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Alternative marine fuels
Overview
The marine fuel sector is decarbonising. International Maritime Organization (IMO) requirements and EU legislation is driving this change alongside consumer demand for low carbon solutions.
These drivers have prompted shipowners to invest in alternative marine fuels including; marine biodiesel, bio-methanol, grey methanol, LNG, ammonia and hydrogen.
Argus provides pricing, insights, and intelligence for the fast-growing alternative marine fuels market with independent news, analysis, and market commentary on emerging changes and trends so you can stay ahead.
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Argus Market Highlights: Marine Fuels
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Norden's marine CO2e emissions up 15pc in 2024
Norden's marine CO2e emissions up 15pc in 2024
New York, 6 February (Argus) — Danish shipowner Norden's vessel fleet CO2-equivalent (CO2e) emissions jumped last year by nearly 15pc on higher fuel consumption. Norden's vessels emitted 4.4mn metric tonnes (t) of CO2e in 2024 compared with 3.8mn t in 2023. "Given our target of net-zero by 2050, we must reduce emissions by 3.7pc on an annual basis from 2022 levels to realize this ambition," the company said in its annual report. Norden spent $900mn on 15.8TWh of marine fuel in 2024, up 13.6pc and 14.3pc, respectively, from 2023, as the company operated more vessels and time-chartered out fewer vessels. Marine fuel accounted for 25pc of its operating expenses. Only 0.3pc, or 0.04TWh, of its marine fuel came from renewable sources, namely biofuels. But Norden's biofuel consumption doubled from 0.02 TWh in 2023. In September, it entered a biofuel partnership with the global mining company BHP for the supply of 1,000t of pure biofuel (B100) in Singapore for a long-haul Capesize voyage. This reduced CO2 emissions by 2,500t compared with conventional marine fuel, the company said. In November, it signed a sustainable fuel agreement with technology giant Meta under which Meta pays for biofuels that are consumed on Norden-operated vessels. Norden's book and claim system tracks the emissions reductions and allocates them to Meta. In 2023, Norden acquired a minority stake in Danish-Indian biofuels scale-up Mash Makes, which researches and develops biofuel, and this year it conducted biofuel lab trials and a first vessel trial with Mash Makes. Trials are continuing this year. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Study calls for e-fuels bunker subsidies, GHG tax
Study calls for e-fuels bunker subsidies, GHG tax
New York, 30 January (Argus) — E-fuel subsidies and a greenhouse gas (GHG) emissions tax is needed for e-fuels to compete as a bunkering fuel before 2044, said a study by maritime consultancy University Maritime Advisory Services (Umas) and the UCL Energy Institute. The study found that adding a multiplier of the GHG intensity credit given to e-fuels could help to make e-fuel use financially competitive, but it would have to be set at high levels at the start. Using a multiplier of two, where one ship running on zero emissions e-fuel could generate credits to offset three other similar ships operating on conventional fossil fuels, was not able to make e-fuels more competitive before 2041. The multiplier would have to be set initially at 15 in 2030, falling to 10 by 2035, to enable the competitiveness of e-fuels, concludes the study. Additionally, levying a GHG tax or fee of $150-$300/t of CO2-equivalent would also make e-fuels more competitive. A tax of $30-$120/t CO2e is close to the aggregate level of subsidies, and would not create a sustained promotion of e-fuels. Under the current marine fuel standards, a combination of fossil fuels, including LNG, biofuels and carbon capture and storage systems would be most competitive up until 2036. After, blue ammonia dual fuel ships would be the lowest-cost solution until 2044. Ships that were more competitive from 2027-2035 would have at least 25pc higher operating cost from 2040 onwards. Thus, if ship owners order newbuild vessels to maximize short-term competitiveness, the sector is at a "major risk of technology lock-in" and will not be as cost-effective for reaching net zero by 2050. The study models a 2027-build, 14,000 twenty-foot equivalent unit container ship. The vessel sails between Asia and Latin America using different marine fuels such as bio-methanol, e-methanol, LNG, bio-LNG, e-LNG, bio-marine gasoil (MGO), e-MGO and very low-sulphur fuel oil. By Stefka Wechsler Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Marine biodiesel sales drop in Rotterdam port 4Q 2024
