China’s LNG orders tighten slots, boost Korea’s pricing power and U.S. push

As China’s shipbuilding industry has aggressively increased orders for liquefied natural gas (LNG) carriers since the start of the year, some analysts say the move is paradoxically serving as a lever that boosts Korean shipbuilders’ bargaining power on prices. As China’s major shipyards chew through large volumes of low-priced orders and exhaust construction slots for delivery even after 2029, the reasoning goes, Korea will enjoy a dominant position for upcoming orders of high value-added vessels.

According to the shipbuilding industry and the financial investment sector on the 13th, the three Korean shipbuilders—Samsung Heavy Industries, HD Korea Shipbuilding & Offshore Engineering, and Hanwha Ocean—dismissed concerns about a China-led supply glut during their recent earnings conference calls, instead interpreting it as an opportunity to raise vessel prices and improve profitability.

China’s Hudong-Zhonghua Shipbuilding and Jiangnan Shipyard each won orders for four LNG carriers last month from shipping company TMS Cardiff Gas and Shell, respectively. As Chinese yards kicked off an order-winning relay early in the year, touting price competitiveness about 10% cheaper than Korea, some in the industry voiced concerns that the LNG carrier stronghold where Korea excels could be eroded, pushing down prices and worsening profitability.

According to Clarksons Research, the ship new building price for a 174,000-cubic-meter LNG carrier peaked at $265 million in Feb. last year before turning downward, and has stayed at around $248 million for four consecutive months recently, showing a weak trend.

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Suez Canal Bank joins Partnership for Carbon Accounting Financials

Suez Canal Bank has officially joined the Partnership for Carbon Accounting Financials (PCAF), a global initiative comprising more than 700 financial institutions across six continents, aimed at standardising the measurement and disclosure of financed emissions arising from lending and investment activities.

The move reflects the bank’s ongoing efforts to integrate climate considerations across its operations and underscores its commitment to environmental sustainability, in line with the direction of the Egyptian government and the Central Bank of Egypt towards a greener, low-carbon economy.

By adopting PCAF methodologies, Suez Canal Bank will be able to identify carbon-intensive sectors within its financing portfolio, enhance credit and portfolio risk assessments, and strengthen its capacity to design green and transition finance solutions tailored to clients’ needs.

The membership marks a significant milestone in the bank’s efforts to align with international best practice in environmental, social and governance (ESG) disclosure, comply with evolving regulatory requirements, and unlock new opportunities to attract climate-aligned investment.

Commenting on the development, Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, said the bank has already taken proactive steps to measure emissions associated with its financing activities. He added that joining PCAF represents a key step in embedding sustainability within the bank’s business model and reinforces its commitment to adopting unified international methodologies that enhance transparency and support the expansion of green finance, in line with Egypt’s National Climate Change Strategy and Egypt Vision 2030.

For her part, Angélica Afanador, Executive Director of the PCAF Secretariat, welcomed Suez Canal Bank’s accession to the partnership, describing it as an important step towards advancing sustainable finance in Egypt. She noted that by committing to measuring and reporting emissions linked to financial activities, the bank is enhancing transparency in the region and taking concrete steps towards effective emissions management.

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Singapore Opens Applications for Additional LNG Bunkering Licences

 

The Maritime and Port Authority of Singapore (MPA) has opened applications for additional licences to supply liquefied natural gas (LNG) as a marine fuel in the Port of Singapore.

2The licence application is open to both existing LNG licensees and new entrants. This call follows the recent updates to the Singapore LNG bunkering licensing framework and standards, which now include the provision of sea-based LNG reloading and the supply of liquefied bio-methane and e-methane in the Port of Singapore.

Key Licensing Requirements

Licensees are required to implement end-to-end LNG bunkering supply arrangements, which include securing LNG supply, demand planning, cargo transfers operations, storage and safe handling of LNG, as well as the sale, supply and delivery of LNG fuel to vessels in Singapore.

