BIMCO announced it has published two sulphur content related bunker clauses in a bid to ease the industry’s compliance with the upcoming IMO’s 2020 sulphur cap regulation.
US LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making the country the third largest in the world behind Australia and Qatar, according to EIA forecasts. Currently, US LNG export capacity stands at 3.6 Bcf/d.
The Inland Waterways Authority of India (IWAI) decided to start a project to present the use of methanol as maritime fuel. This is an attempt to boost shipping on Indian waterways. Namely, orders have been placed to Cochin Shipyard to retrofit vessels to run on methanol.
Chinese imports of crude oil reached a new record during November, surpassing the record that was achieved set in October. Namely, China’s crude oil arrivals increased by 8.5% in comparison with the same period last year. This is the first time China imports more than 10 million bpd.
The 5th OPEC and non-OPEC Ministerial Meeting decided to adjust the overall production by 1.2 mb/d, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the ones from non-OPEC participating countries of the ‘DOC’ will amount to 0.8 mb/d and 0.4 mb/d respectively.
A number of tankers carrying diesel fuel are floating off Taiwan and Southeast Asia, due to the fact that a sudden fall in oil prices kept buyers at bay. This development led rates to their highest since January 2016. Tanker rates also were also benefited by strong Chinese oil exports.
ABS signed an MOU with the Korea Marine Equipment Research Institute (KOMERI) to create a new facility for improving the safety of LNG as fuel. It aspires to enable shipowners to test fuel gas and bunkering systems, under actual loading conditions, before installation onboard.
The US EPA has issued a final rule for the 2019 Renewable Fuel Standard (RFS) program, with the total US renewable fuel volume requirement set 3% higher than the 2018 mandate, but nearly 30% lower than the statutory volume standards set forth by the Energy Independence and Security Act of 2007 (EISA 2007).
The demand for Europe small-scale LNG market is projected to grow from 1,902.60 million Euros in 2020 to 5,818.75 million Euros by 2030, while actuating at an estimated CAGR of 11.8% from 2020 to 2030, according to Energias Market Research.
Ahead of the 2020 sulphur cap, ONE decided that it will adopt low-sulphur compliant hybrid oil, with 0.5% sulphur content. The company explained that this would be the most realistic and cost-efficient, short term solution, available. In addition however, ONE will also consider other possible solutions such as scrubbers and LNG as a fuel, which may be employed in the future.
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