Marine biodiesel sales drop in Rotterdam port 4Q 2024
London, 30 January (Argus) — Marine biodiesel demand fell in the final quarter of last year in the port of Rotterdam, while LNG sales picked up ahead of the introduction of FuelEU Maritime regulations at the turn of the new year. Sales of marine biodiesel blends in Rotterdam fell by 13.8pc on the quarter and just under 50pc on the year in October-December. This contrasts with an increase of about 62pc on the quarter for marine biodiesel blend sales in Singapore, pointing to a continued trend of voluntary demand shifting east of Suez. Participants reported this trend throughout last year, with more competitive prices for the blends in Singapore. Argus assessed B24 dob Singapore, a blend comprising very-low sulphur fuel oil (VLSFO) and used cooking oil methyl ester (Ucome), at an average discount of $10.58/t against B30 Advanced Fatty acid methyl ester (Fame) 0 dob ARA in the final quarter of 2024. B24 dob Singapore was marked at an average discount of $119.34/t against B30 Ucome dob ARA. Consequently, shipowners seeking to deliver proof of sustainability documentation to their customers, to offset the latter's scope 3 emissions, shifted their marine biodiesel demand to Singapore when feasible. FuelEU Maritime regulations, which came into effect in January and require a reduction in greenhouse gas (GHG) emissions from vessels every year, will probably incentivise regulatory-driven demand for marine biodiesel blends. But the regional price dynamics between ARA and Singapore will probably remain relevant to regulatory-driven demand as well, as energy consumed from blends bunkered in Singapore can be mass balanced to be fully accounted for under the scope of FuelEU Maritime. The pooling mechanism within FuelEU Maritime would also allow for vessels operating on the east-west route to potentially utilise compliance generated from marine biodiesel blends bunkered in Singapore across other vessels that operate solely in Europe. LNG sales picked up by 19.5pc on the quarter and soared by 76.6pc on the year ahead of the introduction of FuelEU Maritime regulations at the start of 2025. Fossil LNG, depending on the type of engine used on board, can help shipowners with LNG-capable vessels meet their FuelEU compliance targets for 2025. The Gate LNG import terminal is planning to start operations at a second jetty for LNG bunker vessels in 2028, pointing to expectations of greater demand. Bio-LNG sales were reported for the first time in 2024 since small volumes in 2021, ahead of FuelEU Maritime regulations. Conventional bunker fuel sales comprising VLSFO, ultra-low sulphur fuel oil (ULSFO), marine gasoil (MGO), marine diesel oil (MDO), and high-sulphur fuel oil (HSFO) dipped by 4.7pc on the quarter but rose by 17.7pc on the year in October-December. VLSFO sales alone were marked higher than HSFO's for the first time at the port since the last three months of 2023. Total VLSFO volumes traded in the fourth quarter came to nearly 811,000t, down by 3pc from the previous quarter, while HSFO sales totalled 780,500t, down by 14pc. Market participants attribute this retail drop-off to considerable local HSFO supply-side constraints at the end of 2024. Thin volumes produced by CDUs at refineries in the Amsterdam-Rotterdam-Antwerp (ARA) hub meant imported volumes were needed to cover shortfalls. Refineries cut throughput runs, reducing residual byproduct output. Biomethanol sales dropped by over half on the quarter, under pressure from thin trading activity, but were 86pc higher on the year in the final quarter of 2024. Shipping giant Maersk has signed several letters of intent for the procurement of biomethanol and e-methanol from producers such as Equinor , Proman and OCI Global . But the European Commission's proposal to exclude automatic certification of biomethane and biomethane-based fuels for the Union Database for Biofuels if relying on gas that has been transported through grids outside the EU, could slow some negotiations for 2025 imports of biomethanol of US origin into the EU. By Hussein Al-Khalisy, Bob Wigin and Evelina Lungu Rotterdam bunker sales t Fuel 4Q24 3Q24 4Q23 q-o-q% y-o-y% VLSFO & ULSFO 1,004,398 1,045,774 847,862 -4 18.5 HSFO 780,437 906,737 643,218 -13.9 21.3 MGO/MDO 395,903 334,752 361,585 18.3 9.5 Conventional total 2,180,738 2,287,263 1,852,665 -4.7 17.7 Biofuel blends 118,201 137,175 233,108 -13.8 -49.3 LNG (m³) 263,068 220,120 148,933 19.5 76.6 bio-LNG (m³) 575 0 0 na na biomethanol 930 2,066 500 -55 86 Port of Rotterdam Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Lootah Biofuels to collect UCO from UAE households
