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IMO GHG pricing falls short on green methanol, ammonia
IMO GHG pricing falls short on green methanol, ammonia
New York, 7 May (Argus) — The International Maritime Organization's (IMO) proposed global greenhouse gas (GHG) pricing mechanism might not drive significant uptake of green methanol and green ammonia by 2035, given current market prices. Despite introducing penalties on high-emission fuels use and tradable surplus credits for low-emission fuels, the mechanism does not sufficiently close the cost gap for green alternatives. Under the system, starting in 2028 ship operators will face a two-tier penalty: $100/t CO₂e for emissions between the base and direct GHG intensity limit, and $380/t CO₂e for those exceeding the looser base limit. These thresholds will tighten annually through 2035. Ship operators can earn tradable credits for overcompliance when their GHG emissions fall below the direct limit. Assuming a surplus CO₂e credit value of $72/t — mirroring April 2025's average EU emissions trading system price — green ammonia would earn about $215/t in surplus credits in 2028 (see chart) . This barely offsets its April spot price of $2,830/t VLSFO equivalent in northwest Europe. Bio-methanol would receive about $175/t in credits, offering minimal relief on its $2,318/t April spot price. Currently, unsubsidized northwest Europe bio-LNG sits mid-range among bunker fuel options under IMO's emissions framework. While more expensive than HSFO, grey LNG, and B30 bioblends, the bio-LNG is cheaper than B100 (pure used cooking oil methyl ester), green ammonia, and bio-methanol. To become cost-competitive with unsubsidized bio-LNG — priced at $1,185/t in April 2025 — green ammonia and bio-methanol prices would need to fall by 57pc and 49pc, respectively, to around $1,220/t VLSFOe and $1,180/t VLSFOe by 2028. Unless green fuel prices drop significantly or fossil fuel prices rise, the IMO's structure alone provides insufficient economic incentive to accelerate green ammonia and bio-methanol adoption at scale. By Stefka Wechsler NW Europe, fuel prices plus IMO penalties and credits Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Rotterdam port offers grants to cut GHG emissions
Rotterdam port offers grants to cut GHG emissions
New York, 2 May (Argus) — The Port of Rotterdam Authority is offering grants to companies for reducing greenhouse gas (GHG) emissions in the port area. The initiative, called Carbonbid, offers grants totaling €3.5mn ($3.96mn) and focuses on emissions both from logistics and industry. Parties can register to submit a bid before 18 July and apply for up to €700,000 for their project. Plans with the highest reduction per euro requested will be considered first, until the Carbonbid budget has been spent. In January 2026, contracts will be negotiated with the parties that have been awarded funding. Eligible projects have not yet started, will reduce greenhouse gas emissions by at least 100t, and will be implemented in the port area by 2030. In addition to companies based in the port, participants could include start-ups, service providers, and manufacturers of machinery and equipment. Carbonbid focuses on reducing emissions from activities for which there are currently few other regulations. For this reason, emissions covered by the European Emissions Trading System are excluded from Carbonbid. The port authority expects that mainly medium-sized and small companies will participate, as well as larger companies with relatively low emissions. "We are already working on many different projects for the energy and raw materials transition," port authority commercial director Matthijs van Doorn said. The port provides a rent discount to customers that invest in sustainability. Rotterdam port data for the first quarter show marine biodiesel blend sales declined by 12pc compared with the previous three months and by 60pc compared with the same period last year. The decline was underpinned by lower prices in Singapore. LNG bunker sales in Rotterdam fell by the 13pc on the quarter in January-March, reflecting a price rally at the Dutch TTF gas hub in late January and early February. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Taiwan’s CPC buys Vincent crude ahead of CDU turnaround
Taiwan’s CPC buys Vincent crude ahead of CDU turnaround
