Top 5 stories of March 2021 In March, the maritime industry reached a full year of ongoing COVID-19 issues as it continued on recovery efforts. March also saw one of the largest ever disruptions to maritime trade as
Ten Seaspan newbuilds to have MAN dual-fuel engines At least 10 of the ships ordered in Seaspan Corporation's ongoing newbuilding ordering binge will be LNG dual-fueled: the ten 15,000 TEU ships that are being built for 12-year charters to Haifa,
Meyer Werft wins breakthrough cruise ship order Meyer Werft has become the first shipyard to win an order to build a new cruise ship since the outbreak of the COVID-19 pandemic. The order has been placed by Japan's NYK
VIDEO: Eastern Shipbuilding launches third Ollis class ferry Launched March 26, the Dorothy Day is the third of the three 320 foot long Ollis class Staten Island ferry being built by Eastern Shipbuilding Group's Allanton shipyard in Panama City, Fla.,
NTSB: LPG tanker's speed a factor in 2019 LPG collision with Kirby tank barge The National Transportation Safety Board (NTSB) has issued its report on the May 10, 2019, incident in which the LPG carrier Genesis River collided with a 297 foot long tank barge being
Crowley names Praskovich VP of sustainability Crowley Maritime Corporation has promoted Alisa Praskovich to vice president of sustainability. In this role, Praskovich will orchestrate Crowley's environmental, social responsibility and governance (ESG) activities across its business offerings and operations
International Seaways and Diamond S to merge The boards of International Seaways Inc. (NYSE: INSW) and Diamond S Shipping Inc. (NYSE: DSSI) have unanimously approved a definitive agreement to a merger in which Seaways shareholders will hold approximately 55.75%
Suez tailback shrinks but 300 vessels still queueing The six-day Ever Given blockage has created a logjam at the crucial trade artery which usually sees 50 vessel transits...
Lloyd's predicts continuing hardening for marine after best result in years 'Significant pricing improvement has been seen across the portfolio, but most notably in the two largest lines of cargo and...
Weekly Briefing: Container chaos likely for weeks | Dry earnings lifted by Suez shutdown | Tanker consolidation back on the agenda The vessel logjam at the Suez Canal is receding, but the fallout for container supply chains is likely to last...
Suez blockage impact is a taste of climate change threat, says WTO COP26 president Alok Sharma told an IEA summit that plans for future coal production were 'anathema' to the Paris Agreement
Accounting for carbon consumption Container lines are feeling the pressure to reduce carbon emissions from both regulators and their own customers; but there are...
Shippers prepare for delays and disruption following Suez reopening The unblocking of the Suez Canal following the Ever Given casualty has unleashed a wave of containerships through the canal...
Is carbon capture the solution shipping has been waiting for? Several solutions are being worked on; one of which proposes to thrust frozen carbon blocks into seabed sediments, while another...
Ammonia: The trillion-dollar question Ammonia is gaining traction as one of the most viable zero-carbon fuels for international shipping. Even so, the transition appears...
Problem of leaking hatch covers adds to cargo loss claims Due diligence, maintenance, regular checks and training will all help to improve cargo moisture damage, says loss prevention manager Captain...
Suit the technology to the ship - not the ship to the technology A ship's operating profile is the best guide to which technology is most suitable. However, considerations such as charterer's expectation...
Tanker companies merge to form third-largest US-listed shipowner Sector consolidation has not been seen since 2018, when Euronav took over Gener8 and BW Tankers bought Hafnia
Cosco sees long-term box shipping contract as strategic move Contract rates for both large and smaller clients on transpacific have improved 'considerably' and will make a bigger contribution to...
Grindrod offloads last three spot tankers in pivot to dry bulk Singapore-based Grindrod Shipping has offloaded three tankers in a pivot to dry bulk, saying it would use the proceeds to...
Black carbon offers shipping a chance to clean up the Arctic and its reputation Black carbon pollution in the Arctic makes up a growing share of shipping's contribution to climate change. Regulation is still...
The Lloyd's List Podcast: Closing the safety gap The gaps between digital technologies and safety, and between fuels and fuel technologies and safety, have led to DNV analysing...
