バイオ燃料と原料
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アーガスのバイオ燃料ソリューションは、原燃料から最終燃料まで、世界の再生可能燃料サプライチェーン全体にわたる詳細な価格と市場分析を提供し、地域のバイオディーゼル、エタノール、原燃料市場などに関する価格と重要な洞察を提供します。
Latest biofuels news
Browse the latest market moving news on the global biofuels industry.
Viewpoint: SE Asian IMO2 MRs to rise on EU policy
Viewpoint: SE Asian IMO2 MRs to rise on EU policy
London, 27 December (Argus) — Rates for specialised Medium Range (MR) tankers in southeast Asia will be driven up in 2025 by changes in EU policy on deforestation, higher biofuels blending mandates, and new mandates in the aviation sector, all of which will support exports of biodiesels, feedstocks and palm oil. Demand for specialised MRs in southeast Asia is ruled by exports of palm oil to Europe and the US Gulf coast. Palm oil does not usually need to travel on IMO2 ships and can be moved on IMO3 vessels. But it is often moved as a part-cargo of between 5,000-15,000t so is often picked up by IMO2 or IMO2/3 vessels, which are more suitable as they have a higher number of segregated tanks. Kpler data show around 6.3mn t of palm oil was exported from Indonesia and Malaysia to the US Gulf and Europe in the January-November 2024 period. Palm oil deliveries from southeast Asia have been trending lower since 2020 with the product becoming less popular in Europe because of deforestation issues. On 4 December, an agreement was reached between the European Council and the European Parliament to delay the application of the EU Deforestation Regulation (EUDR) by one year. This means larger companies will not be required to prove that their products, such as palm oil, did not contribute to deforestation until 30 December 2025. This has averted a potential rapid loss in palm oil exports to Europe in 2025 but there will probably be a substantial decline in exports later in the year as businesses prepare for the EUDR. In the short term, the decision to postpone the EUDR will probably boost cargo numbers heading to Europe as traders had been holding off for clear regulatory guidance. This will support freight rates for IMO2 MRs in the new year by pulling more IMO2/3s and IMO3s away from the market and by increasing the number of part cargoes available for IMO2s. Feedstock exports ramp up Indonesia and Malaysia also export many specialised products that require IMO2s, such as waste based feedstocks palm oil mill effluent (POME), palm fatty acid distillate (PFAD) and used cooking oil (UCO), as well as finished biodiesels like Ucome. Kpler puts exports of these products to Europe at around 2.8mn t in the first 11 months of 2024, with POME cargoes making up 42pc of all shipments or around 1.2mn t. POME was included in Annex IX Part A of the EU's renewable energy directive (RED), meaning member states can count it twice towards their renewable energy goals. Exports of feedstocks and biodiesels to Europe will probably rise in 2025 as blending mandates rise and because of a reduction in the carryover of emissions tickets in Germany and the Netherlands. Argus estimates European demand for biodiesel Pomeme to rise by around 36pc on the quarter in first three months of 2025 to around 3.5mn litres. Higher requirements for biofuels and feedstocks in Europe should push up demand for products like POME, PFAD, and UCO from Malaysia and Indonesia and support higher IMO2 demand in southeast Asia. But this could be tempered by an Indonesian ruling to include an export permit for POME and PFAD that requires participants to fulfil their cooking oil domestic market obligation. SAF mandates begin in Europe Exports of HVO and SAF from Singapore to Europe also make up part-cargo demand for IMO2 MRs. Argus forecasts European HVO demand will rise by 85pc on the quarter to 2,582mn l in the first three months of 2025. New 2pc SAF mandates in the EU and UK in 2025 will provide a sizable rise in SAF demand. This should spur a jump in cargoes loading from Singapore — driving up demand for part-cargo space on IMO2 MRs. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Viewpoint: Policy doubts hit Australia's biofuel sector
Viewpoint: Policy doubts hit Australia's biofuel sector
