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Singapore Marine Fuel/380 CST HSFO cargo spread widens 6% to year-to-date high on IMO 2020

The Singapore 0.5% sulfur marine fuel and 380 CST high sulfur fuel oil cargo spread hit a year-to-date high of $237.64/mt on Monday, having more than doubled since market participants stepped up preparations to transition to low sulfur fuels in October, S&P Global Platts data showed. The impending implementation of the International Maritime Organization’s 0.5% sulfur cap rule for marine fuels from January 2020, has caused demand to shift to the low sulfur fuel oil segment. The Singapore Marine Fuel 0.5% cargo versus FOB Singapore 380 CST HSFO cargo spread ...

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Imbalanced Supply & Demand: Are Alliances Obsolete?

With old-fashioned shipping terms such as ‘conference’ or ‘non-conference’ long consigned to a dustbin that contains full sets of paper Ocean Bills of Lading, one wonders if alliances are as helpful to carrier- shipper stability as proclaimed? Let’s start by asking: what is the role of a shipping alliance? In short, it’s to maximize profit and minimize risk in a manner that fairly supports both the carriers and the shippers. Cargo booked with Cosco, for example, may be carried by CMA CGM at the rate and schedule confirmed with Cosco. ...

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Oil Tanker Anchored on Asia’s Busiest Shipping Route to Become Refueling Hub

A Euronav NV-owned supertanker anchored along Asia’s busiest shipping route is set to become a refueling hub as the company seeks to secure cheaper fuel for its fleet ahead of new industry rules. The Oceania, one of the world’s biggest oil carriers, will serve as a floating storage and distribution center for marine fuel in waters off Kuala Linggi International Port on Malaysia’s west coast. The port will be Euronav’s hub for low-sulfur fuel and marine services in the region, according to an agreement signed Tuesday with T.A.G. Marine Sdn ...

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MABUX: Bunker market this morning, Nov.13

MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued downward evolution on Nov.12: 380 HSFO – USD/MT – 345.08 (-4.11) 180 HSFO – USD/MT – 387.39(-3.40) MGO – USD/MT – 662.90(-0.71) Meantime, world oil indexes also declined on Nov.12 after President Trump disappointed the market again over “phase one” of the U.S.-China deal. Brent for January settlement decreased by $0.12 to $62.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for ...

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Maersk Spot – bringing shipping into the 21st century

The shipping industry is stuck in the past and the challenges are many and well-known; last-minute changes in pricing; lengthy booking processes, and limited predictability makes planning and budgeting for customers a nightmare. Customers in their private lives can easily ‘click-book-pay’ an airline ticket or a hotel but this simplicity is unfortunately not the standard in shipping. Here’s a little test – as a customer: • Do you struggle with constantly changing information on schedules? • Do you spend significant time and effort following up with carriers on the status ...

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Italian ship attacked by pirates in Mexico, two crew hurt

Pirates attacked an Italy-flagged offshore supply vessel in the southern Gulf of Mexico, injuring two crew members, the Mexican Navy said on Tuesday, in the latest outbreak of robbery and piracy to hit oil platforms and infrastructure in the area. One of the crew members of the boat, “Remas,” received a bullet wound, and the other suffered a concussion, and both were transferred to a nearby hospital, the Navy said in a statement. Owned by Italian offshore contractor Micoperi, the boat is a supply vessel for Mexico’s oil industry. It ...

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Hybrid Shipping: New Trends In Green Cargo Transport

The shipping industry is in turmoil like never before. Sulfur caps. Recycling regulations. Cyber attacks and data theft. Safety. Changing trade patterns. Shifting global economies. And, of course, decarbonization is the shipping industry’s #1 challenge. Decarbonization requires efficiency technologies to be put into play, ports and ship operational logistics to be optimized, and carbon neutral fuels to become the norm. Importantly, customer demand for transparency is spurring the industry toward hybrid shipping and achieving vast decarbonization goals. Shipping markets are integral to global supply chains through transporting energy, commodities, and ...