Licensees are required to own or charter at least one LNG bunker vessel (LBV) for the entire licence period. The LBV must be registered with the Singapore Registry of Ships and comply with MPA’s Standards for Port Limit LNG Bunker Vessels[1].

To support international shipping’s decarbonisation efforts, applicants are required to submit a proposal detailing their technical readiness to supply LNG fuels with lower lifecycle greenhouse gas emissions, such as liquefied bio-methane and e-methane. The proposal should also cover intended supply pathways and sourcing arrangements.

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Diesel, jet fuel cash premiums gain amid upbeat window activity

Asia’s diesel markets softened, with the backwardation structure easing slightly as well, though spot activity on the trading window still increased pace and cash premiums rebounded.

The east-west price spreads widened back to discounts of $55 per metric ton, with markets still expecting swing suppliers to pivot their cargoes west.

At the market’s close, refining margins gained slightly to $27.8 a barrel.

Deals on the window resurfaced for the first time since November 11.

The 10ppm sulphur gasoil cash differentials rebounded to nearly $2.85 a barrel, reflecting firmer discussion levels.

Jet fuel markets remained robust, with cash premiums at three-year highs and paper markets extending gains from last Friday — with draws from the West buoying overall trading sentiment.

Regrade stayed supported at premiums of 20-30 cents per barrel.

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Energy leaders see strong demand ahead, warn on investment gaps

There are good signs for healthy oil demand going into 2026, energy industry leaders said on Monday at the ADIPEC energy conference in Abu Dhabi, after OPEC+ decided to pause output increases in the first quarter of next year.

When asked about the possibility of an oil glut in 2026, the United Arab Emirates’ Energy Minister Suhail al-Mazrouei said: “I am not going to talk about an oversupply scenario,” adding that “I think all of what we are seeing is more demand.”

OPEC Secretary-General said at the same event that there are good signs for demand and that surprises are not expected in the market.

“We are making sure we maintain the supply-demand balance,” Haitham Al Ghais said of Sunday’s OPEC+ decision.

OPEC+ countries, which include the UAE, agreed to increase December output targets, but halted the increases in the first quarter of 2026 to moderate plans to regain market share on fears of a supply glut.

New Western sanctions on OPEC+ member Russia are adding to the challenges, as Moscow may struggle to further raise output after the U.S. and Britain imposed fresh measures on top producers Rosneft and Lukoil.

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Asia Fuel Oil: Market structure softens; regional supply stays ample

The market structure for fuel oil softened in Asia on Tuesday, with prompt intermonth spreads for both high sulphur fuel oil (HSFO) and very low sulphur fuel oil (VLSFO) slipping into a wider contango.

The contango implies that prompt supply remained available amid high inventories. Meanwhile, spot differentials held in discounts amid more incoming supply.

In the HSFO market, Thailand’s PTT offered three cargoes of 380-cst HSFO for loading in November, higher than the usual one to two cargoes. The tender closed on Tuesday, according to market sources.

Meanwhile, the VLSFO market remained pressured by an already well-supplied market, with two residue cargoes slated to load from Malaysia’s Pengerang. The cargoes usually end up in the VLSFO blending pool.

Cracks were range-bound, with November VLSFO crack still holding above a premium of $6 a barrel, while 380-cst HSFO crack closed at a discount of about $3.75 a barrel, data compiled by LSEG showed.

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The role of e-fuels in Maritime decarbonisation: insights from the New Energies Coalition study

The maritime sector is at a critical juncture in its journey towards decarbonisation. As global regulations tighten and pressure mounts to reduce greenhouse gas (GHG) emissions, alternative fuels such as e-fuels are emerging as a viable solution. A recent study conducted by the New Energies Coalition, in collaboration with France Gaz Maritime, EVOLEN, and Ricardo plc, provides key insights into the potential of e-fuels to drive sustainable transformation in the shipping industry.

