• 2019 March 18 10:44

    MABUX: Bunker market this morning, Mar.18

    The Bunker Review was contributed by Marine Bunker Exchange

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed irregular on Mar.15:

    380 HSFO - USD/MT - 424.71(-0.36)
    180 HSFO - USD/MT - 471.29(-0.85)
    MGO - USD/MT - 642.14(+1.57)

    Meantime, world oil indexes traded slightly down on Mar.15, leading up to the data release as OPEC appeared to slow its production cut activities, and as global inventories are still thought to be robust.

    Brent for May settlement decreased by $0.07 to $67.16 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April delivery slid by $0.09 to $58.52 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.64 to WTI. Gasoil for April delivery lost $4.00.

    Today morning oil indexes were stable, amid concerns that an economic downturn may dent fuel consumption, but crude markets remain broadly supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.

    OPEC reduced production by 221,000 bpd in February, a more modest reduction than in prior months. Most of the reductions came from Venezuela, which saw output drop by 142,000 bpd. Meanwhile, OPEC estimated that OECD inventories rose by 22 million barrels in January, or 19 million barrels above the five-year average.

    Besides, earlier last week, a group of top OPEC officials warned U.S. shale executives in a meeting on the sidelines of the IHS CERAWeek Conference in Houston that the NOPEC legislation working its way through the U.S. Congress could result in much higher levels of production from OPEC, which would crash prices. They made clear that without the ability to coordinate, they would produce at maximum levels.

    The International Energy Agency (IEA) predicted production outages and Iran and Venezuela will tip the global oil market into a shortage during the second quarter. This will happen against the background of steadily rising demand despite a slowdown during the last quarter of 2018. The agency had kept its 2019 global demand forecast unchanged from the last one at 1.4 million bpd.

    As per IEA, Venezuela’s oil production had stabilized around 1.2 million bpd before the massive power outage that hit the country earlier last week, noting this is the same amount as the one OPEC and its partners agreed to take off global markets in December in a bid to prop up prices. However, the forecast said any serious market disruption should be limited because OPEC members—excluding U.S. sanctioned Ian and Venezuela—are sitting on some 2.8 million bpd in spare capacity. This could be quickly brought back online to cover any shortages, especially of heavy crude. OPEC has cut mostly its heavy crude oil output.

    IEA also noted the U.S. has started buying a lot more crude from Russia to replace lost Venezuelan barrels. As a result, Russia has taken the opportunity to increase its shipments to the US from relatively modest levels to around 150 kb/d.

    Amid signals that the U.S. and China have made some progress in trade negotiations in recent weeks, China has tentatively resumed buying U.S. commodities. China is now once again importing U.S. crude oil and soybeans, but despite increased inquiries, the Chinese market response to U.S. liquefied natural gas (LNG) is still tepid. While a new summit between the two leaders - U.S. President Donald Trump and Chinese President Xi Jinping - is yet to be scheduled, the oil/fuel market has been recently buoyed by prospects of a trade deal between the world’s two largest economies. And the slow return of Chinese purchases of U.S. crude oil could be a positive sign in the trade talks.

    The number of active oil and gas rigs in the U.S. fell once again last week, as oil production fell for the first week this year. The total number of active oil and gas drilling rigs fell by 1 rig, with the number of active oil rigs falling by 1 to reach 833 and the number of gas rigs holding steady at 193. The oil and gas rig count is now just 36 up from this time last year, 33 of which are oil rigs. US crude oil production for week ending March 8 was 12.0 million bpd—the first decline, albeit a minor one—in this calendar year, coming off last week’s high of 12.1 million bpd. The figures at least offer an indication that the explosive growth could be slowing down.

    We expect bunker prices may slightly decline today in a range of minus 1-4 USD.




