Market Briefing

Trends

Rotterdam (ARA) fuel oil - Trading USD 11 lower

Singapore fuel oil - Trading USD 2 lower

US Gulf - Expected to open USD 2 lower

Production indicators pushed oil prices higher

Manufacturing growth indicators from the EU and the US came out mixed on Tuesday. The EU PMI manufacturing number came out slightly below expectations, while the comparable US ISM manufacturing came out higher - the interesting part was, though, that the US ISM Prices Paid, which is a signal for inflation, came out at 77.5 where 73 was expected. Oil prices were supported by the economic data.

Prices came down again as the US government announced criminal investigations towards the safety on the sunken platform. Uncertainty about the effect on the industry lowered prices on risky assets, including oil. BP shares dropped 14% on Tuesday. Brent was during Tuesday trading between 71.5 and 75.4 which is a huge range on a day without contract expiry.

Today, indicators on US unemployment and home sales will drive the market.

Recommendation

We recommend consumers to hedge future exposure at current prices. We think prices will get support from the Friday job report and combined with prices in the lower end of the price range (70 - 80), we see the current prices as buying opportunities.

Consensus: US oil data (Delayed due to Memorial day)

Crude:-200,000 barrels
Distillates: 300,000 barrels
Gasoline: -500,000 barrels
Refinery utilization: -0.3%

Dorian LPG takes delivery of dual-fuel VLGC capable of carrying ammonia

The 93,000-cbm Areion can run on LPG or fuel oil and transport ammonia cargoes.

FSRU Toscana alongside Green Zeebrugge vessel.

RINA awards ISCC EU certification to OLT Offshore LNG Toscana for bio-LNG supply

Certification enables bio-LNG use in the EU as a renewable fuel under RED II and RED III directives.

WSC calls for safe maritime corridor as 20,000 seafarers remain trapped in the Persian Gulf

Industry body urges IMO member states to establish safe passage and supply access.

Graphic promoting Auramarine webinar titled 'Sustainable Fueling Part 3: Ammonia - next alternative fuel in marine'.

Auramarine to host webinar on ammonia as marine fuel in April

Finnish firm will explore ammonia’s role in maritime decarbonisation at its third spring webinar.

Front cover of study by WinGD and Envision Energy titled 'Renewable Fuel Economics: An OPEX illustration based on current costs'.

Green ammonia could reach cost parity with VLSFO and LNG by 2050, study finds

WinGD and Envision Energy study projects green ammonia operational costs competitive with conventional marine fuels.

Elenger Marine's LNG bunkering vessel Optimus alongside Brittany Ferries’ Saint-Malo.

Bureau Veritas verifies methane emissions on Brittany Ferries’ LNG vessels

Verification enables ferry operator to report measured methane slip instead of regulatory default values.

Map showing existing and planned Emission Control Areas (ECAs).

Alliance calls for urgent black carbon action as new Arctic emission control areas take effect

Canadian Arctic and Norwegian Sea ECAs now in force, with compliance deadline set for March 2027.

Artistic impression of battery-electric ferry for operation on Perth’s Swan River.

Lloyd’s Register to class Western Australia’s first electric ferry fleet

Echo Marine Group partners with Lloyd’s Register on five battery-electric ferries for Perth’s Swan River.

Thomas Kazakos, secretary general of The International Chamber of Shipping (ICS).

ICS condemns Middle East shipping attacks as 20,000 seafarers remain trapped

Industry body calls for urgent state action to resupply vessels and enable crew changes.

Molslinjen order propels Australia to top of battery vessel production rankings

Danish ferry operator’s three-catamaran order at Incat Tasmania shifts global manufacturing landscape, analysis shows.

Fuels & Propulsion

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