• 2019 May 14 08:22

    MABUX: Bunker market this morning, May 14

    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) did not have any firm trend on May 13:

    380 HSFO - 415.50(+1.07)
    180 HSFO - USD/MT - 462.93(+1.29)
    MGO - USD/MT - 658.64(+3.35)


    Meantime, world oil indexes changed irregular on May 13 on increasing concerns about supply disruptions in the Middle East.

    Brent for July settlement decreased by $0.39 to $70.23 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery declined by $0.62 to $61.04 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.19 to WTI. Gasoil for June gained $3.00.

    Today morning oil indexes does not have any firm trend so far.

    Saudi Arabia said on May 13 that two Saudi oil tankers were among vessels attacked off the coast of the United Arab Emirates, condemning it as an attempt to undermine the security of global crude supplies. The UAE in turn reported that four commercial vessels were attacked near Fujairah, one of the world’s largest bunkering hubs. The port lies near the Strait of Hormuz, one of the world’s most important oil export waterways. Iran’s foreign ministry called the incidents worrisome and dreadful and asked for an investigation into the matter.
     
    Russia is sending at the moment mixed signals on its willingness to continue taking part in the supply agreement with OPEC. Thereafter, OPEC’s task in estimating global oil supply going forward has been made more difficult by mounting uncertainty over Russian oil supplies to Europe via the Druzhba pipeline, expectations of further production declines in Venezuela, and the possibility of an outage in Libya, which is in the midst of a civil war with rival armies fighting for the capital Tripoli.

    Adding to that, the U.S. threw a major challenge to the cartel and allies’ supply pact by ending all sanction waivers for Iranian oil buyers, leaving the organization and the market guessing just how much supply will be lost from Iran until June and afterwards, and how much more the other OPEC members—those with spare production capacity like Saudi Arabia and the UAE—will have to potentially produce to offset the loss of Iranian oil.

    Another potential upward driver at the moment is the threat of a direct Iran-U.S. confrontation. Taking into account the presence of hardline fundamentalist groups in the area, Tehran can mount a strong force without officially taking part in attacks against the U.S. The same could be done in Syria or Yemen, targeting U.S forces and its allies in the area. By using Hezbollah or Hamas, Tehran would even be able to instigate a full-scale regional war, forcing Israel to take part in the conflict. Proxy wars in several countries in the Middle East could have a harmful effect on global oil and fuel markets. Any disruption to oil flows cannot be countered by increased OPEC output or even U.S. shale oil. The market may seem well supplied, and inventories are still at relatively high levels, but this reality could soon change.

    The trade conflict between Washington and China pushes oil/fuel prices down. The United States and China together accounted for 34% of global oil consumption in the first quarter of 2019. The trade turmoil has prompted hedge funds to cut their bullish wagers on U.S. crude oil to the lowest level in a month and raised their bets on Brent crude to the highest in nearly seven months.

    Separately, in an early indicator of future output, U.S. energy companies last week reduced the number of oil rigs operating for the third time in four weeks, cutting them by two and bringing the count down to 805.

    A collision between an oil tanker and a tug boat in the Houston Ship Channel on May 10 caused a capsizing and an oil derivative leak. The tug boat, according to reports, was moving two barges, one of which capsized as a result of the collision. The Houston Ship Channel was closed after the collision but was reopened May 12: the water was reportedly not dangerous for humans even though there had been several reports about dead animals in the vicinity. The cause of the collision is yet to be established but whatever it is, the cost for Houston Port will be high. The port is one of the busiest in the United States and every hour it remains closed carries a hefty price tag.

    We expect bunker prices will not have firm trend today and may change irregular in a range of plus-minus 1-3 USD.




2019 June 26

18:11 Jacobs wins contract to help build the largest shipyard in the Arabian Gulf
18:09 Senior officials from Kenya Coast Guard Services are undergoing training at national workshop in Mombasa
17:52 LUKOIL commissions two wells at V. Filanovsky field
17:30 Term of office of Sergey Baryshnikov, Rector of Makarov University, extended for 5 years
17:06 Saudi Aramco signs 12 agreements with South Korean partners worth billions of dollars
16:41 Damen Shiprepair Amsterdam completes major maintenance programme on OSV Deep Arctic
16:23 Nordic Engineering wins competition on development of technical design for 6-8 MW icebreaker
15:49 50 Let Pobedy icebreaker returned to Murmansk after its 50th voyage to North Pole
15:35 OOCL chooses Navis Stowage Planning Software StowMan for its container ship fleet
14:52 MacGregor works together with MSC to maximise performance and reduce emissions
14:50 IMO celebrates 30 years of outstanding legal training
14:26 North Sea Port conducts quay-inspection test using underwater robot from Asset.Insight.
14:03 Damen Shiprepair & Conversion signs contract on the conversion of a dredger ‘Samuel de Champlain’
13:52 EU NAVFOR Somalia takes part in Ministerial Conference on Maritime Security in Western Indian Ocean and Plenary Session of CGPCS
13:24 Sergey Larionov elected as General Director of Lena United River Shipping Company
12:51 Igor Tonkovidov elected as Chairman of Novoship BoD
12:27 Port of Rotterdam Authority to invest over 3.5 million euros to optimise the Wilhelminahaven
12:00 Nevsky Shipyard certified in “Military Register” Voluntary Certification System
11:58 Closing of MacGregor's TTS acquisition postponed to Q3 2019
11:35 Russia's Main Department of State Expertise approved project on development of bunkering base at commercial seaport of Murmansk
10:57 Yamal LNG shipped first LNG cargo to Japan
10:18 Brent Crude futures price is up 1.42% to $65.19, Light Sweet Crude – up 1.94% to $58.95
09:59 IAPH South East Asia and Oceania Region meets in Kuala Lumpur in August
09:44 MABUX: Bunker Market this morning June, 26
09:33 Bunker prices increase at the port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index is up to 1,280 points

2019 June 25

18:06 VARD orders seawater cooling for newbuild cable layer
17:34 ABP Humber Estuary Services (HES) purchased new £600,000 survey vessel
17:06 Q-Flex vessel sets delivery benchmark in Turkey
16:28 Awilco LNG posts vessel and contract update
16:22 Zhatai Shipyard to be provided with RUB 4.1 billion of budget investments in 2019–2021
15:59 Maersk introduces Maersk Spot, a new fully online product that simplifies the buying process for customers
15:15 NCSP Group announced decisions made at annual general shareholders' meeting
14:51 IMO: committed to implementation
14:20 ABP King’s Lynn investment attracts new construction industry customer
13:37 MAN B&W dual-fuel engines pass half-million hour milestone
12:59 ECSA celebrates the Day of the Seafarer
12:47 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
11:58 Fuel technologies in the spotlight at ABS Hellenic Technical Committee
11:39 Dickson obtains status of international port
10:58 MEYER WERFT hands over Spirit of Discovery to the British cruise line Saga Cruises
10:42 Concordia Damen ships 18 hulls from Shanghai to Rotterdam
10:24 Gender equality is the theme of Day of the Seafarer 2019
10:03 Brent Crude futures price is down 0.81% to $63.66, Light Sweet Crude – down 0.88% to $57.39
09:46 MABUX: Bunker market this morning, June 25
09:16 Baltic Dry Index is up to 1,258 points

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