The Chinese oil conglomerate Sinopec, one of the largest refineries in the world, appears to have produced and shipped the first 0.5% sulfur fuels complying with the new IMO standards. Specifically, during January 2019 Sinopec Shanghai Petrochemical Corp shipped 6,000 tons of the...
Despite the fact that the enforcement of the 0.5% sulfur cap will commence in less than a year, the situation around the pricing of the compliant low sulfur fuel has remained foggy so far. Since physical trading still remains almost inactive, there is no market liquidity and...
The enforcement of the new IMO regulation has created high uncertainty among industry stakeholders on whether there will be sufficient availability of 3.5% sulfhur and 0.5% sulfur bunker fuels beyond the 1st January 2020. In the meantime, the UK-based supplier Crown Oil has highlighted a less discussed issue related with the...
According to FleetMon the SEA FRONTIER operated by Star Formula Marine Services struck a rock some in the easternmost part of Singapore Strait, on 30th January 2019, while approaching port. Tradewinds news reports that: "...all crew rescued from partially submerged vessel and no oil has been spilled. Swift action taken to beach a...
Quality problems remain a pain for the bunker industry and in order for the operators to avoid dealing with bad bunkers, they need to agree with their counter-parties a specific testing methodology, deepen their knowledge in the various ISO specifications and source their fuel from credible suppliers....
With the concerns over the quality and compatibility of the IMO 2020 compliant fuels to continue and with ‘bad bunkers’ cases still in the news, ExxonMobil has decided to transform its business model and focus on growing its direct bunker sales. With this, the company desires to...
Blue Fin, the tanker pool controlled by Heidmar, took legal actions of approximately $1 million against Bomin Deutschland GMBH for damages arising from allegedly off-spec bunkers, which were lifted from the M/T Ridgebury Alina L at the port of Port Luis, Mauritius on the 15th of July...
While preparations for the forthcoming IMO 2020 regulation are moving forward, Monjasa has announced the acquisition of five tanker vessels which, according to the company, are capable to segregate between two and six different types of oil products in their tanks. Such segregation is a really attractive feature...
The expansion of the Panama Canal has also positively affected the local bunker market. Since the opening of the new locks, Monjasa has reported an increase on the supply volumes of bunker fuels, as a result of the increased number of vessels transiting the Canal.
Oil giant Brightoil has recently published a profit warning, where it states that the group’s losses for the 6-month period which ended on the 31st December 2018 are provisionally estimated at USD 57.61 million. Not only that, but despite the ongoing efforts and some favorable developments, the Group has not...