Praxis Market Update

Thu 7 Jan 2010, 16:28 GMT

After closing up to USD 83/bbl, crude prices eased to usd 82.6 as latest EIA report showed an increase in US stockpiles though analysts still consider that winter demand outlook remains supportive of a bullish oil market.

In Singapore, most players were offering firm for mid next week arrivals onwards with wider price spread noticed on distillate grades among the main competitors; ifo-180cst availability remains tight, with many suppliers still not keen to offer blends.

In Fujairah, prices seem to have followed market on a softer pace, having trimmed difference from Singapore prices to marginal for all main grades making the UAE hub even more competitive.

In Piraeus, weather conditions today have allowed the recommencement of operations at anchorage as per last update.

In Hong Kong, local players report healthy 180cst and MGO inventories as new cargo arrival has met a slow demand due to the high market levels.

MGO


		Bermuda Container Line imposes emergency bunker surcharge citing Iran War fuel price spike Shipping operator to add $150 per TEU charge from 1 May amid geopolitical fuel cost pressures.

		Zhejiang’s first methanol-powered container ship launches in Jiaxing Vessel uses methanol propulsion technology to reduce carbon dioxide emissions by 90%.

		TES joins SEA-LNG coalition to advance e-methane as marine fuel Green energy company targets 1m tonnes annual e-methane production by 2030 for shipping decarbonisation.

		IBIA to host workshop on ethanol and methanol marine fuels during Singapore Maritime Week Half-day event will examine alcohol-based fuel pathways and integration into shipping’s multi-fuel landscape.

		ROC begins construction of second chemical tanker for Essberger Chinese shipbuilder holds steel-cutting ceremony for 13,000-dwt methanol-ready vessel with ice class capability.

		Norsepower and Cosco Shipping Heavy Industry Equipment sign wind propulsion cooperation agreement Wind propulsion technology provider partners with Chinese shipyard to scale rotor sail production.

		Shipping firms struggle to prioritise decarbonisation investments amid regulatory uncertainty, Wärtsilä survey finds Survey of 225 maritime executives reveals 70% say uncertainty hinders investment decisions despite regulatory pressure.

		Longitude Engineering unveils IMT Isca G-Flex PSV design with alternative fuel capability Naval architecture firm launches adaptable platform support vessel design based on the IMT-984 G-Class hull.

		Shore power infrastructure is key to cutting ferry emissions in European cities, says EmissionLink Port electrification is needed to enable vessels to switch off engines at berth, reducing urban pollution.

		Singapore prioritises maritime resilience amid geopolitical uncertainty, eyes digitalisation and green fuels MPA chief outlines the sector’s adaptation to supply chain disruptions while advancing automation and alternative fuels.