CMA CGM informed that it will remove the Emergency Bunker Surcharge as from January 1st, 2019. The company has been implementing the measure since June 2018, due to increasing oil prices. The Brent average price in November led the company to this decision.
Port of Rotterdam’s Cees Boon spoke about LNG bunkering licenses that the Port will provide. Namely, he estimates that by 2020, the Port will have granted nine licenses to LNG bunker providers.
As per a previous announcement in late September, Geneva-based Mediterranean Shipping Company is introducing new bunker charges as of 1 January 2019 in line with 2020 sulphur cap. After considerable analysis of operating costs and related market factors, the company has now established a new price mechanism – the BRC (Bunker Recovery Charge) – which will be transparent to respective trades.
With less than three weeks of liquid fuel reserves, Australia risks grinding to a halt following a global economic shock or conflict along a major trade route, but a new report by the MUA outlines a potential solution that would cost consumers less than a cent per litre. The report examines policy changes that have caused fuel supplies to fall to just a quarter of the IEA’s fuel stockholding obligation.
Qatar announced its decision to leave OPEC on January 1, as the country’s state oil company, Qatar Petroleum, informed. This is part of Qatar’s attempts to give emphasis on natural gas production, the Minister of state for energy affairs, Saad Sherida Al-Kaabi, explained.
A feeder container ship loaded with 130 LNG tank containers sailed from the Port of Yangpu of Hainan Province to the Port of Jinzhou in November. This is part of an LNG trial project; China’s first-ever attempt to transport the surplus capacity of Hainan terminal to its northern part via LNG tank containers.
IEA published its annual long-term energy outlook, describing the developments in oil demand and supply through to 2040. In the New Policies Scenario, the agency considers not only the current policies but also ambitions, including those set out in Paris agreement, along with possible evolution of current technologies.
Indonesian-based company Jaya Samudra Karunia (JSK) has taken delivery of the 26,000m3 floating storage and regasification unit (FSRU) ‘Karunia Dewata’, the largest FSRU to be built in China and the first to feature Type C cargo tanks. The unit was built at PaxOcean’s Zhoushan Shipyard to Lloyd’s Register’s (LR) Rules
According to EIA’s recent report ‘Crude Oil and Natural Gas Proved Reserves’, there is a continuous rise on shale and tight resources that drove proved reserves of both U.S. crude oil and natural gas to new records in 2017. Reserves of U.S. crude oil increased 19.5% in comparison to 2016, whereas reserves of natural gas increased by 36.1% from the end of 2016.
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