Green ammonia will be cost effective by 2050: DNV Ammonia is less complex to handle and more accessible than other future fuel alternatives, according to DNV's senior vice-president
CMA CGM close to ordering 12 dual-fuel neo-panamaxes Yard experts price a dual fuel 15,000 teu ship in the region of $145m-$150m in China due to a ramp-up...
Shipping faces queues at Australian port due to bad weather Bulk carrier queues had increased to 41 vessels in port of Newcastle, according to Lloyd's List Intelligence vessel tracking data...
Maersk unveils new Asia service via Panama to US east coast 'Importers are looking for more US east coast gateways in their Asia-North America supply chains, while exporters are looking for...
PIL completes restructuring after Heliconia lifeline PIL has received $400m in new debt financing, in addition to a $200m equity injection
Daily Briefing Free to read: After Ever Given, what now for marine insurance and ship finance? | Bulkers detained in Australia for...
Lloyd's of London feels impact of coronavirus Performance improvement measures contributed to an improved underlying underwriting result
US names Maffei as chairman of FMC Dan Maffei's appointment comes ahead of the unveiling of proposed legislation that would fund a new programme of infrastructure development...
Another shipping stock bites the dust as big tanker fleets merge 'Bigger is better' is the mantra of public tanker companies. The just-announced INSW-Diamond S merger is a step in that direction.
Hackers threaten shipping firm ECU Worldwide with data leak A ransomware gang is threatening to leak 2 terabytes of files stolen from shipping firm ECU Worldwide in the aftermath of a cyberattack as the...
Europe-Asia naphtha flows redirected as economies reopen Uncommon flows of European naphtha across the Atlantic and elsewhere have hit multimonth highs as declining petrochemical cracking demand has shuttered the typical arbitrage into Asia.
East-West diesel flows seen lower in April on shut arbitrage The recent freeing of the giant Ever Given container ship and reopening of the Suez Canal was greeted with relief by the oil community, but traders and analysts in the Asian gasoil market shrugged off the positive news as they cautioned that product flows from Asia and the Middle East to the west of Suez could plunge in April as part of the knock-on effects from the near-week long blockage.
USGC bunkers markets bracing for weather issues over holiday weekend: sources Spot retail marine fuel markets along the US Gulf Coast were quiet March 31 as market participants monitored developing weather issues in the Houston Ship Channel, with sources bracing for impact during and after the upcoming Easter holiday weekend.
Singapore physical gasoil crack slips below $4/b on rising supply, weak demand Persistently sluggish demand against a backdrop of ballooning supplies in the Asian gasoil market dragged the Singapore physical gasoil crack spread against cash Dubai below the $4/b mark to its lowest since Jan. 8.
Murban futures attract 'good mixture' of physical, financial traders: IFAD president The first day of Murban futures attracted a "good mixture" of physical and financial traders, with at least one target already achieved, according to Jamal Oulhadj, president of ICE Futures Abu Dhabi where Murban trading started on March 29.
INTERVIEW: Oil market buffers can withstand looming supply risks: IEA's Bosoni The oil market is well positioned to avoid a supply crunch in the coming years despite a growing disconnect between upstream investment and oil demand growth, the head of the International Energy Agency's oil market division Toril Bosoni told S&P Global Platts in an interview.
OPEC+ grows more bearish in its market outlook, with a deal on May quotas on the line With the recovery in global oil demand not expected to pick up pace until the second half of the year, key members of the OPEC+ producer group appear aligned on extending their current output quotas through at least May.
Russian Urals crude lags behind competitive sweet options Market interest in Russian Urals continues to lag as limited demand weighs on the sour crude while European refiners opt for cheaper sweet grades.
US DATA: EIA says Gulf Coast ULSD stocks build to five-week high Ultra low sulfur diesel stocks on the Gulf Coast saw a build for the third consecutive week, rising 1.08 million barrels to 44.44 million barrels during the week ended March 26, US Energy Information Administration data released March 31 showed.
Canadian Pacific-KC Southern deal likely adds market share, not more crude by rail The $25 billion combination of Canadian Pacific Railway with Kansas City Southern creates the first single-path crude-by-rail gateway from Alberta to the Houston-area refining and export network, but it does not mean overall Canadian crude volumes to the US Gulf Coast are going to surge.