The significance of e-fuels in shipping

E-fuels, produced using renewable electricity and green hydrogen, offer a promising route to significantly lower emissions in the maritime sector. The study evaluates the environmental performance of e-fuels, including hydrogen, e-ammonia, e-methanol, and e-methane, with a focus on their lifecycle emissions and compliance with FuelEU Maritime regulations.

The findings indicate that all assessed e-fuels can meet the FuelEU Maritime GHG intensity limits at least until 2040, and in most cases, until 2045—even under conservative emission scenarios. Optimised production and usage pathways could lead to over 90% GHG reductions compared to conventional fossil fuels, ensuring compliance with the 2050 FuelEU targets.

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India to explore green shipping and digital business with Singapore

India’s green fuel and digital initiatives are set to enter the global trade through Singapore’s marine and shipping industry, where over 55 million tonnes a year of bunker fuel is supplied to internationally operating vessels, making it one of the largest hubs.

Trade sources said both India and Singapore are exploring the “Green Digital Shipping Corridor” that would link other international ports and marine industries, said observers on Wednesday.

They said India’s long-term preparation to export green fuel, green hydrogen and ammonia sits well with Singapore’s strategic position to market the fuels to ships operating globally.

India’s Minister of Port, Shipping and Waterways Sarbananda Sonowal along with industry heavyweights is expected to visit the city state next week to set up a working programme with Singapore counterpart industries, according to the observers.

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IMO launches Regional Presence Office for the MENA region in Alexandria, Egypt

New office will coordinate technical assistance for countries in the region in the areas of maritime safety, security and environmental sustainability.

The International Maritime Organization has launched its Regional Presence Office (RPO) for the Middle East and North Africa (MENA) region during a ceremony held in the historic maritime city of Alexandria, Egypt.

This milestone underscores the IMO’s commitment to enhancing maritime cooperation and capacity-building across one of the world’s most strategically significant regions.

The region holds a pivotal role in global maritime trade, along with a strong commitment to supporting the maritime sector. The event was attended by IMO Secretary-General, Arsenio Dominguez, and high-level dignitaries, including His Excellency Lieutenant General Kamel Al-Wazir, Deputy Prime Minister for Industrial Development representing the Government of Egypt.

Secretary-General Dominguez said: “This Regional Presence Office is a testament to our commitment to bring IMO closer to the regions. This Office will serve as a bridge, addressing regional maritime challenges by fostering collaboration, and ensuring that the voices and needs of MENA countries are effectively represented on the global stage.

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With Syroco, Socatra reduces fuel consumption and emissions of Alcyone

Socatra, a leading provider of oil shipping services, and Syroco, the Climate Tech startup that supports the energy transition of maritime transportation, unveiled today performance data obtained from the first months of deployment of Syroco’s travel optimization solution on M/T Alcyone.

Owned by Socatra and chartered by Total Energies, Alcyone is a 183-metre tanker sailing under French flag and operating on transpacific routes. Built in 2022, the ship was equipped at the beginning of 2024 with two Rotor Sails from manufacturer Norsepower. Concomitantly with this installation of wind propulsion assistance, the shipowner and charterer deployed Syroco to help crews optimise routes and vessel operational parameters based on weather conditions, maximizing the performance of wind assistance.

Amplification of the effectiveness of wind propulsion

Hector Firino Martell, Fleet Manager of Socatra, said: “The use of Rotor Sails introduces complexity into voyage definition. The routing of Alcyone involves advanced calculations in order to make the most of the wind while taking into account waves, swell and currents. The Syroco platform, thanks to its high fidelity digital twins and its simulation power, enables the crew to take advantage of the weather conditions, amplifying the efficiency of the propulsion systems.”

Beyond the real-time routing provided to crews, the Syroco platform provides accurate data on the performance gains produced respectively by the use of the wind assistance and by adhesion to an optimised route. This data, which varies from one voyage to another, makes it possible to evaluate the impact of these technologies in a global and objective manner and to calculate their return on investment.

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Asia Distillates-Paper activity picks up; Dec outlooks mixed | Maritime Crew

Asia’s middle distillates markets for the week were trading in a tight range, though physical December cargoes remained heavily discussed and Friday paper trades in full swing.

Paper trading activity on the window picked up on the last trading day for November cargoes, reversing the early week’s tepid activity.

Term negotiations came into full play, with at least one more major refiner in Taiwan offering their sale cargoes for next year loading. Discussions were mostly at premiums of 10-30 cents a barrel so far, multiple trade sources said.

December market outlooks remained mixed in the spot market, as evidenced by the differing price discussion levels, with refiners’ spot sales done at premiums in the early week but the market falling to slight discounts in the two trading sessions.

On the jet fuel front, discussions remained muted as sellers were still missing in action from December spot sales, despite a healthy regrade value, one source said.

Refining margins for 10ppm sulphur gasoil were around 50 cents higher week on week, closing the trading week at around $15.4 a barrel.

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ENGINE: East of Suez Bunker Fuel Availability Outlook | Crewing Assistance

 Singapore and Malaysia

Bunker demand has risen in Singapore this week, according to a source. VLSFO availability remains tight, with recommended lead times of around 11 days. Some suppliers can fulfil orders with shorter lead times of around five days, though these typically come at a higher cost.

HSFO supply is also limited, requiring lead times of 7–14 days, similar to last week. By contrast, LSMGO is more available, with steady lead times of 5–8 days.

Data from Enterprise Singapore shows Singapore’s residual fuel oil stocks have averaged 7% higher this month compared to September. Fuel oil imports have surged by 48%, adding 2.33 million bbls, while exports have risen by 991,000 bbls, leading to a stock buildup. Middle distillate stocks in the port have dropped by 10% this month, reaching 9.60 million bbls—the lowest since June.

At Malaysia’s Port Klang, VLSFO and LSMGO supplies are ample, with some suppliers offering prompt delivery for smaller volumes, though HSFO availability remains tight.

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Port of Long Beach Sees Strongest September on Record | Sea Vessel Jobs

Demand for holiday-related goods nudged the Port of Long Beach to its most active September and busiest quarter on record as shippers continued to move goods ahead of a labor contract deadline for seaports on the East and Gulf coasts that resulted in a three-day strike at the start of October.

Dockworkers and terminal operators moved 829,499 twenty-foot equivalent units last month, up just 70 TEUs from the previous record set in September 2023. September also marked the Port’s fourth consecutive monthly year-over-year cargo increase. Imports increased 2% to 416,999 TEUs, exports declined 12.8% to 88,289 TEUs and empty containers moving through the Port rose 1.5% to 324,211 TEUs.

“We have plenty of room across our terminals as the peak shipping season drives a record amount of cargo through this critical gateway for trans-Pacific trade,” said Port of Long Beach CEO Mario Cordero. “We are anticipating continued growth through the rest of the year as retailers stock the shelves for the winter holidays.”

“Our ability to work with industry and workforce partners allows us to move large volumes of cargo reliably, quickly and sustainably,” said Long Beach Harbor Commission President Bonnie Lowenthal. “Additionally, we continue to deliver strong customer service to meet the needs of consumers and the national supply chain.

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PT Oiltanking Karimun Terminal name changed to PT Oil Terminal Karimun | Sailors Today

PT Oiltanking Karimun Terminal, Indonesia, which is a Platts-approved terminal in the Singapore Market On Close assessment process, has changed its name to PT Oil Terminal Karimun.

The name change came into effect after a change in equity shareholding, when Oiltanking sold its entire stake in the terminal to Novus Middle East DMCC (UAE).

Only the equity shareholding and the name of the terminal have changed, while all other assets, personnel, and operational/logistical aspects of the terminal remain unchanged.

