Praxis Market Update

Mon 11 Jan 2010, 15:35 GMT

Oil market opened higher with latest Chinese trade figures leading the trend, pushing up crude to USD 83.60/bbl with the support also from a weaker USD and supply concerns from the recent rebel attack at Nigerian pipe lines.

In Singapore, most players were offering firm for requirements dated from 15th onwards, whereas some appeared very keen to compete aggressively on bigger 180cst volumes while market levels are moving still on the high side.

In Richards Bay, situation is reported tight in respect to availability with one key supplier advising fully committed inventories.

In Gibraltar, suppliers seem concerned regarding weather conditions warning of possible delays in case situation gets worse in the Strait.

In Rotterdam, schedules are looking earliest towards end of the week according to last updates.

In Hong Kong, some suppliers report tight mgo avails for the following days, thus not able to accommodate prompt distillate requirements

MGO


		Mitsubishi Shipbuilding receives order for ammonia fuel handling system MAmmoSS system will support shop testing of ammonia marine engines from two licensors.

		Kongsberg Maritime to lead EU Horizon project targeting wind-assisted propulsion at scale A 15-partner European consortium will use two full-scale vessel demonstrators to validate wind propulsion technology.

		Petrobras warns of extended MGO and VLSFO supply suspension at Port of Itaqui Fuel distributor announces pipeline maintenance shutdowns affecting both MGO and VLSFO supply.

		PowerCell secures SEK 50m marine fuel cell order for two liquid hydrogen cargo ships Swedish fuel cell maker wins contract to power two North Sea hydrogen vessels by 2028.

		MatH2 consortium launched to tackle hydrogen materials barriers New Finnish-led alliance targets materials compatibility challenges holding back hydrogen adoption.

		CMA CGM takes delivery of fifth methanol dual-fuel boxship in series from Jiangnan Shipyard 15,000-teu vessel is the penultimate ship in a six-vessel series due for completion in September.

		VPS launches VeriSphere Webshop in push to digitise marine fuel services Veritas Petroleum Services unveils self-service digital platform giving customers direct access to fuel data tools.

		ExxonMobil and Wallenius Wilhelmsen complete first trial of biofuel blend made from FAME distillation residue Vehicle carrier bunkered in Zeebrugge with B30 VLSFO blend.

		'China’s largest single-order green methanol procurement deal' announced Chimbusco and Shenergy seal agreement for 6,000 tonnes of methanol.

		Exmar takes delivery of third dual-fuel LPG midsize gas carrier in newbuild programme Belgian shipping group Exmar takes delivery of the 41,000-cbm LPG carrier Moriond.