Latest Maritime News
November 2018
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Oil Drops Over 2%, Pushing the U.S. Benchmark to its Lowest Finish Since April
Oil futures dropped Thursday, sending the U.S. benchmark to its lowest finish since April and pushing the global benchmark below its 200-day average for the first time in more than a year, as reports showed sizable increases in last month’s global production.
December West Texas Intermediate crude
CLZ8, -1.15%
on the New York Mercantile Exchange fell $1.62, or 2.5%, to settle at $63.69 a barrel. Prices for the front-month U.S. benchmark, which posted a loss of 10.8% for October, marked the lowest settlement since April 9, according to data compiled by Dow Jones Market Data.
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(Source: Market Watch).
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Ship Operating Costs to Rise in 2018, 2019
International accountant and shipping consultant Moore Stephens says total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
Responses to the firm’s latest annual Future Operating Costs Survey revealed that dry-docking is the cost category likely to increase most significantly in both 2018 and 2019, accompanied in the latter case by repairs and maintenance. The cost of dry-docking is expected to increase by 2.1% in 2018 and by 2.3% in 2019, while expenditure on repairs and maintenance is predicted to rise by 2.0% in 2018 and by 2.3% in 2019
.
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(Source: Marine Link).
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Alternate Fuels: The Options
The IMO decision to limit the sulphur content of ship fuel from 1 January 2020 to 0.5 per cent worldwide, and the recently adopted resolution to reduce greenhouse gas (GHG) emissions by 50 per cent by 2050, will change the future mix of ship fuels dramatically. As shown in Figure 1, the combined amount of heavy fuel oil (HFO) and marine gas oil (MGO) consumed by ships accounts for no more than 25 per cent of total global diesel fuel and petrol production (2016 figures). This is roughly equivalent to the amount of energy consumed using liquefied natural gas (LNG), which stands at 24 per cent; however, LNG represents only a small portion (approximately 10 per cent) of the overall gas market.
Assuming an installed base of about 4,000 scrubbers in 2020, no more than 11 per cent of ship fuel usage will be high-sulphur fuel, DNV GL calculates. Latest estimates assume that no more than 2,000 scrubber installations will be carried out between now and 2020. This raises the question whether high-sulphur fuel will even be available outside the largest bunkering ports if only 4,000 or even fewer ships will be able to use it. The next question is what the price differential between HFO and compliant fuels will be.
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(Source: DNV GL).
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IMO
Rejects U.S. - Backed Plan for Phased Start of 2020 Fuel Rules
The International Maritime Organization rejected a proposal — supported by both the U.S. and shipping groups — for a phased start to rules that will limit the sulfur content of ship fuels starting in 2020.
The agency’s Marine Environment Protection Committee, meeting in London, rebuffed the proposal for a so-called experience-building phase for the rule change, noting that it was vague and needed further defining. Instead, the panel invited separate proposals to enhance existing regulations.
It wasn’t initially clear whether the experience-building proposal was killed for good or indefinitely delayed. IMO officials weren’t immediately available for comment.
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(Source: gCaptain).
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Piracy Incidents Increasing
Despite the longest period without hijackings for more than 20 years, pirate attacks on shipping are well up in the first nine months of 2018 compared to the same period last year.
A total of 156 incidents of piracy and armed robbery against ships were reported to the ICC International Maritime Bureau’s (IMB) Piracy Reporting Centre (PRC) in the first nine months of 2018 compared to 121 for the same period in 2017.
The 2018 figure is broken down as 107 vessels boarded, 32 attempted attacks, 13 vessels fired upon and four vessels hijacked—although no vessels were reported as hijacked in the third quarter of 2018. This is first time since 1994 when no vessel hijackings have been reported in two consecutive quarters. Nevertheless, incidents of this crime persist, with the number of crew members held hostage increasing in comparison to the same period in 2017—from 80 incidents to 112 by the third quarter of 2018.
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(Source: Ship Insight).
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Current Price Indications
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Clipper Oil offers a weekly update with the latest positions of the high-seas fuel tankers working throughout the Pacific.
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Tel: +65-6646-5367
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bunkers@clipperoil.com
www.clipperoil.com
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