Crude Oil Price Movements

In November, the OPEC Reference Basket (ORB) fell by $6.86, or 7.5%, m-o-m to average $84.92/b. Oil futures prices trended lower amid increased volatility, with the ICE Brent front-month contract dropping by $6.67, or 7.5%, m-o-m to

Singapore

Singapore has been witnessing “sluggish” demand so far this week. VLSFO supply continues to remain under pressure in the port, with lead times varying widely between 6-14 days. A source claims at least seven bunker suppliers are currently grappling with

Alfa Laval and Swiss engine designer WinGD have established a partnership in which Alfa Laval will deliver two fuel supply systems (FSS) for testing WinGD’s ammonia-fuelled engine in early 2024. The partnership is a significant step forward in the development

International Transport Intermediaries Club (ITIC) has forecasted that the cost of the European Union’s (EU’s) new Emissions Trading Scheme (ETS) to the shipping industry could be in the billions.

The extended EU ETS, which comes into force on 1 January 2024,

Erik Thun Group has selected Berg Propulsion’s Dynamic Drive technology to optimize efficiency on board all 10 of its latest newbuildings. The Swedish owner confirmed its decision after pilot installations exceeded energy efficiency gain expectations, with the integrated drive solution

Clean

LR2

LRs in the MEG saw activity levels pick up this week and freight resurged optimistically. The 75Kt MEG/Japan TC1 index gained 19.17 points to end up at WS130.56. The 90kt MEG/UK-Continent TC20 run to the UK-Continent also climbed $375,000 to

European storage at record levels
The European gas market couldn’t have entered the 2023/24 heating season in better shape. The heating season started with storage essentially 100% full. And while storage has started to draw, it is doing so at a

In November 2023, U.S. container import volume decreased from October 2023, with East and Gulf Coast ports experiencing the greatest declines. While the decrease is large, it’s consistent with reductions seen in the last months of prior years. Imports from

North America

Prompt availability is tight for all grades in Houston. One supplier requires lead times of six days to supply VLSFO and LSMGO in the port. Some suppliers have cautioned about potential bunker delays over the weekend due to fog

To deliver on the goal of net zero emissions for shipping by 2050, IMO greenhouse gas regulations must rest on solid foundations. Liner shipping is committed to decarbonising quickly and efficiently, and to support this process the World Shipping Council