• 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 April 20

16:31 CMA CGM announces FAK rates for Asia - the Middle East Gulf trade
15:02 MOL pledges support for Mozambique in wake of devastating cyclone
14:42 USCG Cutter Waesche crew returns home after 95-day counter-narcotics patrol
13:27 CMA CGM announces FAK rates for Asia to Pakistan / India / Sri Lanka trade
13:12 Carnival Cruise Line, CFVI unveil revitalized Griffith Park in St. Thomas for local children
12:26 BC Ferries celebrates Earth Day with the return of the Spirit of Vancouver Island
11:04 Certification of Arkona offshore wind farm by DNV GL confirms safe and reliable power supply
10:49 Navios Maritime Acquisition Corporation announces $103.2 million sale and leaseback transaction
10:38 Boskalis acquires EUR 75M dredging contracts in Indonesia

2019 April 19

18:07 Keppel posts net profit of S$203M in 1Q 2019
17:28 Passenger Port of Saint-Petersburg to complete Phase 1 of Berth No7 reconstruction in summer 2019
17:04 Saudi Aramco partners with the Saudi Contractors Authority fostering collaboration at ‘Future Projects Forum’
16:57 BAE Systems Jacksonville secures Navy's conntract mod for DDG 117
15:04 Hyundai LNG Shipping announces order for one VLGC at HHI
14:55 Marina for 100 yachts to be built in Feodosia by Firm “TES” LLC
14:10 C-Fenna successfully completes Fugro 1200 jackup towing operations
13:32 ESPO congratulates Port of Huelva for renewing EcoPorts’ environmental management standard
13:07 Spirit of Vancouver Island vessel returns to service after mid-life upgrade including conversion to natural gas
12:44 New High Bay Container Storage system launched as “BOXBAY”
12:10 ABS teams with industry leaders to improve container vessel safety
11:39 Port Arthur LNG receives FERC authorization for export project in Texas
11:08 Dual-fuel AET tankers conduct maiden LNG bunkering
10:43 Largest barge of Azerbaijan Caspian Shipping Company undergone overhaul
10:19 Brent Crude futures price is down 0.04% to $71.95, Light Sweet Crude – up 0.38% to $64
09:56 Bunker prices are sable at the port of Saint-Petersburg, Russia (graph)
09:35 TransContainer’s transportation volumes in Q1’2019 increased by 7.7% Y-o-Y to 492,000 TEUs
09:17 Baltic Dry Index is up to 790 points
07:42 GTT receives an order from DSME for the tank design of a new LNG carrier

2019 April 18

18:36 South Stream Transport B.V. and Saipem announce the amicable settlement of mutual differences
18:06 Seaway 7 selected as partner to develop Hollandse Kust Zuid Offshore Wind Farm
17:36 WinGD reports strong first quarter 2019
17:11 Launching ceremony held for eighth shallow-draft barge of Project ROB20
17:05 SOFEC completes engineering, supply and delivery of mooring system
16:26 Port of Murmansk to welcome eight cruise liners in summer season of 2019
16:05 Cooperation agreement between Eimskip and Royal Arctic line approved by the Icelandic Competition Authority
15:44 Navios Acquisition announces $103.2 million sale and leaseback transaction for three MR2 product tankers and two LR1 product tankers
15:12 Nefteflot laid down two barges of Project RDB12 ordered by STLC
15:10 MOL to acquire strategic stake in six group companies, each owning a Very Large Ethane Carrier
14:40 Port of Rotterdam freight throughput grows by 5.1% in first quarter of 2019
13:44 Bunker prices are slightly up at the Far East ports of Russia (graph)
13:03 Biggest European shipbuilders collaborate on vessel connectivity in project Code Kilo
12:49 NOVATEK reports preliminary operating data for the first quarter 2019
12:13 Frontex, EMSA and EFCA open second annual European Coast Guard Event
11:51 RF Navy’s Northern Fleet takes part in combat training missions as part of final check for winter training season
11:27 ASCO took part in TransRussia-2019
11:00 ZIM joins to blockchain shipping solution TradeLens
10:44 Shareholders agreement on construction of Lavna terminal signed under Murmansk Transport Hub project
10:28 Brent Crude futures price is up 0.1% to $71.69, Light Sweet Crude – up 0.09% to $63.82
10:09 ABS teams with industry leaders to improve container vessel safety
09:53 Keppel secures integration and upgrading contracts worth around S$160 million
09:37 Tri-City ports take part in Seatrade Cruise Global
09:36 Bunker Market this morning, April 18
09:15 Baltic Dry Index is up to 767 points

2019 April 17

19:00 SMS Towage’s Humber fleet adds new tug
18:36 CMA CGM has announced FAK rates from Asia to North Africa
18:06 DESMI's CompactClean Ballast Water Management System receives US Coast Guard Type Approval
17:36 Denmark's first new-build hybrid ferry on key passenger route
17:06 CMA CGM announces FAK rates from Asia to the Mediterranean
16:38 Matson receives new cranes at its Honolulu hub terminal
16:17 Stena Europe undergoes refit upgrades in Turkey