27 Feb Singapore fuel oil values dive, bunker demand slow
WTI crude closed a little softer last night and continued soft to steady in overnight trading. With a bearish outlook for the Singapore fuel oil market in March, that was enough to cause a big drop in fuel oil cargo prices today.
In Full 26 Feb Wide price range puzzles Singapore bunker market
The Singapore bunker market has been prone to large intra-day price movements just about every day this week, with big spreads between the lowest and highest fixing levels for IFO380. Suppliers described the market as confused, but there is a certain pattern here.
In Full 26 Feb Weak fundamentals prevent gains in Singapore fuel oil market
Despite the surge in crude last night, gains in the Singapore fuel oil cargo market today were lacklustre. The failure of fuel oil values to react to bullish crude was attributed to weak fundamentals, with supply increasing and more fuel oil headed for the region.
In Full 25 Feb Oil prices surge as US data and OPEC underpin supply worries
OPEC today remained adamant that it will cut quotas by 1 million bpd in April, and cut back on quota cheating to the tune of 1.5 million bpd before then. Add to that evidence that US commercial oil stocks remain wafer thin, and the outlook remains strong although there are fears that speculators have amassed too many long positions.
In Full 25 Feb Lukoil puts faith in Primorsk market growth
Russian bunker supplier Lukoil-Neva LLC has boosted its bunker supply capacity in the port of Primorsk in the Gulf of Finland. With growing tanker traffic, the potential customer base for bunkering at Primorsk is expanding.
In Full 24 Feb Wilhelmsen Bunkers poised for expansion
The global bunker broker and trading company Wilhelmsen Bunkers AS, a fully owned subsidiary of the major Norwegian shipping company Wilh. Wilhelmsen ASA, is preparing to open a new office in South Africa at the beginning of March, 2004.
In Full 24 Feb MPA earmarks two new bunkering anchorages
The Maritime and Port Authority of Singapore today announced that it has earmarked two new bunkering anchorages in the western sector of the port in order to meet growing bunker demand.
In Full 23 Feb Engen and Sasol to form African fuels giant
A joint venture of Sasol and Engen's liquid fuels marketing and distribution businesses would create a giant in the sub-Saharan African market, but marine fuels sales does not seem to fit in with the overall profile of a merged company.
In Full 23 Feb New Orleans 'a mess' as search for crew continues
New Orleans bunkering and shipping markets effectively grounded to a halt today to allow the U.S. Coast Guard (USCG) to search for five crew members from the offshore supply vessel Lee III, which sank Saturday after colliding with a larger ship in the Mississippi Delta.
In Full 23 Feb Prices fall as Istanbul conditions improve
For the time being at least, the severe weather which had been affecting deliveries and shipping in the Istanbul area has moderated, leaving suppliers with good prompt supply opportunities and no current resupply/avails issues.
In Full 23 Feb ENAP $3.5m bunker investment pending approval
The Chilean state-owned oil company Empressa Nacional del Petroleo (ENAP) has confirmed that it plans to invest $3.5 million to establish the first bunker fuel supply operation in the very south of the country.
In Full 20 Feb Spill halts ships exiting Mississippi
Bunker players in Houston said today that a fuel oil spill of around 3,000 metric tonnes (mt) in the Mississippi River last night was preventing ships from heading downstream but wasn't affecting barge movements.
In Full 20 Feb Q&A with DNVPS about Busan bunker alert
A 'Bunker Alert' issued this week by DNVPS for the South Korean port of Busan, and the subsequent reporting of it on Bunkerworld, caused quite a commotion. The bunker alert put a question mark on the fuel quality in a country with a near impeccable record. We put a few questions to DNVPS about this particular alert.
In Full 20 Feb Korean 'Bunker Alert' causes commotion
A 'Bunker Alert' issued this week by DNV Petroleum Services (DNVPS) for the South Korean port of Busan has stirred up a range of reactions. The most prominent market feedback was surprise and a degree of disbelief, because South Korea is known for its high quality straight run fuel oil and has never seen a bunker quality dispute or claim.
In Full 20 Feb FAL purchases fourth large vessel
A FAL spokesman told Bunkerworld today that the comapany had bought the 93,000 deadweight tonne (dwt) LMZ Christiana (built 1981) for a reported $7.5 million.
In Full 19 Feb Tramp owner denies sale speculation - at least for now
Reports today said that independent marine fuels supplier and trader Tramp Oil owner Chris Carlsen has denied that his company was up for sale - in the near future at least.
Carlsen told Platts that he was not "ready to sell the company, at least anytime soon."
In Full 18 Feb Bunker supplier set to acquire NOL product tankers
Oil services provider Titan (Holdings) Ltd announced today that it had signed an acquisition agreement to buy a number of product tankers from Neptune Orient Lines' subsidiary Neptune Associated Shipping Ltd (NAS) for $55.1 million.
