World News
OCI Global Upbeat on Future Marine Methanol Sales
Alternative marine fuels producer OCI Global posted a $41 million profit in its first half year results with revenue down by 11% compared to the same period a year ago.
Company chief executive Ahmed El-Hoshy said the second quarter had seen the compay put in a "robust performance" following 2023's "challenging market conditions".
In bunkering, the company said that the ship that received green methanol bunkers supplied by the firm in Rotteram had received the same alternative bunker fuel in Singapore.
Looking ahead, the outlook for the bunker sector is positive with favourable regulation and a growing order book for dual-fuel ships supporting a greater reach for alternative bunker fuels.
The impact of the FuelEU maritime directive and the growing orderbook for dual-fuel vessel are among the factors that will "support the uptake of lower carbon fuel sources such as methanol and, eventually, ammonia", the company said.
There are 301 newbuild/retrofit, methanol, dual-fuel ships on order for delivery over the next four years representing "up to seven million metric tonnes per annum of potential additional methanol demand, compared to current maritime demand of 350,000 mt", according to the company.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 579.00 | 3.50 | 622.00 | 5.50 |
| Rotterdam | 503.50 | 0.50 | 612.50 | 3.00 |
| Houston | 498.00 | 0.00 | 638.50 | 5.00 |
| Fujairah | 577.00 | 2.00 | 776.00 | 3.00 |
| Global 20 Ports Average | 589.50 | 2.00 | 730.50 | 1.00 |
| Global 4 Ports Average | 539.50 | 1.00 | 662.00 | 1.50 |
| Global Average Bunker Price | 635.00 | 1.50 | 808.00 | 0.00 |
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