In its ‘Oil Market Report: 2020 vision’, IEA reports that volatility has returned to oil markets with a dramatic sell-off in late May seeing Brent prices fall from $70/bbl to $60/bbl. In addition, supply concerns have not gone away, as oil prices initially increased by 4% after the attacks on two tankers in the Gulf of Oman, before easing back slightly.
Malta Freeport Terminals welcomed the first ever LNG-fueled container ship to visit Malta during the course of the vessel’s maiden voyage from Asia to Rotterdam. The ‘Containerships Polar’ discharged more than 560 containers during its call to Malta.
During her opening address on the enforcement of the 2020 sulphur cap, MPA Singapore’s Chief Executive, Quah Ley Hoon, said that vessel will be chosen for inspection according to a risk matrix. The matrix will consider the compliance option of the ship and if a Fuel Oil Non-Availability Report has been submitted.
US imports of crude oil from members of the Organization of the Petroleum Exporting Countries (OPEC) in March 2019 totaled 1.5 million barrels per day (b/d), their lowest level since March 1986, according to data provided by the US Energy Information Administration (EIA).
The biggest LNG terminal in the Nordics opened on June 11 in Röyttä harbour, Tornio. The new terminal aims to meet growing demand for low emission LNG and enhances LNG’s security of supply in the Northern Nordics. The deployment of Tornio’s new LNG terminal will ensure shipments to Northern Finland and Sweden.
ExxonMobil has completed an expansion at its Singapore refinery to upgrade its production of EHC Group II base stocks, aiming to enhance the global supply of base stocks and improve the integrated facility’s competitiveness. The expansion will allow customers to blend lubricants to comply with stricter regulations, reduce emissions and improve fuel economy as well as low-temperature performance.
ClassNK has released Guidelines for Ships Using Low-Flashpoint Fuels (Methyl/Ethyl Alcohol / LPG), that outline safety requirements for other viable alternative fuels besides LNG, based on the latest technology and regulation trends in order to promote the design of alternative fueled ships.
MPA Singapore, in collaboration with Singapore Shipping Association, has published the second edition of two technical guides on the impending 0.5% fuel oil global sulphur limit by the International Maritime Organization.
US Senators Todd Young, Bill Cassidy, M.D., and Michael Bennet have brought the Waterway LNG Parity Act before Congress. This bill mandates excise taxes on LNG for marine transportation on inland waterways to be levied at a rate consistent with energy output regarding diesel and gasoline.
Following the visit of Poland’s President, Andrzej Duda to Washington D.C., the Polish Oil and Gas Company signed an agreement with Venture Global LNG to buy additional 1.5 million tonnes per annum (MTPA) of liquefied natural gas (LNG). The volume of LNG coming from the Plaquemines terminal will increase from 1.0 to 2.5 million tonnes per year, and specifically from 1.35 to 3.38 bcm of natural gas after regasification.
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