News Archive Nov 2006

30 Nov US bunker prices surge
Bullish energy markets driving numbers higher.
In Full
30 Nov Japan's bunker sales drop almost 27% year-on-year
Japanese bunker sales have fallen below last year's totals for the third month running.
In Full
30 Nov Suez Canal Authority wants more tanker traffic
Egypt is to spend over $5 billion to widen and deepen the waterway.
In Full
30 Nov 16 liners to raise Europe-Asia rates, BAFs fall
Liners representing 60% of trade on the route announce increase in container rates, but drop in Bunker Adjustment Factor on European routes.
In Full
30 Nov Maersk's container business facing $600 million loss
Shipping group's bunker costs up 35% per metric tonne, compared with last year.
In Full
30 Nov ARA market firm after crude gains
30 Nov IMO chief will not pre-empt decisions in IFO/distillate debate
UN body not supporting any particular proposal at this stage.
In Full
30 Nov Singapore: Stocks of residual fuels down, middle distillates up
Middle distillate stocks at a five-week high.
In Full
30 Nov Chemoil outlines storage capacity plans in Singapore, Fujairah
Options include leasing from Helios Terminal and deploying floating storages for the short-term.
In Full
30 Nov US crude at $60 is a fair price, OPEC says
Some OPEC members have raised the possibility of an output cut in December.
In Full
30 Nov Singapore spot demand stays flat
Daily spot enquiry volumes below average in quiet market.
In Full
29 Nov Vancouver: Lower port fees for clean fuels
British Columbia port announcing incentive programme for reducing ship pollution.
In Full
29 Nov 'One-Stop-Shop' service offers savings in South Africa
Cockett Marine Oil and Grindrod to waive agency fees for vessels making bunker calls.
In Full
29 Nov Oil prices rise as US oil inventories drop
Latest DOE data show oil inventory declines across the board, driving oil prices to highest levels in nearly two months.
In Full
29 Nov Investors found Chemoil 'difficult to gauge'
IPO oversubscribed as shares sold at bottom of the price range.
In Full
29 Nov Container lines take measures to combat cost pressures
Hapag-Lloyd joins Maersk in raising rates and rationalising services to compensate for rising bunkers costs and capacity increases.
In Full
29 Nov Lube buyers play key role in supply chain management
BP Marine emphasises the customers' role in volume management as industry seeks to tackle supply shortages.
In Full
29 Nov Hedging contracts hit ship operator's profits
Norden reports losses on its hedging contracts as bunker prices fall.
In Full
29 Nov Rotterdam market remains stable
29 Nov Chemoil offers bottom price range to institutional investors
Chief executive officer Robert Chandran ''not happy'' with company's valuation.
In Full
29 Nov Two Asian shipowners' associations resist switch to distillates
Concern over the availability of 1% sulphur cap distillates fuel arises from INTERTANKO's proposal.
In Full
28 Nov Maersk grabs bumper stems
San Francisco reaping benefits from lower prices.
In Full
28 Nov Portland resupply delayed by weather
Columbia Bar conditions hampering barge cargoes leading to tightening avails.
In Full
28 Nov Puzzlement as 'Global SECA' idea gains momentum
The concept of a low global sulphur limit for shipping fuel has been discussed, and dismissed, at the IMO in the past.
In Full
28 Nov New trader at Malik
November brings staff changes at Danish bunkering company.
In Full
28 Nov BP Marine outlines further Salalah expansion
After a strong first year, supplier anticipating increased bunker volumes at what is now one its busiest ports.
In Full
28 Nov Q3 profits triple at IMAREX on 71% increase in trade
Singapore accounts for half of all IMAREX bunker fuel oil trades in the period.
In Full
28 Nov Rotterdam market stable Tuesday morning
28 Nov Bunkers available in Mumbai, HPCL claims
Bunkering suspension should be resolved soon, Hindustan Petroleum Corp still supplying.
In Full
28 Nov Prices soften as avails show signs of recovery
South Korean bunker prices plunge as bunker fuel shortage looks set to ease next month.
In Full
27 Nov Crude jumps but bunkers stay calm
US prices reacting slowly following holiday break as fuel oil resists bullish crude.
In Full
27 Nov Fuel costs behind Maersk service cut
Extra costs driving capacity reduction in Pacific routes and increased freight charges.