Sydney, 27 December (Argus) — Australia's biofuels sector has garnered significant interest during the first 2½ years of the current federal Labor government, but uncertainty over key policy support measures has stymied investment and led developers to question whether 2025 will be a year of reform. Labor secured its first majority government since 2007 in the mid-2022 election and subsequently pledged to cut Australia's greenhouse gas emissions by 43pc on 2005 levels by 2030. But the country is not on track to meet this ambitious target because of slow progress decarbonising its electricity and transport sectors. Biofuels have become increasingly popular, given decarbonising hard-to-abate transport industries is seen as key to reaching the 2030 goal. Canberra has committed to a low carbon liquid fuels (LCLF) standard, which the industry views as crucial to enabling investment in processing, refineries and new feedstock crops. In its May 2024 budget, the federal government expressed a desire to develop sustainable aviation fuel (SAF) and renewable diesel (HVO) industries. The outcomes of consultations are expected to be released imminently. On the demand side, a regulatory impact analysis of the costs and benefits associated with mandates for LCLF has been promised, but no timeframe has been released. Domestic refiners Ampol and Viva, as well as BP at its former Kwinana refinery, have expressed interest in biofuel production but all require certainty on demand and supply-side support mechanisms. Australian bioenergy developer Jet Zero and a consortium including major airlines aim to build a 113mn litres/yr plant in the northern part of Queensland state, but initial engineering for the concept has not yet been completed. The consortium plans to convert bioethanol from domestic agricultural byproducts like sugarcane molasses into SAF and HVO through the alcohol-to-jet pathway, with production expected to start in 2027. Jet Zero is also planning to produce SAF through the Hydrotreated Esters and Fatty Acids (HEFA) production pathway in a 50:50 joint venture with Aperion Bioenergy. But the project, which is still in its feasibility stage, is facing hurdles in pricing the feedstock offtake agreements or term contracts. Complicating the picture, heavy transport is now showing greater signs of electrification, as demonstrated by iron ore producer Fortescue's major order for new electric haul trucks. Regardless, the introduction of new safeguard mechanism laws requiring large emitters to reduce pollution has led Australia's fuel companies to increase HVO sales, with 500,000l contracts now signed on a regular basis despite the higher costs. Australian coal mining firm Stanmore has tested a 20pc HVO blend at its Bowen basin Poitrel mine, demonstrating an increasing acceptance of biofuels by customers. Ampol and Viva both sell fatty acid methyl esters (Fame) based biofuel blends at 5pc, 10pc and 20pc. Ampol has two projects in the pipeline: a co-processing facility that would supply up to 60mn l/yr by 2026 and the Brisbane renewable fuels joint venture, which would be a larger project of 0.5bn-1bn l/yr and is due for a final investment decision by late 2025. Viva has been less forthcoming about its plans for biofuel production since it announced a new biofuel blending venture at its 120,000 b/d Geelong refinery in 2023. There will be a federal election no later than mid-May 2025 and both major parties are keen to enhance their green image while supporting regional communities and manufacturing jobs. New regulatory support is crucial if Australia is to transition from supplying significant quantities of feedstock for biofuels to other countries, particularly tallow and canola seed, to producing its own renewable fuels. Australia's increasing reliance on imported oil products and foreign crude, along with a worsening geopolitical backdrop, has started to raise concerns in Canberra. This could be the deciding factor in whether the government will create the required regulatory environment for a local biofuels industry to thrive. By Tom Major and Tom Woodlock Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Viewpoint: Ethanol producers face higher costs in 2025
Viewpoint: Ethanol producers face higher costs in 2025
London, 24 December (Argus) — European ethanol producers may face rising output costs in 2025 as a poorer harvest season will push feedstock prices up, while other factors such as greenhouse gas (GHG) emission values could affect the price of finished products. Unfavourable weather conditions have led to a poor 2024-25 harvest, particularly for wheat. In Ukraine, Europe's largest wheat exporter excluding Russia, Argus forecasts wheat production will drop to 22.3mn t during 2024-25 , down from a five-year average of 24.7mn t. Corn supply from the country for 2024-25 is projected to fall to 22.9mn t, down from 31.5mn t in the previous season, according to Argus data. France — Europe's largest producer of ethanol — has cut its wheat production outlook for 2024-25 because of wet weather. And rainfall in other parts of Europe has affected corn toxin levels, potentially leading to poorer quality ethanol. This will likely weigh on ethanol output in 2025 as it will strain feedstock supplies, push production costs up and squeeze margins for producers. Nuts 