Global fuel testing firm Veritas Petroleum Services (VPS) has introduced a new service in light of last year’s increased fuel quality cases as the industry approaches the IMO 2020 global fuel sulphur regulation.
Bunker delivery note (BDN) amendments relating to supply of marine fuels to ships with alternative mechanisms to address sulphur emission requirements have entered into force on 1 January 2019, IMO said.
Early assessments of the price spread between 3.5% high sulphur bunker fuel and 0.5% low sulphur fuel are indicated at as low as $40 to a high of $104 per metric tonne (pmt), according to data drawn from Platts and Taiwan’s oil refiner CPC Corp. The lower end of the scale would call into question the decision by many owners to invest in scrubbers based on the expected fuel price spread.
Cosco Shipping International has warned of a significant decrease in revenue amid an alleged fraud involving debts owed by its indirect wholly-owned subsidiary to embattled bunker supplier Coastal Oil Singapore.
Bunker One, the physical fuel supply arm of Bunker Holding Group, has expanded into Germany to service all ports at the German North Sea and Baltic Sea regions with bases in Rostock, Kiel and Hamburg.
Bunker supplier Monjasa has opened a new supply location in Djibouti, Northeast Africa to provide a bunkering alternative to the traditional Suez and Jeddah markets.
Bunker supplier Peninsula Petroleum will expand its operations to Malta in late-December, backed by exclusive bunker tankers and reliable cargo sourcing.
Last year saw a jump in quality issues related to marine fuel according to bunker tester VPS, and this trend could continue forward to 2020 when the sulphur cap comes into force.
The Kuala Lumpur High Court has ruled in favour of PDZ Holdings over writs filed by three creditors against the company over alleged non-payment of bunker fuel supplied to its vessel PDZ Mewah.
Energy pricing agency S&P Global Platts has proposed to start publishing new daily assessments for marine fuels with a maximum sulphur content of 0.5% from January 2019.