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Singapore reached a new milestone in 2024, with total bunker sales hitting 54.92 million tonnes, a 6% increase from the previous year. The rise was partly driven by disruptions in the Red Sea, which led to extended shipping routes via the Cape of Good Hope. As the world’s largest bunkering port, Singapore supplied over a

Shipowners demonstrated their commitment to lower emissions in 2024 by ordering 600 alternative-fuel-capable vessels, increasing the orderbook to 1,737 ships. Combined with the in-service fleet, this brings the total to 3,597 vessels, equating to 4.8% of all vessels in service and on order. Methanol emerged as the leading alternative fuel, with 119 new vessel orders

Shipyards have experienced a remarkable year, with newbuilding orders reaching levels not seen since 2007. The surge in demand has driven nominal prices close to record highs, reflecting strong momentum across the shipping industry. According to Clarksons Research, year-to-date newbuild contracting stands at 62.6 million compensated gross tons (cgt), valued at $190.2 billion. This volume

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