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The International Organization for Standardization (ISO) has released ISO 6583:2024, a groundbreaking standard for methanol as a marine fuel. This first edition aims to provide global guidelines for the safe and efficient use of methanol onboard ships. Developed with input from shipowners, operators, standards bodies, classification societies, and other stakeholders, ISO 6583:2024 sets a global […]

The maritime trade landscape is shifting rapidly due to rising global tensions and economic uncertainty. Geopolitical conflicts, particularly in Eastern Europe, have disrupted traditional shipping routes and increased costs. Despite demand for bulk goods and oil remaining strong, supply chain disruptions have reduced efficiency. Protectionist policies and regionalized trade are creating a more fragmented global

Phillips 66 plans to close its Los Angeles refinery, cutting 140,000 barrels per day from California’s refining capacity. The refinery consists of two large complexes, which will both shut down next year, reducing the state’s output by about 8%. Phillips 66 will compensate for the lost production through its other refineries and external sources, including

The global marine fuels sector is in the midst of a transformation as it aims to decarbonize by 2050. Wood Mackenzie highlights the increasing importance of alternative fuels like LNG, ammonia, and biofuels as the shipping industry works to meet carbon reduction targets. Regulatory pressure, particularly from the International Maritime Organization (IMO), is driving the

A recent survey by Reed Smith reveals that transport professionals believe it will take over 15 years to achieve 100% sustainable fuels, with fossil LNG expected to serve as a transitional fuel for the next three to five years. The survey, involving up to 50 respondents, highlighted cost, sustainable energy, and inadequate infrastructure as major

The price spread between high and low sulphur fuel oil (HSFO and VLSFO) is at its lowest since the global sulphur cap began in early 2020. Currently, the Hi5 spread is about $67, reducing the premium earnings for scrubber-fitted ships. Research from Braemar indicates that earning premiums for eco scrubber-fitted VLCCs have dropped to under

The shipping sector is increasingly embracing alternative fuels, with a notable uptick in orders for cleaner ships at the start of 2024. DNV’s Alternative Fuels Insight (AFI) platform reported five new orders in March, including two for methanol and ammonia-fueled vessels each, and one for an LNG-fueled ship. Despite a quieter month in March, the