News Archive Feb 2005

28 Feb Up to 20 years jail possible in shipping pollution case
28 Feb Malaysian 'bunker island' storage project moves forward
Government pledges support for KIC's 1.2 million m³ oil storage project on the reclaimed 'bunker island' off the southern Port of Tanjong Pelepas.
In Full
28 Feb KIC-Trafigura deal to boost bunker and fuel oil trade
Supply and storage deal between KIC and Trafigura secures Malaysian bunker supply for KIC, while Trafigura expects to triple Asian fuel oil trading volume after taking up its first tankage capacity in the region.
In Full
28 Feb DNVPS launches supplier-specific bunker quality data service
On-line database gives access to the latest DNVPS bunker quality test results from any supplier.
In Full
28 Feb ARA market remains firm
28 Feb KIC inks $50 million deal to finance Malaysian bunkers
KIC Oil & Gas announced today that the company has signed a $50 million financing deal with Singapore's DBS bank.
In Full
25 Feb Impending single-hull ban could hit Asian fuel oil supply
Fuel oil players 'caught with their pants down' as global ban looms on the transport of heavy grade oil on single-hull tankers.
In Full
25 Feb Rotterdam market steadier Friday
25 Feb Yanbu cargo sold locally as Singapore interest fades
Singapore traders lose interest in fresh 650 cst fuel oil cargo after sudden rise in freight rates.
In Full
25 Feb Bominflot Group adds agency services in Las Palmas
25 Feb Singapore: More storage projects on the horizon
Oil analyst discloses more storage terminal plans for Singapore.
In Full
24 Feb Houston bunker premium returns as Shell backs off
Market sources credit return of regular bunker premium over cargo market to less aggressive sales by Shell, but wonder for how long.
In Full
24 Feb Oil rollercoaster continues after US oil inventory reports
Market reactions to weekly US oil inventory statistics reflected a mixed set of data which ran partially contra to expectations.
In Full
24 Feb PRAXIS: Daily bunker market report (Thursday)
24 Feb DOE & API: Latest US oil inventory figures
24 Feb Novorossiysk: Bunker Holdings triples capacity with new barge
Fully-owned product tanker set to start operations as bunker barge next month.
In Full
24 Feb Fresh Yanbu cargo attracts bids from Singapore
First spot cargo on sale from Yanbu refinery since high-sodium debacle attracts several bids from Singapore, where bunker market has yet to recover fully from product shortages.
In Full
24 Feb Market shrugs off Singapore residual stock draw
Fuel oil stocks still high after significant draw with more cargoes imminent, but arbitrage arrivals seen sloping off next month.
In Full
24 Feb Rotterdam still firming Thursday morning
24 Feb BP onboard with Portland bunkering facility
BP Marine and Portland Bunkers International to collaborate when newly-constructed bunkering facility opens on the English south coast in March, with more services in the pipeline.
In Full
24 Feb Criminalisation for accidental pollution given go ahead
European parliament vote gives the go-ahead for criminalising accidental pollution of the sea.
In Full
23 Feb Inverted pricing sees Shell monopolise Houston market
Shell has emerged as the dominant force in the Houston marine fuel market in recent weeks as it pursues an aggressive programme of buying 3% sulphur fuel oil and selling IFO380 bunker fuel at inverted prices.
In Full
23 Feb Latest gains and avails in Saudi ports
23 Feb Rotterdam continues firm this morning
23 Feb France: Court ruling paves way for Erika trial
A French court has ruled against a proposal that further expert evaluations are needed to clarify the liability, or otherwise, of charterer Total in the case of the Erika disaster before trial.
In Full
23 Feb Tramp Oil secures more US Defense contracts
Global bunker operator Tramp Oil has secured two more contract extensions with the US Defense Energy Support Center (DESC).
In Full
23 Feb More Singapore staff moves
23 Feb Crude markets surge on weather, supply and weak US dollar
Crude markets make gains well in excess of $2 per barrel as cold weather returns and old worries about supply and the weak US dollar resurface.
