Market Briefing

Fri 10 Oct 2014, 08:46 GMT

Global demand concerns continue to weigh on oil prices (Brent: $88.9).

Fuel oil trend

Rotterdam: $ 10 lower
Singapore: $ 13 lower
US Gulf: $ 1 lower

Global demand concerns continue to weigh on oil prices (Brent: $88.9)

Oil price dropped around $2 from yesterday on continued demand concerns from Europe and Asia as well as doubts that Saudi Arabia will cut output in order to curb the oil price drop. Oil prices are now at the lowest level for almost 4 years – and down around 6% this week.

Risk-off sentiment dominates markets at the moment as investors are digesting the new price levels.

Supply is increasing with OPEC producing over 30 mio. bpd last month, the U.S. oil production increasing to the highest since 1986, and Russia, the world’s third-largest oil producer with an average production around 10.5 mio. barrels per day.

No major economic news today other than speeches by Fed members Plosser, Lacker and George and industrial production in France and Italy.


		Lloyd’s Register delivers fleet-wide energy transition roadmap for TMS Tankers LR Advisory maps vessel-level compliance risk and decarbonisation pathways across the Greek owner’s tanker fleet.

		GCMD shares biofuel assurance and green finance insights at Hong Kong shipping decarbonisation forum The Global Centre for Maritime Decarbonisation presented pilot findings on biofuels and energy efficiency financing.

		Maersk conducts large-scale ethanol bunkering trial on Laura Maersk in Rotterdam A.P. Moller – Maersk has conducted a barge-delivered ethanol bunkering operation as part of ongoing fuel trials.

		MOL Techno-Trade completes first LNG bunkering for international cruise ship in Hokkaido Truck-to-ship LNG operation at Hakodate marks first such supply to an international cruise vessel in Hokkaido.

		Acta Marine takes delivery of methanol dual-fuel CSOV Acta Gemini for RWE wind farm charter The vessel will support operations at the Sofia Offshore Wind Farm at Dogger Bank.

		Malik Supply expands Danish team with bunker trader and finance hire Danish bunker supplier Malik Supply adds two new staff across its Fredericia and Aalborg offices.

		HJSC wins AiP for 10,000-teu biofuel-powered container ship design South Korean shipbuilder HJ Shipbuilding & Construction receives classification society approval for its biofuel vessel design at Posidonia.

		Capital Clean Energy Carriers takes delivery of LNG carrier and dual-fuel gas carrier, secures five new charters Athens-based CCEC expands its fleet and pushes contracted revenue backlog to $3.1bn.

		Fuel quality management for vessels in extended idle: Arabian Gulf, Gulf of Oman and adjacent anchorages \| Rahul Choudhuri, VPS Managing fuel quality deterioration following the closure of the Strait of Hormuz.

		Agastya Green Fuels signs 250,000 t/yr e-methanol offtake deal with Sri Lanka’s SAR Group Indian producer and Sri Lankan maritime firm agree long-term green methanol supply partnership.