Suez congestion supports European middle distillate prices The delayed arrival of nine middle distillate cargoes bound for Europe due to the Suez Canal blockage and congestion has lent support to European middle distillate prices, with jet barge premiums reaching six-week highs March 30 as supply was expected to tighten.
US crude oil inventory draws resume as refinery demand surges: EIA US crude oil inventories edged lower in the week ended March 26 as refinery demand tested one-year highs, US Energy Information Administration data showed March 31.
BRAZIL DATA: February refined product output sinks 0.9% on year February refined product output in Brazil retreated 0.9% year on year as preparations for maintenance at several processing units, the country's limited Carnival holiday and a fresh round of coronavirus-related lockdowns undermined production, National Petroleum Agency data shows.
OIL FUTURES: Crude prices slide ahead of OPEC+ production meeting Crude oil futures settled lower March 31 after an OPEC+ ministerial monitoring committee ended without a formal policy recommendation on future supply cuts, casting uncertainty on the April 1 plenary session.
Barkindo cites 'fragility' of world economy, as OPEC revises oil demand, supply forecasts **OPEC+ alliance meets April 1 to decide May production levels **Oil inventories remain above targeted 2015-2019 average **Many members favor quota rollover, but length still undecided
Addax Energy grows bunker supply in West Africa **Two tankers deployed to WAF region **VLSFO, MGO supply at Nouadhibou
NewOcean Energy issues profit warning on bunker margin plunge **Slump in oil prices adversely affected company's bunkering business **Group expects consolidated net loss of HK$2.37 billion in 2020 **Credit, counterparty risks persistent concerns for industry: sources
JAPAN DATA: Feb oil product exports drop 43% on year to 374,229 b/d Japan cut its crude processing volume by 12.7% year on year and 6.8% month on month to 2.54 million b/d in February, when the country faced sluggish gasoline demand amid state of emergency measures.
International Seaways, Diamond S Shipping merge to form mega-tanker company The combined company will have a total of 100 tankers, making it the second largest US-Listed tanker company by vessel count and the third largest by tonnage.
European container lines, ports brace for post-Suez bottlenecks **Possible diversions to smaller ports **Lengthy delays, congestion expected **Container freight rates stay steady
Japan's Feb oil demand for power slows after surge in Jan on cold spells **LNG stock builds cut oil demand for power **Increased imports of fuel oil, kerosene as refiners cut crude throughput
FUJAIRAH DATA: Refined product stocks climb to 4-week high on fuel oil rebound **Large gasoil shipment heading for Yemen **India, China sending gasoline to Middle East **Unexpected refinery outage in Oman
Tanker markets could return to profitability within 12 months: Euronav **Conditions still extremely challenging, market unbalanced **Too many ships chasing too few cargoes, says CEO **Ship demolitions on the rise on higher scrap steel prices
Singapore bunkers seen little impacted by VPS sediment content alert: sources **VPS sample test showed TSP of up to 0.18 % m/m **Deliveries made by multiple suppliers between March 19-23: VPS
Hong Kong April 0.5%S marine fuel ex-wharf term differentials settle lower than Mar **Ex-wharf differentials settle at $14-$15/mt discounts to Singapore gasoil **Contracts linked to Singapore marine fuel 0.5%S on the rise
REFINERY NEWS: Finland's Porvoo getting ready to start maintenance in April The maintenance will last approximately 12 weeks. It is carried out approximately every five years.
JAPAN DATA: Oil product stocks drop 10.7% on week to 53.33 mil barrels March 27 Low sulfur fuel oil stocks rose 1.8% week on week to 4.23 million barrels, while high sulfur fuel oil stocks tumbled 89.8% from a week ago to 720,000 barrels.
JAPAN DATA: March 21-27 oil product exports fall 12% on week to 2.54 mil barrels Low sulfur fuel oil exports dropped 42.2% on the week to 45,220 barrels.
JAPAN DATA: March 21-27 oil products output falls 1.9% on week High sulfur fuel oil production rose 15.5% week on week to 1.2 million barrels, though low sulfur fuel oil output dropped 22.4% from a week ago at 710,000 barrels.
Singapore-Fujairah LSFO spread flips to positive as supply in Fujairah recovers Fujairah domestic supply was compromised earlier in March when Uniper's 80,000 b/d refinery unexpectedly suffered an outage in the week of March 7.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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