Marine fuels
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Star Bulk expects smooth 2025 FuelEU compliance
Star Bulk expects smooth 2025 FuelEU compliance
New York, 25 November (Argus) — Greek ship owner Star Bulk said it expects to meet the 2025 FuelEU regulation without issue. Starting on 1 January 2025, the FuelEU regulation will require that vessel fleets travelling in EU territorial waters cap their lifecycle greenhouse gases (GHG) at 89.34 grams of CO2-equivalent per megajoule through 2029. The company plans to meet this regulation by burning B30 biofuel blends on some of its vessels. This will GHG credits for its remaining vessels that trade in and out of EU territorial waters. Star Bulk does not expect to have difficulty sourcing the B30, but warned that sourcing it could become a challenge from 2027 onward. The International Maritime Organization (IMO) should update its GHG emissions regulation for international shipping to include lifecycle emissions from the current emissions from combustion around mid-2027. The organization will require that vessels globally reduce their lifecycle GHG by at least 20pc by 2030 and by at least 70pc by 2040, compared with a 2008 baseline, and reach net-zero by 2050. This will require additional quantities of biofuel. Unlike the FuelEU regulation which applies to vessel fleets or pools travelling in EU waters, the IMO regulation will apply to individual vessels travelling in international waters. Star Bulk burned 832,371 of marine fuel in 2023, down 4pc compared with 2022. Of this quantity, 708,406t was high-sulphur fuel oil (HSFO), 36,598t very low-sulphur fuel oil (VLSFO) and 87,367t marine gasoil. About 95pc of Star Bulk's vessel fleet is outfitted with marine exhaust scrubbers. The scrubbers allow its vessels to burn HSFO in international waters. Vessels that do not have scrubbers are required by the IMO to burn marine fuel with up to 0.5pc sulphur content maximum, such as VLSFO in international waters. Star Bulk's vessels emitted 2.6mn t of CO2 in 2023, down 4pc from 2022. The company is aiming to reduce its fleet's carbon intensity ratio by 12pc by 2026, from 2019 baseline year, consistent with the IMO's carbon intensity indicator targets. In 2023, Star Bulk achieved 4.32pc reduction relative to 2019. The reduction was largely due to improved vessel performance monitoring, hull cleaning, and optimization of weather and routing, the company said. As of the end of September, Star Bulk owned 155 vessels, chartered 10 vessels and had five newbuild vessels on order to be delivered in 2025 and 2026. In April, the company finalized its merger with Eagle Bulk Shipping . By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore light distillate stocks hit seven-week high
Singapore light distillate stocks hit seven-week high
Singapore, 22 November (Argus) — Singapore light distillate and middle distillate inventories rose to multi-week highs while residual fuel stocks fell to a three-week low for the week ending 20 November, according to Enterprise Singapore. Singapore's light distillates stocks rose to a seven-week high, boosted by increased naphtha imports and an onslaught of gasoline cargoes from Saudi Arabia into the city-state. Naphtha imports rose by 21pc on the week to 1.98mn bl. Kuwait, India, and the UAE were the top three suppliers to Singapore this week. Kuwait likely exported more naphtha to Asia this month, as an issue at its reformer resulted in more spare naphtha on hand for exports. More Saudi Arabian gasoline cargoes entered Singapore, adding to stocks. Singapore received another 800,000 bl of gasoline from the Mideast Gulf nation after already receiving similar volumes last week. Middle distillates stocks rose further to a six-week high, as jet fuel exports fell while imports rose. Swing supplies of jet fuel continued to arrive from India, with a 494,000 bl India jet fuel cargo imported into Singapore in the past week. Singapore's onshore fuel oil inventories retreated to a three-week low after climbing for two consecutive weeks, as imports fell sharply this week. But total inventories for November remained marginally higher at 17.78 mn bl,compared to 17.55 mn bl last month. Brazil, Indonesia, and Iraq were the top origin countries