Platts, part of S&P Global Commodity Insights, will reflect the new entity name in the Asia Pacific and Middle East refined oil products specifications guide.

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Fleet Management Limited Appoints Chief Executive Officer | Seamen Job

Fleet Management Limited (“Fleet” or the “Company”), a part of The Caravel Group Limited (“Caravel” or the “Group”), announces the appointment of Captain Rajalingam (‘Raja’) Subramaniam as the new Chief Executive Officer. He joins the Company on Monday, October 21, 2024, as “CEO Elect,” and officially assumes the role on Wednesday, January 1, 2025. Captain Subramaniam will report to Dr. Harry S. Banga, Chairman and CEO of The Caravel Group.

Captain Subramaniam will succeed Dr. Kishore Rajvanshy, who has served as Managing Director of Fleet Management Limited since the Company’s inception thirty years ago. During his tenure, Dr. Rajvanshy has led Fleet Management Limited’s growth into the world’s second largest third-party ship management company. Dr Rajvanshy will transition to “Managing Director Emeritus” and remain as a “Non-Executive Director” in a senior advisory role. Mr. Angad Banga JP will continue to serve as the Group Chief Operating Officer of The Caravel Group, the parent company of Fleet, and actively support Fleet’s leadership team during this transition.

A seasoned leader and a highly qualified maritime professional, Captain Subramaniam combines first-hand seafaring experience as a Master Mariner with strong business acumen. Formerly the President & Group CEO of the MISC Group, he strengthened the Group’s standing as a dominant force in the global shipping and offshore industry, steering the company amid a shifting landscape of complex challenges, from economic uncertainty to evolving environmental regulation. Captain Subramaniam has demonstrated his adept ability to deliver growth, innovation, and champion excellence, all of which he will bring to Fleet Management Limited.

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US hits Iran with new sanctions targeting commanders, shipping

The United States targeted Iranian and Houthi commanders and a vessel that shipped more than $100 million in Iranian commodities to businesses in China in sanctions announced on Tuesday.

Mohammad Reza Falahzadeh, Deputy Commander of Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, a member of Yemen’s Houthi militia, were designated under the sanctions, the Treasury Department said.

The Iranian military has provided weapons and intelligence support to the Houthis that support the group’s attacks on international shipping in the Red Sea, the department said in a statement.

The department designated Cap Tees Shipping Co., Ltd, which owns and operates a vessel used to ship Iranian commodities that were sold to support both the Houthis and the IRGC-QF, it said.

Shipping risks have escalated due to repeated Houthi drone and missile strikes in the Red Sea and Bab al-Mandab Strait since November in support of Palestinians in Gaza. U.S. and British forces have responded with several strikes on Houthi facilities but have so far failed to halt the attacks.

On Tuesday, the U.S. also imposed sanctions against two companies that run a vessel that shipped more than $100 million in Iranian commodities to businesses in China on behalf of Iran’s defense ministry, the Treasury Department said.

Tehran’s defense ministry orchestrated the shipment in January aboard the Panamanian-flagged vessel Kohana, which is owned by Hong Kong-registered Kohana Company Limited and operated by the Marshall Islands-registered Iridescent Co Ltd, the department said in a statement.

Britain also added five new designations under its Iran sanctions regime and one under its Yemen sanctions regime, a government notice showed on Tuesday.

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Vitol Bunkers takes delivery of first biofuel barge in Singapore | Maritime Crew

Vitol Bunkers said Feb. 22 it has taken delivery of its first biofuel bunker barge, the Marine Future, at the port of Singapore, paving the way for the company to expand its footprint in the marine biofuels market in Asia.

“The addition of this specialized IMO type 2 notation bunker tanker to the V-Bunkers fleet will uniquely make it possible to supply biofuel blends including B24, B30 and up to B100, depending on customer specifications,” the company said in a statement.

