Covid-19, new sulfur requirements, lower exports to China and the collapse of commodity trader Hin Leong Trading in Singapore made bunker oil trade volumes drop 46 percent in 2020 compared to 2019, writes Reuters.
Oil majors increasingly dominate the bunker market in Singapore, the world's biggest bunker port, shows a new list that ranks suppliers by size. The list is topped by an oil supermajor, while a Hin Leong subsidiary lost the most during the year.
Crude oil exports from the US were supposed to drive the tanker market in 2020, but the end-result became something entirely different. This is one among several reasons why the market, according to brokerage Simpson Spence Young, faces a challenging year in 2021.
There are still no Indian yards on the list of approved shipbreaking facilities currently being completed by the EU. And now a 25-year-old convention blocks the process. The EU is trying to find a way around it.
Hin Leong Trading's judicial managers have submitted an application to freeze all assets, shares and funds held by its founder Lim Oon Kuin and his two children in an effort to recoup USD 3.5 billion in debt from the collapsed oil trader.
Maersk's break from major German customer DB Schenker and the cyber attack on CMA CGM attracted the most readers on ShippingWatch in 2020. In an unusual year characterized by the coronavirus pandemic, other big stories were the red-hot container market, Søren Toft's start at MSC and a large-scale reorganization at Maersk.
A merger of the two South Korean yards Hyundai Heavy Industries Holding and DSME has been cleared by the Chinese competition authority. The merger, announced in 2019, is still being reviewed by the EU.
The world's largest bunker group, Bunker Holding, does not reject that more acquisitions could be in store, CEO Keld Demant tells Ship & Bunker. He sees consolidation in the bunker market picking up steam.
Customers increasingly pose environmental demands for shipping and the need for rating voyages' CO2 emissions and ships' CO2 intensity will grow significantly, Rightship's newly appointed CEO, Steen Lund, tells ShippingWatch.
In an interview with ShippingWatch, Anglo-Eastern CEO Bjørn Højgaard looks back on 2020 and elaborates on the impact of Covid-19 on seafarers and Anglo-Eastern's finances. So far, total costs come to USD 20 million.
The Covid-19 pandemic cut major chunks out of the global bunker market, and the long-term effects of the pandemic all point in the same direction. At many of the smaller players, the new sulfur regulations have been a real lifeline, assesses analyst with in-depth knowledge of the market.
Shell and Nordkraft collaborate to build a production facility that will provide liquid hydrogen for use in ferries and lay the foundation for a hydrogen cluster with new green jobs in Northern Norway.
Danish bunker group Bunker Holding grows its lead as the world's biggest bunker supplier, shows a new report from analyst firm Seacred and media Ship & Bunker. The report also shows that the overall market shrunk in 2020.