Latest Maritime News
23 December 2020-January 6, 2021
Oil Tops USD50 for First Time Since February 2020

Oil surpassed $50 a barrel as Saudi Arabia pledged to voluntarily cut output by an extra 1 million barrels a day from next month, while most of the OPEC+ alliance agreed to hold output steady.

Futures in New York accelerated gains, rising as much as 5.3%, to top $50 a barrel for the first time since February. OPEC+ reached an agreement after two days of talks to curb supply over the next two months, with Saudi Arabia carrying much of the extra burden of the cuts. Other producers will hold supply steady or make a small increase, delegates said. Russia and Kazakhstan will be allowed to boost output by a combined 75,000 barrels a day in both February and March. Continue reading here (Source: gCaptain)
European Commission Urged to Act Amid Record Bod Freight Rates

While many countries around the world have probed escalating freight rate prices in recent months, Europe remains quiet, much to the chagrin of shippers.

In a joint letter sent to the Competition Directorate of the European Commission yesterday, the European Freight Forwarders Association (CLECAT) and the European Shippers’ Council (ESC) have informed the commission on issues arising from carriers’ ongoing practices. The two organisations claim liners have been violating existing contracts, creating unreasonable conditions concerning the acceptance of bookings and unilaterally setting of rates far in excess of those agreed in contracts.

The associations will meet the commission in the coming days, they said in a joint release yesterday, “to further demonstrate the damage carriers’ behaviour is causing to trade growth at a time of economic recession”. Continue reading here (Source: Splash247)
Maritime Regulation Update 2020/2021

2020 marked the implementation of the much anticipated global 0.5% m/m sulphur cap regulation, commonly referred to as IMO-2020. However, the potential consequences from the fallout of IMO-2020 were overshadowed by the impact of COVID-19.

The pandemic also forced the International Maritime Organization (IMO) meetings planned to be held between March and July 2020 to be postponed and reconstructed on a virtual platform during the later part of this year, which effectively slowed down the pace of some key work done on the regulatory front. Even though the challenges posed by the pandemic remain a crucial issue for the maritime sector, it is not the only one, as the effects of climate change demand environmental issues to remain a high priority. Continue reading here (Source: The Standard Club)
Shipping Industry Reports It's on Track for Sector's Decarbonization Goals

It’s the moment climate finance professionals live for: when an idea — an initiative — is turned into real-world action by real-world actors. A year after the Poseidon Principles were signed, 15 banking signatories last month disclosed their ship loan portfolios’ climate alignment scores for 2019.

The release of the inaugural "Poseidon Principles Climate Alignment Report" allows us to reflect on the progress the financial sector has catalyzed in the global shipping sector in 2020. First, banks leveraged the principles to engage existing clients and close over $1 billion in Poseidon-linked loan facilities. Additionally, 17 leading ship charterers signed the Poseidon-inspired Sea Cargo Charter for charterers to assess and disclose climate alignment. Finally, the Climate Bonds Initiative defined how shipping projects contribute to climate change mitigation through the Shipping Criteria of the International Climate Bonds Standard (CBS).

But the impacts go beyond shipping. The signals from the ship finance community demonstrate how financial institutions can lead sector-wide decarbonization efforts in other high-emitting industries. Continue reading here (Source: GreenBiz)
The Cleanest Fossil Fuel is Set for a Post-Pandemic Rebound

Liquefied natural gas traders anticipate a swift demand recovery in 2021 after a year in which the coronavirus pandemic prompted dramatic price swings.

Colder weather in key importing nations, outages at major production hubs and congestion along global shipping routes already have combined to push spot prices in Asia to the highest level since 2014. That’s a more than sixfold jump from a record low in April, making Asian LNG the best performer among major commodities in 2020.

Demand for the fuel used in heating and power generation is growing faster than for any other fossil fuel as nations look for a cheap, reliable and cleaner alternative to coal. The pandemic derailed that growth for 2020, but China and India are emerging as major sources of demand. Continue reading here (Source: gCaptain)
An In-Depth Look at How Crude Oil is Moved Around the World

Following the extraction of crude oil from the ground, it must then be transported to where it needs to be. The logistical infrastructure responsible for the worldwide transportation of crude oil is staggering, to say the very least.

There are a variety of versatile methods that can be utilised in order to transport this raw material; including an immeasurable network of pipelines, and immense pan-continental shipping tankers. Henry Berry, Director of the UK oil company, Tristone Holdings, has provided his insight into the numerous crude oil transportation methods within the oil industry. Continue reading here (Source: Bunker Ports News Worldwide)
Current Price Indications
*Prices are indications only.
Please contact us for firm pricing.
Weekly Tanker Update
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.
Worldwide Wholesalers of Marine Fuels & Lubricants
Contact Us 24/7
USA Headquarters
2040 Harbor Island Drive
Suite 203
San Diego, CA 92101 USA
Tel: +1-619-692-9701
Singapore Office
8 Eu Tong Sen Street
#23-86, The Central
Singapore, 079624
Tel: +65-6646-5367