• 2019 May 20 08:59

    MABUX: Bunker market this morning, May 20

    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) continued upward trend on May 17:

    380 HSFO - 418.57(+7.43)
    180 HSFO - USD/MT - 464.79(+6.86)
    MGO - USD/MT - 668.64(+5.43)

     Meantime, world oil indexes edged lower on May 17 due to demand fears amid a standoff in Sino-U.S. trade talks.

    Brent for July settlement decreased by $0.41 to $72.21 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery dropped by $0.11 to $62.76 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.45 to WTI. Gasoil for June lost $8.25.

    Today morning oil indexes have turned into slight upward correction.

    The escalating trade war between the U.S. and China is keeping oil prices subdued, but the fear premium seems to be growing as tensions across the Middle East threaten outages.

    Last week President Trump essentially blacklisted Chinese telecom giant Huawei Technologies from operating in the U.S., escalating the standoff with China. The Chinese government offered a cautious tone in response to trade actions from Washington, but Beijing and state media are taking an increasingly strident line, which suggests China is not close to backing down. China’s currency slid on the news, as did the Shanghai Composite Index.

    The IEA downgraded its demand estimate for 2019 by 90,000 bpd, as a result of an unexpectedly oversupplied first quarter.  The lower demand figure ultimately meant that the global oil market was in surplus in the first quarter by about 0.7 million bpd, a larger glut than expected. As per IEA, the U.S.-China trade war could complicate the situation. The OECD estimates that last year’s round of tariffs shaved off a quarter percentage point from GDP in both countries. The latest increase in tariffs could double the impact to a half percentage point by 2020. The IEA’s resume is that the oil market is sending mixed signals. Weaker demand combined with supply outages and slowing but still significant production growth – it gives a confusing picture in which the market is tightening.

    After about two weeks of rapid escalation in tension between the U.S. and Iran, there might be some signs of the de-escalation attempts made by the U.S. side. President Trump met with Swiss President Ueli Maurer last week. The Swiss have acted as a backchannel for U.S.-Iran talks in the past, which raised speculation that the White House might be trying to decrease the tension. Privately, Trump has said he doesn’t want war with Iran.

    No increased threat seen in Iraq, despite U.S. embassy withdrawal. Royal Dutch Shell said that it was monitoring the security situation in Iraq after the U.S. pulled out embassy staff in Baghdad due to an alleged threat from Iran. Shell, ExxonMobil, BP and others are operating as usual. The decision to remove some workers appears to be a political decision.

    The assault on Tripoli by the Libyan National Army (LNA) has fallen into a deadlock, and the ongoing fighting shows no sign of nearing resolution, despite calls for a ceasefire by global powers. For weeks, Libya’s oil production has held up surprisingly well. Output even rose a bit in April by 71,000 bpd, reaching 1.176 million barrels per day (bpd). The increase is impressive in the context of the outbreak of civil war. But even though Libya managed to prevent production and export outages over the last few weeks, it’s not clear that successful streak can continue, especially because a stalemate between the two fighting factions (LNA and the internationally-recognized Government of National Accord (GNA))
    only increases the odds of an outage.

    The recent attacks on Saudi oil tankers near the Persian Gulf could increase the cost of insurance and security, which may ultimately push up oil and fuel prices.

    The number of active oil and gas rigs fell again in the United States last week, after a string of losses in the weeks prior, keeping the overall rig count well below year-ago levels for a sixth week in a row. The total number of active oil drilling rigs in the United States fell by 3 to reach 802. The combined oil and gas rig count is 987, with oil seeing a 42-rig decrease year on year. US oil production, too, fell for two weeks in a row, with week ending May 10 coming in at 12.1 million bpd—200,000 bpd off the April 26 high of 12.3 million bpd.

    We expect bunker prices may slightly decline today in a range of minus 2-7 USD.




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
14:03 Yang Ming announces new China-Thailand direct service
13:37 Port of Rotterdam Authority to collaborate with four new companies
13:25 Igor Vasilyev appointed as Acting General Director of FTI Rostransmodernizatsiya
13:02 ARIES gained ABS Certification: Middle East 1 st Remote Inspection Techniques specialist
12:20 BC Ferries releases year-end results
12:10 Keel laid for the first of Damen’s revolutionary new FCS 7011 Crew Change
11:56 Average wholesale prices for М-100 HFO down to RUB 15,377 in RF spot market
11:29 FESCO to launch new container train to China via Far East overland route
10:58 Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant
10:35 Satti floating drilling unit owned by Kazmortransflot delivered to Azerbaijan
10:13 Throughput of Chinese ports grew by 4.1% to 5.5 billion tonnes in Jan-May’2019
09:53 MABUX: Bunker Market this morning June, 24
09:52 Brent Crude futures price is up 0.4% to $64.71, Light Sweet Crude – up 0.68% to $57.82
09:34 Container throughput of port Hong Kong (China) down 7.7% to 7.55 million TEUs in Jan-May’2019
09:17 Baltic Dry Index is up to 1,239 points

2019 June 23

16:29 INPEX submits revised plan of development for Abadi LNG Project
15:13 Oceanwide Expeditions: Hondius sister ship m/v Janssonius ordered for 2021
14:19 CMA CGM announces FAK rates on Asia - Pakistan, India and Sri Lanka service
13:46 Coast Guard rescues five from capsized boat in Chesapeake Bay
12:43 Danske Commodities signs 20-year PPA with Hywind Scotland wind farm
10:29 TMC sets up office to support Chinese yards

2019 June 22

15:24 AAPA selects Christopher Connor as its new CEO
12:37 TMC contracted by VARD to supply marine compressors for Viking Cruises' vessels
11:23 ABS to class first ‘tri-fueled’ vessel for Harvey Gulf
10:13 Port of Oakland steps up as ships carry bigger loads than ever
10:05 Coast Guard responds to barge aground in Naknek, Alaska