Asia’s refining margin for 0.5% very low sulphur fuel oil fell by more than 10% in March compared to the start of the month, data showed on Friday. The front-month crack (LFO05SGDUBCMc1) closed at $9.70 a barrel at the Asia close (0830 GMT) on the last trading day of March. Asia’s VLSFO market came under pressure in the month on tepid bunkering demand, while supply inflows remained steady. Singapore’s 0.5% VLSFO cash differential closed at $5.50 a tonne on Friday, steadying in single-digit premiums over Singapore quotes. Meanwhile, the market ...

Shell has decided not to go ahead with two projects it was studying to produce biofuels and base oils in Singapore, a company spokesperson said on Thursday. “We can confirm that we are stopping the exploration of two projects – a biofuels unit and a Group II base oil plant in Singapore,” the company told Reuters in an emailed statement. “We will continue supplying base oil and lubricants, as well as biofuels, to our customers in Singapore and the region.” Shell announced in late 2021 that it was studying a ...

The China National Offshore Oil Corporation (CNOOC) announced that it discovered approximately 300 million tonnes of crude oil and natural gas reserves in China’s Bohai Sea in 2022. The major reason for this record high is the discovery of two oil fields last year, namely Bozhong 19-2 and Bozhong 26-6. The latter is a massive oil field with estimated crude oil and natural gas reserves exceeding 100 million tonnes of oil equivalent. A total of five oil fields with oil and gas reserves exceeding 100 million tonnes have been discovered ...

North America Securing prompt supply of VLSFO and LSMGO in Houston is possible. Some suppliers are able to deliver the stems within six days of lead time. However, the Houston Ship Channel is expected to be closed due to thick fog and reduced visibility on Saturday, which can hold back port calls and have a knock-on impact on bunker delivery schedules. Prompt LSMGO stems are available in Bolivar Roads. Some suppliers can deliver stems with a lead time of four days, which is much shorter than the 11-12 days advised ...

Norsepower Ltd., the leading global provider of auxiliary wind propulsion systems, and global shipping company IINO Lines, today announced a contract for the delivery and installation of two Norsepower Rotor Sails™ on a newbuild Very Large Gas Carrier (VLGC). The new vessel – delivered today from Daewoo Shipbuilding & Marine Engineering Co., Ltd in Korea is ready to be equipped with two bespoke 20m tall Norsepower Rotor Sails™ side by side. The new, specially designed, 20m x 4m units have been developed to accommodate the vessel’s specific air draught limits. ...

Seaborne exports of liquefied natural gas (LNG) from Barcelona to Italy rose 17-fold in 2022 from the prior year, while shipments in the first two months of 2023 alone accounted for 45% of last year’s traffic, Barcelona’s port data showed The dramatic increase underscores how Spain has become a significant gas supplier in Europe as Russia’s invasion of Ukraine prompted countries to reduce their reliance on Russian gas. Italy was one of the most dependent countries, with gas from Russia making up 40% of its total prior to the war. ...

Technology group Wärtsilä has again been contracted by the Hyundai Heavy Industries (HHI) shipyard to supply the Cargo Handling and integrated Fuel Gas Supply systems for Very Large Ethane Carrier (VLEC) vessels. This latest order, booked by Wärtsilä in Q1, 2023, is for two VLECs being built for Japanese ship owner Iino Line. It follows a series of ongoing deliveries of similar newbuild VLEC vessels at HHI. Wärtsilä has had a long-standing relationship with HHI, especially regarding a wide range of gas related products and systems for various types and ...

Lloyd’s Register has awarded Approval in Principle (AiP) to Hyundai Heavy Industries (HHI) for its new Onboard Guidance System, which is designed to prevent excessive container roll at sea for containerships. The system, developed through a Joint Development Project with HHI, Eastern Pacific Shipping and Lloyd’s Register, evaluates the stability of the roll motion of the container ship in operation. The solution considers various loading conditions and sea conditions and provides operation guidance on board based on actual operational information in connection with Hyundai Global Service (HGS)’s Integrated Smartship Solution ...

The Georgia Ports Authority has agreed to spend $170 million on 55 hybrid-engine rubber-tired gantry cranes to outfit the Port of Savannah’s Ocean Terminal, as it is redeveloped into an all-container facility. “This significant investment in new equipment will help prepare the Port of Savannah to handle more ships and cargo while maintaining the world-class service our customers have come to expect,” said GPA Executive Director Griff Lynch. “These new machines will expand our capabilities, operate at lower cost and leave a smaller carbon footprint than conventional diesel cranes.” The ...

US LNG supplier Cheniere and France’s Total are set to boost Bulgarian gas volumes in April after winning supply contracts, according to a document released by Bulgarian energy regulator EWRC on 29 March. After organising a tender procedure for the whole of 2023, Bulgarian state supplier Bulgargaz concluded two contracts for the supply of liquefied natural gas (LNG) with traders for April, added EWRC. The contracts were concluded after a tender procedure with requirements for a minimum delivery price and a proposed method of payment. Cheniere secured two cargoes for ...

OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq’s exports, a Reuters survey found on Friday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.90 million barrels per day (bpd) this month, the survey found, down 70,000 bpd from February. Output is down more than 700,000 bpd from September. OPEC and its allies, known as OPEC+, agreed to ...

US fuel oil inventories have averaged 1% lower this month than across February, data from the Energy Information Administration (EIA) shows. Changes in monthly average US residual fuel oil from February to March (so far): Total US stocks down 325,000 bbls to 30.81 million bbls Gulf Coast stocks up 190,000 bbls to 19.15 million bbls East Coast stocks down 713,000 bbls to 5.28 million bbls West Coast stocks up 169,000 bbls to 5.07 million bbls Much less fuel oil has been supplied out of storage to outlets like bunker fuel ...

Progress in reducing gas flaring resumed in 2022, with gas flared worldwide falling by 5 billion cubic meters (bcm) to 139 bcm, its lowest level since 2010, according to new satellite data compiled by the World Bank’s Global Gas Flaring Reduction Partnership (GGFR). “After a decade of stalled progress, global gas flaring volumes fell in 2022 by around three percent, which is a welcome drop, especially during a time of concern about energy security for many countries. We continue to encourage all oil producers to seize opportunities to end this ...

Governor Newsom, despite his climate leadership on land, has capitulated to industry polluters that poison the air for millions of Californians and that far surpasses those impacts of heavy duty trucks or trains in California: the shipping industry. The Newsom administration and the California Air Resources Board just announced a roll-back for at-berth regulations, allowing shipping companies to go back to regulations set 16 years ago that require ships to plug in while idling at ports. The At-Berth regulations would protect the health of port communities and countless communities downwind ...

British ports welcome funding for floating offshore wind, but stresses need for further sums to help achieve government ambitions. The British Ports Association has today welcomed the confirmation and launch of the £160m Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) for port infrastructure but suggested more funding will be needed to help achieve the sizable offshore wind targets. Commenting, Richard Ballantyne, Chief Executive of British Ports Association, the trade body which represents the ports and harbours sector, including all the UK’s man energy gateways, suggested; “FLOWMIS is a welcome initiative ...