“Should there be demand, this vessel can also be re-configured in the future to supply methanol,” Mike Muller, head of Vitol Asia said.

Built in China, the Marine Future is 102.6 m in length and has the capacity to carry about 7,000 mt of biofuels, Vitol Bunkers said.

The current fleet of bunker tankers in Singapore are classified as ‘oil tankers’ and are therefore restricted to a maximum 25% bio component in biofuel blends. This new bunker tanker has no such restriction and can deliver bunker fuels consisting of 100% bio component, or B100, the company said.

In December 2023, Vitol said it had successfully completed its first biofuel delivery in Fujairah. The fuel was sourced from its Fujairah-based refinery FRL and blended with regionally-sourced biofuel at VTTI storage facilities.

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Equinor CEO points to increasing industrial gas demand in Europe | Cruise Ship Jobs

Norway’s state-controlled Equinor is paying close attention to signs of industrial gas demand recovery in Europe as part of its monitoring of the global gas market, CEO Anders Opedal said Feb. 7.

Speaking to reporters following the release of the company’s fourth-quarter results, Opedal also pointed to demand increases in Asia.

“We see some interesting signs in terms of demand recovery,” Opedal said, noting rising gas consumption in China as well as a 10% increase in industrial demand in Europe, particularly in France and Germany. “We pay attention to the demand recovery in Europe and increased demand in Asia.”

Opedal also said the weather remained a key factor determining gas market dynamics.

“When we are watching the gas market going forward, we are looking at the weather — based on both the temperature for gas demand but also the production of renewables,” he said.

He added that gas storages were at “OK levels” currently following a mild winter.

European gas storage sites were filled to 68.6% of capacity as of Feb. 5, according to the latest data compiled by Gas Infrastructure Europe.

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Increase in LNG imports highlights Brazil’s impact on prices

The growing weight of Brazil in the global LNG market has been a driver in a push for more price transparency in the region, particularly amid the backdrop of an upcoming maintenance potentially driving up import demand and LNG prices, according to an S&P Global Commodity Insights analysis.

Brazil has typically been heavily dependent on hydroelectric power generation, but in the fall of 2021 the country was hit by severe droughts draining its hydroelectric resources, and as a result imported record LNG volumes from the US. This contributed to a run up in LNG prices with both Asia and the Atlantic left grappling for volumes in the tight market and the Platts-assessed DES Northwest Europe LNG Marker prices reached a then-record of $40.145/MMBtu on Oct. 5, 2021.

Prices have since come down and Platts, a part of S&P Global Commodity Insights, launched a DES Brazil assessment on Feb. 1 and assessed the market at $8.909/MMBtu, a 40 cents/MMBtu premium to the Northwest European marker.

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ABB and Norwegian Cruise Line Holdings expand long-term partnership | Maritime Crew

ABB and Norwegian Cruise Line Holdings (NCLH) have signed a long-term partnership agreement to accelerate the decarbonization and digitalization of the Norwegian Cruise Line (NCL) fleet. Targeting increased safety and efficiency, the agreement covers 14 existing ships and a further four vessels due for delivery from 2025 to 2028.

The first phase of the partnership includes a 10-year Azipod® propulsion service agreement for the fleet, providing efficient preventive maintenance to support safety and maximize vessel availability as well as fast turnaround for planned Azipod® propulsion maintenance. In addition, ABB will supply modernization of the propulsion control system for 11 vessels, and shore connection installations on board four ships. With these planned installations the entire NCL fleet can connect to shoreside power supply for emissions-free operations while in port.

“We are pleased to solidify our long-term collaboration with ABB in a strategic partnership that aligns with our climate action strategy, centered as it is on the pillars of efficiency, innovation and collaboration,” said Patrik Dahlgren, Executive Vice President, Vessel Operations, Norwegian Cruise Line Holdings. “With ABB’s support, we will accelerate the decarbonization and digitalization of our fleet, taking our operations another step forward towards a sustainable future.

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