Latest Maritime News
21 December 2021-3 January 2022
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Oil Ends 2021 With Biggest Annual Gain Since 2009
Oil posted its biggest annual advance since 2009 as vaccination rollouts accelerated the reopening of economies, spurring global consumption while crude production returned at a more moderate pace.
West Texas Intermediate rose 55% for the biggest year-to-date gain in over a decade. Brent, the global benchmark, rose 50%, the largest gain since 2016. Investors are now trying to gauge the outlook for energy demand over the coming year as the latest Covid-19 variant rapidly spreads and OPEC gathers with allied producers next week to discuss output policy.
U.S. crude also finished the year with the longest run of consecutive quarterly increases since 1983. The discovery of omicron in late November briefly jolted markets and threatened to quash the rally but crude recovered as demand appeared to withstand rising infections. Continue reading here (Source: Bloomberg).
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CLIA: CDC Has 'Singled Out Cruise Industry'
Responding to the CDC's fresh cruise travel warning, the Cruise Lines International Association (CLIA) has called the decision perplexing and said the CDC has singled out the industry.
In a prepared statement issued on Thursday, the industry's Washington D.C-based trade group and lobbying organization expressed its frustration.
"The decision by the CDC to raise the travel level for cruise is particularly perplexing considering that cases identified on cruise ships consistently make up a very slim minority of the total population onboard—far fewer than on land—and the majority of those cases are asymptomatic or mild in nature, posing little to no burden on medical resources onboard or onshore," CLIA said. Continue reading here (Source: Cruise Industry News).
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The True Fuel of the Future is Collaboration
The pressure is on. Do you feel it yet? The European Union is targeting climate neutrality by 2050, while China’s deadline is 2060. The US wants greenhouse gas reductions of 50% by 2030, with Japan and Canada close behind (40–45%). The recent Intergovernmental Panel on Climate Change report was nothing short of a clarion call for change. As an industry, there is a very clear direction we are expected to move in – hammered home by the International Maritime Organization’s 2050 and 2100 commitments – but little clarity on how we are meant to get there.
So how exactly do we fuel the transformation?
It is the question of our generation – and one we have set out to address in our latest Maritime Forecast to 2050 report. Continue reading here (Source: Hellenic Shipping News).
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Energy Prices Rose More Than Other Commodities in 2021
Energy prices used in the S&P Goldman Sachs Commodity Index (GSCI) ended 2021 59% higher than the first trading day of the year. Price increases were largely driven by increased demand from the initial phase of global economic recovery from the COVID-19 pandemic. By comparison, most other commodity indexes included in the GSCI increased by about 20%. The precious metals index was the only one to decline. The energy index of the GSCI increased more than twice as much as the industrial metals index on a percentage basis during 2021, the next highest commodity index group price change.
The GSCI is a commodity index that tracks the performance of global commodities markets. The index is a weighted average of commodity prices, and the index updates the weight it allocates to each commodity every year. In 2021, the energy index group made up 54% of the GSCI, and two crude oil benchmarks, West Texas Intermediate (WTI) and Brent crude oil, accounted for approximately 70% of the weighting in the energy sector index. WTI crude oil makes up the largest share of the overall GSCI at more than 21%. Continue reading here (Source: US Energy Information Administration).
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Addressing Supply Chain Issues During the Pandemic
People are talking about supply chains,although it wasn't as much of a focus before the COVID-19 pandemic.
“Now in the last two years we’ve got this spotlight on us, probably for the wrong reasons,” Ted Stank, executive director of the Advanced Supply Chain Collaborative, told a virtual audience at an Oak Ridge Chamber of Commerce Zoom event.
“I think most of us are familiar with the consequences of what’s happened. I just wanted to get into a little bit of the why,” he told his virtual audience. Continue reading here (Source: Oak Ridger).
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Average VLSFO Bunker Price Rises 46% in 2021, VLSFO/HSFO Spread Widens 92%
The daily average price tor VLSFO at major ports rose 46% in 2021 compare to 2020, data from Ship & Bunker snows.
Price data from Ship & Bunker's G20 index, which tracks the average bunker price at 20 leading ports responsible tor a large proportion of global bunker sales, shows the average VLSFO price during 2021 at major ports was $544/mt, up from $374 in 2020.
With buyers in 2020 having to contend with the introduction of the IMO 2020 rule followed by an oil price collapse, volatility in 2021 was unsurprisingly lower with VLSFO prices ranging from $421/mt to $641.50/mt (a spread of $220.50) compared to 2020's range of $210/mt to $694/mt. (a spread of $484). Continue reading here (Source: Ship & Bunker).
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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%: USD657/MT
MGO (DMA): USD7465/MT
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Busan, South Korea
HSFO IFO-380cst 3.5%: USD526/MT
VLSFO 0.5%: USD645/MT
MGO (DMA): USD721/MT
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Callao, Peru
HSFO IFO-380cst 3.5%: USD535/MT
VLSFO 0.5%: USD663/MT
MGO (DMA): USD836/MT
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Hong Kong
HSFO IFO-380cst 3.5%: USD460/MT
VLSFO 0.5%: USD636/MT
MGO (DMA): USD676/MT
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Houston, TX, USA
HSFO IFO-380cst 3.5%: USD458/MT
VLSFO 0.5%: USD582/MT
MGO (DMA): USD734/MT
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Kaohsiung, Taiwan
HSFO IFO-380cst 3.5%: USD553/MT
VLSFO 0.5%: USD668/MT
MGO (DMA): USD780/MT
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Long Beach/Los Angeles, CA, USA
HSFO IFO-380cst 3.5%: USD480/MT
VLSFO 0.5%: USD657/MT
MGO (DMA): USD701/MT
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Manta, Ecuador
HSFO IFO-380cst 3.5%: USD526/MT
VLSFO 0.5%: USD719/MT
MGO (DMA): USD907/MT
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New York Harbor, NY, USA
HSFO IFO-380cst 3.5%: USD455/MT
VLSFO 0.5%: USD587/MT
MGO (DMA): USD675/MT
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Panama Canal
HSFO IFO-380cst 3.5%: USD488/MT
VLSFO 0.5%: USD734/MT
MGO (DMA): USD772/MT
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Singapore
HSFO IFO-380cst 3.5%: USD464/MT
VLSFO 0.5%: USD647/MT
MGO (DMA): USD688/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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