By Roslan Khasawneh SINGAPORE, July 18 (Reuters) - Oil product inventories in the Singapore storage and trading hub fell to an eight-month low in the week ended July 17, official data showed, in one of the latest signs that suppliers are gearing up for rule changes to make marine fuel cleaner. Singapore onshore stocks of petroleum products, which include gasoline, diesel, … [Read more...]
Iran Says it Seized a Foreign Tanker in Gulf
By Parisa Hafezi and Alexander Cornwell DUBAI, July 18 (Reuters) - Iran said on Thursday it had seized a foreign tanker smuggling fuel in the Gulf, and the U.S. military commander in the region said the United States would work "aggressively" to ensure free passage of vessels through the vital waterway. The United States blames Iran for a series of attacks on shipping … [Read more...]
War Risk Costs Drag on UAE Marine Fuel Sales, Boosting Singapore
By Roslan Khasawneh SINGAPORE, July 17 (Reuters) - Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates' (UAE) Fujairah oil hub, trade sources said. Instead, they are turning primarily to Singapore, the world's top refuelling hub, to buy marine fuels, … [Read more...]
Seeking to Avoid Escalation, Ships Deploy Unarmed Guards to Navigate Gulf
By Jonathan Saul LONDON, July 17 (Reuters) - Shipping companies are hiring unarmed security guards for voyages through the Middle East Gulf as an extra safeguard after a wave of attacks in the region, security companies involved said. Relations between Iran and the West are increasingly strained after Britain seized an Iranian tanker in Gibraltar this month. Britain also … [Read more...]
Asia Refiners Test the Waters with Exports of IMO 2020-Compliant Fuel
By Jane Chung and Florence Tan SEOUL/SINGAPORE, July 16 (Reuters) - Refineries in Taiwan and South Korea are testing the market for fuels that meet new rules for low-sulphur ship fuel starting next year, exporting some cargoes of very low-sulphur fuel oil (VLSFO) this month. Oil market participants are uncertain what kind of fuel product shipping companies will use to meet … [Read more...]