2 It comes as markets are still waiting for an update on level 2 in the nomenclature of territorial units for statistics greenhouse gas (GHG) emission values — the so called Nuts 2 values. To determine the GHG emissions from growing crops in the EU, the bloc's Renewable Energy Directive (RED) allows the use of typical units that represent the average GHG value in a specific area. On the back of the implementation of the recast of RED (RED II), the European Commission requested an update of the Nuts 2 GHG values. Member states have to prepare new crop reports to be assessed by the commission. But reports have been slow to emerge, while those that have been submitted face a lengthy review. Producers rely on GHG values to calculate the GHG savings of end-products, but default RED values currently in place are significantly lower than the typical GHG values from Nuts 2. While this is unlikely to have long-term effects beyond 2025, in the current context finding values that meet market participants' criteria has been difficult for some, which may support prices. Rising demand Demand for waste-based and ethanol with higher GHG savings should increase in 2025 as a result of policy changes, after lower renewable fuel ticket prices in key European markets kept buying interest in check in 2024. Tickets are generated by companies supplying biofuels for transport. They are tradeable and can help obligated parties meet renewables mandates. The decline in prices for GHG tickets in Germany — the main demand centre for minimum 90pc GHG savings ethanol — weighed on ethanol consumption in 2024, squeezing the differential to product with lower GHG savings. The premium averaged around €17/m³ ($17.7/m³) from 1 January-1 December 2024, down from around €43/m³ during the same period in 2023. But an increase in Germany's GHG quota in 2025, coupled with Germany's decision to pause the use of GHG certificates carried forward from previous compliance years towards the 2025 and 2026 blending mandate, should increase physical blending and lift premiums for ethanol with high GHG savings, according to market participants. Meanwhile, the Netherlands' ministry of infrastructure and water management's plan to reduce the amount of Dutch tickets that obligated companies will be able to carry forward to 2025 to 10pc from 25pc may have little effect on Dutch double-counting ethanol premiums in 2025. Participants expect steady premiums, despite slightly higher overall blending targets. The Argus double-counting ethanol fob ARA premium to crop-based ethanol fob ARA averaged €193/m³ from 1 February-1 December 2024. Biomethanol slows Lower ticket prices in the UK have kept a lid on demand for alternative waste-based gasoline blendstock biomethanol. The Argus cif UK biomethanol price averaged $1,089/t from 1 Jauary-1 December, compared with $1,229/t during the same period of 2023. The European Commission's proposal to exclude automatic certification of biomethane and biomethane-based fuels, if relying on gas that has been transported through grids outside the EU, continues to slow negotiations for 2025 imports of biomethanol of US origin into the EU. But demand for biomethanol and e-methanol could be supported by growing interest from the maritime sector as shipowners seek to reduce emissions after the EU's FuelEU maritime regulation comes into effect. Shipping giant Maersk has signed several letters of intent for the procurement of biomethanol and e-methanol from producers such as Equinor , Proman and OCI Global . By Evelina Lungu Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Trump-Panama tiff highlights rising transit cost
Trump-Panama tiff highlights rising transit cost
New York, 23 December (Argus) — US president-elect Donald Trump's threat on Saturday to reclaim the Panama Canal for the US put a spotlight on rising costs this year and additional fees planned by the Panama Canal Authority (ACP) for 2025 in the ongoing fallout of a 2023 drought in Central America. Trump claimed that the US is the "number one user" of the Panama Canal, with "over 70pc of all transits heading to, or from, US ports" on 21 December. ACP data for ships destined for or departing from the US puts this percentage at 73pc in 2023 and 75.5pc in 2024 based on total tonnage of commodities moved through the canal. "This complete ‘rip-off' of our Country will immediately stop…" Trump said. The base transit tolls at the Panama Canal have been on the rise and are largely in line with those at the Suez Canal, but Panama Canal costs can be much higher for vessel operators that compete in auctions to enter the Central American passageway. The operator of a medium range (MR) tanker traveling laden through the Panama Canal would pay $279,564.87 