• 2019 May 17 08:25

    MABUX: Bunker market this morning, May 17

    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 slight upward movement on May 16:

    380 HSFO – USD/MT 411.14 (+0.14)
    180 HSFO – USD/MT 457.93 (+0.29)
    MGO – USD/MT 663.21 (+7.28)


    Meantime, world oil indexes continued upward trend on May 16 amid tensions in the Middle East linked to stealth attacks on Saudi oil tankers and pipelines.

    Brent for July settlement increased by $0.85 to $72.62 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery rose by $0.85 to $62.87 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.75 to WTI. Gasoil for June gained $14.75.

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

    International Energy Agency (IEA) said in its monthly report that it predicts the world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela. The IEA estimated growth in global oil demand to average 1.3 million barrels per day in 2019. In contrast, U.S. production of oil and condensates alone was forecast to rise by an average of 1.7 million bpd this year.

    The IEA also predicted, that the contamination issue with Russian oil pipeline supply will impact European refinery runs to the tune of 250,000 bpd in the second quarter, which is below 2 percent of Europe’s refined oil product demand. Hungary, Poland, and the Czech Republic were said earlier this month to be releasing a total of 8 million barrels from their respective strategic petroleum reserves to keep refineries operating after the contaminated crude oil forced the shutdown of the pipeline. Normal deliveries via the pipeline are expected to resume in the second half of May. One consequence could be a loss of confidence in the quality of the crude flows and thus a search for alternative supplies.

    A panel of OPEC and Russian ministers is going to meet this weekend in Saudi Arabian city of Jeddah to assess oil market conditions ahead of the full OPEC+ meeting in Vienna next month. While Saudi Arabia has not yet rushed to pump more to offset the expected loss of Iranian barrels, Iran warned earlier this month that it would respond to threats from fellow OPEC producers. It is expected that the next OPEC meeting could be very volatile as OPEC members don't see how Iran and Venezuela will vote in favor of a supply increase by Saudi Arabia and the UAE in order to replace their restricted exports due to US sanctions.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 5.4 million barrels last week, versus expectations for a decline of 800,000 barrels. In the previous week, crude inventories fell by almost 4 million barrels.

    Boston Consulting Group said that the marine industry's January 2020 shift to using very low sulfur fuel oil (VLSFO) to power ships worldwide will launch a one- to five-year disruption in oil and refined products markets. The changeover may increase profits for refiners, especially on the U.S. Gulf Coast, where plants are designed to process high-sulfur crudes. It could also benefit producers of shale oil, which has a lower sulfur content than other varieties. Study also said that the shortest period for the transition would be one year if the IMO were to postpone the start to 2022, allowing refiners and shippers more time to prepare for the change, which was first announced in 2016. The longest period – five years – would be expected if the world economy falls into recession and shippers widely do not comply with the regulation, narrowing the expected price spread between HSFO and VLSFO.

    Venezuela has stopped upgrading crude oil as PDVSA finds itself without buyers in the wake of US sanctions. Venezuela hasn’t shut down its upgraders completely, instead, leaving some of them running without producing new oil in order to prevent damage to the facilities. Venezuela’s oil production fell to just 768,000 barrels per day in April 2019. As Venezuela’s oil exports plummet to new lows, it is finding itself short on storage space, sending yet another bullish signal to the market.

    We expect bunker prices may continue firm upward evolution today in a range of plus 3-5 USD for IFO and plus 8-11 USD for MGO.




2024 April 26

18:04 Seaspan celebrates 30 years of ship repair in Victoria
17:31 HMM enhances maritime safety with AI technology
17:13 Potential Strait of Hormuz closure threatens 21% of global LNG supply - Drewry
16:42 Van Oord christens two new hybrid water injection dredgers and an unmanned survey vessel in Rotterdam
15:57 CMA CGM announces FAK rates from Asia to North Europe
15:24 MOL announced delivery of LPG dual-fuel LPG/ammonia carrier Aquamarine Progress II
14:53 DP World and Asian Terminals launch new Tanza Barge Terminal in Cavite
14:23 MH Simonsen orders eight hybrid methanol dual-fuel tankers at China’s Jiangxi New Jiangzhou Shipbuilding
13:47 DP World and Malaysia’s Sabah Ports form a partnership to manage Sapangar Bay Container Port
13:22 SCHOTTEL to equip Guangzhou Port Group’s latest e-tug with two RudderPropellers type SRP 360
12:57 FESCO Group proposes a mechanism in favour of Russian logistics operators over their foreign competitors in domestic transport market
12:39 SSK shipyard launches the Project 14400 support ship Nikolai Kamov in the Nizhny Novgorod region
12:33 Six companies start a joint study for the establishment of an ammonia supply chain based in the Tomakomai area of Hokkaido
11:52 European shipowners welcome 40% production benchmark for clean shipping fuels in Europe
11:14 Greek shipowners leaders in the secondary market once again
10:08 MPCC secures ECA-covered sustainable financing for its dual-fuel methanol newbuildings
09:38 Romanian port of Constantza to receive a new oil products terminal

2024 April 25

18:07 MSC collaborates with GSBN to trial integrated safe transportation certification verification process
17:23 China launches construction of cutting-edge marine research vessel
17:06 CMA CGM and Bpifrance launch €200mln fund to decarbonize French maritime sector
16:46 Avenir LNG orders two 20,000 M3 LNG bunker delivery vessels
16:05 Port of Amsterdam revenues up to €190.4 million in 2023
15:46 OOCL launches Transpacific Latin Pacific 5 to offer express linkage between Asia and Mexico
15:23 MOL is 1st Japanese shipping company to raise funds through transition linked loan using performance-based interest subsidy system
14:53 Trident Energy enters the Republic of Congo with strategic deal
14:21 LNG-powered ship moored in Koper for the first time
13:38 MABUX: Bunker Outlook, Week 17, 2024
13:32 The Grimaldi Group's Great Abidjan delivered in South Korea
13:12 European Parliament updates trans-European transport network guidelines
12:40 ClassNK releases route correction factors calculation tool "WACDAS"
12:10 MOL and Gaz System enter into agreement on FSRU project in Gdansk, Poland
11:31 Wartsila Gas Solutions to supply cargo handling system for a new 12.5k LNG bunkering vessel for Scale Gas
11:09 Wartsila secures China’s largest-ever methanol newbuild order
10:42 Valencia port community increases waste recovery by 75%
10:22 Kongsberg completes factory acceptance testing of the first production long-range autonomous underwater vehicle system HUGIN Endurance
09:53 Vladimir Putin: The BAM carrying capacity to reach nearly 42 million tonnes in 2024
09:47 Hanwha Ocean reports an operating profit of $38.6 mln on a consolidated basis in January-March 2024

2024 April 24

18:02 Incat to commence design study for new electric-hybrid ferry in partnership with DFDS
17:39 FESCO's 2023 revenue was up 6% Y/Y to RUB 172 billion
17:20 Peninsula adds chemical tanker Aalborg to supply in the Port of Barcelona
17:17 NCSP Group’s Q1 net profit rises 1.9 times to RUB 4.8 billion
17:03 AtoB@C Shipping reveals names for the rest of its new hybrid vessels
16:45 Red Sea conflict brings massive carbon emissions increases in ocean freight shipping
16:17 Wallenius Wilhelmsen signs a 20-year lease agreement with the Georgia Ports Authority
15:46 AD Ports Group secures a 20-year agreement to operate and upgrade Luanda multipurpose port terminal in Angola
14:43 Hengli Heavy Industries receives an order for four bulkers from Ciner Shipping
14:27 TotalEnergies, OQ to launch $1.6bn LNG bunkering project in Oman
13:54 Major shipping companies may resume limited calls to the Port of Baltimore
13:10 HD HHI inks MOU with Philly Shipyard for US vessel MRO business
12:45 MSC adds King Abdul Aziz Port in Dammam to its East Africa Express service
12:16 Norton Rose Fulbright advises Citibank on $450m facility for Danaos Corporation to acquire eight newbuild vessels
10:40 DEME and Jan De Nul build the foundation for an energy island on behalf of Elia Transmission
10:08 Salzgitter AG and Uniper SE sign pre-contract for the supply and purchase of green hydrogen
09:18 Norwegian Cruise Line and Fincantieri float out the first ship of the extended Prima Plus Сlass

2024 April 23

18:02 SFL acquires two LNG dual-fuel chemical carriers in combination with long term employment
17:31 Pioneering Spirit completes its first pipeline pull-ins in Kalsto, Norway
17:04 Valenciaport admits the four bids for the construction of the North Terminal
16:54 Vancouver welcomes its first resident battery electric tugs
16:24 Shanghai Port and Lianyungang Port strengthen partnership
15:44 WinGD to debut short-stroke engine design after successful shop test
15:24 Overseas Shipholding Group awarded federal grant to design marine transport for liquified CO2 captured by Florida’s largest emitters
14:53 H2Carrier to establish Norway's first integrated PtX and wind power project
14:23 IBIA and BIMCO sign collaboration deal
13:52 Container ship Xin Xin Shan arrested in Singapore
13:22 MOL to merge its subsidiaries in the Philippines
12:53 Haiti fuel terminal operations halted as gangs seize trucks
12:30 HHLA acquires interest in Austrian intermodal service provider Roland
11:42 South Korean yards built 500 LNG carriers for export in 30 years
11:19 Wartsila to provide a range of solutions for the six PCTCs being built for Sallaum Lines
10:36 Thecla Bodewes Shipyards successfully launches 'Vertom Anette’ for Vertom Group