Tuesday, July 16, 2019

International Maritime Organization News

BV Joins the Int'l Windship Association

Photo: Bureau Veritas

The decarbonization drive is gearing up to be the defining issue faced by the shipping sector in the coming decades and the industry is searching for low carbon and zero emissions technologies that will deliver on the International Maritime Organization (IMO) initial strategy of reducing emissions by at least 50% by 2050. One family of technologies that is…

LNG Bunkering Market to Reach $12bn by 2024

Coralius reaches 100 bunkerings milestone - LNG demand on the rise. Photo:  Gasum Oy

The global LNG bunkering market was valued at approximately USD 397.70 million in 2017 and is expected to generate revenue of around USD 11899.60 million by the end of 2024, growing at a CAGR of around 59.4% between 2018 and 2024.LNG bunkering is experiencing the highest growth rate in developed as well as developing countries, said a report by Zion Market…

Vitol Builds Refinery for New Ship's Fuel

Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulfur fuel for ships, a senior company official said on Monday.The project consists of a crude distillation unit that can process 30,000 barrels per day of crude and is located on the same site as Vitol's oil storage terminal at Tanjung Bin in the southern Malaysian state of Johor…

Fuel Futures: Diesel Will Spike on IMO2020

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New marine fuel rules to boost diesel prices for at least a year -analystsGlobal prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said.Marine fuels containing no more than 0.5% sulfur by weight…

Global LNG Bunker Fuel Market to Reach $1.3bln by 2026

Pic: Gasum

The global Liquefied Natural Gas (LNG) as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. The bunker fuel market revenue value is exprected to reach US$ 1,263.2 million in 2026.According to a market research report, based on the region the market is segmented into US, Europe, China, India, Japan, and Southeast Asia.

IMO 2020: Exxon Mobil Projects 25% Decline in High-Sulfur Fuels

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Exxon Mobil Corp expects high-sulfur fuel oil demand to fall 25 percent by 2025, as a new set of emission regulations from the International Maritime Organization capping sulfur content in shipping fuel at 0.5% kicks in in 2020, a top-level official at the U.S. oil and gas company said on Monday.The International Energy Agency has forecast high-sulfur fuel oil demand to fall 60 percent next year…

IMO 2020: Shell, HES to Resurrect Refinery

Royal Dutch Shell has struck a deal with Dutch tank terminal firm HES International to partially restart a German oil refinery mothballed since 2011 in response to new restrictions on marine fuels, two trading sources told Reuters.A new cap set by the International Maritime Organization (IMO) that will cut the sulfur content in shipping fuel to 0.5 percent…

GIA Focus on Alternative Fuels

Pic: International Maritime Organization (IMO)

The barriers and incentives relating to the uptake of alternative fuels in the shipping industry were in the spotlight at a roundtable meeting of International Maritime Organization (IMO)’s Global Industry Alliance (GIA) to Support Low Carbon Shipping at IMO Headquarters, London.Experts from across the maritime industry were brought together to discuss successful…

Trump Warns Saudi Arabia on Oil Prices

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U.S. President Donald Trump has warned OPEC not to tighten the oil market too much and risk another spike in prices that could harm the global economy – and his re-election campaign in 2020.“Oil prices getting too high,” the president warned in a message posted on Twitter on Monday. “OPEC please relax and take it easy. World cannot take a price hike – fragile!”The…

ICS Hopes for Zero CO2 Fuels

Image: International Chamber of Shipping

International Chamber of Shipping (ICS) believes that the 2020 global sulphur cap will be the regulatory game changer of the decade with profound implications for the economics of shipping.However, there are even more profound changes to come. "We are rapidly moving into a multi-fuel future to be followed we hope, in the 2030s, by the arrival of commercially viable zero CO2 fuels suitable for global application…

