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Tue 1 Jun 2010, 11:14 GMT

Market Briefing

Trends

Rotterdam (ARA) fuel oil - Trading USD 3 higher

Singapore fuel oil - Trading USD 12 higher

US Gulf - Expected to open USD 1 higher

Another day with credit default swaps in focus

French, Spanish and Greek insurance premiums for securing sovereign debt risk increases today as the speculations about the French AAA credit rating is putting pressure on the market. Further, the 5 year default swap on BP is increasing from 1.02% to 1.73% after their attempt to top-kill the oil spill in the Mexican Gulf has failed - BP stock price is down 15% today.

China in focus for hybrid subsidies and PMI manufacturing

The Chinese Ministry of Finance announced Tuesday that it will subsidise buyers of hybrid and electric cars in 5 cities with up to $7,320 for hybrids and 20% more for electric cars. The programme is a pilot project, but if it is implemented across China it will lower demand for motor fuel.

The price tag for a Toyota Prius Hybrid in China is $36,500 versus a Buick Excelle of $16,248 or a Toyota Camry of $23,600 (The 1st and the 10th most popular car in China). If the Prius is getting the full subsidy there will be a significant increase in competitiveness.

Chinese manufacturing indicator - both the national and the private Purchaser Managers Index came out lower than expected, which lowers risky assets this morning.

Recommendation

We recommend consumers to hedge future exposure. We think the current price range is 70-80 and we are in the lower part of this range.

BP   Electric  
VPS logo. NE Atlantic ECA will cause significant change to the current fuel mix | Steve Bee, VPS  

The possibility of off-spec issues highlights the continuing need for proactive fuel testing to protect vessels.
Kris Vedat, SmartSea. Smart ships failing to convert data into actionable intelligence, warns SmartSea  

Maritime technology firm claims vessels collect vast amounts of data but lack integration to support decision-making.
Energy Transition Outlook 2026 Hydrogen To 2060 report cover. DNV forecasts 100-fold growth in clean hydrogen by 2060, with China leading expansion  

Classification society projects $3.2tn investment in hydrogen sector, with maritime accounting for 15% of clean hydrogen use.
World Shipping Council logo. Dual-fuel container ship and vehicle carrier fleet surpasses 1,200 vessels  

World Shipping Council reports 65% year-on-year increase in operational dual-fuel vessels to 440 ships.
Sotiris Raptis, ECSA. European Shipowners calls for ETS revenue investment and fuel supplier mandate  

ECSA urges the EU to invest €9bn in annual ETS revenues in fuel production and infrastructure.
Sheen Mao Choong, SSA. Singapore bunker industry urged to prioritise resilience and collaboration  

SSA committee vice chair highlights energy security and crisis readiness at Marine Fuels Forum 2026.
Chia How Khee, TFG Marine and David Foo, MPA. TFG Marine receives bunker safety award from Singapore maritime authority  

Marine fuel supplier recognised for safety standards and operational performance at MPA Marine Fuel Forum.
Rotterdam skyline at night. Bunker surveyor sought in Rotterdam to meet increased demand  

Dutch firm MCE Marine Surveyors is recruiting for a quantitative fuel inspection role.
Emma Roberts, BHP. GCMD highlights BHP biofuel trials to address scaling challenges in maritime decarbonisation  

Mining company discusses need for traceability and coordinated progress across supply, cost and operational readiness.
Levante LNG vessel. Peninsula implements energy efficiency measures across bunker supply fleet  

Marine fuel supplier focusing on data-driven upgrades and operational measures to cut consumption.




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