In Full
22 Feb Societies team-up to improve surveyor safety
New initiative identifies a number of clear and simple expectations that need to be in place if serious injuries and even fatalities are to be avoided.
In Full
22 Feb PRAXIS: Daily bunker market report (Tuesday)
22 Feb Aegean launches new operation in Jamaica
Aegean X and the Aegean Tiffany barges on site as Aegean launches new operation.
In Full
22 Feb Fujairah: Seacor signs up to clean seas
Spill response company which began operations in Fujairah due to the flourishing bunker market has joined the Regional Clean Seas Organisation.
In Full
22 Feb Risler upgrades and expands barge fleet
Argentinean bunker supplier and trader has re-built one of its bunker barges to meet international regulations, and also expects delivery of a new double-hull vessel later this year.
In Full
22 Feb Rotterdam firm this afternoon
22 Feb Off-spec fuels reported in Rio Grande
DNV Petroleum Services has issued a bunker alert after receiving several samples of fuel oil with density exceeding the ISO 8217:1996 specification.
In Full
22 Feb Market applauds tax relief incentives
Singapore's Minister for Transport highlights the government's new Approved Marine Fuel Trader Scheme, introduced 1 January 2005.
In Full
22 Feb Iraqi-Malaysian bunker venture: Developments next month
Developments in the establishment of Iraqi--Malaysian bunker venture are expected in March.
In Full
21 Feb IBC April conference program completed
Bunker conference puts emphasis on sulphur and related issues on the eve of Marpol Annex VI coming into force.
In Full
21 Feb Teekay's Q4 profit soars 34-fold on record spot tanker rates
21 Feb Greek owner fined $1 million after whistle-blowing
Greek shipowner agrees to pay $1 million for pollution offences in latest whistle-blower case.
In Full
21 Feb Cold snap boosts crude and distillate prices
After solid gains for US light crude on Friday, oil prices continued firm in London today led by gasoil.
In Full
21 Feb Russian barge operator makes plea to state
Barge operator, Volgotanker has made a plea to the Russian government to put an end to a plan to sell the state's 20% stake in the company.
In Full
21 Feb Barge congestion, arbitrage nulify blend stock circulation
Arrival of blending stock having little impact on market amid barge congestion, good demand and imminent departure of Asia-bound cargoes from Rotterdam.
In Full
21 Feb Claims filed against LG-Caltex after high cat fines
Sources in Busan today said that shipowners are making claims against refiner and bunker supplier LG-Caltex following complaints of off-spec fuel in the market in January, but supplier denies the claims.
In Full
21 Feb Rotterdam opens week on firm footing
21 Feb Ailing bulker blocking 40 vessels on Suez
21 Feb Singapore bunker player expands team
18 Feb Peruvian market rocked by sales tax loophole
Sales suffering as new law omits traders, brokers and other intermediaries from sales tax exemption.
In Full
18 Feb PRAXIS: Daily bunker market report (Friday)
18 Feb Management changes at Total
18 Feb Augusta avails held up by lack of cargo
18 Feb Bunker market re-entry in Q2 will hit ADNOC exports
Abu Dhabi National Oil Company (ADNOC) could re-enter the Fujairah bunker market as early as second quarter.
In Full
18 Feb Qingdao: Blaze aboard fuel barge extinguished
Oil operations resume after the blaze aboard a fuel barge was extinguished in the port of Long Kou.
In Full
18 Feb Cape Town MGO hiatus sends demand elsewhere
As recent refinery fire causes gas oil shortage for Cape Town, increased demand has been noted off-shore, while traders advise of alternative supply locations.
In Full
18 Feb Low value fuel oil forces Russia to reduce export duties
Failure of European high sulphur fuel oil values to match high crude prices prompts government to stimulate buying with duty cut for 50 million tonnes a year export market.
In Full
18 Feb Rotterdam stable ahead of Midday
18 Feb US Defense extends German purchasing contracts
US Defense bunker procurement arm extends its purchase contracts in Germany.
In Full
18 Feb SEAaT launches new environmental solutions portal
18 Feb Temporary oil price dip predicted before next OPEC meeting
Crude prices could dip next month as gasoline stocks come into focus, but rise again if OPEC decides to cut output say market players.
In Full
17 Feb PRAXIS: Daily bunker market report (Thursday)
17 Feb Vopak Horizon Fujairah opens first dedicated bunker pier
"This is the first major step in bunker logistics for Vopak Horizon," General Manager for the Fujairah terminal told Bunkerworld.
In Full
17 Feb New licensing system welcomed by Turkish suppliers
Newly-introduced Petroleum Act, to be introduced in April, will see swathe of companies working in the petroleum and oil product sector apply for a license to operate.
In Full
17 Feb IFO avails return to Port Said, Suez remains dry
Light at end of tunnel for suppliers and shipowners as supplies of IFO180 are earmarked for bunker market in Port Said after lengthy lay-off.
In Full
17 Feb Singapore fuel oil inventories reach 35-week high
17 Feb Oil firm on raised OPEC demand forecast
OPEC's raised demand forecast reduces impact of bearish US inventory figures.
In Full
17 Feb Containership leaking bunkers off Tunisian coast
Clean-up operations are underway along the Tunisian coast after a 563 TEU containership ran aground.
In Full
17 Feb Rotterdam firm with crude
17 Feb Lubmarine develops new lubricant for low sulphur fuels
Total Lubmarine has developed a new marine lubricant, specifically designed for use with low-sulphur fuels, currently available in Europe with wider distribution expected soon.
In Full
17 Feb Australia: Marketing and sales manager to retire
After 22 years in the bunker industry, marketing and sales manager to retire in April.
In Full
16 Feb Crude edges down on bearish US oil data
Crude prices edge lower on the back of unexpectedly large builds in US stocks of crude and gasoline after earlier rally on Iranian explosion.
In Full
16 Feb Sinopec: 'We're not in talks over Shanghai fuel oil terminal'
Chinese oil giant denies it will enter into a joint venture with Titan Petrochemicals Corp. for construction of a fuel oil storage facility near Shanghai, China.
In Full
16 Feb PRAXIS: Daily bunker market report (Wednesday)
16 Feb DOE & API: Latest US oil inventory figures
16 Feb Protestors disrupt IPE trading as Kyoto comes into force
Oil futures trading on the floor of the IPE in London was disrupted today by environmental protestors who chose to remind the oil industry of the harmful effects of burning hydrocarbons on the day the Kyoto Protocol comes into force.
In Full
16 Feb Petrojam/FAMM alliance severed prior to Aegean's arrival
Petrojam group's decision to sell fuel oil to Aegean Marine Petroleum for bunker fuel delivery 'off port' Jamaica described by local supplier and refiner a part of core strategy.
In Full
16 Feb Saudi posted prices move up
16 Feb US DESC extends several contracts in Belgium
16 Feb Surveyor has licence reinstated after acquittal
The Maritime and Port Authority of Singapore (MPA) has confirmed that Vigneson Subramaniam has had his bunker surveyor's licence renewed after he was acquitted of all corruption charges leveled against him by the CPIB.
In Full
16 Feb Titan to pay first dividend since listing after profits surge
Oil services company is to pay its first dividend since listing in 1998, on robust oil demand growth and favourable tanker rates.
In Full
16 Feb US DESC extends Bulgarian bunker purchasing program
US Defense bunker procurement arm extends its purchase contract in Bulgaria.
In Full
15 Feb Fine for vessel and master after oil spills
Fishing vessel and its master ordered to pay a total fine of $60,000 following two oil spill incidents in Canada, one during refuelling.
In Full
15 Feb PRAXIS: Daily bunker market report (Tuesday)
15 Feb Piraeus operations still on hold as gales batter region
The weather system that continued to batter South Europe today has halted operations in the Piraeus roads and the port's outer anchorage for the second day running.