Singapore, 24 April (Argus) — Taiwanese state-controlled refiner CPC has purchased a rare cargo of Australian heavy sweet Vincent crude, ahead of a June crude distillation unit (CDU) turnaround that is expected to tighten blendstock component availability at its refinery. CPC recently bought the end-May loading Vincent from Japanese trading firm Mitsui at around a $5-5.50/bl premium to North Sea Dated, traders said. Vincent is usually sold in volumes of 550,000 bl. An upcoming CDU maintenance at a CPC refinery in June, expected to last 1-2 months, will limit production of other blendstock components needed for fuel oil production, market sources told Argus . It is unclear which refinery — the 200,000 b/d Taoyuan or 400,000 b/d Dalin — is having the maintenance. Production constraints, arising from the upcoming turnaround, may have prompted CPC to seek alternative blendstocks like Vincent to help meet its fuel oil supply obligations during this period. CPC is responsible for supplying the majority of Taiwan's bunker fuel at domestic ports. The Vincent deal marks CPC's first crude purchase from Australia since November 2023, when it received heavy sweet Van Gogh crude, data from oil analytics firm Vortexa show. Van Gogh is similar in quality to Vincent. The last time CPC took Vincent was in March 2023. CPC has mainly relied on US light sweet WTI in the past year, supplemented by medium sour Saudi Arab Light and Abu Dhabi Upper Zakum. Vincent and Van Gogh, as well as Australian heavy sweet Pyrenees, are valued as blendstocks for very low-sulphur fuel oil production in the Singapore strait region. These grades' heavier density relative to other sweet crude grades make them less economical for refining, and better suited for direct use in fuel oil blending. By Asill Bardh and Reena Nathan Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
IMO incentive to shape bio-bunker choices: Correction
IMO incentive to shape bio-bunker choices: Correction
Corrects B30 pricing in paragraph 5. New York, 21 April (Argus) — An International Maritime Organization (IMO) proposal for ship owners who exceed emissions reduction targets to earn surplus credits will play a key role in biofuel bunkering options going forward. The price of these credits will help determine whether B30 or B100 becomes the preferred bio-bunker fuel for vessels not powered by LNG or methanol. It will also influence whether biofuel adoption is accelerated or delayed beyond 2032. At the conclusion of its meeting earlier this month the IMO proposed a dual-incentive mechanism to curb marine GHG emissions starting in 2028. The system combines penalties for non-compliance with financial incentives for over-compliance, aiming to shift ship owner behavior through both "stick" and "carrot" measures. As the "carrot", ship owners whose emissions fall below the IMO's stricter compliance target will receive surplus credits, which can be traded on the open market. The "stick" will introduce a two-tier penalty system. If emissions fall between the base and direct GHG emissions tiers, vessel operators will pay a fixed penalty of $100/t CO2-equivalent. Ship owners whose emissions exceed the looser, tier 2, base target will incur a penalty of $380/t CO2e. Both tiers tighten annually through 2035. The overcompliance credits will be traded on the open market. It is unlikely that they will exceed the cost of the tier 2 penalty of $380/t CO2e. Argus modeled two surplus credit price scenarios — $70/t and $250/t CO2e — to assess their impact on bunker fuel economics. Assessments from 10-17 April showed Singapore very low-sulphur fuel oil (VLSFO) at $481/t, Singapore B30 at $740/t, and Chinese used cooking oil methyl ester (Ucome), or B100, at $1,143/t (see charts). If the outright prices remain flat, in both scenarios, VLSFO would incur tier 1 and tier 2 penalties, raising its effective cost to around $563/t in 2028. B30 in both scenarios would receive credits putting its price at $653/t and $715/t respectively. In the high surplus credit scenario, B100 would earn roughly $580/t in credits, bringing its net cost to about $563/t, on par with VLSFO, and more competitive than B30. In the low surplus credit scenario, B100 would earn just $162/t in credits, lowering its cost to approximately $980/t, well above VLSFO. At these spot prices, and $250/t CO2e surplus credit, B100 would remain the cheapest fuel option through 2035. At $70/t CO2e surplus credit, B30 becomes cost-competitive with VLSFO only after 2032. Ultimately, the market value of IMO over-compliance credits will be a major factor in determining the timing and extent of global biofuel adoption in the marine sector. By Stefka Wechsler Scenario 1, $70/t surplus credit $/t Scenario 2, $250/t surplus credit $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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