Argus Marine Fuels. hhh. Latest News. Hapag-Lloyd: Lower bunkers offset weak freight. Tanker business leads Norden to 3Q profit

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1 Latest News Hapag-Lloyd: Lower bunkers offset weak freight Lower bunker fuel prices offset losses from falling freight rates at German shipping company Hapag-Lloyd in the third quarter. Market summary Heavy bunker availabilities were tight in el Callao, Peru. Ecuador MGO levels moved sharply lower after national oil company PetroEcuador adjusted their pricing formula. Tanker business leads Norden to 3Q profit Copenhagen-listed dry cargo and tanker operator Norden's profit was $10.1mn in the third-quarter of 2015, compared with a loss of $45.6mn in the same period of 2014, supported by robust product tanker rates. South Korea - MGO less bulk gasoil cargoes Daily average spot rates drive D amico results Rome-listed products tanker owner D'Amico International Shipping (DIS) posted a profit of $14.7mn in the third quarter of 2015, up from $300,000 in the same quarter a year earlier Marathon Galveston Bay FCC back online Marathon Petroleum has restored a gasoline-producing unit Aug 28 Aug 14 Sep 29 Sep 13 Oct 27 Oct 11 Nov HS 380cst bunkers and bulk fuel oil arbitrage Los Angeles ex-wharf u Bulk fuel oil arbitrage Houston ex-wharf u Panama ex-wharf u swaps: month 1 less month 1 swaps: month 2 less month 1 swaps: month 3 less month 1 New York ex-wharf u Buenos Aires +12 (LSFO) +13 (HSFO) Santos u Rotterdam u +32 (HSFO) Istanbul ex-wharf u Fujairah u +42 (HSFO) Singapore u Hong Kong u Tokyo u t

2 Asia-Pacific Assessed bunker prices HS 380cst HS 180cst MGO Location Basis Low High Mid ± Low High Mid ± Low High Mid ± China Hong Kong Delivered u Qingdao Delivered u Shanghai Delivered u Asia-Pacific (other) Russian far east Delivered South Korea Delivered u u t Singapore Delivered u u u Sydney Delivered Tokyo Delivered u u Mideast Gulf and Indian Ocean Fujairah Delivered u u u Khor Fakkan Delivered u u u Mumbai Delivered u u Posted bunker prices HS 380cst HS 180cst MGO Location Basis Low High Mid ± Low High Mid ± Low High Mid ± Saudi Aramco Dammam Ras Tanura Delivered Jeddah Yanbu Rabigh Delivered Singapore bunker prices fell in line with fuel oil cargo values. Demand in Singapore was stable to soft, as bearish buyers stayed out of the market. Supplies were ample with the earliest delivery date available from 15 November onwards based on suppliers surveyed. Deteriorating fuel oil storage economics could force more cargoes into the bunker market. South Korean refineries are expected to fully return from maintenance in December, which could help ease sporadic supply tightness in the bunker fuel market. Bunker cargo values for high-sulphur 380cst fell by $3/t to $233/t in the afternoon. The Singapore 380cst cargo value fell by $2.50/t from the previous session to $230.75/t. December Dubai crude swap values ended the session down by $0.55/bl from Monday s value at $44.95/bl. Bonded bunker 380cst prices fell by $1-2/t at Chinese ports. Selling prices of bunker-grade high-sulphur 380cst in Hong Kong were mainly at the mid-$240s/t level, but notional buying ideas were only in the high-$230s/t. A state-run bunker supplier in east China offered bonded 380cst at the low- $260s/t at Qingdao and Shanghai ports, with some deals done. Prices of 380cst bunker fuel in Fujairah were slightly lower on weaker demand. One supplier fixed 400t at $227/t for delivery in Fujairah. Firm offers from traders were in the $ /t range. High-sulphur 180cst prices declined more on thin interest. Supplies were ample, but weather conditions are forecast to worsen over the next two days. Rain is expected and winds have been gathering strength, possibly complicating bunkering operations HSFO refining margin - Singapore 13 Aug 27 Aug 14 Sep 29 Sep 13 Oct 27 Oct 11 Nov Page 2 of 10

