• 2019 May 10 10:31

    MABUX: Bunker market this morning, May 10

    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 insignificant and irregular on May 09:

    380 HSFO - USD/MT - 414.50 (-0.07)
    180 HSFO - USD/MT - 461.64 (-0.29)
    MGO - USD/MT - 656.00 (+0.64)

    Meantime, world oil indexes also changed irregular on May 09: an escalating trade battle between the United States and China counteracted upward pressure from a surprise decline in U.S. crude inventories.

    Brent for July settlement increased by $0.02 to $70.39 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery declined by $0.42 to $61.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.69 to WTI. Gasoil for May delivery lost $7.00.

    Today morning oil indexes turned into slight upward trend.
     
    U.S. crude inventories fell 4 million barrels last week, compared with analysts’ forecast of a 1.2 million-barrel build.

    The Sino-U.S. trade war has weighed on fuel prices this week as heightened tensions between the world’s two biggest economies cloud the global economic outlook. U.S. President Donald Trump said on May 08 that China broke the deal in trade talks with Washington and would face stiff tariffs if no agreement is reached. Higher tariffs are set to take effect on May 10, during Chinese Vice Premier Liu He’s two-day visit to Washington from May 09.

    China imported around 800,000 bpd of crude from Iran in April—the highest amount that Iran’s top oil customer purchased since August last year—as Chinese refiners rushed to buy Iranian oil ahead of the expiry of the U.S. sanction waiver at the beginning of May. Iran’s oil customers were only guessing if the United States would extend the waivers that expired last week, so all Iranian clients, including its biggest customer China, rushed in to procure cheap Iranian oil in March and April. Total Chinese crude oil imports rose by 11 percent year on year in April 2019, to reach 10.64 million bpd.

    The confrontation between the United States and Iran continued over the Iranian nuclear deal and Iranian oil exports as the United States stands firm on its position that it will succeed in reducing Iranian oil exports to zero. The strong words from the United States came after Iran announced it would no longer be curbing its nuclear program, threatening to go even further, saying it would resume enriching uranium at a higher level if the EU fails to live up to its end of the agreement by continuing Iranian oil purchases. The EU struggles to not run afoul of US sanctions against a major oil supplier. Reaffirming its commitment to the sanctions, the United States said it would quickly respond to any sanctions violation by the EU. As a final result, the United States had announced that it was deploying the USS Abraham Lincoln Carrier Strike Group and a bomber task force to the U.S. Central Command region. New round of tension is supporting fuel indexes.

    Saudi Arabia has received several moderate requests to replace Iranian oil next month. At the moment Saudi Arabia’s Arab Light for June delivery sells at a premium of US$2.10 per barrel to the Oman/Dubai average, up by US$0.70 per barrel from cargoes for May delivery. Riyadh also raised the price of this most popular among its grades for Europe, by US$0.80 a barrel from the price of shipments for May delivery. The price for oil exports to the United States, however, was reduced.

    Libya’s UN-backed internationally recognized government has suspended the Libyan operations of as many as 40 foreign companies, including those of France’s oil and gas supermajor Total. According to the Tripoli-based government of national accord (GNA), the licenses of those 40 foreign firms had expired. The security situation in Libya has worsened recently as General Khalifa Haftar ordered last month his Libyan National Army (LNA) to march on the capital Tripoli. A renewed confrontation could escalate and threaten to disrupt, Libya’s oil production and exports. The news supported fuel indexes.

    There were calls for a US Naval blockade to stop Venezuelan oil from getting to its closest ally, Cuba. Venezuela’s oil flows to Cuba have so far continued largely unabated despite the sanctions. Venezuela is Cuba’s largest oil supplier, and at a high point, the oil trade from Venezuela to Cuba reached 100,000 bpd. Maduro’s opponent, Juan Guaido, has long asserted that oil shipments to Cuba must stop as Venezuela is in crisis with repeated blackouts that have plunged the country into darkness.

    We expect bunker prices will not have any firm trend today and may change irregular in a range of plus-minus 2-5 USD.




2024 March 29

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
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm