Growing Singapore and disastrous energy transition: “Bunker Market. Prices” digest

- While bunker sales in the Far East of Russia continue going down, bunker sales in the port of Singapore are showing an increase. In January-May 2023, bunker sales in Singapore rose by almost 3% with LSFO380 (sulphur content of 0.5%) being the most popular bunker fuel as well as MFO380.

SEA-LNG LNG bunker industry body SEA-LNG has argued LNG and its green alternatives will be a much cheaper pathway for shipping than using methanol or ammonia. This has long been declared in Russia but a group of western countries lobbying ‘green energy transition’ do not take economic arguments as decisive ones.

According to Rosneft CEO Igor Sechin, the declared energy transition is not backed by the necessary resources and technologies. He says that the attempt of a green transition has already had “disastrous global consequences”.

Meanwhile, Nordic energy company Gasum and MSC Cruises (the Cruise Division of MSC Group) signed a long-term agreement on the delivery of liquefied natural gas, LNG, to MSC’s new flagship MSC Euribia and executed a Letter of Intent (LOI) engaging in a landmark cooperation that aims at securing MSC access to liquefied synthetic gas, or e-LNG, which is produced using hydrogen, created by hydrolysis with renewable energy and captured CO2.

In Russia, Rosatom plans to launch serial production of pumps for shipment of liquefied natural gas (LNG) under the federal project ‘LNG Market Breakthrough’ in 2023.