Marine fuel global weekly market update
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
12 May First biofuel bunker supply announced in Middle East Japan's Inpex Corporation and the Astomos Energy Corporation have signed a deal to supply ...
12 May Biomethane supplier ReFuels lists in Oslo Dutch energy supplier ReFuels listed today on the Oslo Stock Exchange (...
12 May European ammonia production remains uncompetitive Domestic ammonia production remains uncompetitive with imports into Europe, even as ...
11 May Hoegh Autoliners agree to green ammonia deal Norwegian-based shipping company Hoegh Autoliners and alternative fuels supplier North Ammonia have ...
11 May South Korea launches first LNG bunkering vessel South Korean shipbuilding firm Hyundai Heavy Industries has completed the construction of the country's ...
11 May Vopak opens new biofuel feedstock storage facility Dutch infrastructure provider Vopak has opened 16 new tanks to store renewable feedstocks for biofuels ...
11 May Japan's Astomos to receive biofuel for VLGC Japanese LPG importer Astomos has agreed with domestic upstream firm Inpex to receive mixed biofuel for its ...
11 May Toyota Tsusho starts commercial bunker biofuel supplies Japanese trading house Toyota Tsusho in April started commercial deliveries of marine biofuel to ...
10 May H2 plans firm up in Central America and the Caribbean Countries in Central America and the Caribbean are advancing plans to move towards renewable, and in some cases low-carbon...
10 May Marubeni to sell Chinese low-carbon methanol in Japan Japanese trading house Marubeni plans to start selling low-carbon methanol produced in China in ...
10 May Asian UCO to US trade continues despite customs dispute Biofuel feedstock used cooking oil (UCO) is set to continue flowing from Asia ...
10 May Cepsa looks into biofuels from microalgae Spanish oil and gas company Cepsa and the Canary Islands governmental research body Instituto Tecnologico de Canarias (ITC) are looking into ...
10 May Darling renewable diesel sales volumes up in 1Q Darling Ingredients boosted its sales of renewable diesel by nearly ...
9 May Algeria eyes H2 to green 4mn-5mnt/yr ammonia exports Algeria plans to substitute renewable hydrogen into its existing 4-5mnt/yr of ammonia production based on ...
Conventional marine fuels
12 May Panama bunker sales at 5-year low for April Panama's April bunker sales dipped below 400,000t for the first time in five years, probably because of strong ...
12 May Europe diesel demand down 4pc on year in Feb Diesel deliveries fell by 4pc year on year in ...
12 May Chinese product exports to rise in May Chinese exports of gasoline, diesel and jet fuel are on course to rise this month following the…
12 May Oman's O Bunkering signs supply deal in Duqm Oman-based bunker trading firm O Bunkering signed a deal with Marsa Al Duqm Investments (Marsa), a subsidiary of ...
12 May Japan's bonded bunker fuel demand strengthens in March Japan's March bonded marine fuel sales hit 80,000 b/d for the first time ...
12 May Weaker coal fundamentals pressure Pacific Panamax rates Freight rates for Pacific dry bulk Panamax have fallen to an 11-week low on reduced coal demand ...
12 May Exmar shipping profits jump with rates in 1Q Belgium-based LPG shipowner Exmar's shipping arm increased its profits in the first quarter ...
12 May Petrobras to review fuel pricing policy next week Brazil's state-controlled Petrobras will review its fuel pricing policy next ...
11 May Singapore's fuel oil inventories exceed six-month lows Singapore's onshore fuel oil stocks fell to over six-month lows with a drop in imports and rise ...
11 May Higher runs, sanctions to buoy clean tankers: d'Amico Rising refinery throughput and higher tonne-mile demand caused by ...
11 May Panocean dry bulk profits fall further South Korea-based operator Panocean's profits fell in the first quarter …
11 May Tonne mile growth firms Torm tankers profits in 1Q Product tanker owner Torm benefited from firmer freight rates in ...
11 May Euronav crude tanker profits surge in 1Q Shipowner Euronav's profits were buoyed in the first quarter of …
11 May Hapag-Lloyd installs more scrubbers in fleet Container shipping firm Hapag-Lloyd said its demand for low-sulphur bunker fuel grades diminished in the first quarter ...
11 May German heating oil attracts premium over diesel at ARA The price of German heating oil barges at the Amsterdam-Rotterdam-Antwerp (ARA) hub has been higher than diesel barges ...
11 May Brazil diesel demand, Russian imports up in April Modest growth in Brazilian domestic diesel consumption in April led to lower-than-expected sales, particularly among ...
10 May Lack of Pakistan purchases pressures Asian HSFO markets Singapore high-sulphur fuel oil (HSFO) margins have remained under pressure as Pakistan continues to ...
10 May Increased vessel orders firm KHI's FY22 revenues Japanese shipbuilder Kawasaki Heavy Industries (KHI) posted an increase in revenues from its ...
10 May Asian UCO to US trade continues despite customs dispute Biofuel feedstock used cooking oil (UCO) is set to continue flowing from Asia to ...
9 May Spain diesel demand drop leads fuel deliveries lower Spanish road fuel deliveries by storage and pipeline operator Exolum fell in April when a dip in ...
9 May TFG Marine expands US Gulf operations The bunker fuel supply joint venture TFG Marine will expand ...
9 May EU refinery runs at post-pandemic high European traders narrowly built their stockpiles of every major product in April, especially ...
8 May Open arbitrage prompts China to import diesel Chinese refiners are importing diesel to take advantage of an open arbitrage window and granted import quotas...
8 May Jones Act owner OSG swings to profit in 1Q US-based Jones Act tanker owner Overseas Shipholding Group (OSG) swung to profit in the first quarter on fewer layup days for its ...
Related news posts
Clean fuel credit not on Treasury priority list
Clean fuel credit not on Treasury priority list
New York, 1 October (Argus) — The US Department of Treasury says it will prioritize issuing final guidance around qualifying for a handful of Inflation Reduction Act clean energy tax credits before the end of President Joe Biden's administration, though guidance around a new credit for low-carbon fuels will likely take longer. The agency's new timeline suggests that granular rules around how to qualify for the 2022 climate law's clean fuels incentive will ultimately be decided by the winner of this year's presidential election. Kicking off in January and lasting through 2027, the 45Z tax credit will replace a suite of expiring fuel-specific credits and offer up to $1/USG for low-carbon road fuels and up to $1.75/USG for low-carbon aviation fuels. Treasury is still "actively" working on guidance around the 45Z incentive, Treasury acting assistant secretary for tax policy Aviva Aron-Dine told reporters today. But unlike for other credits, officials have not provided any timeline for proposing or finalizing that guidance or any signal of whether they could issue any safe harbor assurances before final guidance is available. The Biden administration has not yet clarified how it will calculate greenhouse gas emissions or account for the benefits of "climate-smart" agricultural practices for fuels derived from crop feedstocks, potentially deterring investments until final guidance is available. The 45Z credit requires fuel to meet an initial carbon intensity threshold and then increases the subsidy as a fuel's greenhouse gas emissions fall. Policy clarity is essential, biofuel groups say, since fuel and feedstock offtake contracts are hashed out months in advance and the credit is relatively short-lived compared to other Inflation Reduction Act incentives. Some farm state lawmakers have also pushed for final guidance to bar refiners using foreign feedstocks — such as used cooking oil from China — from being able to claim the credit. The Biden administration still expects to finalize guidance for the 45V clean hydrogen tax credit by year-end out of recognition that the industry "needs certainty" to invest, Aron-Dine said. The final guidance will provide "appropriate adjustments and additional flexibilities" to help projects move forward, she said, while adhering to requirements to consider indirect greenhouse gas emissions caused by the production of clean hydrogen. Treasury also expects to issue final guidance by the end of the administration on the 45Y clean electricity production credit and clean electricity investment credit, a technology-neutral tax credit it proposed earlier this year. The final guidance will continue the "explosive growth" of wind and solar and also provide tax credits to emerging technologies that produce no net greenhouse gas emissions, Aron-Dine said. Other tax credits set to be finalized by the end of the administration include the section 48 investment tax credit and the 45X advanced manufacturing production credit that is supporting the buildout of domestic supply chains, Aron-Dine said. By Cole Martin and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US factory activity contracts for 6th month: ISM
US factory activity contracts for 6th month: ISM