In Full
27 Nov BunkerSEACURE offers suppliers bespoke credit insurance
New trade credit risk insurance for bunker suppliers offers protection from bad debts and late payments.
In Full
27 Nov Oil price and environment drive development of another wind ship
German firm to build prototype freight ship powered by wind turbines.
In Full
27 Nov Bearish fundamentals continue to weigh on Singapore
Singapore bunker market tries to shake off third week of discounted prices.
In Full
27 Nov Aegean lowers price on second IPO attempt
Second IPO attempt in New York sees a higher number of shares at a lower price range.
In Full
27 Nov Singapore could tap potential of underground oil storage
Singapore's prime minister says Saudi companies can tap on its infrastructure to set up oil refineries.
In Full
27 Nov Rotterdam market stable, prompt tight
24 Nov Ports detail $180 million cold ironing plans
Los Angeles and Long Beach planning extensive infrastructure work to reduce hotelling emissions.
In Full
24 Nov Philippines shrugs off minor bunker spill
Bunker leak from ship that sunk this week not worrying officials, Solar I siphoning rescheduled to February.
In Full
24 Nov Platts ruffles Rotterdam fuel oil market
Pricing agency defends new policy, pointing to late loading in fuel oil deals.
In Full
24 Nov ENOC Bunkering relocates sales and management team
Sales and management team moves to Dubai head office.
In Full
24 Nov Chemoil re-launches Singapore IPO
Marine fuel supplier sets lower share price in new prospectus.
In Full
24 Nov IMO ready to tighten up MARPOL Annex VI definitions
Sulphur limits are being made more precise while BDN requirements will help operators calculate fuel changeover times.
In Full
24 Nov Still some barge congestion in Rotterdam
24 Nov ENOC passes up on acquiring four bunker tankers
Dubai Drydocks looking for new buyers for the four 6,100 dwt bunker tankers.
In Full
24 Nov Hong Kong hopes for higher demand dashed
Hong Kong sees little demand overflowing from vessels unable to secure bunkers from a tight Korean market.
In Full
23 Nov Avails remain tight in Brazil
Santos tightening but other locations presenting a mixed picture today.
In Full
23 Nov MAN reveals dual fuel propulsion
Engine maker demonstrating gas and liquid fuel options at industry event.
In Full
23 Nov Panama deliveries resume
Barging underway after weather closing down operations, but ships still delayed.
In Full
23 Nov Maritec appoints UK sales agent
Singapore-based fuel testing service seeks further growth with expansion of sales network.
In Full
23 Nov IMO begins countdown to second SECA
Owners have a year to prepare to use low-sulphur fuel or fit an exhaust gas cleaning system in the North Sea SECA, but what happens next?
In Full
23 Nov Singapore: Stocks of residual fuels at 14-week high
Middle distillate stocks also rise in the week ended November 22.
In Full
23 Nov Kuwait offers third spot cargo to Singapore
State-owned KPC offers its excess supplies of fuel oil to Asian hub.
In Full
23 Nov Korean refiners unhappy with Platts' price assessment
South Korean refiners cry foul over Tuesday's Platts benchmark price for 380 cst material.
In Full
22 Nov US markets quiet, tight ahead of two-day break
Busy run coming to an end as Thanksgiving closing down bunker and oil trading.
In Full
22 Nov California fuel rule exemption workshop scheduled
Agenda covering alternative compliance plans for meeting next year's regulations on distillate fuel use.
In Full
22 Nov Mixed fortunes for Greek ferry operators
Attica blames bunkers for reduced nine-month profits while subsidiary Blue Star delivers improvement in the same period.
In Full
22 Nov Switch to double hull tankers 'misguided'
Double hull tonnage is 'more vulnerable' to fracturing, warns expert.
In Full
22 Nov LSFO quality concerns persist
Quality teething problems with LSFO give cause for concerns ahead of second SECA.
In Full
22 Nov Some congestion in Rotterdam market
22 Nov Strong bunker sales lift Singapore trade index
Year-on-year gains in both foreign and domestic wholesale trade indices came from oil product and bunker sales.
In Full
22 Nov South Korea: Prices surge on tight avails
Only S-Oil can offer for November liftings.
In Full
22 Nov Second rare spot cargo due for Singapore
Bunker-grade cargo from Kuwait usually destined for Europe.
In Full
21 Nov Fuel oil cargo trade grows
Volumes increasing this year and next, expert saying.
In Full
21 Nov Clean ships conference announced
San Diego to host industry gathering as port pollution controls gaining momentum.
In Full
21 Nov 'Landmark' ship emissions controls approved in California
Port authorities giving green light to strict new air quality measures for ships.
In Full
21 Nov WWL struggles to meet self-imposed sulphur target
Commitment to environmental policy made difficult by lack of good quality LSFO globally.
In Full
21 Nov Switch to higher quality lubricant base oil formulations anticipated
Shrinking capacity for Group I base oils could see marine lubricant producers switch more expensive formulations in the next five to ten years.
In Full
21 Nov Analyst predicts strong crude price rebound
Recent oil price weakness was temporary says oil analyst at investment bank.
In Full
21 Nov CGES forecasts sees oil below $50
CGES predicts sharp oil price drop in first half of 2007 on OPEC failure to act on announced cuts.
In Full
21 Nov Traders promoted at Dan-Bunkering
21 Nov ARA market extremely quiet
21 Nov Oil market slightly oversupplied, UAE says
It remains unclear whether OPEC will cut output when it meets in December.
In Full
21 Nov Appalling air quality good reason to abandon fuel oil bunkers
The Hong Kong Shipowners Association wants SECAs to be scrapped and calls for ships to burn distillates.
In Full
20 Nov Houston heads for $250 bunkers
Bearish trend continuing as key US Gulf port heading for record low.
In Full
20 Nov PDVSA reveals Caribbean refinery plans
$1.5 billion on the table for minority share but more investment may be needed.
In Full
20 Nov O.W. Bunker plans growth in Asia
Development of Asia network a 'top priority' for the group management.
In Full
20 Nov O.W. Bunker welcomes addition to Hong Kong office
20 Nov Acute bunker fuel shortage hits South Korea
Newbuilds due for launch this month could be left high and dry after South Korean refiners sell out of fuel oil for November.
In Full
20 Nov MARPOL Annex VI: Drastic sulphur reductions to be considered
Options on the table at next IMO working group include stricter SECA sulphur caps or a 'global SECA'.
In Full
20 Nov Little activity in Rotterdam Monday
20 Nov Fujairah fuel oil contract looks to 2007 lift-off after slow start
New Fujairah fuel oil futures contract will offer an alternative pricing instrument to Platts, official says.
In Full
20 Nov Singapore bunker demand and prices stay soft
Singapore's market regains competitiveness over Port Klang after a plunge in bunker prices last week.
In Full
17 Nov Hedging manages risk, 'plain and simple'
Forum hearing message that hedging tools offer price protection for bunker buyers.
In Full
17 Nov Bunker prices tumble as crude oil falls
Singapore sees deepest losses as bunker markets weaken in major hubs.
In Full
17 Nov Another fuel oil trade independent of Platts
Singapore fuel oil market could be ready to explore alternative pricing sources.
In Full
17 Nov Door ajar to Iranian bunker market as new company starts operations
Bunker supply to foreign vessels already offered in Bandar Abbas with reports that service could be extended.
In Full
17 Nov Bunkering still suspended in Mumbai
Players speak of "all out effort" to resolve a bureaucratic confusion over licensing requirements.
In Full
17 Nov Rotterdam market follows crude down
17 Nov Oil firm, tanker owner seek release from criminal charges
Petron offical says criminal charges from Guimaras provincial prosecutor's office following lack 'factual and legal basis'.
In Full
17 Nov Maersk participates in oil spill exercise
Oil spill exercise simulates a tanker collision with a barge near Norfolk.
In Full
17 Nov Oil prices plunge below $57
Crude prices plummet to lowest levels in a year.
In Full
16 Nov Save 30% on fuel costs with new technology
Solutions being offered for squeezing the bunker barrel for greater fuel efficiency.
In Full
16 Nov Future fuel prices a 'major unknown'
Shipowners facing increasing challenges and millions in extra costs.
In Full
16 Nov Personnel changes at Chemoil
Chemoil announces a move, a promotion and a new employee.
In Full
16 Nov INTERTANKO unfazed by critics
INTERTANKO stands by its radical distillate proposal but says it is just one of several approaches to a MARPOL Annex VI revision.
In Full
16 Nov 'Vegetable oil' trials progressing well
Trawler running well on environmentally friendly vegetable oil in North Sea trials, but at a cost.
In Full
16 Nov Star Cruises in the red as fuel prices rise by a third
83% rise in Q3 profit not enough to salvage cruise operator from profit loss during first nine months of 2006.
In Full
16 Nov Relocation for Greek trader
16 Nov Platts benchmark dropped in fuel oil cargo trade
A fuel oil cargo in Singapore has been sold without reference to the traditional benchmark provided by Platts.
In Full
16 Nov Rotterdam market firming again
16 Nov Singapore: Stocks of residual fuels at 13-week high
16 Nov OPEC revises global oil demand upwards
An upward revision of 100,000 bpd of global oil consumption is forecast this year.
In Full
16 Nov Singapore uncompetitive to Port Klang despite falling prices
Malaysia's Port Klang 380 cst prices are about $3-5 lower compared to Singapore's.
In Full
15 Nov Big Apple bunkering
New York's bunker sales have been expanding, but the port is still vulnerable to the vagaries of the arbitrage market and competition is tight.
In Full
15 Nov Dan-Bunkering appoints new Sales Director
Middelfart sales team will be divided in two.
In Full
15 Nov Leading bunker player warns against switch to distillates
BP Marine's director Environment & Sustainability says proposed changes could be "the beginning of the end of the motor ship".
In Full
15 Nov Singapore market tumbles as buyers hold off
Supplier says bunker volumes have been "uncharacteristically poor".
In Full
15 Nov Another contender in talks for Kochi bunkering terminal
India's largest private company is contender to set up international bunkering terminal at Kochi.
In Full
15 Nov Rotterdam market stable Wednesday morning
15 Nov Net profit down 69% for Asian shipping firm
Thailand's biggest container shipping firm suffers losses from lower freight rates and higher bunker fuel bills.
In Full
15 Nov Gulf OPEC members favour oil prices at $55-60
But further cuts by OPEC 'remain on the cards'for its meeting in December.
In Full
15 Nov Japanese refiners at odds with bunker players
Refineries say availability in bonded market is tight, but bunker players report good supplies.
In Full
14 Nov New York prices plunge
US bunker markets softening as crude falling for third straight day.
In Full
14 Nov Brazil considers more bunker market competition
National oil agency consulting internal and external players on regulatory changes.
In Full
14 Nov IMO Secretary-General highlights global distillate proposal
Mitropoulos asks Oslo meeting to consider proposal to replace fuel oil with distillates, raising industry concerns.
In Full
14 Nov IMO meeting: Tight targets and deadlines needed
Norwegian environment minister says setting clearly defined targets on ship emissions will trigger technology and solutions.
In Full
14 Nov Singapore posts record bunker sales in October
Bunker sales of more than 2.55 million mt posted in October.
In Full
14 Nov Asian fuel imports at 2.5 million mt in December
Strong shipments also expected in January 2007 as Saudi Arabia intends to sell more crude to Asia.
In Full
13 Nov Green groups want 1% global sulphur limit by 2010
Environmentalists adding support to distillate fuel solution but also supporting low-sulphur fuel oil.
In Full
13 Nov New supplier on US East Coast
Sprague Energy bringing 'expertise' to bunker expansion.
In Full
13 Nov Petrobras closed Wednesday
13 Nov More support for ending IFO as a shipping fuel
Shipping association says maritime industry is facing "one of the hardest topics" it has ever had to confront.
In Full
13 Nov LSFO finally on tap in Gibraltar
Peninsula expects demand to grow after securing regular LSFO supply.
In Full
13 Nov Bunker cost drags down shipping firm's Q3 profit
South Korean shipping firm post more than 80% drop in net profit with on higher bunker costs.
In Full
13 Nov India to combat oil spill with new model
New oil spill management model to protect India's rich biodiversity at several locations.
In Full
10 Nov Call for 'new thinking' to save on fuel costs
Fuel efficiency will save money, lead to greener ships, company saying.
In Full
10 Nov Ports confirm distillate fuel use targets
Lease revisions to be primary means for achieving compliance.
