Latest Maritime News
6-18 January 2021
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Why Oil Will Keep Rising In 2021
We have seen strong moves higher in the key crude oil benchmarks-WTI, and Brent, in the last several months. This was initiated by the advent of positive news on the Covid front that the vaccines in development were extremely efficacious, promising an endpoint to the spread of the virus. This upward trend in crude was boosted by the gradual decline in U.S. shale production and inventories over the same period.
Finally, the move in early January, by OPEC+ to restrain output into mid-2021, and an extra “gift” from Saudi Arabia to remove another 1-million BOPD from the market, provided the impetus for WTI to rise firmly into the $50s. In this article, we will discuss key reasons that we think the upward trend for crude will continue this year. Why? Continue reading here (Source: OilPrice)
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How The Oil Market Plays Out in 2021
Oil prices have tripled in nine months. Brent averaged just US$18/bbl last April, as demand collapsed and the market was swamped with crude. As the effects of the pandemic unfolded, the mood turned increasingly bearish. Ann-Louise Hittle, Head of Macro Oils, was among those who saw light at the end of the tunnel, anticipating that it wouldn’t last and that oil prices would stage a strong recovery inside 12 months.
Brent’s recent move to over US$56/bbl prompted me to ask how she sees things developing from here.
First, demand will continue to recover strongly through 2021. The bounce from the April low has been spectacular, global demand already up 15 million b/d. Asia, one-third of global demand, is almost back to the Q4 2019 peak. Demand in North America and Europe has also jumped, though both are still well below 2019 Q4 levels.
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Offshore 2021: Grounds For Optimism?
In the final instalment of our markets outlook with our tongues firmly in our cheeks we asked a number of offshore experts three ‘simple’ questions – reasons to be optimistic, reasons to be pessimistic and who might the winners be in the offshore space in 2021.
After so many years of bad news, the responses we got to our survey give hard pressed executives in the offshore sector some grounds for hope.
Mike Meade, who runs Singapore offshore brokerage M3 Marine, is happy to see so many vessels going for scrap, though the numbers are still not enough. Continue reading here (Source: Splash247)
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Inside California's Colossal Container-Ship Traffic Jam
In the movie “Falling Down,” the character played by Michael Douglas is stranded in a Los Angeles traffic jam. He abandons his car, starts walking with briefcase in hand and ultimately has a mental breakdown. Cargo shippers trying to get their containers through the ports of Los Angeles and Long Beach can relate.
The pileup of ships offshore in San Pedro Bay and congestion onshore at the terminals have reached epic proportions.
And the situation could become even more maddening in the weeks ahead. Continue reading here (Source: Freight Waves
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Panama Records Historic Drop in Annual Bunker Sales
Some 4,744,412 metric tonnes (mt) of marine fuel were sold in Panama during 2020 – 11.4% down on the 5,352,596 mt sold in 2019 - marking the steepest annual decrease on record.
The fall in sales volumes last year was reflected in a 13.2% drop in the number of ships bunkered, which fell from 7,634 in 2019 to 6,625 in 2020, accoridng to data provided by the Panama Maritime Authority (AMP). However, the average monthly number of bunker vessels in operation during 2020 (34.6) was slightly higher than the 31.6 recorded in 2019.
In 2019, heavy fuel oil (HFO) accounted for 88.6% of all marine fuel sold in Panama. With the introduction of the 0.50% sulphur cap at the start of the year, many shipowners and operators were expected to switch to very low sulphur fuel oil (VLSFO), and this new fuel made up around three quarters (76.5%) of bunkers bought in Panama last year. Continue reading here (Source: Bunkerspot
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Ship Fuel Prices Jump, Spread Widens. 'Scrubber' Revival Nigh?
One year ago — which seems like an eternity ago — no one in ocean shipping was talking about COVID. They were talking, ad nauseum, about fuel. About a massive spike in fuel prices due to a regulatory “tsunami” that would hammer liner companies’ 2020 financial results, inflate the cost of imported goods and steer winners and losers among shipping stocks.
It didn’t happen, courtesy of COVID. Instead, the price of marine fuel collapsed. Shipowners and cargo shippers actually saved money on fuel in 2020.
The trend this year is in the opposite direction. The price of marine fuel is coming back. And so-called “scrubbers” — equipment allowing ships to legally burn cheaper, high-sulfur fuel — are starting to pay off much more than before. Continue reading here (Source: Freight Waves
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Current Price Indications
*Prices are indications only.
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Bangkok, Thailand
IFO 380-cst: N/A
VLSFO 0.5%: USD495/MT
MGO (DMA): USD518/mt
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Busan, South Korea
IFO-380cst: USD380/MT
VLSFO 0.5%: USD505/MT
MGO (DMA): USD508/MT
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Hong Kong
IFO-380cst: USD351/MT
VLSFO 0.5%: USD444/MT
MGO (DMA): USD453/MT
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Houston, TX, USA
IFO-380cst: USD333/MT
VLSFO 0.5%: USD427/MT
MGO (DMA): USD499/MT
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LA/Long Beach, CA, USA
IFO-380cst: USD400/MT
VLSFO 0.5%: USD463/MT
MGO (DMA): USD523/MT
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New York Harbor, NY, USA
IFO-380cst: USD357/MT
VLSFO 0.5%: USD447/MT
MGO (DMA): USD506/MT
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Panama Canal, Panama
IFO-380cst: USD355/MT
VLSFO 0.5%: USD453/MT
MGO (DMA): USD495/MT
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Singapore
IFO-380cst: USD336/MT
VLSFO 0.5%: USD453/MT
MGO (DMA): USD473/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
8 Eu Tong Sen Street
#23-86, The Central
Singapore, 079624
Tel: +65-6646-5367
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bunkers@clipperoil.com
www.clipperoil.com
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