Houston, 1 October (Argus) — US manufacturing activity remained in contraction in September for a sixth consecutive month, as a measure of prices shrank for the first time this year and new orders and production weakened, but at diminishing rates. The manufacturing purchasing managers index (PMI) registered 47.2 in September, matching August's reading, the Institute for Supply Management (ISM) said today. The PMI reading, below the 50 threshold signaling contraction, marked a 22nd month of contraction out of the last 23 months. Manufacturing accounts for about 10pc of the US economy, and the largest part of the economy — services — has expanded in six of the last eight months through August this year. ISM's services PMI report will be released Wednesday. "Demand remains subdued, as companies showed an unwillingness to invest in capital and inventory due to federal monetary policy … and election uncertainty," ISM said. "Production execution stabilized in September. Suppliers continue to have capacity, with lead times improving and shortages reappearing." The Federal Reserve on 18 September cut its target lending rate by a half point, its first cut since 2020, and signaled another 150 basis points of cuts were likely through 2025, as it has succeeded in bringing inflation close to its 2pc target. A key employment report on Friday will factor into the Fed's thinking, with little more than a month to go before the 5 November presidential election. The new orders index rose to 46.1 in September from 44.6 in August, reflecting a diminishing rate of contraction. Production rose to 49.8, still contracting but approaching expansion territory, from 44.8 the prior month. Employment fell to 43.9 in September from 46 the prior month, reflecting a more rapidly weakening labor market. New export orders fell to 45.3 in September, showing deepening contraction, from 48.6, and imports fell to 48.3 from 49.6. Prices fell to 48.3 from 54. Inventories fell to 43.9, returning to pre-August low levels, from 50.3, while customers' inventory levels rose by 1.6 points to 50 in September, suggesting a "demand level that is neutral to negative for future new orders and production," ISM said. The prices index registered 48.3, down from 54 the prior month, indicating raw material prices fell last month after eight straight months of increases. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Urea futures slightly firmer on Middle East tensions
Urea futures slightly firmer on Middle East tensions
Amsterdam, 1 October (Argus) — Urea futures rose today on a ratcheting up of tension in the Middle East, but the reaction has been limited with November Arab Gulf derivatives up by $2.50/t on the day. The November Arab Gulf futures contract has traded multiple times today at $355/t fob, up by around $2.50/t on recent levels, with the deals taking place towards the high end of brokers' ranges for yesterday. But spot availability of physical cargoes in the region is limited, and there has been no fresh business. Suppliers are holding back from the market until RCF's buy tender in India on 3 October. Argus assessed granular urea spot prices at $350-356/t fob last week. The Israeli military said earlier today the US has identified an "Iranian network" that is preparing to launch a missile attack on Israel "in the near future", which has stoked a jump in oil prices. Israel began ground operations in southern Lebanon on 1 October, following the ramping up of an aerial strike campaign, while its military struck the Houthi-controlled Red Sea port of Hodeidah in Yemen on 29 September. Front-month Ice Brent crude futures hit an intraday high of above $74.50/bl earlier, up by nearly $3/bl from yesterday's close. Iran on 13 April launched more than 300 drones and missiles, marking its first ever direct attack of Israel from Iranian soil. Almost all those weapons were intercepted before they reached Israeli airspace, and no fatalities were reported by Israel. The Middle East is the largest export region globally of urea and ships around 20mn t/yr, of which Iran accounts for about a quarter. By Harry Minihan Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Nutrien’s Georgia plant in restart process
Nutrien’s Georgia plant in restart process
Houston, 1 October (Argus) — US fertilizer producer Nutrien expects its Augusta, Georgia, nitrogen plant to restart in the next 1-2 days after Hurricane Helene caused it to close late last week. The Augusta facility is currently restarting processes at the plant, according to the company. The plant was closed on 26 September from storm-induced power outages. The nitrogen plant produced 740,000 metric tonnes (t) of ammonia in 2023 and 560,000t of urea. Alongside Augusta, Nutrien's White Springs phosphate plant in Florida shut down when Hurricane Helene made landfall on the Florida panhandle bringing power outages, flooding and catastrophic winds to the southeastern US. Roads near the White Springs facility are still closed because of flooding and downed power lines. The company said it could take several more days before a full post-storm assessment is complete. The White Springs facility still does not have a timeline for restart. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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