In Full
15 Feb New IBIA chairman targets quality improvements
Two-year appointment of Don Gregory from BP Marine as IBIA chairman underlines industry association's recognition of regulatory changes facing the bunker industry in 2005 and beyond.
In Full
15 Feb Cement carrier leaking bunkers in Danish fjord
15 Feb OPEC to accelerate $20 billion production expansion
OPEC's director of research has said the cartel is accelerating expansion of its production capacity, but hints at possible production cuts in Q2, 2005 nevertheless.
In Full
15 Feb Appeal court upholds spill conviction
Second appeal failure within a month sees €200,000 fine upheld.
In Full
15 Feb Titan profits quadruple
Strong Chinese demand for oil and highly favourable VLCC rates seen as catalyst behind surge in profits.
In Full
15 Feb High density fuels trigger LA bunker alert
DNVPS issues bunker alert following a number bunker samples from Los Angeles found to be off-spec on density.
In Full
15 Feb Rotterdam firm with tight barging reported
14 Feb Lukoil outlines plans for fuel oil export deal
Planned acquisition of fuel oil and lubricants manufacturer and wholesalers to give Lukoil another foothold outside Russia.
In Full
14 Feb Singapore: Supplier accreditations reach 19 as deadline looms
The Maritime and Port Authority of Singapore (MPA) has issued another round of accreditation certificates, bring the number of accredited suppliers to date to 19.
In Full
14 Feb Rotterdam market stable Monday afternoon
14 Feb Intertanko releases Greece conference details
Tanker association forum to offer analysis and updates on the world economy, and on the energy, finance and tanker markets.
In Full
14 Feb Frontline earnings surge on freight rates
Frontline expected to report record earnings of $372 million for Q4 on high freight rates.
In Full
14 Feb Supplier eyes quick resolution to storage hearing
Sri Lanka-based supplier Sri Lanka Shipping Company still hopeful of starting bunker deliveries from floating storage facility in JV with Chemoil.
In Full
14 Feb Indonesia mulling withdrawal of OPEC membership
Declining production and increasing domestic consumption have left Indonesia in a precarious position with regard to its membership of the oil exporting cartel.
In Full
14 Feb Malaysia: Pelepas bunker sales up 19% in 2004
Increased container throughput behind a 19% increase in bunker sales at the Malaysian Port of Tanjung Pelepas.
In Full
11 Feb Total Lubmarine updates lube analysis service
Total Lubmarine announced today that it has updated its marine lubricants analysis service, DIAGOMAR Plus, by adding a new lubricants test and making its reports faster to use and easier to understand.
In Full
11 Feb Colombia: Chemoil launches joint venture with local partner
Global bunker supplier, Chemoil Corporation announced today that it has formed a joint venture physical supply operation with a local partner in Colombia.
In Full
11 Feb PRAXIS: Daily bunker market report (Friday)
11 Feb SEAaT: Wins for abatement and trading, EU split on timing
SEAaT reveals wins for abatement technologies and emissions trading, but highlights divisions among core European political institutions on the implementation of lower sulphur caps.
In Full
11 Feb IBIA magazine announces changes
11 Feb Alaska spill worsens as clean-up is suspended
Hopes that two of the ship's main fuel tanks might still contain bunker fuel are dashed as clean-up is suspended until Spring.
In Full
11 Feb Latin America warms to Europe's imminent sulphur caps
State oil companies and large suppliers of bunker fuel looking to exploit South America's supplies of low sulphur fuel oil as new caps loom.
In Full
11 Feb Rotterdam firm with crude surge
11 Feb ISO: Quality not viscosity should be industry standard
ISO convenor, Wanda Fabriek is calling for the viscosity parameter for ISO specifications to be dropped, with a greater emphasis to be placed on quality.
In Full
10 Feb Panama: Demand almost doubles in undervalued market
Aggressive selling leaves Panama under-valued as demand almost doubles
In Full
10 Feb IEA: Oil stocks will keep falling
Report from International Energy Agency counters OPEC producers' fears of a potential surplus in crude supplies.