2019 June 24

18:05 Training Montenegro to combat oil spills
17:50 Four cruise ships visit the Port of Riga at the same time
17:27 Finnish Government proposes supplementary appropriation of EUR 40 million for basic infrastructure management
17:05 Austal delivers third guardian class patrol boat to the Australian Department of Defence
16:47 Incat Crowther announces contract to design a 65m catamaran passenger ferry
16:46 Construction and operation of dual-fuel ships has low economic efficiency – USC President
16:45 Maersk Drilling completes sale of jack-up Mærsk Giant
16:24 USC set to build floating electricity-generating facilities running on LNG supplied by bunkering ships
16:03 Van Oord and Mammoet enter into cooperation with scale-up Verton
15:45 United Shipbuilding Corporation to launch the first LNG-powered ferry for Ust-Luga – Baltijsk line in late July
15:30 United Shipbuilding Corporation establishes USC-Propulsion and USC-Interior subdivisions
15:03 MOL signs deal on a long-term charter contract to utilize "MOL FSRU Challenger" for Hong Kong Offshore LNG Terminal Project
14:42 New USC Vice-President, Civil Shipbuilding, to get into office on 10 July 2019
14:21 USC expects its Astrakhan cluster to build 12 river-sea class ships per year
14:03 Yang Ming announces new China-Thailand direct service
13:37 Port of Rotterdam Authority to collaborate with four new companies
13:25 Igor Vasilyev appointed as Acting General Director of FTI Rostransmodernizatsiya
13:02 ARIES gained ABS Certification: Middle East 1 st Remote Inspection Techniques specialist
12:20 BC Ferries releases year-end results
12:10 Keel laid for the first of Damen’s revolutionary new FCS 7011 Crew Change
11:56 Average wholesale prices for М-100 HFO down to RUB 15,377 in RF spot market
11:29 FESCO to launch new container train to China via Far East overland route
10:58 Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant
10:35 Satti floating drilling unit owned by Kazmortransflot delivered to Azerbaijan
10:13 Throughput of Chinese ports grew by 4.1% to 5.5 billion tonnes in Jan-May’2019
09:53 MABUX: Bunker Market this morning June, 24
09:52 Brent Crude futures price is up 0.4% to $64.71, Light Sweet Crude – up 0.68% to $57.82
09:34 Container throughput of port Hong Kong (China) down 7.7% to 7.55 million TEUs in Jan-May’2019
09:17 Baltic Dry Index is up to 1,239 points

2019 June 23

16:29 INPEX submits revised plan of development for Abadi LNG Project
15:13 Oceanwide Expeditions: Hondius sister ship m/v Janssonius ordered for 2021
14:19 CMA CGM announces FAK rates on Asia - Pakistan, India and Sri Lanka service
13:46 Coast Guard rescues five from capsized boat in Chesapeake Bay
12:43 Danske Commodities signs 20-year PPA with Hywind Scotland wind farm
10:29 TMC sets up office to support Chinese yards

2019 June 22

15:24 AAPA selects Christopher Connor as its new CEO
12:37 TMC contracted by VARD to supply marine compressors for Viking Cruises' vessels
11:23 ABS to class first ‘tri-fueled’ vessel for Harvey Gulf
10:13 Port of Oakland steps up as ships carry bigger loads than ever
10:05 Coast Guard responds to barge aground in Naknek, Alaska

2019 June 21

18:07 Austal gets Navy's modification to littoral combat ship contract
18:04 MODEC awarded Letter of Intent by Petrobras related to Búzios 5 FPSO
17:58 Frontline announces acquisition of VLCC resale and two LR2 newbuildings
17:56 BC Ferries adds extra sailings for the summer
17:55 Maritime Anti-Corruption Network to develop Global Port Integrity Index and Scale Up Collective Action in West Africa
17:37 Siemens Gamesa receives first offshore wind preferred supplier nomination in Japan: up to 455 MW for Obayashi Corporation
17:12 Krasnoye Sormovo launches final RSD59 ship in a series four units ordered by STLC
16:38 Ships of RF Navy’s Pacific Fleet involved in exercises in the Sea of Japan
16:26 Government of Canada enters into negotiations with Chantier Davie for construction of two ferries
16:14 Standic expands with state-of-the-art chemical storage terminal in Port of Antwerp
15:50 Klaipedos Nafta announced call for Chief Executive Officer
14:27 Safety management training takes centre stage
14:26 USCG says Polar Security Cutter to be homeported at Seattle
14:03 Maersk to offer customers carbon-neutral transport
13:35 LUKOIL’s dividends payable for 2018 will be RUB 250 per ordinary share
13:15 Anthony Veder expands fleet with taking in five gas carriers from GATX
13:12 HELCOM’s Executive Secretary to step down in August 2019
12:48 Novotrans acquired stevedoring company operating Ro-Ro ferry facility at the port of Ust-Luga
12:30 Samskip fine tunes multimodal network for post-Brexit hard choices
12:11 Matson christens first Kanaloa class Con-Ro vessel 'Lurline'