CMA CGM to dedicate six LNG-fueled ships to service U.S. market CMA CGM Group Chairman & CEO Rodolphe Saadé announced today that he will dedicate six new liquefied natural gas (LNG) fueled containerships to the U.S. market, as part of the group's ongoing
Golden Ray: Cutting resumes after maintenance pause After taking a pause to maintain apparatus, the St. Simons Sound Response team today resumed cutting operations on the hull of the capsized car carrier Golden Ray, which is being sliced into
Dropping in bio-LNG extends green financing runway says SEA-LNG By dropping in bio-LNG to their fuel mix, owners of LNG-fueled ships could extend the time through which they are eligible for preferential "green" financing under the Poseidon Principles. The SEA-LNG coalition
United Wind Logistics uses ABB software to boost module carrier safety and efficiency Germany's United Wind Logistics is to use the ABB Ability marine advisory system OCTOPUS to support its module deck carrier VestVind as it transports large wind farm components such as turbines, foundations
NTSB reports on Cooperative Spirit contact with bridge The National Transportation Safety Board has issued its report on the March 15, 2020, incident in which the tow of the 1975-built American River Transportation Company towing vessel Cooperative Spirit broke apart
Grimaldi orders RO/RO multipurpose sextet at Hyundai Mipo Naples, Italy, headquartered Grimaldi Group has signed a $600 million agreement with South Korean shipbuilder Hyundai Mipo Dockyard covering the construction of six new RO/RO multipurpose vessels. With a length of 250
CMA CGM to introduce LNG-fuelled boxships to transpacific CMA CGM chief executive admits LNG may not be the perfect solution to decarbonisation. But unlike other options, it is...
StealthGas lands in the black despite Cypriot charterer failure Nasdaq-listed owner posted a net loss of $700,000 for the fourth quarter of 2020, however the deficit turned into an...
Steamship reports renewal gain as UK Club books 'small reduction' Head of underwriting hails overseas offices for important role in winning new business
Globalisation is switching from goods to services The development of artificial intelligence and robotics favours the richer economies, while weaker regions and countries will lose out unless...
EU database shows higher emissions than initially reported The landmark database continues to change, resulting in a significant increase in recorded shipping emissions for 2019 and raising familiar...
Teekay Tankers warns of tough months ahead Canada's Teekay Tankers has signed a seven-year charter-in deal for an aframax newbuilding due for delivery in 2022. It predicts...
Weekly Briefing: Maersk tightens carbon-neutral deadline | Tankers sail an uncertain course | Bulkers owners bullish, but BIMCO sounds a warning The containers sector saw progress on environmental goals, as Maersk pledged to have a carbon-neutral vessel in service by 2023...
Cosco enters shipping venture with SAIC Motor New company is expected to be registered in Yangpu, an emerging economic development zone in Hainan, an island province at...
Evergreen wins pivotal collision regulations case in Supreme Court 'It's the first judgment we've had in over 40 years on the collision regulations, and it really goes to town...
Loss-making Genco completes asset sales The company, which recorded a net loss of $65m in the fourth quarter of 2020 compared with net income of...
Pacific Basin says minor bulkers rally linked to US grains Minor bulk demand growth is pegged at 4.8% this year compared with fleet growth of 1.8%, Pacific Basin highlights, while...
Ardmore chief expects growth in non-fossil fuel cargoes Company carries 25% of non-fossil fuel cargoes, and expects this to rise to 80% to 90% in the next few...
Daily Briefing Free to read: Skuld joins Gard among big winners from renewal round | Israel oil-spill ship shortlist narrows | Unions...
Wilhelmsen and HHLA anchor new maritime investment fund The fund is being pitched as an innovation opportunity that tackles maritime value chain hurdles through a fresh industry consortium...
Ocean carriers hold all the cards in contract talks with shippers It's not just small and midsized importers that face massive contract rate hikes. Even the biggest shippers will feel the pain.
THAILAND DATA: Jan diesel, naphtha exports rise; jet fuel shipments tumble Thailand increased shipments of automotive diesel and naphtha but reduced exports of heavy fuel oil and jet fuel in January, according to latest data from the Customs Department.
S KOREA DATA: Jan gasoil demand slips 10% on month to nine-month low South Korea's gasoil demand fell 10.42% on the month in January to 12.96 million barrels, a nine-month low, latest data from the Korea National Oil Corporation showed, as the outbreak of coronavirus infections in the month continued to exert downward pressure on consumption levels.