3 Europe and Africa Assessed bunker prices HS 380cst HS 180cst MGO ECA 0.1% Location Basis Low High Mid ± Low High Mid ± Low High Mid ± Low High Mid ± Africa Canary islands Delivered t u t Cape Town Delivered Durban Ex-wharf t Russia Arkhangelsk Delivered Murmansk Delivered Novorossiysk Delivered u u St Petersburg Delivered ECA 0.1% Delivered Ust-Luga Delivered ECA 0.1% Delivered Europe (other) Algeciras Delivered u u u Antwerp Delivered u u u Barcelona Ex-wharf u u t Genoa Ex-wharf u t t Gibraltar Delivered u u u Hamburg Delivered t t u Kali Limenes Delivered Istanbul Ex-wharf u u t Malta Delivered u u t Piraeus Delivered u u t Rotterdam Delivered u u u Differential to Ice gasoil u Trieste Ex-wharf u u t Bulk fuel oil prices Low High Mid ± LNG vs MGO $/mn Btu MGOe Rotterdam 1pc fuel oil fob barge u Rotterdam 3.5pc RMG fob barge u Rotterdam 3.5pc RMK fob barge u Northwest Europe LNG TTF natural gas Rotterdam MGO Fuel oil prices in the European and African bunker markets continued to slide on Wednesday with weak demand. Marine gasoil (MGO) prices were mixed, mostly rising in the Mediterranean while sinking in northwest Europe. Buying interest was low at most locations except in South Africa, where supplies are still tight. The steepest price drops were at Antwerp, where demand was particularly low because of a public holiday. A buyer with container ships calling at Rotterdam over the next week picked up two stems of MGO at $393/t and $399/t. Supplies remain ample. Shell provisionally booked the VLCC Olympic Trust to load a 270,000t fuel oil cargo at Rotterdam on 1 December to take to Singapore. But Gunvor cancelled its booking of the Al Kout to load a similar cargo at the Dutch port at the end of November. Bunkering at Rotterdam tends to be disrupted while VLCC fuel oil cargoes load there as product and barge availability tightens. At Novorossiysk fuel oil prices decreased by $3/t, following low demand from non-russian shipowners and weakness in the rouble. MGO prices were unchanged. Trade activity at Novorossiysk was limited in the middle of the week, with just a few requests for large volumes. Greek shipping company Neptune Lines purchased 900t of high-sulphur 380cst at no more than $155/t for the vehicle carrier Neptune Odyssey, due to arrive on 17 November. The operators of the tanker Ridgebury Nicholas A, expected at the port on 23 November, picked up t of high-sulphur 380cst at $153/t. And the operators of the bulk vessel Rainbow Quest, calling at Novorossiysk on 15 November, purchased t of high-sulphur 380cst at about $154/t. At the nearby Sheskharis terminal prices remain higher than in the rest of Novorossiysk because of a lack of competition among suppliers. This week high-sulphur 380cst was available at $ /t and MGO at $ /t. The operators of the tanker Max Jacob, due to arrive at the Sheskharis terminal on 25 November, were seeking 1,900-2,100t of high-sulphur 380cst. Page 3 of 10

4 North America Assessed bunker prices HS 380cst HS 180cst MGO Location Basis Low High Mid ± Low High Mid ± Low High Mid ± Atlantic coast Halifax Ex-wharf t Montreal Delivered t t t New York Ex-wharf u u Philadelphia Ex-wharf u u Gulf coast Houston Ex-wharf u u t New Orleans Ex-wharf u u u West coast Los Angeles Ex-wharf u u u Portland Ex-wharf u u u San Francisco Ex-wharf u u u Seattle Ex-wharf u u u HS 500cst Ex-wharf u Vancouver Ex-wharf u u u Bulk fuel oil prices $/bl Low High Mid ± LNG vs MGO $/mn Btu MGOe USG No. 6 oil 3pc u NYH No. 6 oil 1pc u Marine fuels Bunkers assessments moved mostly lower on Wednesday as falling crude markets muted demand on all coasts. Demand was light in New Orleans. One supplier there saw only four inquiries on the day and lost a stem for 1,360t of high-sulphur 380cst quoting at $224/t ex-wharf. Another supplier fixed two lots of high-sulphur 380cst ex-wharf 650t at $223/t and 200t at $224/t and fixed 150 of MGO at $450/t ex-wharf. The supplier also offered MGO at $520/t. Prices for heavy bunkers moved lower tracing crude in Houston, but MGO assessments firmed on strong demand. On Wednesday morning a trader quoted an inquiry for 800t of high-sulphur 380cst at $210/t with 200t of MGO at $460/t ex-wharf. The stem was rumored fixed at unknown lower levels. Later a supplier quoted inquiries for high-sulphur 380cst ranging from t at $195/t ex-wharf but failed to sell as the product was rumored to be selling in the low $190s ex-wharf. MGO demand was stronger, firming assessments. A supplier fixed three MGO-only stems on basis: 300t at $477/t, 65t at $474/t and 400t at $481/t. MGO was also heard indicated at $455/t ex-wharf. High-sulphur 380cst and MGO were indicated at $234/t and $508/t ex-wharf in Corpus Christi, Texas. In New York Harbor high-sulphur 380cst was indicated at $ /t ex-wharf. Gulf coast LNG fob, 10 Nov Houston MGO ex-wharf New Orleans MGO ex-wharf Falling crude markets muted demand on the US west coast In Los Angeles a supplier indicated high-sulphur 380cst at $228/t and MGO at $505/t ex-wharf. Los Angeles remained the cheapest west coast port for heavy bunkers. High-sulphur 380cst closed Wednesday selling there at a $2.50/t premium compared with Singapore and at a $20.50/t premium compared with the Russian far east. Los Angeles HS ex-wharf less Shanghai Aug 21 Aug 10 Sep 30 Sep 23 Oct 11 Nov Page 4 of 10