in transit fees, while the operator of a laden very large gas carrier (VLGC) would pay $505,268.24 without accounting for reservation costs, ACP estimates. Suez Canal fees have also been on the rise , with MR tanker at $274,001 throughout 2024, while a VLGC operator would pay $487,562. But after last year's drought caused the ACP to temporarily limit transits, ACP required shippers to book transit reservations. Shippers unable to secure reservations via pre-booking often resort to the transit slot auction, where winning bids vary wildly. Pre-booked transit slots often quickly sell out to the containership and LPG vessel owners that dominate the top spots on the ACP's client list. Auction prices for the Neopanamax locks, which have a starting bid of $100,000 and handle large vessels like VLGCs, are at about $220,000, per Argus assessments. Auction prices for the Panamax locks, which have a starting bid of $55,000 and handle vessels like MR tankers, are around $75,000. The highest Neopanamax auction price was nearly $4mn, with the highest Panamax auction price at about half that level. In December 2023, 30pc of Panamax lock tanker transits were reserved via the auction system , according to ACP. The president-elect's criticism of the ACP's handling of Panama Canal fees comes as the administrators of the waterway bounce back from a severe drought throughout 2023. Freshwater levels in the manmade Gatun Lake that helps to feed the canal have recovered because of the return of the rainy season this year, but ACP has maintained its requirement that shippers wishing to transit have reserved transit slots. Prior to the drought, ACP maintained a first-come, first-serve basis for vessels without reservations. ACP ups reservation costs, adds fees for 2025 Starting in 2025, ACP is maintaining the auction system while also increasing pre-booking costs and adding other fees. ACP will raise transit reservation fees from $41,000 to $50,000 for Panamax lock transits for "Super" category vessels, including MR tankers. Neopanamax lock transit reservation fees will climb from $80,000 to $100,000 on 1 January. ACP announced a third transit option in late 2024 for vessel operators in the form of the "Last Minute Transit Reservation" (LMTR) fee to start 1 January 2025 alongside other new fees and higher existing reservation fees. ACP set the cost of the LMTR fee at about twice the starting bid of an auction , or $100,000 for Supers and $200,000 for Neopanamax, and will likely offer the LMTR fee to vessels that fail to secure a transit slot at auction. Furthermore, vessel operators that cancel within two days of their transit will be charged a fee at 2.5 times the transit reservation fee, described by the ACP as a surcharge to the existing cancellation fee, which ranges up to 100pc of the transit reservation fee depending on how close to the transit date that an operator cancels. This means that a Super vessel that cancels within two days of its transit date will receive the 2.5 times surcharge on top of the 100pc transit reservation cancellation fee and pay a total of $175,000. A Neopanamax vessel will pay a total of $350,000. "Vessels of war" should also vie for slots: ACP Trump also suggested that the ACP was charging the US Navy, alongside US corporations, "exorbitant prices and rates of passage" and that these fees were "unfair and injudicious". In March 2024, the ACP published an update on transit slot assignments for vessels of war, auxiliary vessels and other "government-owned" vessels encouraging their operators to participate in the transit system rather than waiting for the ACP to assign them a slot. "Vessels of war, auxiliary vessels, and other government-owned vessels are encouraged to obtain a booking slot through the available booking mechanisms in order to have their transit date guaranteed and minimize the possibility of delays," the ACP said. The ACP points out that these vessels of war are entitled to "expeditious transits" based on the Treaty Concerning Permanent Neutrality and Operation of the Canal and are technically not required to obtain a reservation to be considered for transit. Panama president Jose Raul Mulino on Sunday rejected Trump's threat to retake the canal , which has been under full control of the Central American country since 1999. The canal's rates are established in a public and transparent manner, taking into account market conditions, Mulino said. "Every square meter of the Panama Canal and its adjacent area is Panama's and will continue to be," Mulino said. "The sovereignty and independence of our country are non-negotiable." By Ross Griffith Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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