In Full
10 Feb PRAXIS: Daily bunker market report (Thursday)
10 Feb Argentina: Another energy crisis to impact bunkers?
With the South American winter approaching, analysts have predicted another energy crisis looming in Argentina - with costly side effects for the country's bunker market.
In Full
10 Feb Thailand: Oil land bridge deal nearing agreement
Thailand's state oil company PTT, has said it expects to sign initial agreements for its planned oil land bridge project in April with strategic partners from South Korea and China.
In Full
10 Feb France: Pollution cases brings criticism
Shipowners embroiled in marine pollution cases in France have criticised the prosecution methods currently employed in such cases in the country.
In Full
10 Feb MOL doubles profits, issues warning over bunker prices
New ships and stability in containership and bulker sectors bring buoyant results.
In Full
10 Feb Rotterdam firm ahead of Midday
09 Feb PRAXIS: Daily bunker market report (Wednesday)
09 Feb Crude up as inventories reveal unpredicted fall
Buying predicted after crude oil stocks fall and refinery utilization decreases at the same time.
In Full
09 Feb DOE & API at a glance: This week's US inventory figures
09 Feb Gibraltar bunker sales fall for first time since 1990
Sales volumes for 2004 in the key Mediterranean bunkering hub of Gibraltar failed to register a year-on-year increase for the first time since 1990.
In Full
09 Feb Waste oil dumping whistleblower receives $360,000 reward
Latest in series of high-profile 'dumping' cases in US ends with $2m fine and $360,000 payment for whistleblower.
In Full
09 Feb Aegean expands into Caribbean
Acquistion of almost 10,000 mt in barge capacity will see Pireaus-based supplier enter the Caribbean bunker market in March out of Kingston and off-shore, Jamaica.
In Full
09 Feb ICS: Unilateralism threatens globally accepted maritime law
The International Chamber of Shipping has said that regional and unilateral actions could threaten the globally accepted system of maritime law and endanger shipping's safety and environmental record.
In Full
09 Feb Alaska: Cruise lines encouraged to switch to diesel
Cruise lines operating in Alaskan waters to receive benefits for switching to diesel fuel.
In Full
09 Feb Rotterdam stable late morning
09 Feb PRAXIS: Daily bunker market report (Tuesday)
08 Feb Singapore: Underground storage could free more refining space
The Economic Development Board (EDB) of Singapore has proposed relocating above ground storage tanks to underground caverns on Jurong Island to free space for more production and refining facilities.
In Full
08 Feb Scrubber manufacturer seeks new partners
EcoSilencer manufacturer, Diversified Metal Engineering (DME) maintains the feasibility of the scrubber despite being dropped from further BP trials.
In Full
08 Feb Indian shipping and port sector calls for bunker tax exemption
Officials from India's ministry of shipping and ports are calling on the government to exempt bunker fuel from excise duty in its 2005-2006 budget.
In Full
08 Feb Crude little changed after yesterday's plunge
Crude oil futures were little change in after hours trading this morning following a significant fall on both sides of the Atlantic yesterday.
In Full
07 Feb Hawaii: Bunkers and cargo removed from grounded ship
Fuel oil, diesel oil and cargo of cement removed from grounded vessel off the Hawaiian island of Oahu.
In Full
07 Feb Spill threatens Egyptian coast after tanker collision
Egyptian authorities are monitoring the situation after 1,500 metric tonnes of oil spilled in the Mediterranean Sea after a collision involving two oil tankers.
In Full
07 Feb PRAXIS: Daily bunker market report (Friday)
07 Feb Old hands promise a new bunker experience
Bunker industry connoisseurs Goris Vermeulen and Capt. Cornelius de Keijzer come out of early retirement to offer a bunker course with a difference, putting theory into practice during an intensive 3-day course.
In Full
04 Feb Venezuela mulls refinery sales to reduce links to US
Venezuela has signalled that it wants to reduce its dependency on oil sales to the US and possibly sell refinery assets in the US and Europe.
In Full
04 Feb Second Yanbu cargo confirmed to be low in sodium
Singapore's bunker market still struggling with after-effect of previous Yanbu cargoes as fresh material finds its way to the Republic.
In Full
04 Feb Talks progressing for Shanghai bunkering joint venture
Titan Petrochemicals in preliminary talks to raise cash for large-scale bunkering joint venture near Shanghai, although deal is not yet sealed.
In Full
04 Feb ARA market steady at midday
04 Feb OceanConnect and Starsupply expand derivative broking alliance
OceanConnect and Starsupply have expanded their New York derivative broking alliance to Singapore.
In Full
03 Feb Price falls fuel Italian bunker demand
03 Feb PRAXIS: Daily bunker market report (Wednesday)
03 Feb Singapore fuel oil stocks drop ahead of February arrivals
Singapore residual stocks drained over the past week, however fuel oil arrivals from the West to Asia expected to reach approximately 2m mt this month, possibly benefiting Singapore's squeezed bunker market.
In Full
03 Feb Arbitrage cargo drains ARA fuel oil stocks
Fuel oil stocks fall below year-ago levels as trader loads VLCC for Asia.
In Full
03 Feb Valero: Aruba acquistion 'paid out' by end Q1'05
Aruba refinery and bunker operation acquisition from El Paso in 2003 'paid out' by next quarter after successful year, says CEO.
In Full
03 Feb ARA barge market edges up
03 Feb Royal Caribbean results falter on high bunker prices
Shares in the Miami-based company closed at $49.35, down $3.65, after fourth-quarter loss widens to $25.8 million from $20m a year ago.
In Full
03 Feb O.W. Bunker welcomes new trader
03 Feb Holiday closures for the Chinese New Year
Celebrations of the Chinese New Year will cause widespread office and market closures next week.
In Full
02 Feb US oil inventory figures at a glance
02 Feb Petroplus buy-out sealed 'by mid-March'
Frisol and North Sea Petroleum owner Petroplus' US-backed half-billion-euro fund-backed management buy-out expected to be sealed by mid-March.
In Full
02 Feb IFO price falls fail to spur South Korean demand
Buying interest reportedly muted despite improved avails and upcoming holiday.
In Full
02 Feb US defense contracts extended
Contracts in Bahrain and India extended for IFO and MDO supplies.
In Full
02 Feb Bominflot expands global services with Ecuador alliance
Supply agreement with Ecuadorian company gives Bominflot its first foothold in the west coast of the Americas.
In Full
02 Feb Oil slips on expectations of US inventory build
Oil price roller-coaster continues as expectations of bearish US oil data overshadow bullish OPEC comments.
In Full
02 Feb ARA market little changed this morning
02 Feb Moderate moves in Saudi posted prices
01 Feb Auspicious start for Shanghai fuel oil futures
Strong 2004 trade figures for Shanghai fuel oil futures deemed good omen for recently launched product.
In Full
01 Feb PRAXIS: Daily bunker market report (Tuesday)
01 Feb New Marine Fuels Manager at Engen
01 Feb ARA fuel oil glut could ease on Asian arbitrage opportunity
Arbitrage opportunity leads to fixture of eastbound VLCC out of Rotterdam as Singapore fuel oil shortage boosts Asian values.
In Full
01 Feb Hong Kong braces for Chinese New Year congestion
Resupply set to arrive on the cusp of Chinese New Year celebrations, as good demand continues to drain limited avails.
In Full
01 Feb New Marpol proposal targets off-shore bunkering
Proposal submitted to IMO to add a new chapter to Marpol, regulating ship-to-ship transfers of oil - including bunkering operations, on the high seas.
In Full
01 Feb ARA market firm at midday
01 Feb Suspension of OPEC price band paves way for higher target
Analysts see suspension of the obsolete price target as a sure sign that OPEC is prepared to defend higher oil prices.
In Full