5 Latin America Assessed bunker prices HS 380cst LS 380cst HS 180cst MGO Location Basis Low High Mid ± Low High Mid ± Low High Mid ± Low High Mid ± Atlantic coast Buenos Aires Delivered t t Montevideo Delivered t t t Caribbean Cartagena Delivered u u u Panama canal Ex-wharf u u u 0.1% sulphur MGO Ex-wharf u Pacific coast El Callao* Delivered Guayaquil Delivered t t u Libertad Delivered t t u Quintero/ Valparaiso* Delivered u u u San Antonio* Delivered u u u *0.1% sulphur MGO Posted bunker prices HS 380 LS 380 HS 180 MGO Location Basis Low High Mid ± Low High Mid ± Low High Mid ± Low High Mid ± Petrobras - valid from 22:00, 10 November 2015 Bahia Blanca Delivered Paranagua Delivered u u Rio de Janeiro Delivered u u Santos Delivered u u Salvador Delivered u u Suape Delivered na na na na na na Tubarao Delivered u u Vitoria Delivered u u PdV - valid until 9:00, 12 November 2015 Venezuelan ports Ex-wharf /ex-pipe u u u u Pemex - valid from 10 Nov 15 Location Basis HS 380 HS 180 MGO Ps/m3 Ps/m3 Ps/l Madero at refinery 4, , Manzanillo at refinery 4, , Salina Cruz at refinery 4, , prices are converted, not posted. HS 380 and HS 180 use conversion factor 0.980m3 for 1t; MGO uses conversion factor 838l per t. Falling crude markets and spotted demand left bunker prices mixed across Latin America on Wednesday. Assessments for heavy bunkers ticked slightly upwards in Ecuador, but MGO levels moved sharply lower after national oil company PetroEcuador adjusted their pricing formula. A supplier indicated MGO at $665/t and low-sulphur MGO at $875/t in Guayaquil. High-sulphur 380cst was indicated at $390/t there. The new prices put MGO in Guayaquil at a $45/t discount compared with el Callao, Peru but high-sulphur 380cst was still selling at a $110/t premium in Ecuador compared with Peru. Lower MGO prices could mitigate sustained higher prices for heavy bunkers in Ecuador and could potentially make bunkering there more attractive for shipowners looking to take combined stems. Heavy bunker availabilities were tight in el Callao, Peru. At least one trader was unable to quote there due to lack of product until November. Page 5 of 10

6 Latin America Falling crude markets kept buyers on the sidelines in Panama. One supplier saw 12 inquiries but fixed only two stems as several customers postponed decisions. The first stem was for 150t of high-sulphur 380cst and the second was for 480t of high-sulphur 380cst for 18 November, both fixed at $223/t ex-wharf. The supplier was quoting larger inquiries for high-sulphur at $226/t and indicated low-sulphur MGO at $ /t ex-wharf, but no demand was seen at these levels. Another supplier fixed 600t of high-sulphur 380cst at $223/t with 100t of low-sulphur MGO at $499/t ex-wharf. A third supplier booked 150t of low-sulphur MGO at $502/t ex-wharf on Wednesday morning, but was later indicating the product at $495/t ex-wharf after crude markets softened. In Cartagena, Colombia a supplier fixed two lots of highsulphur 380cst : 190t at $265/t and 210t at $256/t. A trader quoted a stem for 400t of high-sulphur at $255/t but lost to competition at unknown levels. An 800t lot of high-sulphur 380cst was rumored sold well below these levels at $241/t. Elsewhere in the Caribbean a 100t lot of MGO was indicated at $565/t ex-wharf in Trinidad. Firm demand moved prices higher in Buenos Aires, Argentina. A supplier there fixed two vessels for a total of 680t of low-sulphur 380cst at $248/t. The supplier indicated MGO at $845/t, but saw no demand for the product. Guayaquil HS 380cst less Cartagena Aug 9 Sep 30 Sep 21 Oct 11 Nov Panama HS 380cst less Houston Aug 9 Sep 30 Sep 21 Oct 11 Nov Quintero HS 380cst less Callao Venezuela del HS 380cst less Panama ex-wharf Aug 9 Sep 30 Sep 21 Oct 11 Nov Aug 9 Sep 30 Sep 21 Oct 11 Nov Page 6 of 10

