Clean

LR2
MEG LR2’s saw an uptick in enquiry this week leading to a gentle upturn in freight levels. TC1 75kt MEG/Japan climbed 22.5 points to WS125.56 and TC20 90kt MEG/UK-Continent went from $3.3m to $3.63m.
West of Suez, Mediterranean/East LR2’s

Following the extension of the EU Emissions Trading System (ETS) to maritime transport from 1 January 2024, this year will be the first year that shipping companies must surrender allowances covering emissions in 2024.

Each shipping company is assigned to the

Ahead of next week’s critical International Maritime Organization (IMO) GHG working group meeting (ISWG-GHG 18) to further develop MARPOL Convention text to decarbonise shipping by 2050, the Secretary General of the International Chamber of Shipping Guy Platten said:

“We are encouraged

North America

Bunker fuel demand is good in Houston, and availability across all fuel grades is currently tight for prompt delivery dates. High wind gusts and an Arctic Front has caused major delays to bunker operations in the port.

Earlier this week,

During Week 07, the MABUX global bunker indices saw moderate growth. The 380 HSFO index increased by 1.73 USD, rising from 528.95 USD/MT last week to 530.68 USD/MT. The VLSFO index climbed by 3.26 USD, reaching 621.61 USD/MT from 618.35

Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024. China will marginally remain the largest source of growth, even as the pace of its expansion is a fraction of recent trends

Northwest Europe

HSFO and VLSFO remain tight for prompt deliveries in the ARA hub. Lead times for both grades are 5-7 days, unchanged from last week. LSMGO availability is comparatively better, requiring lead times of 3-5 days.

The ARA's independently held fuel

Crude Oil Price Movements

In January, the OPEC Reference Basket (ORB) increased by $6.31, or 8.6%, m-o-m, to average $79.38/b. The ICE Brent front-month contract rose $5.22, or 7.1%, to average $78.35/b, while the NYMEX WTI front-month contract gained $5.40, or

Singapore and Malaysia

Bunker demand in Singapore has been sluggish so far this week, according to a source. Most suppliers recommend lead times of 5–9 days for VLSFO, nearly unchanged from last week. HSFO lead times have dropped from around 13

Slower oil demand growth in 2024 led to less crude oil processed by China's refineries and fewer crude oil imports compared with the record high set in 2023. China, the world's largest importer of crude oil, received 11.1 million barrels