Capesize slumps to record low as IMO oil rules, coronavirus pull…

* “Ships with a scrubber are capable of running an almost profitable freight rate, but since the Baltic considers only ships without a scrubber, high fuel costs are really bringing down index readings and time charter equivalent earnings,” said Peter Sand, chief shipping analyst at BIMCO.

Refiners and their advocates, including several refinery labor unions, said upgrading the FCCUs would cost hundreds of millions of dollars, lead to refinery layoffs and put pressure on the plants to shut down. Running the wet gas scrubbers would also require excessive water use in an already parched area, they argued.

Jan 30 (Reuters) – The capesize component of the Baltic sea freight index plunged to an all-time low on Thursday, hurt by high fuel costs owed to new shipping regulations and a seasonal slowdown worsened by a coronavirus outbreak.

Chevron and PBF, the refiners expected to be most affected by the rule change, urged regulators to consider a less stringent 0.02 limit by 2023. Valero Energy Corp’s Benicia refinery already has a wet gas scrubber.

This gave the area around the smelter the nation´s highest median EPA air quality index score at 131 for 2019. Anything over 100 is considered unhealthy. The next highest median AQI reading in the country last year was 80, in California´s San Bernardino County, where smoke from raging wildfires fouled the air.

Wagoner, a Tesla owner and aspiring space entrepreneur, had traveled to the far southern tip of Texas in hope of hearing Musk speak on Saturday, but was unable to secure a ticket to the event despite his desperate pleas to the billionaire on Twitter.

“We can confirm several owners have postponed dry docking earlier scheduled for the months of October and November to take advantage of the skyrocketing freight rates,” said Rahul Kapoor, head of maritime and trade research at IHS Markit in Singapore.

For this, the mum from Perth relies on the Sabco Grout Brush ($4.50) from Bunnings, the Rubbermaid Power Scrubber ($20) from Bunnings and the $5 Glitz Cream Cleanser, also from the discount hardware store.

* Foreign evacuees from the Chinese city of Wuhan entered quarantine on Thursday, as deaths from a fast-spreading virus rose to 170 and markets weighed the impact of an inevitable big hit to the world’s No.

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NEW YORK, July 21 (Reuters) – Northern California regulators on Wednesday directed two of the state’s largest oil refineries to slash their fine particulate air pollution, which will require costly modifications at the plants.

Health professionals, environmental groups and other proponents for the rule change said adding wet scrubbers would result in vastly in healthier air, particularly for children, poor residents and people of color disproportionately affected by refinery pollution.


sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled to find non-blacklisted vessels to get their oil to market.

“One cargo loading at current elevated rate levels can not only finance the scrubber capex, but also account for extra costs incurred to install the scrubber at a later date,” said Kapoor, referring to the capital expenditure of fitting the scrubber.

“People are worried about getting food on the table,” said Marvelle Cranford, pastor of Friendship Church of God in Christ in Howardville, a small, predominantly African-American community about 5 miles from the plant.

The 19-3 vote by the Bay Area Air Quality Management District governing board means refineries in the area, including Chevron Corp’s Richmond plant and PBF Energy Inc’s Martinez refinery, will have to install wet gas scrubbers to reduce pollution spewed by their gasoline-making fluid catalytic cracking units (FCCU) within five years.

“Union members depend on these refinery jobs to raise their families and put food on their tables, along with putting their kids through college, and live fulfilling lives,” Marc Lopez, representing the Plumbers and Steamfitters Local Union 342, said at the air district’s board meeting.

SINGAPORE, Oct 18 (Reuters) – Tankers that had been scheduled to install emissions-cutting equipment ahead of stricter pollution standards starting in 2020 have deferred their visits to the dry docks to capitalise on an unexpected surge in freight rates, three trade sources said.

The dissenting board members cited concerns about refinery-related job losses, the length of time it will take refineries to comply with the 0.01 standard, versus the 0.02 standard, and legal threats by the refiners if the rule change passed.

The shortage of ships to move crude oil was so acute that some shipowners also switched from carrying so-called ‘clean’ or refined fuels like gasoline to ‘dirty’ cargoes that include crude oil, despite the costs of having to clean them later.

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