7 news Hapag-Lloyd: Lower bunkers offset weak freight Lower bunker fuel prices offset losses from falling freight rates at German shipping company Hapag-Lloyd in the third quarter. The company s quarterly freight rate was at its lowest level for the period since $1,189/TEU (Twenty Foot Equivalent Unit), but its average marine fuel spending dropped to $306/t, the lowest for the same period. The freight rate was down by 18pc and bunkers costs were down by 48pc quarter-on-quarter. Hapag-Lloyd burned 2.55mn t of bunkers in the first nine months of the year, including 326,000t of marine gasoil and 2.55mn t of fuel oil, up from 2.19mn t of bunkers during the first nine months of The company spent $948mn, down from $1.38bn. Hapag-Lloyd reported a profit of $178.9mn in the first three quarters, compared with a loss of $303.6mn the same period last year. Tanker business leads Norden to 3Q profit Copenhagen-listed dry cargo and tanker operator Norden's profit was $10.1mn in the third-quarter of 2015, compared with a loss of $45.6mn in the same period of 2014, supported by robust product tanker rates. But although the dry cargo arm yielded improved earnings it continued to weigh on the shipowner's profit, making a loss of $14.8mn during the period. The dry cargo market remained challenging but showed some signs of improvement compared with the first half of the year. Better performances from Handysize and Supramax vessels and a less dramatic fall in Chinese imports helped to rein-in dry cargo losses during the period. In the tanker market, Norden's profit climbed to $36.9mn from a loss of $2.3mn last year. "Low oil prices and strong demand kept tanker rates up during the third quarter, which is otherwise considered to be low season", according to chief executive Jan Rindbo. Increased products exports from China, the US and Saudi Arabia all helped to lift rates this quarter. Exports from the latter country, which were mostly directed towards Europe, are expected to remain a positive factor in the tanker market. These seasonally strong earnings arrive even as net product tanker fleet growth is expected to hit 6-7pc this year. The impact of fleet expansion has so far been moderated in the Long Range 1 (LR1) and Long Range 2 (LR2) segments, according to Norden, as oversupply is checked by owners switching their vessels to the lucrative crude market. Daily average spot rates drive D amico results Rome-listed products tanker owner D'Amico International Shipping (DIS) posted a profit of $14.7mn in the third quarter of 2015, up from $300,000 in the same quarter a year earlier. Strong time charter equivalent earnings, on the back of strong exports out of the US, and increased refining capacity in the Middle East boosted the company s result. Time charter equivalent earnings totalled $85mn, up by more than 60pc on the same period a year earlier. DIS daily average spot rate reached $21,219 in the third quarter of 2015, compared with $13,867 in the third quarter last year. Global gasoline exports drove much of DIS growth, despite a slowdown in demand in September, the company said. Looking ahead, DIS expects exports from East Asian markets, namely China to sustain growth, and for middle distillates demand in particular to lead to a steady level of vessel employment and firm rates. Marathon Galveston Bay FCC back online Marathon Petroleum has restored a gasoline-producing unit down for repairs at its 475,000 b/d refinery in Texas City, Texas. The refiner successfully restarted and brought a fluid catalytic cracking (FCC) unit to full rates yesterday, according to a source familiar with operations. The facility operates three FCCs. The unit went down for repair around mid-october. Tanker rates jump at Torm Danish ship owner Torm said tanker rates hit their highest levels since 2008 in the third quarter, and the company is looking to list its shares in New York. Torm s Medium Range (MR) tankers achieved spot rates of $24,599/day in the period, a rise of 77pc on the same period last year, propelling the tanker segment to an overall profit of $104mn. This was on the back of high refinery demand in the US and Europe, with demand for MR and Handysize vessels peaking in the beginning of the third quarter. Buoyant naphtha trades from Europe-northeast Asia boosted the Long Range (LR) market in the first part of the quarter, although falling US gasoline demand tempered activity in the second part. East of Suez, the LR market was boosted by increased Page 7 of 10