In Full
10 Nov No consensus ahead of IMO emissions meeting
Shipowners divided on future of bunker fuel.
In Full
10 Nov Horizon-led consortium signs terminal concession
Terminal will serve local needs as well as Mediterranean bunker market.
In Full
10 Nov Manager to retire as barge operator stakes out future course
South African barge operator plans fleet upgrades to meet growing demand for MARPOL-compliant vessels by 2008.
In Full
10 Nov Demand melts away - again
Singapore bunker prices still undercutting fuel oil cargoes.
In Full
10 Nov ARA market stable despite firmer crude prices
09 Nov Crude gets 'bullish surprise'
Oil markets at 2-week high with bunker prices following.
In Full
09 Nov O.W. Bunker expands physical supply through acquisition
O.W. merger with ABC Atlantic Bunkers to cover African coast from top to bottom.
In Full
09 Nov Another shipowners association calls for switch to distillates
Asian shipowners association pulls away from 1% sulphur cap on IFO and backs radical INTERTANKO proposal.
In Full
09 Nov New regulation halts bunker supply in Mumbai
Indian suppliers united against baffling new regulation amid fears it could spread to other states.
In Full
09 Nov Demand picks up in Asian hub
Singapore market sees surge in activity after days of thin trade
In Full
09 Nov Falling prices boost shipping lines' prospects
Japan's largest shipping companies revise their profit forecasts upwards on back of 'bunker bonus'.
In Full
09 Nov Rotterdam market stays firm
09 Nov Another record result from WFS
Earnings so far this year up by nearly 70% with two out of three quarterly results beating records.
In Full
09 Nov Singapore onshore fuel oil stocks rise
Weak Chinese demand sees Singapore inventories grow.
In Full
08 Nov Ports seek ban on use of fuel oil bunkers
Aggressive pollution reduction measure wants 0.2% sulphur distillate fuel for all ship engines from next year.
In Full
08 Nov Panama plans bunker market changes for 2007
Industry bunker cluster shortly considering recommendations for regulatory and infrastructure improvements.
In Full
08 Nov Refiners release product into bunker market
Japan has ample supply, but demand remains thin.
In Full
08 Nov Green light for Baltic refinery deal
Polish acquisition of Lithuanian refinery approved by EU regulators.
In Full
08 Nov Bunker prices hit profits, but prospects are good
Ship operators draw comfort from falling fuel prices.
In Full
08 Nov Odfjell banks on better Q4
Tanker owner hopes for improved bottom line in the final quarter as bunker price burden looks set to ease.
In Full
08 Nov Singapore bunker demand dries up
Player says there is 'panic' in the market as buyers fail to respond to low offers.
In Full
08 Nov Q3 triumph for Asian owner despite 112% rise in bunker cost
Freight rate recovery boosts Q3 result for Asian owner, while another struggles in same period.
In Full
08 Nov Rotterdam bunker market stable due to firm barge market
07 Nov Confused OPEC comments keep markets guessing
Crude falls back as doubts raised over further production cuts.
In Full
07 Nov New port plan brings forward ship, fuel controls
Final version of Los Angeles/Long Beach emissions action plan setting five-year ship pollution reduction targets.
In Full
07 Nov Strait of Gibraltar ports seek common ground
Traditionally competing ports seek to speak with one voice, call for common code on bunkering.
In Full
07 Nov Unexpected spot cargo sold to Singapore
Bunker-grade fuel oil spot cargo loading in Kuwait shortly after refinery fire shuts residue processing unit.
In Full
07 Nov Shipping low on the list of EU pollution sources
European inventory shows up road transport, private fuel use and agriculture as major sources of polluting air emissions.
In Full
07 Nov Rotterdam market firm Tuesday morning
07 Nov Dan-Bunkering opens Russian office
Danish firm expands its network and welcomes two experienced Russian traders to run new office.
In Full
06 Nov Port backs scrubber technology
Authority pushing for mobile solution to ship emissions in West Coast port.
In Full
06 Nov Royal Caribbean expects stable bunker prices
Cruise line seeing some relief despite paying $27 million more for fuel in quarterly results.
In Full
06 Nov Antwerp competing on bunker price despite refinery downtime
Up to six weeks closure expected at Antwerp refinery and major source of bunker fuel.
