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OPEC Revised Oil Demand Downwards


Crude Oil Price Movements
The OPEC Reference Basket (ORB) fell by $1.46, or 3.5%, month-on-month (m-o-m), to average $40.08/b in October. Year-to-date (y-t-d), the ORB averaged $40.57/b, or $23.34 lower than the same period last year. Crude oil futures prices

Proman Stena Bulk to promote a greener shipping future with additional methanol-ready vessel


Proman Stena Bulk Ltd has finalized an agreement to build an additional vessel under its joint venture partnership. The methanol-powered Stena Prosperous will join the Stena ProPatria and the Stena ProMare in the Proman Stena fleet in H2 2022. Each

ESPO publishes the 2020 Environmental Report for the European port sector


This morning, the European Sea Ports Organisation (ESPO) presented its fifth annual Environmental Report during a dedicated Webinar. The ESPO Environmental Report 2020 includes more than 60 different environmental performance benchmarks, such as the Top 10 Environmental Priorities of the

The CMA CGM TENERE carries out its first LNG bunkering in Rotterdam


In Rotterdam, CMA CGM is carrying out the first LNG bunkering of the CMA CGM TENERE, the first of six 15,000-TEU, LNG-powered container ships chartered by the CMA CGM Group, a world leader in shipping and logistics.
12,000m3 of LNG

OPEC+ To Reduce Oil Price Volatility Caused by New Lockdowns


Renewed European lockdowns will delay demand recovery in the global oil market, particularly if these measures are extended into 2021 or further restrictions are re-introduced in the US or other regions, Fitch Ratings says. However, OPEC+ supply adjustments should mitigate

Tankers: VLCC Market Weakens For Yet Another Week


Rates remain weak, albeit steady across all sectors. In the Middle East, 280,000mt to USG via the Cape/Cape routing remained at a fraction above WS15, while 270,000mt to China continued to achieve WS26. In the Atlantic, rates for 260,000mt

Global LNG Fuel Bunkering Brand “Gas4Sea” Terminated


NYK and its partners have dissolved Marine LNG Zeebrugge NV/SA,* a JV company created to manage the global brand “Gas4Sea” for the bunkering of LNG (liquefied natural gas) fuel for ships. The partners additionally agreed to transfer all shares of

PGNiG and LOTOS: First LNG bunkering in Szczecin


On November 5th 2020, the first bunkering of a ship with liquefied natural gas (LNG) took place at a port supervised by the Maritime Authority of Szczecin. With the bunkering operation, PGNiG Obrót Detaliczny and LOTOS Asfalt have expanded the

MABUX: Bunker Market Finds Its Footing, As 380 HSFO and VLFSO Prices Rise by $5.25 and $9 Accordingly


Global oil indexes rallied on Nov.03-Nov.04 on U.S. Election Day as equity markets around the world and in the U.S. also rose, with traders bracing for the outcome of the election. A number of uncertainties, however, put downward pressure on

The Winds of Decarbonisation are Strengthening: Tharsis Sea-River Shipping, signs contract with eConowind and NG shipyar


Even with the current restrictions and challenges that face the shipping industry with the pandemic and the latest low oil prices, wind-assisted propulsion solutions are still making headway as the decarbonisation drive in the industry accelerates and companies are looking

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