• 2019 May 6 09:17

    MABUX: Bunker market this morning, May 06

    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) demonstrated downward trend on May 03:

    380 HSFO - USD/MT - 426.29(-5.57)
    180 HSFO - USD/MT - 472.86(-6.71)
    MGO - USD/MT - 654.79(-1.21)


    Meantime, world oil indexes changed irregular on May 03 as strong U.S. economic data boosted demand sentiment and as production losses in sanctions-hit Iran and Venezuela tightened the market.

    Brent for July settlement increased by $0.10 to $70.85 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery added $0.13 to $61.94 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.91 to WTI. Gasoil for May delivery gained $11.50.

    Today morning oil indexes turned into downward evolution.
     
    The oil price rally ended last week with rising U.S. inventories and production. Crude stocks soared by almost 10 million barrels and U.S. production rose to 12.3 million bpd in the last week of April. It means that even with deep losses in supply from Iran and Venezuela, as well as a few other countries around the world, OPEC+ will still need to hold back production to balance the market.

    Despite an escalating situation in Venezuela, oil exports from the country remained perhaps surprisingly stable in April, at an average daily rate of 1.06 million barrels. Shipments of Venezuelan crude to China increased during last month, as did cargoes bound for India. The flow of oil from Venezuela to Cuba continued despite attempts by the opposition to put a stop to these. Meanwhile, Juan Guaido’s opposition’s attempts to topple Nicolas Maduro’s government continue. Despite his repeated calls for more protests and striking across the country, and an attempt at a military coup earlier last week, the situation remains unchanged. It becomes clear that the army is the key to a regime change in Venezuela. For now, it appears to remain loyal to Maduro.

    Iran said that OPEC may fall apart. As per Iran’s oil minister, Iran is a member of OPEC for its interests and any threat from member states won’t go unanswered, referring to Saudi Arabia’s apparent coordination with the U.S. on Iran sanctions. Iran considers that OPEC is in danger by the unilateralism of some members and the organization faces the risk of collapse. Last year, Qatar quit OPEC, but it would be a much more significant development if Iran were to exit.

    Meantime, OPEC production fell to a four-year low in April. Declines in Venezuela and Iran were the major factor. The cartel’s collective output stood at 30.23 million bpd, down 90,000 bpd from March and the lowest since 2015. However, Saudi Arabia said it may increase oil production in June, but any increase would likely be consumed domestically for electricity generation, leaving little extra left over for exports.

    Fuel prices were also put under pressure by Russia's pumping clean oil through the Druzhba pipeline towards western Europe again, after several countries halted imports last week because of contamination. Poland, Hungary and the Czech Republic are offering their domestic refiners about 8 million barrels of oil from strategic reserves after supplies from the Druzhba pipeline were halted.

    Although U.S. commercial crude oil inventories have been rising in recent weeks, they have been doing so less than normal for this time of the year although U.S. refineries have been undergoing heavy spring maintenance to be ready to process fuel in the fall and winter of 2019, just ahead of the new low-sulfur requirements for shipping fuels. When the U.S. refinery maintenance ends and refineries begin full production ahead of the summer driving season, crude oil inventories are likely to decline quickly, leading to a tighter market.

    The number of active oil and gas rigs fell slightly in the United States last week, after two large drops in the two previous weeks, keeping the overall rig count well below year-ago levels for a third week in a row. The total number of active oil and gas drilling rigs in the United States fell by 1 according to the report, with the number of active oil rigs gaining 2 to reach 807 and the number of gas rigs falling by 3 to reach 183. Despite the recent downward trend in the number of active oil rigs in the United States, US crude oil production reached a new all-time highs, and for week ending April 26, US oil production stood at 12.3 million barrels.

    We expect bunker prices may change irregular today with a range of plus-minus 1-3 USD for IFO and plus-minus 5-8 USD for MGO.




2024 March 29

18:00 SLB announces agreement to acquire majority ownership in Aker Carbon Capture
17:14 “K” Line and Nippon Gas Line establish a marketing company to provide liquefied CO2 transportation services for carbon capture and storage projects
16:47 VTTI and IKAV enter agreement to purchase majority ownership of Adriatic LNG, Italy
16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels