Fuels & Lubes

Oil Price Rebounds On Suez Canal Blockage

Oil climbed as investors assessed the impact on global crude flows after a ship ran aground and blocked the Suez Canal, following a sell-off on Tuesday, reports Yahoo Finance.

Markets reprieve 

Crude was also bolstered by positive economic data as Europe posted a record increase in factory output. 

Futures in New York added as much as 3.4% after a ship ran aground, giving the market a reprieve after prices sank to the lowest level since early February. 

For more information read our article Mega...

https://mfame.guru/oil-price-rebounds-on-suez-canal-blockage/

Americas Bunkers March 22-26 Key Market Indicators

  • West Coast ports track Asia lower
  • Weaker US crude segments pressure Latin America
  • Tight supply props up New Orleans premium over Houston

Spot retail bunkers pricing trended lower the week of March 15-19 throughout the Americas, tracking a sharp decline in US energy futures amid demand concerns tied to the ongoing global coronavirus pandemic, reports Platts.

Latin America

Panama

Latin American declines were led by Panama, which saw spot 0.5%S Marine Fuel bunkers pricing shed $35 (6.6%) from March...

https://mfame.guru/americas-bunkers-march-22-26-key-market-indicators/

Techfast Wins 3 Year Marine Fuel Supply Contract

Techfast Holdings Bhd bags an estimated RM2.2 billion worth contract to supply a range of marine fuel oils over a three-year period, says an article published in The Edge Markets.

About the contract

ACE market-listed Techfast Holdings Bhd has bagged a contract worth an estimated RM2.2 billion to supply a range of marine fuel oils over a three-year period to Singapore-based integrated marine fuel logistics provider Wise Marine Pte Ltd. The contract is expected to commence in the second quarter of...

https://mfame.guru/techfast-wins-3-year-marine-fuel-supply-contract/

S. Korean Shipbuilding Back on Track With Increased Eco-friendly Demand

South Korea’s shipbuilding industry is now warming up on the back of increased demand for eco-friendly gas-fueled vessels, reports The Korean Herald.

Orders so far

According to Clarksons Research, the leading information provider for global shipping, orders have been made for 254 ships so far this year, of which gas-fueled vessels account for 54 units or 21.3 percent. 

That figure was 10.1 percent in 2019 and 14.9 percent in 2020.

Dominance in the eco-friendly category

Also, out of the 54 gas-fueled...

https://mfame.guru/s-korean-shipbuilding-back-on-track-with-increased-eco-friendly-demand/

Why Supertankers Are Losing Almost $7,000 a Day?

  • Daily earnings slumped to the lowest since at least 2017.
  • Rates hit by OPEC production cuts and an oversupply of vessels.

Supertanker’s loss deepened to $6,779 a day amid OPEC cuts, writes Alex Longley for an article published in Bloomberg.

What is the reason?

With too many vessels to haul fuel, losses for supertankers on a benchmark Middle East-to-China route deepened to $6,779 a day on Tuesday. 

Weakest earnings

That’s the weakest earnings since at least 2017 and effectively means vessel owners...

https://mfame.guru/why-supertankers-are-losing-almost-7000-a-day/

Phenols In Singapore Bunker Fuel Samples, Alerts Testing Firm

Maritec Pte Ltd (Maritec) said it has tested and has evidence of Phenols appearing in several Singapore VLSFO samples in Jan/Feb 2021, says an article published in Ship & Bunker.

Two consecutive instances recorded

Maritec reports it has recorded two consecutive instances of the same barge/supplier product testing at 385 and 111ppm.

What is the risk?

“At these high concentrations there is an increased risk of the fuel losing its stability and breaking down leading to deposits in fuel system filters...

https://mfame.guru/phenols-in-singapore-bunker-fuel-samples-alerts-testing-firm/

Maritime Giants Sign MoU To Explore Ammonia

Maritime industry leaders announced their Memorandum of Understanding (MoU) to jointly explore ammonia as marine fuel in Singapore, says a press release published on Maersk website.

Who are working together?

The below companies announced that on Wednesday (10 March), the parties have entered into a Memorandum of Understanding (MoU).

  • A.P. Moller – Maersk A/S, 
  • Fleet Management Limited, 
  • Keppel Offshore & Marine, 
  • Maersk Mc-Kinney Moller Center for Zero Carbon Shipping, 
  • Sumitomo Corporation and 
  • Ya...

https://mfame.guru/maritime-giants-sign-mou-to-explore-ammonia/

LPG Shipping Firm Orders for 3 Dual Fuel LPG Carriers

Petredec Holdings opts to construct an additional three 93,000 cu m LPG carriers with dual fuel LPG propulsion at China’s Jiangnan Shipyard, reports Splash 247.

Construction of LPG carriers

LPG shipping and trading firm Petredec Holdings has exercised its option to construct an additional three 93,000 cu m LPG carriers with dual fuel LPG propulsion at China’s Jiangnan Shipyard.

Delivery of the three vessels are scheduled in June, August and September 2023.

Previous orders

The latest order follows...

https://mfame.guru/lpg-shipping-firm-orders-for-3-dual-fuel-lpg-carriers/

Mere Lab Level Tests Scant for New VLSFO Lubricants, Says Viswa Group

  • Importance of lubricant testing for low sulphur bunker fuel.
  • Mere lab level tests are not enough for newly formulated lubricating oils.
  • Lubricant & additive companies developing new cylinder oils with new additive packages to take care of new VLSFOs.
  • Bench tests need modification to accommodate the new fuel characteristics.
  • Testing processes, methods, and procedures upgradation.

Viswa Group highlights the importance of lubricant testing for LSFO and also emphasizes that mere lab level tests...

https://mfame.guru/mere-lab-level-tests-scant-for-new-vlsfo-lubricants-says-viswa-group/

Restore Clean Energy Transition, Urges Leading Global Renewable Bodies

Global renewables bodies urge Mexico to restore clean energy transition, says an article published on the GlobalSolarCouncil website.

Away from polluting fossil fuels

The Global Wind Energy Council and The Global Solar Council, jointly called Mexico to urgently restore the country’s transition away from expensive and polluting fossil fuels, and reset the course to a sustainable future based on competitive, clean renewable energy.

The two leading global renewable energy bodies issued a joint...

https://mfame.guru/restore-clean-energy-transition-urges-leading-global-renewable-bodies/

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