In Full 17 Feb Boost for ECO Phoenix cargo trade through new terminal
ECO Phoenix's deputy general manager, Vladimir Gryzlov, said: "Our new terminal, opened in late November, significantly strengthens ECO Phoenix's position as a player in the cargo trades to North European bunkering centres and as a supplier of straight-run HFO for North West European refineries."
In Full 17 Feb Oversupply fears weigh on Asian fuel oil markets
Mounting supply in southern China's key Huangpu fuel oil hub combined with expectation of several arbitrage cargoes headed for Asia in March were weighing down the region's fuel oil markets today. However, a source close to the Singapore cargo market told Bunkerworld that several recent VLCC fixtures for fuel oil cargoes from Latin America to Singapore had been cancelled.
In Full 17 Feb DNVPS announces retirement of Rex Lim and new MD
DNV Petroleum Services (DNVPS) today announced that Rex Lim has retired after 18 years of service, with Per Holmvang succeeding him as the company's managing director. The new MD said Lim, who has been credited for growing DNVPS into a multi-national business and global leader in the field of marine fuel testing services, would be "a tough act to follow".
In Full 16 Feb Deltaven employees not leaving after all
Miriange Pinto and David Suarez, who were reported to have been made redundant from Deltaven S.A. , effective February 13 and February 12 respectively, announced late Friday that they were "back to business and stronger than ever."
In Full 16 Feb Colombo: East-West restructures bunker operation
The Colombo-based bunker supplier East-West Bunker Services Ltd. (East West) plans to replace its 37,000 dead weight tonne (dwt) tanker Bunker 2 with a smaller vessel of about 10,000 dwt. Bunker 2, which has been used as a floating storage unit anchored off port limits (OPL) Colombo, has already been withdrawn, leaving East-West temporarily out of the Sri Lanka bunker market.
In Full 13 Feb World Fuel Services takeover bid speculation grips market
The international bunker market was today gripped by speculation that Miami-based marine fuels marketing giant World Fuel Services Corporation (WFS) is poised to announce the acquisition of United Kingdom-based global supplier and trader Tramp Oil.
In Full 13 Feb Bullish and bearish numbers give Baltic a mixed look
In general the indications in the Baltic region were a mix of bullish and bearish numbers today, depending on the area. After prices rose steadily in most cases for the best part of a week on the back of crude, some ports saw falls today, while other grades in other ports either maintained previous levels, or continued rising.
In Full 13 Feb South Africa: Cockett Marine Oil enters joint venture
Cockett Marine Oil announced today that the company has entered a joint venture agreement with the influential Mvelaphanda group. The company will be primarily concerned with the marine fuels and lubricants industry in South Africa, however there are plans to expand into other areas on the African continent.
In Full 13 Feb Arctic conditions cause havoc to bunkering in Black Sea and Med
Severe winds, snow, and sub-zero temperatures disrupted bunkering today in an area stretching from the major Black Sea port of Novorossiysk in the east and as far west as Piraeus, Greece today.
Winds of 70 miles-per-hour (mph) forced workers to stay at home in the key Turkish bunkering hub of Istanbul.
In Full 12 Feb Barge fee competition continues in Richards Bay
The stage is set for a new barge rate 'war' between South Africa's two barge operators Smit Dudula Marine (Pty.) Ltd. (Smit) and FFS Bunkers (Pty.) Ltd. (FFS) as the two companies battle for customers in Richards Bay.
In Full 12 Feb Singapore fuel oil values fall on bearish outlook
Strong crude prices have failed to fire up the Singapore fuel oil market this week, a clear sign that a bearish outlook is weighing the market down. Up to four VLCCs with arbitrage cargoes of HSFO are expected to arrive in Singapore in March.
In Full 12 Feb B@S launch new 'flexible' tanker barge
Belgium-based bunker supplier Bunkers at Sea (B@S) said today that its latest coastal tanker barge, the 7,000 metric tonne (mt) capacity Sara was ready for operation.
The Sara, like its sister vessel, the 3,500 mt Vera is one of the few coastal tanker barges in Europe capable of meeting spot bunkering requirements in locations as diverse as northern Spain, Ireland and Norway.
In Full 12 Feb MPA warns shipowners after four killed by pirates
The Maritime & Port Authority (MPA) of Singapore has issued warnings to ships to be vigilant after it emerged that four crew members of an oil product tanker were shot dead by pirates in the Malacca Straits last week after the vessel's owner failed to pay an earlier agreed upon ransom.
In Full 11 Feb South Africa: Barge operator to raise fees
"The continued strength of the rand coupled with legislative requirements have placed us in such a position that, in order to continue to supply the port of Richards Bay with a world class 24-hour bunkering service, we have no alternative but to apply this increase," Smit Dudula Marine (Pty.) Ltd. said.
In Full 11 Feb US oil inventories plummet amid sharp drop in imports
Oil prices fell today after OPEC officials hinted that the cartel would reconsider deep production cuts announced yesterday if oil prices stay high on strong demand, but the market rebounded following the release of bullish US oil inventory data.
