NATO Support & Procurement Agency has awarded Crowley Solutions, a provider of energy, maritime, technology and supply chain services for the US government, a multi-year contract for global fuels services consulting.
With oil market volatility at an all-time high, even exceeding the volatility of equity markets, supply and demand shocks have sent bunker prices collapsing at the fastest rate since the 2008 global financial crisis.
At least 20 container line sailings between Asia -Europe/US East Coast have diverted to going via the Cape of Good Hope rather than the Suez Canal, according to analyst Alphaliner.
Marine fuel prices have dropped significantly this week with the low sulphur grade nearing below $200 per metric tonne (pmt), narrowing its price differential with the high sulphur grade.
The Singapore authorities have sought to reassure businesses that there is “no serious impact” on the bunkering and oil trading sectors from the bankruptcy filing of major local player Hin Leong Trading.
The world’s largest ship refuelling hub – Singapore – has given to new bunker supplier licenses as volumes rise in the first quarter despite the COVID-19 pandemic.
Hin Leong Trading and Ocean Tankers have filed for bankruptcy protection with the former revealed to have $800m in losses from oil futures trading.
The Hambantota International Port (HIP) is the island nation's newest Port in a mere 10 to 12nm from the major East-West shipping route linking the Suez Canal and the Malacca Straits.(
French oil company Total is to time charter two LNG-powered VLCCs from AET.