USGC, European feedstocks hit one-year highs on crude strength, winter storm US Gulf Coast and European refinery feedstocks hit multi-month highs midweek on the back of recent refinery outages in the Gulf Coast region.
ARA diesel, gasoil stocks rise 1% on week to 2.6 mil mt on weak barge demand Stocks of diesel and gasoil in the Amsterdam-Rotterdam-Antwerp hub rose 1% week on week to 2.6 million mt in the week to Feb. 25, according to Insights Global data, as ample inland availability for both diesel and gasoil hampered demand for FOB ARA barges, sources said.
S KOREA DATA: Jan gasoil exports fall 31% on year to 7-year low South Korea's gasoil exports fell 30.6% year on year to 11.92 million barrels in January, a more than seven-year-low, latest data from the Korea National Oil Corp. showed Feb. 25, with industry sources attributing the lower outflows to still shaky regional demand caused by pandemic-induced lockdowns and mobility restrictions.
Brazil's fuel-price debate worries potential Petrobras refinery investors: CEO Brazil's debate over state-led oil company Petrobras' role in setting domestic fuel prices has potential refinery investors worried, but nobody has backed out of the process to sell eight of the company's 13 operated refineries, CEO Roberto Castello Branco said Feb. 25.
Port of Corpus Christi partners with Rotterdam for more crude connections, tech sharing The United States' leading oil-export hub is partnering with Europe's largest port to improve crude connectivity and technology sharing.
TANKERS: Texas freeze boosts USGC Aframax freight rates to nine-month highs The extreme cold temperatures that hit Texas the week started Feb. 14 caused port closures that locked up tonnage and provided a silver lining for shipowners, already struggling with rates beneath the w100 psychological mark since May 2020 due to low demand for shipping crude following production cuts.
OIL FUTURES: Crude settles mixed as vaccine rally searches for new drivers Crude oil futures settled mixed as the market searched for fresh drivers despite increasingly bullish demand outlooks.
Group 3 ULSD spikes beyond five-year high amid refinery outages The Group 3 ultra low sulfur diesel market, commonly referred to as X grade, jumped on Feb. 25, increasing more than 5 cents/gal to hit an over five year high following Winter Storm Uri which caused multiple refinery outages across the continental US.
Peninsula joins Society for Gas as a Marine Fuel Bunker supplier Peninsula Petroleum, which said Feb. 4 it was adding LNG bunkering to its portfolio of offerings, has joined the Society for Gas as a Marine Fuel, the society said.
USGC marine fuel 0.5%S, low-sulfur feedstocks rise to 13-month highs following winter storm Both finished VLSFO and blending components such as LSVGO and LSSR have seen a run-up in outright prices and crack spreads following refinery outages in Texas that have made a tight supply situation more dire.
Rising volatility in marine markets lifts hedging against Platts instruments: ICE **ICE traded volumes of marine fuel up 114% on year **Freight contract exposure hedged as far as 2025 **Different approaches to managing risk
ADNOC buys 6 VLCCs to support trading business, oil capacity ramp-up
OIL FUTURES: Crude ticks higher as optimism over demand recovery overshadows EIA data
JAPAN DATA: Feb 14-20 oil product exports drop 51.8% to 1.21 mil barrels Low sulfur fuel oil exports slid 10.6% week on week to 243,882 barrels in the week to Feb. 20, with high sulfur fuel oil exports sliding 24.8% on the week to 326,615 barrels.
Asia-USWC fixtures stagnate on tepid US air travel demand **Northeast Asia jet fuel to USWC seen at two MR cargoes for Feb loading **Jet fuel outlook bleak with US travel demand at 36-year low **Jet fuel prices remain in contango with little near-term upside
Downtrend persists in VLGC rates; fleet expected to see growth in 2021, 2022 **Market hopes rates may hit bottom as US LPG loading resumes **But slow Asian LPG demand offsets any supply recovery **Lower Saudi exports impact Middle East shipping activity
Shanghai marine fuel 0.5%S discount to Singapore gasoil widens on end-month sales Suppliers need to cut prices to increase sales so as to hit their monthly targets, a source said.
Robust LSFO margins continue to lift Australia's Vincent crude to fresh record Market participants attributed the uptick to fewer low sulfur fuel oil arbitrage volumes arriving in Singapore, resulting in a drawdown in stocks as demand remained steady.
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