The United States remained the world’s top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high, according to US EIA, noting that, since 2008, US petroleum and natural gas production has increased by nearly 60%. US has been the world’s top producer of natural gas since 2009.
Unless the IMO urgently resolves some serious issues concerning the successful implementation of the 2020 sulphur cap, a ‘chaos and confusion’ would have serious consequences at the global trade, about 90% of which is carried by sea, the International Chamber of Shipping has warned.
UK’s busiest LNG import terminal, South Hook, wants to make its sources of supply more broad, at a time when strong Asian demand drives away cargoes from Qatar, the world’s biggest exporter and the terminal’s majority shareholder. Volumes to the terminal have been reduced to half during 2018 compares to 2017.
The US Commodity Futures Trading Commission issued a report analyzing the market impacts from increased LNG trade and exports. The report says that LNG’s trade growth will continue, however this growth may put upward pressure on US natural gas prices. US LNG export plants in operation and under construction have a capacity of 10 Bcf/day.
IMO released a circular called: “Guidance on best practice for fuel oil purchasers/users for assuring the quality of fuel oil used on board ships.” This notice aims to help fuel oil purchasers/users ensure the quality of fuel oil delivered to, and used on board ships, with respect to the MARPOL requirements and the efficient operation of the ship.
IBIA, after reviewing the BIMCO Bunker Terms 2018, welcomed the new contracts, as they will be “a major step in the right direction”. The new BIMCO Standard Bunker Terms and Conditions were approved by BIMCO’s Documentary Committee on 2 May, and they introduce a maximum limit of the parties’ liabilities.
Wärtsilä was granted all the necessary building permits and is ready to start the construction of the LNG terminal at the Finnish Port of Hamina. The company will build the terminal under a turnkey contract which reached a financial close. The LNG terminal is expected to start operations in 2020.
EIA said that US crude oil exports averaged 1.1 million barrels per day in 2017 and 1.6 million b/d so far in 2018, an increase from less than 0.5 million b/d in 2016. This increase happened despite the fact that US Gulf Coast onshore ports cannot fully load Very Large Crude Carriers. Instead, export growth was achieved using smaller and less cost-effective ships.
The Asian Shipowners’ Association held its 27th Annual General Meeting on 15th May 2018 in Hong Kong. ASA dealt with a number of issues, such as protecting seafarers, 2020 sulphur cap compliance, compliance with international conventions and trade matters. ASA also noted that the shipping industry needs to keep its free trade principles.
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