Canada to see more LNG projects as Asia buyers will target its certified gas

Start of the Shell-backed 14 million mt/year LNG Canada project in 2025 will provide the impetus for new investments in British Columbia and its hinterland, as Asian buyers target Canada for its low-carbon LNG at a time of “unprecedented global energy crisis,” a senior industry official said Oct. 25.

A number of Asian embassies, and Japan in particular, have been talking to Canadian industry players about securing supplies and “are saying we want you in the market and we want your product,” Timothy Egan, President of the Canadian Gas Association, told S&P Global Commodity Insights in an interview from Ottawa.

All four Canadian LNG projects in British Columbia – the 14 million mt/year LNG Canada, the 12 million mt/year Ksi Lisims, the 3 million mt/year Cedar LNG and the 2.1 million mt/year Woodfibre – that are at various stages of development are targeting to be within the provincial government benchmark of carbon intensity levels of 0.16 mtCO2e.

For Canadian producers besides being in line with stringent federal government regulations on greenhouse gas emissions, the expectation is also of their low-carbon intensity fetching a ‘price premium’ with Asian buyers.

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China’s weekly coastal bulk freight index remains flat | Sailor Job

China’s coastal bulk freight index remained flat in the week ending Oct 20, according to the Shanghai Shipping Exchange.

The composite index for coastal bulk freight stayed flat week on week at 951.76, the SSE said.

According to the data, the coal sub-index rose 0.7 percent to 916.63.

The SSE initiated the index in 2001, under the guidance of the Ministry of Transport, to reflect fluctuations in the Chinese coastal transport market.

Source: Hellenic Shipping News

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Asia Fuel Oil-VLSFO premiums retreat, HSFO stable | Marine Website

Spot cargo premiums for Asia’s very low sulphur fuel oil fell on Tuesday, while high sulphur fuel oil (HSFO) market stayed little changed.

Singapore’s 0.5% VLSFO cash premium dipped to $20.17 a metric ton, following a further retreat of refining crack.

Cash differentials for the 180-cst HSFO edged higher to a premium of $2.58 a metric ton.

Source: Hellenic Shipping News

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Russia’s Putin signals OPEC+ cuts are here to stay | Shipboard Jobs

 Russian President Vladimir Putin said on Wednesday that OPEC+ coordination would continue in order to ensure predictability on the oil market and signalled strongly that a deal to constrain supply to world markets was here to stay.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world’s crude. It currently has an agreement to limit supplies until the end of 2024.

“I am sure that the coordination of the OPEC+ partners’ actions will continue,” Putin told the “Russian Energy Week” conference in Moscow beside Iraqi Prime Minister Mohammed Shia Al-Sudani. Iraq is the world’s third largest oil exporter.

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MOL becomes new strategic shareholder in Odfjell Oceanwind | Shipboard Jobs

Following a recent private placement, Mitsui O.S.K. Lines, Ltd. (MOL) has become a shareholder in Odfjell Oceanwind, thus becoming an important strategic partner to the company. MOL is one of the largest shipping companies in the world with headquarter in Tokyo, Japan. The transaction generates significant capital which will be used to further strengthening Odfjell Oceanwind’s position as a global leader and frontrunner in floating offshore wind technologies. Odfjell Technology Ltd. combined with the Odfjell family’s direct investment will remain the largest shareholder in the company.

The strategic partnership enables Odfjell Oceanwind to accelerate its business plan of supporting and partnering with offshore wind park developers in realising floating offshore wind projects based on the proprietary Deepsea™ technologies. This follows the recently announced partnerships with Source Galileo – a European platform for investments in renewable infrastructure, Kansai Electric Power – a large Japanese utility company, and Ingka – the investment arm of IKEA, for the ongoing Utsira Nord seabed lease competition.

The Deepsea™ floating offshore wind technologies offer unique benefits in terms of standardised and DNV approved designs for large 15MW+ conventional offshore wind turbines suitable for cost efficient deployment to multiple locations including the harshest areas currently allocated for floating offshore wind. The Deepsea Star™ semisubmersible foundation design in steel has already been selected for the GoliatVIND and UtsiraVIND projects and is currently being considered for several INTOG and Scotwind projects, and for a total of 50 GW of projects globally with COD before 2035.

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Asia Fuel Oil-VLSFO firms on tighter supply expectations | Offshore Jobs

 Asia’s very low sulphur fuel oil (VLSFO) market extended gains on Tuesday amid a tighter supply outlook, with market backwardation remaining strong.

The cash premium for 0.5% VLSFO firmed for a fifth consecutive session at $16.74 a metric ton on Tuesday, while November crack edged higher to a premium of $9.27 a barrel.

Market backwardation held steadily strong, with the October/November timespread closing at $21.50 a ton at the Asia close, hitting about four-month highs.

In contrast, 380-cst high sulphur fuel oil trended softer, with cash premium sliding to $2.95 a ton, while November crack slipped to a discount of $15.42 a barrel.

In tenders, Malaysia’s RAPID offered 55,000 barrels of slurry for loading from Pengerang between Oct. 26 and 27. The tender closes on Tuesday.

Source: Hellenic Shipping News

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