8 NEWS refinery capacity in Saudi Arabia and the UAE, and well as long-haul trades from Asia to West Africa. Refinery maintenance in the Middle East slowed demand in the second part of the quarter, although the MR market remained firm. Revenue rose to $215.5mn from $57.0mn in the same quarter last year, on time charter equivalent (TCE) earnings of $149.8mn, against $31.2mn in the third quarter of The company was forced into restructuring in 2012 after struggling under debts of $1.9bn, before being taken over by US-based Oaktree Capital Management. Torm said it was considering a new structure, with a potential listing on the New York Stock Exchange and Nasdaq, which could take place in It operates a fleet of 68 owned product tankers, which is expected to rise to 77 by the end of first quarter 2016 with the addition of nine further product tankers. The firm exited the stagnant dry bulk market in September with the sale of its last two Panamax vessels. China refinery runs exceed target in October Chinese refiners stepped up crude runs last month, after tighter supplies pushed up prices. Chinese crude runs rose to 10.42mn b/d in October from 10.3mn b/d in September. This left them up by 210,000 b/d year-on-year. Chinese oil giants PetroChina and Sinopec intended to cut runs in the fourth quarter, but a surge in exports of diesel and a hefty drop in commercial diesel inventories tightened supply from September, while demand rose during the early-october Golden Week public holidays. Diesel net exports rose to 275,000 b/d in September and diesel stocks shrank by 410,000 b/d, partial government data indicate. The combined effect was to boost product prices, making refining more profitable. China's top economic planning body the NDRC caps gasoline and diesel retail prices using a mechanism derived from international crude prices. The scale of the spot price discount to the pump price cap is a useful indicator of the relative strength of demand with the spread narrowing when demand is strong. The diesel spot price discount to retail prices in Guangdong, the country's largest diesel market, narrowed to $2.8/bl in October from $3.5/bl in September and $14.5/bl in August. Gasoline discounts also shrank in October, suggesting an increase in retail demand. Teakettle refiners have been awarded 820,000 b/d of crude import licences and 1.35mn b/d of quotas to refine imported crude, reducing their dependence on fuel oil. Margins from refining crude are superior to refining fuel oil. But independent refiners receive a consumption tax rebate on the clean product output if they process fuel oil. Their refinery utilisation rates should rise because crude is more lucrative to refine than fuel oil, and because they have pledged to shut older refining units in exchange for quotas and licences reducing their nominal capacity. Anecdotal evidence, from discussions with local refiners, suggest the impact on national crude runs is slighter than anticipated. Many independents appear to replacing equivalent volumes of fuel oil with crude, which gives a better yield, rather than blending the extra crude into fuel oil which would boost overall oil demand. Crude supply production plus net imports nearly matched refinery runs in October, suggesting little crude went into storage. The independent sector is cutting fuel oil imports even as it increases crude imports. This is mitigating the impact of liberalisation on China s import requirements, although crude imports are rising faster than fuel oil imports are shrinking in volume terms. Net crude imports are up by 490,000 b/d in January-October, while net fuel oil imports are lower by 40,000 b/d. Vessel collision impacts Navigator Gas' 3Q profit New York-listed LPG shipowner and operator Navigator Gas has announced a $22.7mn third-quarter profit, down by $3.6mn quarter-on-quarter and $1mn year-on-year. The fall was partly because of the Navigator Aries remain- Argus Mediterranean Storage and Logistics February 2016 Italy, Rome Book by 12 December 2015 to save 260 Petroleum illuminating the markets Market Reporting Consulting Events Page 8 of 10

9 news ing in dock for the entire quarter following a collision with a container vessel near Surabaya, Indonesia in June. Repairs are scheduled to finish by the end of February next year. Navigator Gas expects all but $100,000 of the costs to be recoverable under insurance. A combination of the Navigator Aries being off-hire, vessel ballasting and newbuilding deliveries saw fleet utilisation for the quarter slip to 89.8pc from 98.4pc across the third-quarter of This equated to an approximate $6.6mn negative impact on operating revenue. But overall operating revenue waned by just $2.4mn year on year, partly because of a roughly $7.2mn rise in revenue attributable to an increased average fleet-size, and an approximate $1.6mn rise because of improved monthly charter rates. Its weighted average fleet-size rose by 2.7 to 27.7 vessels year on year, while charter rates per vessel per calendar month rose $20,500 to $945,400. The