In Full
06 Nov Push to include shipping emissions in Kyoto Protocol
The European Commission wants to expand Kyoto Protocol once current 'commitment period' runs out.
In Full
06 Nov New trader at Stena Oil
06 Nov O.W. Bunkers UK prepares to move
New office next week to accommodate growing team.
In Full
06 Nov Fuel costs maroon South African patrol vessels
New marine patrol vessels not spending enough time at sea due to crippling fuel expenses.
In Full
06 Nov IMB says piracy in decline
Pirate attacks declining globally, but 'hot spots' remain and in some areas attacks are becoming increasingly violent.
In Full
03 Nov US bunkers respond to crude markets
Diverging responses to oil price rollercoaster this week as US Gulf finishes busy week.
In Full
03 Nov Chemoil clarifies diesel fuel rule
Supplier advising clients on compliant fuels to meet new California requirements.
In Full
03 Nov One down, one to go
Bunker lightering operations taking place on two ships stranded in Japan.
In Full
03 Nov Work starts on South Africa's first double-hull bunker barge
Keel laying ceremony at Durban yard marks beginning of conversion to double-hulled bunker barge fleet.
In Full
03 Nov WFS celebrates Irish partnership
Both high and low sulphur marine fuels offered at Irish ports.
In Full
03 Nov Vopak profits up by a third as terminal expansion continues
Vopak is adding more than 1.6 million m³ of storage capacity around the world in response to growing demand.
In Full
03 Nov Bunker supplier moves into IFO market off West Africa
SK Shipping to start supplying residual product later this month.
In Full
03 Nov Rotterdam market stable Friday morning
03 Nov Shipping company cuts bunker consumption by 10%
Yang Ming Marine Transport Corp says savings from slower steaming better than expected.
In Full
02 Nov BP to cut ship emissions, vessel speeds
Tanker company moving to address environmental impact after 'incredible' air pollution figures.
In Full
02 Nov Montreal gets avails boost
Supplier returning to market despite storage tank leak.
In Full
02 Nov Panama offices closed Friday, Monday
02 Nov Wärtsilä's Q3 pre-tax profits nearly double
Wärtsilä says new vessel tonnage is approaching record and that high oil prices favour fuel oil power plants.
In Full
02 Nov NOL sees profits fall as bunker prices continue to bite
Group’s bunker costs for year to date up $183 million compared to 2005.
In Full
02 Nov Guernsey: Marine fuel taxation a big blow
Exemption of diesel from new tax regime not yet certain.
In Full
02 Nov Taiwan's refiner producing less bunker grade material
Fuel oil imports continue as CPC works to meet bunker demand.
In Full
02 Nov Rotterdam market remains stable into Thursday morning
02 Nov Singapore fuel oil inventories jump
Flurry of cargo arrivals sees stocks climb from eleven month lows.
In Full
02 Nov BIMCO weighs into MARPOL Annex VI debate
Shipping association advocates using distillates in SECAs and ports while allowing continued use of high sulphur bunkers at sea.
In Full
01 Nov New York resupply delayed further
Suppliers hit tank bottom as new product not due until next week.
In Full
01 Nov Fuel costs fingered again at Evergreen
Third quarter results from Taiwanese shipowner showing the strain of rising costs and falling rates.
In Full
01 Nov Petrobras closed tomorrow
01 Nov US oil product stocks fall more than expected
Stocks of key fuels drop despite increased refinery output amid strong demand figures.
In Full
01 Nov Bunker spill damages award 'out of all proportion' with real costs
Ukrainian court awards $24.5 million against shipping company involved in 75 mt bunker spill.
In Full
01 Nov Key players 'poised' to trade in Fujairah fuel oil futures
Contract will "need to be marketed aggressively" to succeed.
In Full
01 Nov Oil traders edgy ahead of US stock data
Surveys show expectations for build in crude, drop in products stocks due to refinery maintenance.
In Full
01 Nov Bunker fuel pumped off grounded vessel
No reports of any spillage as salvage operation moves ahead.
In Full
01 Nov Rotterdam market stable on Wednesday morning
01 Nov Japan: September bunker sales rise but remain down on year
September was the second consecutive month with a year-on-year drop in Japan's bunker sales.
In Full