Oil Refining Capacity to Grow at Record Pace

© VanderWolf Images / Adobe Stock

Global oil refining capacity is set to increase at its fastest pace on record this year, possibly boosting stocks of products such as diesel, gasoline and marine fuel, the International Energy Agency said on Friday.Oil refining capacity will rise by 2.6 million barrels per day (bpd) and demand for refined products by around 1.1 million bpd, the IEA said in a monthly report.It was not clear yet what that meant for margins…

Ship Fuel: Singapore Bunker Volumes Dip, 2019 Uncertain

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Sales of marine fuels in Singapore, the world's biggest ship fueling port by volume, totaled 49.8 million tonnes in 2018, down 2 percentfrom a record the year before, the Maritime and Port Authority of Singapore (MPA) said on Monday.December sales volumes of marine fuels, also known as bunkers, reached an 11-month high of 4.308 million tonnes, up 10 percent from November and the second-highest for the year…

Bunker Delivery Note Amendments Enter into Force

Pic: International Maritime Organization (IMO)

Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative mechanisms to address sulphur emission requirements entered into force on 1 January 2019.According to a press release from International Maritime Organization (IMO), the amendment enters into force as the shipping industry counts down to 1 January 2020…

Transocean: $830M Drilling Contract for Ultra Deepwater Drillship

While the late 2018 oil price swoon has put a damper on an otherwise positive year for offshore energy markets, Transocean Ltd. (NYSE: RIG) ends the year on a positive, signing a construction management contract, as well as a five-year drilling contract with Chevron USA, Inc. for one of its two dynamically positioned (DP) ultra-deepwater drillships currently…

Training on Ship Fuel Data Collection in China

Pic: International Maritime Organization (IMO)

The International Maritime Organization (IMO)-led GloMEEP project has delivered a training course in China last week to help maritime administrations and classification societies play their part in an ambitious scheme to collect fuel consumption data from ships.The data collected will provide vital information to support IMO’s global efforts to reduce greenhouse gas emissions from international shipping.

Bunker Industry Welcomes MSC Move on Fuel Safety

Image: International Maritime Organization (IMO)

The International Bunker Industry Association (IBIA) has welcome a decision by the International Maritime Organization (IMO)'s Maritime Safety Committee (MSC) to add a new item to its agenda to address concerns about fuel safety, separating the subject from discussions around the implementation of the new 0.50% sulphur limit under  the International Convention…

Pacific Region to Enhance Maritime Traffic

Pic:  International Maritime Organization (IMO)

To help increase ratification of the FAL Convention and improve understanding of its requirements, two National Seminars on Facilitation of International Maritime Traffic have been delivered by International Maritime Organization (IMO), in cooperation with the Pacific Community (SPC), in Tarawa, Kiribati (14-16 November) and in Honiara, the Solomon Islands (20-22 November)."When the communication between ships and port is smoothly run…

IMO Encourages Investments in Alternative Fuels

Pic: International Maritime Organization (IMO)

Technological innovation and the global introduction of alternative fuels and/or energy sources for international shipping will be integral to achieving the overall ambition in the Initial International Maritime Organization (IMO)  Strategy on reduction of GHG emissions from ships.A press note from the UN agency said that a meeting of the IMO Global Industry…

ASEAN Adopts Oil Spill Contingency Plan

Pic: International Maritime Organization (IMO)

International Maritime Organization (IMO) technical assistance and institutional support has been instrumental in the recent adoption of the Association of Southeast Asian Nations (ASEAN) Regional Oil Spill Contingency Plan.IMO said that the plan was adopted by the 24th ASEAN Transport Ministers Meeting, held in Bangkok, Thailand (8 November). The Regional…

IOC: 5-year Tender on Scrubber-fitted Tankers

Indian Oil Corp (IOC) issued a global tender to charter scrubber-fitted oil tankers for at least five years to import Iraqi oil, a tender document seen by Reuters showed.The tender says Indian shippers will be given first right of refusal for the contract as the nation seeks to boost its shipping industry. It is seeking bids from vessels that are less than 10-years old.A scrubber is a product that strips out sulphur emissions and…