In Full 11 Feb Eco-friendly shipowner agrees unprecedented bunker deal
The Scandinavian Ro-Ro operator Wallenius Wilhelmsen has taken the unprecedented step of signing a contract to purchase 200,000 tonnes of heavy fuel oil (HFO) bunker fuel with a sulphur content of just 1.0%.
Wallenius Wilhelmsen, which yesterday agreed the groundbreaking contract with Shell Marine Products, told Bunkerworld today that the company's 'internal goal' was to surpass global standards for sulphur content in bunker fuel - which currently average around 4%.
In Full 11 Feb Doubts set in about OPEC cut
Some OPEC ministers already hinted yesterday that the announced cuts would be conditional on prices softening. Analysts also cast doubts over exactly how credible yesterday's announced cuts would be in light of recent OPEC behaviour.
In Full 11 Feb Record spread reduced as cargoes flood Rotterdam
The bunker price spread between Rotterdam and Singapore dropped further from a nine-month high of $42 per metric tonne (mt) last week to around $36 per mt today, according to Bunkerworld figures and reports today.
In Full 10 Feb New OPEC surprise sends oil prices higher
OPEC took the market by surprise again today by going one step further than recommendations from OPEC's Ministerial Monitoring Committee. The cartel preemptively decided not only to impose an immediate end to quota-busting, but also to cut the current output ceiling by 1 million bpd from April 1.
In Full 10 Feb OPEC recommended to cut cheating, not quotas
Ministers for the 10 OPEC countries bound by oil production quotas went into their formal meeting in Algiers at 11:00 GMT today with recommendations from OPEC's Ministerial Monitoring Committee to keep current output quotas unchanged, but to rein in quota cheating.
In Full 09 Feb Tight avails and high demand blamed for record premium
Fuel oil prices in Fujairah were today quoted at a higher than average premium over prices in Singapore. Bunker indications in the UAE port were seen at some $6.00 per metric tonne (mt)higher than Singapore for 380 centistoke (cst), a 29-month high according to market sources.
In Full 09 Feb Chemoil files suit against Shell Trading US Co
The global independent marine fuel supplier Chemoil Corporation announced Friday that it has filed a US Federal court suit against Shell Trading US Company (STUSCO) for the alleged supply of acidic bunkers in the US Gulf last year.
In Full 06 Feb Is 'seaworthiness' not an issue of Class?
Delegates at the Tanker Operator Conference held in London this week were baffled when a speaker from the classification society Bureau Veritas claimed that a Class certificate was not a document stating anything at all with regards to a vessel's seaworthiness.
In Full 06 Feb Hin Leong's bunkering arm exits Fujairah market
Singapore-based cargo trader and supplier Hin Leong has pulled its Middle East bunkering subsidiary out of the Fujairah bunker market, blaming proposed regulatory changes to single hulled vessels for its exit.
In Full 05 Feb New major league player set to enter ARA market
The Geneva based oil trading company Petroval S.A., which is closely associated with the Russian oil major Yukos, announced today it will be entering the Rotterdam bunker market after signing a long term contract for storage of fuel oil at Vopak's Europoort site. The company looks set to become a major league player.
In Full 05 Feb Crude fails to have any great effect on Japanese numbers
Despite suppliers reporting that enquiry levels in Japan were still ok - at least by Japanese standards, it is still the case that two majors are pulling in the lion share of the business while other players make do with the rest of the enquiries in the market.
In Full 05 Feb Singapore bunker market eases, avails seen improving
Concerns about tight fuel oil avails in the bunker market seem to be easing as more on-spec blended product is expected to be available from the beginning of next week. This combined with wavering optimism about near-term Chinese fuel oil demand and plunging crude prices overnight took a bite out of fuel oil cargo values and bunker prices alike this Thursday.
In Full 04 Feb DOE confirms big US crude build, large product draws
The fall in oil prices deepened today after the US Department of Energy (DOE) released its weekly oil inventory data, confirming a huge crude build reported by the American Petroleum Institute (API) earlier. The bearish effect on the market could be counterbalanced by the fact that the DOE report was a lot more bullish on products.
In Full 04 Feb Crude begins descent on bearish API report, DOE delayed
Weekly US inventory data from the US Department of Energy (DOE) have been delayed until 1 p.m. EST (6 p.m. GMT) today, leaving the market to respond to the weekly American Petroleum Institute data (API) first. The two sets of data are normally published simultaneously.
In Full 03 Feb Panama playing catch-up with Houston
The Panama market has a distinctly firm feel about it today. Those at the high-end were fairly convinced that their more aggressive counterparts would be unable to sustain such a pricing strategy for very long given current resupply costs. Another indication that this might be the case can also be found in the fact that for the past week or so, prices on the canal have been carrying a lower than average premium over prices in Houston.
In Full 03 Feb Rotterdam's 'Bunker Captain' prepares to leave the bridge
Captain Cornelius de Keijzer, bunker expert for the Port of Rotterdam, is preparing to end his 43-year career as a shipping professional. A man of many names (including amusing nicknames) and skills, Capt. de Keijzer will be difficult to replace and sorely missed.
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