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Dirty crude oil flows to China

This week’s chart highlights the declining trend in the quarterly volume of dirty oil flows to China for the second quarter of this year, primarily driven by a slowdown in Russian oil exports compared to last year’s record pace. In contrast, Saudi Arabia has maintained a strong pace, with quarterly volumes not falling below last year’s levels. In early March, we noted a strengthening momentum in market rates for the VLCC-AG China route, which did not last. However, this trend may firm up as the quarterly volume of dirty oil ...

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Ardmore Shipping: Leading the charge in energy efficiency technologies

The global push towards sustainability is reshaping industries worldwide, with the maritime sector under significant pressure to reduce its carbon footprint. Ardmore Shipping is leading the charge with its Energy Transition Plan (ETP), a comprehensive roadmap designed to enhance energy efficiency and foster innovation within its tanker fleet. Garry Noonan – Ardmore’s Director, Innovation – shares insights into the company’s multifaceted approach to sustainability. Ardmore’s commitment to energy efficiency is brought to life through the strategic implementation of cutting-edge technologies across its fleet. In 2022 and 2023, Ardmore rolled out ...

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Gibson tanker report – The Long View

Oil demand will peak this decade, that is the call by the International Energy Agency (IEA) who released their Oil 2024 report this week.

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Flexibility and Future-facing: Ingredients for A Positive Maritime Industry Outlook

GP General Procurement Company Limited (GENPRO) was delighted to welcome trade and logistics expert Dr. Jan Hoffmann as its keynote speaker at the company’s breakfast networking event in Athens during the Posidonia week to discuss key challenges in shipping and trade. Dr. Hoffmann, Head of the Trade Logistics Branch at United Nations Trade and Development (UNCTAD) shared his unique perspective on “Geopolitical Turbulence and Maritime Procurement: Building Resilience in a Complex Environment” at the event, which brought together GenPro members, contracted suppliers, and colleagues, for a morning of networking and ...

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Asia Fuel Oil-Markets end week on largely stable note

Fuel oil benchmarks were broadly stable in Asia on Friday, with cash premiums and crack spreads rangebound through the week. The high-sulphur (HSFO) market largely retained support amid a seasonally strong period, though expectations of more upcoming arrivals later this month capped gains. Cracks for 380-cst HSFO were stable between discounts of $6 to $6.50 a barrel this week, while cash premiums held at about $12 a metric ton. Meanwhile, the low-sulphur (VLSFO) market recovered slightly on Friday, though some bearish pressure weighed on sentiment as the wider supply pool ...

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Americas Fuel Availability Outlook

North America Bunker demand has remained good in Houston and several other locations along the US Gulf Coast this week. Availability of all fuel grades has been normal for prompt supply in Houston. Several suppliers in Houston have ample VLSFO and LSMGO availability and are actively offering stems for prompt deliveries. VLSFO stems for non-prompt dates were being fixed at as low as $567/mt on Thursday. Prompt VLSFO and LSMGO supply is available in Bolivar Roads and Beaumont. However, bunker deliveries in these locations remain subject to weather conditions and ...

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TECO 2030, BLOM Maritime and Samskip receive ENOVA grant to retrofit Samskip LNG Vessel with fuel cells and hydrogen fuel

TECO 2030 together with BLOM Maritime and Samskip receive a grant for a pre-project aiming to retrofit Samskip’s vessel Kvitnos with TECO 2030 fuel cells and hydrogen fuel. This innovative project aims to significantly reduce emissions from this LNG-fueled vessel, which currently operates on a weekly multipurpose service from Rotterdam, The Netherlands and along most of the Norwegian coastline to Hammerfest. By switching to zero-emission hydrogen technology, these partners join in their goal of reducing greenhouse gas emissions. The goal of the project is to prepare for an investment decision ...