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Cargo handled by Kenya’s Mombasa port up 9% January-September – port operator

Kenya’s main port of Mombasa handled 9% more cargo in the first nine months of this year compared with the same period in 2018, due to greater handling capacity and more cargo headed to its neighbouring countries, its operator said. Mombasa, a gateway to east and central Africa, handles imports and exports for Kenya and other countries including Uganda, Rwanda, Democratic Republic of Congo, South Sudan and Burundi. The port handled 25.45 million tonnes of cargo between January and September compared to 23.36 million tonnes registered during a similar period ...

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Low-sulphur gasoil deliveries for November fall at expiry

Deliveries of low-sulphur gasoil for November fell to 3,734 lots, or 373,400 tonnes, InterContinental Exchange data showed. The contract expired at $578.50 a tonne, down from $584 at the October expiry, when deliveries reached 5,295 lots. Source: Reuters (Reporting by Brijesh Patel in Bengaluru)

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World Coal Association: Rising energy demand in Southeast Asia to be met and supported by coal

Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights into the region’s energy future. With almost a tenth of the world’s population living in SE Asia, a rapidly developing industrial base and growing consumer class, it is unsurprising that there has been an increase in demand for energy. This demand is currently increasing at twice the global average and the report summarises that over the next 20 years SE Asia is on track to become a major influencer on ...

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China stainless steel production declined 2.7% in Oct

Production of stainless steel in China shrank in October for a second straight month, decreasing 2.67% from September to 2.41 million mt, showed an SMM survey. On a yearly basis, the production rose 4.29% last month. 300-series accounted for 1.16 million mt, up 2.73% from a month ago as mills recovered from maintenance, while production of 400-series grew 6.31% to 443,000 mt. Production of 200-series stainless steel in China, however, dropped 13.84% to 772,000 mt last month, as heavy losses prompted mills to curtail or even suspend production. China’s stainless ...

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Japan steelmakers cut profit forecast as weak Asian markets trim margins

The top three Japanese steelmakers reduced their annual profit forecasts this month as slumping steel prices in Asia eroded their export margins while slower auto demand overseas and falling usage in machinery at home forced them to cut output. The firms are suffering from a softening global economy hit by the U.S.-China trade row and rising costs of raw materials such as iron ore as top producer China boosts crude steel output to meet infrastructure demand and support its economy. Japan’s top steelmaker, Nippon Steel, slashed its business profit estimate ...

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Oil falls as U.S.-China trade deal prospects dim

Oil prices fell on Wednesday as prospects for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand. U.S. President Donald Trump said on Tuesday that the two countries were close to finalising a trade deal, but he fell short of providing a date or venue for the signing ceremony, disappointing investors. Brent crude futures edged down 32 cents, or 0.5%, to $61.74 a barrel by 0758 GMT, while U.S. West Texas Intermediate crude was at $56.54, down 26 ...

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OPEC+ Risks Oil Slump Below $50 Without Deeper Supply Curbs

With their next meeting just weeks away, OPEC and its partners are showing no impetus for stronger action to support oil prices. But without intervention, some influential forecasters say a new supply glut could send the market crashing early next year. Crude prices, trading at about $62 a barrel in London, may tumble almost 30% to $45 a barrel if the Organization of Petroleum Exporting Countries and its allies don’t announce deeper production cutbacks, according to Morgan Stanley. Citigroup Inc. and BNP Paribas SA predict a slide to the low ...

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The Middle East is launching a new oil benchmark to rival WTI and Brent

The Abu Dhabi National Oil Company (Adnoc) and nine of the world’s largest energy traders have partnered with the Intercontinental Exchange (ICE) to set up the world’s first Murban crude oil futures contracts. ICE Futures Abu Dhabi (IFAD) and ICE Murban futures are slated for launch in early 2020, subject to regulatory approvals, and will seek to rival well-established light crude oil benchmarks WTI and Brent. Among the companies joining state-owned Adnoc, which produces around 1.7 million barrels of Murban crude daily, to take stakes in the new oil bourse ...

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