New bunkering tanker for Russia and oil product market stabilization: “Bunker Market. Prices” digest
- The key event of the bunkering industry in Russia was the 16th All-Russia Forum "Current State and Prospects for the Development of the Russian Bunkering Services Market" held in Saint-Petersburg. As Konstantin Samarin, senior strategist for commodity markets at SberCIB Investment Research, said at the Forum, export prices of oil products return to their historical average. In the mid-term, the profits from internal and export supplies will get the same again. The Urals discount decrease pushes the margin from below, while the damper decrease is passed on to the consumer. In this respect it should be noted that China’s production of oil products in January-May 2023 rose by 9.8%, year-on-year.
When speaking at the forum, Nikolay Shablikov, Chairman of Nordic Engineering BoD, reminded that according to Russian Association of marine and river Bunker Suppliers (RosMorRechBunker) and bunker suppliers, average age of the bunkering fleet is 35 years and over. More than 350 ships with a deadweight of about 7 million tonnes are in service.
At the Forum, Nordic Engineering JSC presented a concept design of a bunkering tanker (Project NE041) with tanks of 5,000 cbm.
As for the global market, methanol as a marine fuel is getting more popular. Maersk has made an order of six mid-sized container vessels – all having dual-fuel engines able to operate on green methanol. Yangzijiang Shipbuilding Group will build the six 9,000 TEU vessels which will be delivered in 2026 and 2027.
The ‘green transition’ is also seen in the stevedoring market. DP World is accelerating its adoption of renewable energy at the Port of Santos, Brazil’s leading multipurpose private terminal, as a step in its global strategy to achieve carbon neutrality by 2040. A total of 22 diesel-fueled units will be electrified, by the end of next year, with an investment of $16.2 million.
Read more in the “Bunker Market. Prices” digest.
IAA PortNews’ bunker market digest issued twice a week offers operational information about the key industry events, statistics and analytics. It is mostly exclusive information not published on the portal or print outlets.
The digest includes:
- Indicative prices for bunker fuel are divided into three categories: fuel, high-sulfur and low-sulfur fuel oil, in USD and RUB
- The main factors that influenced the change in the cost of marine fuel
- Global bunker fuel prices
- Review of wholesale prices for petroleum products
- Information about ship calls
- Bunkering market news
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