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Tärntank orders tenth hybrid chemical tanker from Kongsberg Maritime

Kongsberg Maritime has secured a contract to design and a equip a tenth hybrid chemical tanker for Danish operator Tärntank. The new Tärntank vessels will reduce carbon emissions using a combination of clean technologies. The wind-assist technology will be installed on the latest four vessels ordered, and this feature alone is expected to reduce emissions by up to 19%. The new vessels will have an Energy Efficiency Design Index close to 40% below the 2025 Phase 3 requirements. The 15,000dwt hybrid tankers can operate on diesel, biofuel or methanol, and ...

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The Valencia Containerised Freight Index (VCFI) decreases in May by -12.98%

The Valencia Containerised Freight Index (VCFI) for the month of May decreases in a scenario in which the activity of the maritime sector is marked for yet another month by the geopolitical situation. Thus, in the fifth month of the year, this price index, which is based on the export prices recorded by the Port of Valencia in 13 geographical areas around the world, stood at 1,606.61 points, representing a monthly drop of -12.98%, a decrease since the beginning of the year of -11% and an increase of +12% in ...

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US natgas prices ease 1% on forecast for less demand, lower LNG feedgas

U.S. natural gas futures eased about 1% on Friday on forecasts for less demand this week and next than previously expected and signs the amount of gas flowing to liquefied natural gas (LNG) export plants was down a bit. Other factors weighing on prices this week have included expectations supplies will soon rise once the Mountain Valley gas pipeline enters service and news that price increases in May prompted EQT, the nation’s biggest gas producer, to start boosting output. Front-month gas futures NGc1 for July delivery on the New York ...

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Nigeria’s Dangote refinery gasoline deliveries delayed until July

Gasoline deliveries from Nigeria’s huge and strategically important Dangote refinery are delayed until July, Aliko Dangote told Nigerian media this week. He also said the 650,000 barrel per day (bpd) refinery would begin producing 10 ppm diesel by next week. “We had a bit of delay, but it will start coming out 10/15 of July,” he said of gasoline production in a video posted by local station Channels TV. “By third week of July, we will be able to take it into the market.” The refinery, located in Lekki, roughly ...

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Prices decline on falling gas demand

Dutch and British gas prices declined on Friday morning, after climbing to their highest in 10 days the day before, as demand in north-west Europe is forecast to drop over the weekend. The benchmark front-month contract at the Dutch TTF hub inched down by 0.20 euro to 35.53 euros per megawatt hour (MWh) by 0926 GMT, while the Q4 price TRNLTTFQc2 was 1.20 euro lower at 38.70 euros/MWh, LSEG data showed. In the British market, the weekend contract was down 1.00 pence at 83.25 pence per therm. On Thursday, prices ...

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Port of Long Beach Trade Slows in May

Shifting trade routes and canceled voyages led to a decline in cargo at the Port of Long Beach in May. Dockworkers and terminal operators moved 695,937 twenty-foot equivalent units last month, down 8.2% from May 2023. Imports slid 4.5% to 345,271 TEUs and exports decreased 21.1% to 100,885 TEUs. Empty containers moving through the Port declined 7% to 249,782 TEUs. The Port has moved 3,449,181 TEUs through the first five months of 2024, and is still up 10% from the same period in 2023. “I am confident we will see ...

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OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction

The head of OPEC said that the world will need to invest in fossil fuels for decades to prevent an energy shortage, dismissing predictions that oil demand will peak soon. OPEC Secretary General Haitham Al Ghais said oil demand will grow by 25 million barrels per day, or bpd, in the developing world through 2045, with China and India alone contributing 10 million bpd, as billions of people need access to basic services such as electricity, cooking gas and transportation. “Those that dismiss this reality are sowing the seeds for ...

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Russia Boosts Oil Revenues As Shipping And Trading Network Grows

Russian oil exporters are charging more for their oil in major market India than at any time since the war in Ukraine started as a growing number of shippers and intermediaries take part in the trade, weakening the impact of Western sanctions on Moscow. The exporters have had to offer deep discounts to encourage shipping companies and traders to move their crude and brave the risk of sanctions since Russia’s full-scale invasion of Ukraine in February 2022. Among the restrictions, the United States and European Union imposed a price cap ...

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