third quarter saw Navigator Gas continue its fleet renewal process with both the sale of the Navigator Mariner for $32.6mn cash and the delivery of the newbuilding Navigator Centauri. Having since taken delivery of the newbuilding Navigator Ceres in October, Navigator Gas' sailing fleet totals 29 gas carriers. It has an orderbook of eight vessels it anticipates delivery of two handysize and three midsize vessels in 2016 and one midsize and two handysize vessels in NAT Q3: Asia-Pacific demand boosts Suezmaxes New York-listed shipping company Nordic American Tankers (NAT) reaped the benefits of a low crude price environment and boosted third quarter profit to $25.8mn, up from $483,000 in the same period in So far the fourth quarter is yielding strong vessel earnings for NAT, with Suezmax spot rates above the average for the first three quarters of 2015, the company said. During the last year, oil prices have decreased significantly, positively impacting Suezmax tanker rates, said NAT, which owns a fleet of 26 Suezmax tankers, two of which are under construction. Owning only one type of vessel has led to reduced operating costs, said NAT. Higher import demand in Asia-Pacific due to the lower price of crude has bolstered Suezmax earnings. The increased popularity of longer voyages from west Africa, the Caribbean, and the Middle East to Asia-Pacific has stretched the fleet of Suezmaxes, which typically carry 1mn bl of oil. Due to raised tonne-mile demand, time charter equivalent (TCE) earnings for NAT s Suezmaxes rose 67pc to $35,000/d per vessel compared to the third quarter of last year, the company reported. Thanks to a cash break-even rate below $12,000/d per ship, an increasing NAT Suezmax fleet and achieved spot rates of about $35,000/d per ship, the third quarter produced good results, said the company. NAT acquired two 2010-built Suezmaxes in the third quarter. The global Suezmax fleet is not poised to grow as quickly as it has in the past, according to NAT. The orderbook for delivery through 2017 is standing at 18pc of the current on-thewater fleet, down from over 50pc in Page 9 of 10

10 announcements There will be no Argus Marine Fuels data or commentary for North America and Latin America on November; for Europe and Africa on 28 December and for Russia on 31 December. There will be no report, data and commentary published on 25 December and 1 January. Argus direct Web Mobile Alerts Argus Direct is the next generation platform from Argus Media. It is the premium way to access our reports, prices, market insight, fundamentals data and markets. To learn more, visit our website or contact your account representative. argusmedia.com/direct Argus Marine Fuels is published by Argus Media Ltd. Registered office Argus House, 175 St John St, London, EC1V 4LW Tel: Fax: sales@argusmedia.com ISSN: Copyright notice Copyright 2015 Argus Media Inc. All rights reserved. All intellectual property rights in this publication and the information published herein are the exclusive property of Argus and/or its licensors and may only be used under licence from Argus. Without limiting the foregoing, by reading this publication you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever without the prior written consent of Argus. Trademark notice ARGUS, ARGUS MEDIA, ARGUS DEWITT, the ARGUS logo, ARGUS MARINE FUELS, other ARGUS publication titles and ARGUS index names are trademarks of Argus Media Ltd. Visit for more information. Disclaimer The data and other information published herein (the Data ) are provided on an as is basis. Argus makes no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or fitness for any particular purpose. Argus shall not be liable for any loss or damage arising from any party s reliance on the Data and disclaims any and all liability related to or arising out of use of the Data to the full extent permissible by law. Publisher Adrian Binks Chief executive Neil Bradford CEO Americas Euan Craik Global compliance officer Jeffrey Amos Commercial manager Karen Johnson Editor in chief Ian Bourne Managing editor Jim Kennett Editor Stefka Ilieva Tel: marinefuels@argusmedia.com Customer support and sales Technical queries technicalsupport@argusmedia.com All other queries support@argusmedia.com Houston, US Tel: New York. US Tel: Washington DC, US Tel: London, UK Tel: Astana, Kazakhstan Tel: Beijing Tel: Dubai Tel: Moscow, Russia Tel: Rio de Janeiro, Brazil Tel: Singapore Tel: Tokyo, Japan Tel: Petroleum illuminating the markets Issue Ref: