• 2019 May 16 08:40

    MABUX: Bunker market this morning, May 16

    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) turned into slight downward evolution on May 15:

    380 HSFO - 411.00(-2.86)
    180 HSFO - USD/MT - 457.64(-4.50)
    MGO - USD/MT - 655.93(-3.71)


    Meantime, world oil indexes inched up on May 15 as the prospect of mounting tensions in the Middle East hitting global supplies overshadowed an unexpected build in U.S. crude inventories.

    Brent for July settlement increased by $0.53 to $71.77 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery rose by $0.24 to $62.02 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.75 to WTI. Gasoil for June gained $14.25.

    Today morning oil indexes continued slight upward trend.

    Crude oil production in the Organisation of Petroleum Exporting Countries fell by just 45,000 bpd in April, despite continued deep cuts by the largest producer, Saudi Arabia and continued decline in Venezuela and Iran. Iran registered the deepest decline in production in April, by 154,000 bpd to 2.554 million bpd. Interestingly, Iraq booked the second-largest decline, at 113,000 bpd to 4.63 million bpd. Saudi Arabia produced 45,000 bpd less crude oil in April than in march, at 9.742 million bpd. At the same time, Venezuela’s oil production decline was reversed last month, with output rising by a daily average of 28,000 bpd to 768,000 bpd. Still, this daily average production rate is a lot below what Venezuela produced last year: that average was 1.3354 million bpd.

    It looks like OPEC is having a hard time predicting its next steps in the production cut agreement and in general. Unforeseen events such as Russia’s temporary suspension of exports via the Druzhba pipeline following contamination are interfering with the cartel’s estimates of the most likely supply drop by the end of the year, making it harder to decide on whether to continue the cuts or start pumping more as large importers would like.

    Iran told European diplomats that it needs to export as much as 1.5 million bpd in order for it to stay in the 2015 nuclear deal, although this was likely a negotiating tactic. Last year, Iran had demanded 2 million bpd in a previous round of negotiations. Iran says that the European Union must provide some benefit to Iran for staying in nuclear deal after U.S. sanctions seek to eliminate all Iranian oil exports.

    Saudi Aramco restarted pumping oil on May15 through the pipeline which was hit by drone attacks a day ago. Two pumping stations along Aramco’s East-West oil pipeline in Saudi Arabia were attacked by explosive-laden drones in the early morning local time on May 14. The sabotage caused minor damage and a fire at one of the pumping stations. The heightened security concerns and the potential threat to global oil supplies in the Middle East have rendered momentum support to oil and fuel prices.

    Part of the increased tariffs during the trade war between the U.S. and China will include U.S liquefied natural gas (LNG) imports, rising from a previous 10 percent levy to a damaging 25 percent starting June 1. The increase in tariffs already come as Chinese imports of LNG from the U.S. has plunged. In 2018 some 27 LNG vessels travelled from the U.S. to China, down from 30 in 2017. Meanwhile, most of those that left U.S. ports last year did so before the trade war started, with 18 tankers going to China in the first half of the year and just nine during the second half. Now that China is increasing LNG tariffs from 10 to 25 percent, these export numbers will drop even more.

    In a new report on energy investment, the IEA said that spending levels in 2018 stabilized for oil, gas and coal, but declined for renewables. Still, the agency said that the oil industry is not spending enough to ensure adequate supply in the years ahead.

    U.S. crude inventories rose unexpectedly last week to their highest since September 2017. Crude stocks swelled by 5.4 million barrels, forecasts had expected a decrease of 800,000 barrels. Still, the build was smaller than the nearly 9 million-barrel build estimate on May 14 by the American Petroleum Institute (API), a trade group, which helped lift crude price sentiment.

    We expect bunker prices may continue firm upward evolution today in a range of plus 1-3 USD for IFO and plus 8-12 USD for MGO.




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