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Fri 25 Feb 2011, 11:21 GMT

Market Briefing

Trends

Rotterdam (ARA) fuel oil - Trading USD 5 lower

Singapore fuel oil - Trading USD 20 lower

US Gulf fuel oil - Expected to open USD 10 higher

The powder keg still burning

Reports from Libya now indicate that output is down 75% of the 1.6 million barrels per day production meanwhile Gaddafi is firming his grip on Tripoli, but is steadily becoming more isolated in the capital. Yesterday's gun-down of protesters in a mosque near Tripoli fuelled the protestors rage even further.

As the violence escalates more oil companies are evacuating employees. China planning to help up 30.000 citizens leave Libya. Brazil's largest oil company Petrobras, as well as British Petroleum, is also reported to have evacuated workers.

For now prices have stabilized as Saudi Arabia informs they are considering alternatives as to how they could supply Europe. Should the unrest spread to Algeria or even Saudi Arabia, expect prices to become anything but stable.

Recommendation

If Saudi Arabia starts to rumble 120 dollar per barrel is cheap. If not and Gaddafi leaves and peace and quiet spreads the involved countries 120 dollar is expensive. We highly recommend both consumers and suppliers to use option strategies to secure against the further development.

Petrobras  
Delivery ceremony of Maran Myrto vessel. New Times Shipbuilding cuts steel on two crude tankers and delivers LNG dual-fuel vessel  

Chinese yard marks a busy 4 June with steel-cutting ceremonies and a tanker delivery to Maran.
Christening ceremony of Mercedes Pinto vessel. Baleària Canarias christens €128m dual-fuel fast ferry Mercedes Pinto for inter-island routes  

The catamaran will connect Tenerife, Gran Canaria and Fuerteventura with six daily departures.
AiP award ceremony for LPG dual-fuel 1,400-teu container vessel design. DNV awards AiP to HHI for LPG dual-fuel container vessel design  

Approval in principle granted for ship design targeting the underserved smaller container segment.
Olivier Josse, Alberto Pérez Espinosa and Luke Shu. Seascale Energy partners with Lloyd’s Register Advisory to build decarbonisation expertise  

The bunker firm has launched a knowledge partnership covering low-carbon fuels and maritime regulations.
CSL Kuleana vessel. CSL takes delivery of methanol-ready Kamsarmax as fleet renewal programme advances  

MV CSL Kuleana departs on maiden voyage, equipped with Tier III engines.
Peter Keller, SEA-LNG. LNG orderbook share hits 90% as methane pathway investment holds firm  

LNG bunkering volumes surge and biomethane uptake grows six-fold, despite geopolitical headwinds.
Vessel at sea with Graphyte and NYK Line logos. NYK to offset ship emissions with CDR credits from Loblolly project  

Japanese shipping group turns to biomass-based carbon sequestration to address residual maritime emissions.
Close-up view of a KESS vessel. K Line orders four LNG dual-fuel car carriers for European short-sea operations  

Kawasaki Kisen Kaisha contracts quartet of 1,380-vehicle vessels at China Merchants Jinling Shipyard.
Bunge logo. Bunge seeks bunker purchaser for Rotterdam operation  

Agribusiness is looking for candidates with experience in marine fuel procurement.
Launching ceremony of a 38,000-dwt chemical tanker with hull no. XY169. First vessel in NYK Stolt Tankers’ newbuild series launched in China  

FKAB-designed 38,000 DWT chemical tanker launched at Nantong Xiangyu Shipyard, China.




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