Lootah Biofuels to collect UCO from UAE households
Dubai, 28 January (Argus) — Dubai-based biofuels producer Lootah Biofuels will launch a smart app in coming months to facilitate the collection of used cooking oil (UCO) from households and businesses in the UAE. Lootah plans to increase and simplify the collection of UCO, which currently stands at 300,000 litres/month. The company wants to encourage "individuals and families to actively participate in collecting and safely disposing used cooking oil at designated collection points." Lootah Biofuels aims for the recycling of UCO to reach 80pc in the coming years, up from less than 50pc currently — largely sourced from restaurants and the hospitality sector. Lootah Biofuels' plant is the largest in the Middle East, producing 53,000 t/yr of biodiesel, which it supplies to the local transportation and aviation market and exports to the Netherlands, the UK, Germany and India. Lootah Biofuels signed an agreement with Malaysian biofuel feedstock supplier FatHopes Energy in 2023 to collaborate on supplying sustainable aviation fuel (SAF) to Dubai's aviation sector and establishing a Malaysian used cooking oil (UCO) aggregation hub. Bunker hopes Bunker market participants in Fujairah, UAE, the world's third largest marine fuels centre, hope the potential production increase will boost availability of B24 — which consists of 24pc used cooking oil methyl ester (Ucome) and 76pc very low sulphur fuel oil (VLSFO). The Fujairah bunker market has been facing competition with other industry sectors over limited supplies. Bunkering B24 has been slow in Fujairah, with sporadic demand emerging. "There is just one customer who periodically asks for B24, which is not always available," a Fujairah trader said. Still, bunker sellers expect regional demand for B24 to rise later this year as shipowners prepare to meet more stringent mandates set by the EU and the International Maritime Organisation (IMO). FuelEU Maritime aims to raise the share of renewable and low-carbon fuels in the fuel mix of maritime transport within the EU, and will set requirements for greenhouse gas emission reductions against a 2020 baseline level, starting with 2pc in 2025. The EU is an important market and a regular destination for much of the maritime traffic passing through Fujairah, so the new regulations are likely to be a trigger for change, market participants said. "Many vessels refuel in Fujairah before calling at EU ports," one trader says. "They already have to comply with the EU ETS, [Carbon Intensity Index], and will need to also comply with FuelEU." By Elshan Aliyev Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Spotlight content
Argus B24 dob Guangzhou marine biodiesel spot price
Argus has launched the first marine biodiesel spot price for China — B24 dob Guangzhou — adding to existing coverage for Asia, including B24 dob Singapore.
FAQsArgus B30 (Ucome and VLSFO) dob Houston, Los Angeles
B30 Houston and Los Angeles delivered on board (dob) prices for use by ocean-going vessels comprise 30pc used cooking oil methyl ester (Ucome) and 70pc very low-sulphur fuel oil (VLSFO).
Alternative marine fuels key prices
Argus Marine Fuels features a comprehensive range of alternative marine fuels prices (in $/t VLSFO, $/t HSFO, and $/t MGO equivalents and $/mn Btu).
Latest events
Argus Sustainable Marine Fuels Conference
Argus Sustainable Marine Fuels Conference
Argus Biofuels Europe Conference & Exhibition
Argus Biofuels Europe Conference & Exhibition
Argus Green Marine Fuels Asia Conference
Argus Green Marine Fuels Asia Conference
Global alternative fuels vessel databases
Argus Marine Fuels includes access to proprietary data in three downloadable databases, providing essential insights into the changing marine fuels market:
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Spot deals and firm quotes
This list of spot deals gives buyers and sellers understanding where they stand price-wise compared with their competitors. Argus’ daily deals/quotes detail the port, type of fuel, size of the deal, price, delivery method and delivery dates. It does not include counterparties’ names.
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Alternative fuels vessels and supplier list
Argus lists vessels that are burning alternative marine fuels, including methanol, biofuels, ammonia, hydrogen, LNG, LPG, as well as those running on batteries. The database is updated every month.
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Scrubbers
The database is updated every month. It contains over 4,300 records and counting.
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