Latest Maritime News

14 January 2025

47 Nations Back ICS Plan for Global Bunker Levy


With support from shipping's largest business association, 47 nations have submitted a revised, detailed proposal for an IMO carbon levy on bunker fuel. If approved at the next meeting of the Marine Environment Protection Committee in April, it would be the first UN-administered global carbon tax of any kind, with implications for energy stakeholders inside and outside of the maritime sector.


“The industry fully supports the adoption by IMO of a GHG pricing mechanism for global application to shipping. The joint text put forward by this broad coalition is a pragmatic solution and the most effective way to incentivize a rapid energy transition in shipping," said ICS secretary general Guy Platten, describing the text as "hard-fought." Continue reading here (Source: The Maritime Executive).

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Oil Prices Jump to 4-Month High on Fresh US Sanctions


Crude oil prices started the week with a gain that pushed Brent crude to the highest in four months following the introduction of a fresh package of sanctions against Russia by the Biden administration. The sanctions focused on Russia’s oil industry.


At the time of writing, Brent crude was trading at $81.11 per barrel, with West Texas Intermediate at $78.08 per barrel, both up by over 1% since opening today. Continue reading here (Source: OilPrice).

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Alternative-Fuelled Ship Orders Grow 50% in 2024


Shipowners continued to invest for a future of lower emissions in 2024, with 600 vessels capable of using alternative fuels ordered (to December 1301). The new orders grew the total orderbook by more than 50%, to 1,737 vessels.


The in-service altemative-fuelled fleet also grew strongly, up 18% to 1,860 vessels. Combined with current orders, the fleet will stand at 3,597 - around 4.8% of all vessels in service and on order. But with the IMO's 2030 target on zero and near-zero emission energy use crossing the five-year horizon, orders will need to accelerate further to meet the required 5-10% of shipping's energy consumption.


"These numbers show the significant effort the industry is making to reach net-zero emissions," said James Frew, Business Advisory Director, at LR. "As the maritime transition towards decarbonization advances, the next steps will require greater alignment between industry ambitions, regulatory measures and, crucially, incentives to rapidly grow global production capacity for the alternative fuels shipping will need." Continue reading here (Source: Lloyd's Register).

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US Unveils Largest Russian Shipping Sanctions Package


In the final few days of the Joe Biden administration officials in the US have come up with their biggest package of sanctions yet aimed at the dark fleet and Russia’s oil production and exports.


In total, the Office of Foreign Assets Control (OFAC) has added sanctions to 183 ships, including 155 tankers, as well as going after energy giants Gazprom Neft and Surgutneftegas, with affiliates, plus their CEOs. Shipping companies including Sovcomflot, and a series of dark fleet operators have also been targeted as have Russia-based marine insurers Ingosstrakh and Alfastrakhovanie. The sprawling sanctions package also includes companies such as China’s Wison who have delivered modules to the Arctic LNG 2 project. Continue reading here (Source: Splash247).

US Confirms Methanol Bunkers' Eligibility for Tax Credit


The US Department of the Treasury has released interim guidance on IRA Section 45Z Clean Fuel Production Tax, stating that methanol and marine diesel are eligible for tax credits.


"The guidance clarifies that marine fuels that are otherwise suitable for use in highway vehicles or aircraft, such as marine diesel and methanol, are also 45Z eligible," the LIS Department of the Treasury said in a statement on its website. Continue reading here (Source: Ship & Bunker).

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Chinese Exports Rise to Record Ahead of Looming Trump Tariffs


Chinese exports hit a record high as companies rushed to get goods out the door to make up for sluggish demand at home and ahead of the return of President-elect Donald Trump to the White House.


Exports rose 7.1% to 25.5 trillion yuan ($3.5 trillion) last year, China Central Television reported on Monday, citing customs data. Imports rose 2.3%, leaving an unprecedented trade surplus of 7.1 trillion yuan. Continue reading here (Source: gCaptain).

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2024 Concludes on Higher Average Container Price Levels Globally


As we step into 2025, the container trading landscape continues to be shaped by elevated secondhand container prices, driven by uncertainties owing to geopolitical tensions, trade wars, and tariff threats. These price trends observed in late 2024 and expected to persist into the first quarter of 2025, implies higher asset costs for container traders, impacting profitability in the short term. Continue reading here (Source: Hellenic Shipping News).

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What Can Drive the Energy Transition in Shipping?


Rasmus Stute from DNV interviews Sameer Kalra of Alfa Laval on key industry trends. They discuss the company’s innovative approach to the energy transition, emphasizing fuel-agnostic solutions, energy efficiency and close collaboration with third parties to meet future challenges. Continue reading here (Source: DNV).

Current Price Indications
*Prices are indications only.
Please contact us for firm pricing.

Bangkok, Thailand

HSFO 3.5% (IFO-380cst): N/A

VLSFO 0.5%: USD620/MT

MGO (DMA): USD800/MT

Busan, South Korea

HSFO 3.5% (IFO-380cst): USD540/MT

VLSFO 0.5%: USD625/MT

MGO (DMA): USD765/MT

Callao, Peru

HSFO 3.5% (IFO-380cst): N/A

VLSFO 0.5%: USD700/MT

MGO (DMA): USD980/MT

Hong Kong

HSFO 3.5% (IFO-380cst): USD505/MT

VLSFO 0.5%: USD590/MT

MGO (DMA): USD715/MT

Houston, TX, USA

HSFO 3.5% (IFO-380cst): USD480/MT

VLSFO 0.5%: USD595/MT

MGO (DMA): USD745/MT

Kaohsiung, Taiwan

HSFO 3.5% (IFO-380cst): USD550/MT

VLSFO 0.5%: USD610/MT

MGO (DMA): USD810MT

Long Beach/Los Angeles, CA, USA

HSFO 3.5% (IFO-380cst): USD510/MT

VLSFO 0.5%: USD655/MT

MGO (DMA): USD775/MT

Manta, Ecuador

HSFO 3.5% (IFO-380cst): USD495/MT

VLSFO 0.5%: USD685/MT

MGO (DMA): USD1,040/MT

New York Harbor, NY, USA

HSFO 3.5% (IFO-380cst): USD510/MT

VLSFO 0.5%: USD590/MT

MGO (DMA): USD760/MT

Panama Canal

HSFO 3.5% (IFO-380cst): USD555/MT

VLSFO 0.5%: USD605/MT

MGO (DMA): USD855/MT

Singapore

HSFO 3.5% (IFO-380cst): USD495/MT

VLSFO 0.5%: USD595/MT

MGO (DMA): USD720/MT

Weekly Tanker Update

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