Latest Maritime News
28 September-11 October 2021
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Crude Oil Prices Top USD80/Barrel for the First Time in 8 Years
World oil prices continued their rise Monday, adding to fears that the global recovery could prove less vigorous than previously expected.
Prices of U.S. crude oil topped $80 for the first time in seven years, with West Texas Intermediate up 2.5% to $81.3 a barrel in early European trading. Brent crude, the international benchmark, was up 2% to $84 a barrel.
Natural-gas prices, however, were still trading significantly down from last week’s historic highs, with Dutch benchmark at $90 per megawatt-hour after hitting highs around €160 ($185) last week. Prices fell Friday after Russian President Vladimir Putin had indicated that state-owned Gazprom would increase supplies to Europe to help ease the continent’s current crunch. Continue reading here (Source: MarketWatch).
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Yet Another Worry: Price of Ship Fuel Soaring to Highest Since 2014
Commodity prices are surging around the globe, so it should come as no surprise: Marine fuel is getting a lot more expensive. That’s bad news for ship operators on the cost side, and, in the container business, yet another headache for cargo shippers.
Marine bunker prices are “soaring,” said Alphatanker on Thursday. “This has not just impacted 3.5% [high-sulfur fuel oil or HSFO] but also 0.5% VLSFO [very low sulfur fuel oil]." Continue reading here (Source: ZeroHedge).
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Biggest US Retailers Charter Private Cargo Ships to Sail Around Port Delays
Global supply-chain delays are so severe that some of the biggest U.S. retailers have resorted to an extreme—and expensive—tactic to try to stock shelves this holiday season: They are chartering their own cargo ships to import goods.
Port delays, Covid-19 outbreaks and worker shortages have snarled the flow of products between Asia and North America, threatening the supplies of everything from holiday decorations and toys to appliances and furniture. It is taking roughly 80 days to transport goods across the Pacific, or twice as long as before the pandemic, retail and shipping executives said. Continue reading here (Source: Fox Business).
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California Oil Spill Closes Beaches, Renews Calls for Drilling Ban
The most prominent visible sign Monday of the major offshore oil spill that threatened some of Southern California’s most popular beaches was a single strip of yellow caution tape blocking the water.
At Bolsa Chica State Beach in Orange County, surfers toweled off in the parking lot as glassy waves broke on the sand, although officially the shoreline was closed. In Huntington Beach near the pier, bikers rolled along the oceanside, passing joggers and walkers.
Not far offshore, however, was a 13-square-mile slick that was first spotted Saturday after a pipeline failure caused at least 126,000 gallons of oil to spill into the Pacific Ocean. It was California’s largest offshore leak since 2015, when Refugio State Beach near Santa Barbara was fouled by oil after a similar pipeline break. Continue reading here (Source: Denton Record-Chronicle).
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Sales of Tankers for Scrap Hit 39-Month High in September
Sales of tankers for demolition reached a 39-month high during September. Yet, with the sector notorious for holding on to tonnage and oil prices on the rise, the long-expected rebalancing of supply and demand among the tanker operators appears still to be delayed.
Industry trade group BIMCO reports that a total of 1.9 million dwt of capacity was removed in September from the tanker sector. This compares with sales of just a total of 2.2 million dwt of capacity scrapped in the prior eight months of 2021.
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Hurricane Ida Lands $500m Blow to Shell's Q3 Earnings Forecast
In an SEC filing yesterday, Royal Dutch Shell provided an update to its third-quarter 2021 outlook.
The report notes that Hurricane Ida, which hit the US Gulf of Mexico in August, had an aggregate adverse impact of up to $500m on the company’s adjusted earnings for the quarter: upstream operations are expected to be impacted by between $200m and $300m; oil products by between $50m and $100m; and chemicals by approximately $100m.
In September, Shell reported that its West Delta-143 (WD-143) facilities sustained significant structural damage during the hurricane; some of the platform facilities will likely be offline for repairs until the end of 2021. Continue reading here (Source: Splash247).
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Current Price Indications
*Prices are indications only.
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Bangkok, Thailand
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD730/MT
MGO (DMA): USD755/MT
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Busan, South Korea
HSFO IFO-380cst 3.5%: USD587/MT
VLSFO 0.5%: USD612/MT
MGO (DMA): USD722/MT
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Callao, Peru
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD790/MT
MGO (DMA): USD892/MT
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Hong Kong
HSFO IFO-380cst 3.5%: USD547/MT
VLSFO 0.5%: USD609/MT
MGO (DMA): USD717/MT
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Houston, TX, USA
HSFO IFO-380cst 3.5%: USD459/MT
VLSFO 0.5%: USD608/MT
MGO (DMA): USD746/MT
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Kaohsiung, Taiwan
HSFO IFO-380cst 3.5%: USD591/MT
VLSFO 0.5%: USD634/MT
MGO (DMA): USD758/MT
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Long Beach/Los Angeles, CA, USA
HSFO IFO-380cst 3.5%: USD534/MT
VLSFO 0.5%: USD637/MT
MGO (DMA): USD786/MT
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Manta, Ecuador
HSFO IFO-380cst 3.5%: USD468/MT
VLSFO 0.5%: USD753/MT
MGO (DMA): USD732/MT
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New York Harbor, NY, USA
HSFO IFO-380cst 3.5%: USD505/MT
VLSFO 0.5%: USD611/MT
MGO (DMA): USD752/MT
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Panama Canal
HSFO IFO-380cst 3.5%: USD502/MT
VLSFO 0.5%: USD609/MT
MGO (DMA): USD822/MT
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Singapore
HSFO IFO-380cst 3.5%: USD536/MT
VLSFO 0.5%: USD616/MT
MGO (DMA): USD645/MT
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Clipper Oil offers a weekly update with the latest positions of the high-seas fuel tankers working throughout the Pacific and all other oceans.
To view the latest positions of our high-seas tankers, please click here.
To be added to our weekly high-seas tanker email distribution list, please click here.
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Worldwide Wholesalers of Marine Fuels & Lubricants |
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USA Headquarters
2040 Harbor Island Drive
Suite 203
San Diego, CA 92101 USA
Tel: +1-619-692-9701
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Singapore Office
3 Coleman Street
#03-24 Box #8
Singapore 179804
Tel: +65-9640-7998
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bunkers@clipperoil.com
www.clipperoil.com
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