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Fuel Preference Analysis

Nov. 17, 2023

As we approach 2024, the CII regulatory requirements for reporting energy efficiency per vessel are coming into play, and shipowners are paying attention. Looking at NB orders from 2019, we see that 98% of VLCC owners opted for the scrubber option. If we compare that with 2023 YTD orders we notice that scrubber preference for VLCCs is in decline as 60% fewer vessels were ordered fitted with scrubber compared to 2019 (Figure 1) and instead shipowners are opting for dual fuel technology.  Suezmaxes follow a similar trajectory to VLCCs.  Meanwhile, smaller vessels show a different pattern, with LR1s favoring scrubbers ...

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Refining Capacity Update

Nov. 10, 2023

As we approach the end of 2023, we are seeing an increasing number of refineries in the Middle East delaying their full ramp up and we will not be surprised if with the next revision of capacity data, numbers shift firmly towards 2024 and beyond.  Still, the existing expansions (Al Zour, Jizan, Duqm) are expected to play a pivotal role in supplying the West, especially in the context of increasing winter demand for gasoil.  Indeed, Kpler data shows that European refinery utilization for October was at 80%, virtually unchanged from previous months and with the forecast pointing to an average ...

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