for fuel oil arrivals, while the majority of exports were bound for the Philippines and Hong Kong. No exports were recorded to China this week. By Aldric Chew, Asill Bardh, Cara Wong and Lu Yawen Singapore onshore stocks (week to 20 November '24) (mn bl) Volume ± w-o-w ± w-o-w (%) Light distillates Stocks 15.16 1.04 7.37 Naphtha imports 1.98 0.35 21.36 Naphtha exports 0.61 0.60 8,689.57 Gasoline imports 3.04 -0.53 -14.91 Gasoline exports 4.74 -0.35 -6.91 Middle distillates Stocks 10.27 0.63 6.56 Gasoil imports 0.61 -1.12 -64.79 Gasoil exports 3.48 1.36 63.82 Jet fuel imports 0.5 0.1 39.34 Jet fuel exports 0.20 -0.28 -58.34 Residual fuels Stocks 16.98 -1.37 -7.45 Fuel oil imports 2.19 -4.36 -66.61 Fuel oil exports 1.23 -2.04 -62.53 Source: Enterprise Singapore Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Guyana hires floating generators to avert outages
Guyana hires floating generators to avert outages
Kingston, 14 November (Argus) — Guyana is lifting its floating power capacity to 111MW with the rental of plants that the government says will prevent widespread power cuts over the next two years. The government has contracted a 75MW power barge from Turkish firm Karpowership that installed a 36MW barge in May, finance minister Ashni Singh said on Wednesday. The government has not released the terms of the contracts for the floating plants that are being fired by imported heavy fuel oil. Karpowership has been given a two-year contract that the government says will expire with the scheduled commissioning of a $2bn natural gas project that includes a 300MW power plant. The project will be fed by gas from a deepwater block being worked by US major ExxonMobil. The agreements with Karpowership "will take us just beyond the period when the new plant comes on stream," Guyana's vice president Bharrat Jagdeo said. The growing oil producer in northern South America faces a widening power deficit as state power utility GPL cannot meet demand created by a rapidly expanding oil-fired economy, the government said. Power demand in the country of 750,000 people has grown from 115MW in 2020 to 175MW currently and is projected to reach 205MW by year-end, the government said. GPL's fuel oil-fired output of 165MW "does not allow for a comfortable reserve so we need adequate redundant capacity," an official told Argus . Guyana's contract for power barges from Karpowership is the company's third in the region. Six of the company's floating plants are supporting Cuba's faltering power system, while another is stationed in the Dominican Republic. By Canute James Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Singapore bunker sales jump 19.5pc in October
Singapore bunker sales jump 19.5pc in October
Singapore, 14 November (Argus) — Bunker fuel demand at the port of Singapore rose by 19.5pc on the month to 4.8mn t in October, supported by stronger enquiries from shipowners. It takes total bunker consumption at the port to 45.3mn t in the first 10 months of the year, putting Singapore on course to break last year's record high sales of 51.8mn t. The latest statistics release from the Maritime and Port Authority of Singapore (MPA) show consumption of both conventional and alternative marine fuels rose strongly last month as more ships refuelled in Singapore. Bio-bunkers and B24 demand hit a new record monthly high of 116,200t, taking the total for January-October to 586,500t. Consumption has already exceeded last year's 518,000t, driven by shipping emissions compliance requirements set by the EU and IMO. Demand for B24 is expected to steadily rise in the coming months ahead of the implementation of the FuelEU regulations from January 2025. Demand for LNG as a marine fuel at the port of Singapore increased by 37pc from September to 50,600t in October, which was also a new record high for monthly consumption. "In general, we are seeing bigger enquiries in the last month or so," said a London-based trader. Sales of very low sulphur fuel oil (VLSFO) in Singapore rose by 11.8pc from September to 2.5mn t last month, while high-sulphur fuel oil (HSFO) consumption jumped by 11pc to 1.8mn t. By Mahua Chakravarty Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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