunkering methanol or alternative fuels like ammonia and hydrogen, will now be available at the Port of Singapore, the Maritime and Port Authority of Singapore (MPA) announced. This development comes after MPA's inaugural Simops of Singapore-based shipping firm X-Press Feeders' first dual-fuel engine container vessel. The Rotterdam-bound vessel was refuelled in Singapore with close to 300t of bio-methanol by MPA-licensed bunker supplier Global Energy Trading. The methanol bunkering occurred concurrently while vessel containers were restowed and loaded, and was supported by digitalisation of the bunkering process for near real-time visibility for various stakeholders. All crew members were trained to handle methanol as a marine fuel and respond to emergencies, given that safety remains a key consideration when bunkering alternative fuels. X-Press Feeders' vessel was the first of 14 dual-fuel vessels that it has ordered. The China-built vessel is equipped with a German-designed dual-fuel engine and has the flexibility to operate on green methanol. The firm plans to operate its green methanol-powered feeders mostly in the ports of Rotterdam and Antwerp-Bruges, where it has a fuel supply contract with chemical manufacturing firm OCI Global. "We look forward to working with other like-minded partners, including on the use of digital bunkering and mass flow meter solutions, to operationalise the delivery of the new marine fuels in Singapore," MPA chief executive Teo Eng Dih said. Singapore is steadily advancing towards its multi-fuel transition for maritime decarbonisation. Another ship-to-ship delivery of 1,340t of blended 20pc bio-methanol combined with 80pc of conventional methanol was completed on 24 May. The alternative fuel blend is reported to provide 31pc in CO2 equivalent savings on a tank-to-wake basis as compared to operating on conventional very-low sulphur fuel oil (VLSFO) for the same distance. The Argus -assessed price for VLSFO stood at $582.68/t delivered on board (dob) Singapore on 27 May, while prices for B24 were assessed at $720.50/t dob Singapore. By Cassia Teo Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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