Bunker and Lubricants News Round up – Issue 07

World News – bunker fuels

Bunker Market Stabilizes 

Global bunker prices were steady last week while short decline was registered on Jun.15. MABUX Global Bunker Index for 380 HSFO decline slightly from $287/MT on June 11 down to $283/MT today, Jun.18 (minus $4), VLSFO – added 1 USD (from $335/MT to $336/MT, MGO LS rose from $408/MT to $411/MT (plus $3). A feared second wave of coronavirus infections may have arrived, with cases rising in many parts of the U.S., while exploding much more rapidly in Latin America. In China, a small number of new cases raised fears of a return of the virus. With much of the market pricing in a steady rebound in demand, any renewed lockdown or economic hit may drag fuel prices back down. 

Read more: Hellenic Shipping News 

Europe Emerges as VLSFO Quality Problem Hotspot 

Europe may be emerging as a problem are for quality issues with the new very low sulfur fuel oil (VLSFO) blends. 

Read more: Ship & Bunker 

Asia’s rising gasoline demand spells end for floating storage trend 

A second and final trio of ships used as floating storage tanks for gasoline is en route to unload cargoes in Indonesia, Sri Lanka and Malaysia, according to industry sources and shipping data, showing fuel demand is growing across Asia

Read more: Reuter

Singapore Market Criticised by Commodity Firm CEO 

The head of a commodity trading firm has taken a swipe at Singapore‘s trading environment. Torbjörn Törnqvist, chief executive of Switzerland-based Gunvor, told the Financial Times that the fallout from a series of company collapses in the city state, including the spectacular implosion of Hin Leong Trading, was a concern as it risked tarnishing the reputation of the entire sector. 

Read more: Ship & Bunker 

Maersk Says Demand Developing More Favorably Than Expected 

A.P. Moller-Maersk A/S said the development in the second quarter has been better than the world’s largest container shipping company previously feared. 

Read more: Bloomberg

Climate Change/Future Fuels 

MSC debuts carbon neutral offering 

MSC, the world’s second largest container line, has teamed with a carbon credit specialist to offer clients a new carbon neutral offering. 

Read more: Splash 247 

Repsol Invests in Hydrogen 

Spanish energy firm Repsol is to invest in green energy with a EUR 80 million ($90m) stake in hydrogen. The firm is to build two plants in northern Spain.  One will be a net-zero emissions fuel facility based on green hydrogen generated with renewable energy and carbon dioxide captured at the Petronor refinery in northern Spain, according to Reuters. 

Read more: Ship & Bunker 

Accelerating Decarbonisation Initiatives Will Position Shipping Ahead Of The Regulatory Curve

Shipping should urgently implement a range of short-term efficiency gains to reduce carbon emissions while also embracing more radical long-term sustainability challenges if it wants to get ahead of the regulatory curve, believes Captain Rajesh Unni, CEO and Founder of Synergy Group, one of the world’s leading ship managers.

Read more: Hellenic Shipping News

Carbon Emission Targets in the cloud of COVID-19 

The rollout of the IMO’s sulphur cap has been overshadowed by the pandemic which is having a major impact on shipping globally. Covid-19 will act as a catalyst for change as the phenomenon will have a far wider, more profound impact on global fuel oil demand for years to come.

Read more: Bulugo 

Digitalization

Containerisation standardised the physical – digital standards must follow

The standardisation of the physical shipping container brought positive value by reducing the costs for transporting goods, end-to-end. The digital era parallel is the standardisation of message formats and service interfaces, write Mikael Lind (RISE), Hanane Becha (DCSA/UN CEFACT), André Simha (MSC), Francois Bottin (CMA CGM), and Steen Erik Larsen (Maersk). 

Read more: Smart Maritime Network 

Maritime Industry

Union Backs Seafarers’ Right to Stop Work Despite Risk to Global Trade 

The International Transport Workers’ Federation said it will now support ship crews’ rights to stop working, even if that comes at the cost of disrupting global trade. The change in messaging comes after it says governments took insufficient action to facilitate the repatriation of around 200,000 seafarers and exempt them from Covid-19 travel restrictions by designating them “key workers.” The federation and its affiliated unions also called on crews not to agree to contract extensions starting Tuesday. 

Read more: G Captain / Source: Bloomberg 

Watch: CNN

Events

Marine Lubrication: improving procurement through to performance

The days of one contract manager in a corner office quietly handling a shipping company’s entire fuels and lubes requirements are numbered. Digitalisation means greater transparency and efficiency is available from procurement through to performance. 

Sign up: Rivieramm