• 2019 May 21 08:05

    MABUX: Bunker market this morning, May 21

    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 20:

    380 HSFO - 442.49 (-0.03)
    180 HSFO - USD/MT - 477.51 (+0.14)
    MGO - USD/MT - 705.18 (-2.97)

    Meantime, world oil indexes also changed irregular on May 20 after OPEC indicated it would probably maintain production cuts that have helped support prices this year.

    Brent for July settlement decreased by $0.24 to $71.97 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery gained $0.29 to $63.21 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.76 to WTI. Gasoil for June lost $5.50.

    Today morning oil indexes have started the session with no firm trend.

    Saudi Arabia said on May 19 there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories gently but the Kingdom would remain responsive to the needs of a fragile market. UAE in turn stressed up that producers were capable of filling any market gap and that relaxing supply cuts was not the right decision.

    Bank of America Merrill Lynch warns that Brent crude oil could reach $90 per barrel. Bank claims that the IMO rules regarding the allowable sulphur content, to take effect in 2020, could cause a spike in middle distillate demand, pressuring prices upward. Also pushing up prices could be the weakening dollar should the trade war between China and the United States simmer down. In February, Bank of America estimated that Brent crude would be trading within the $50 to $70 per barrel band through 2024, with prices anchored around $60 per barrel, citing rising US shale supplies and slowing oil demand growth. Along with its $90 per barrel warning, Bank said there was a risk that Brent could dip to $50 per barrel, if the trade war between China and the United States were to hurt consumer sentiment and lead to an economic downturn.

    Saudi Arabia may soak up some of Iran’s previous market share on the Indian market as Saudi Aramco is set to ship additional 2 million barrels per month to Indian Oil Corp between July and December this year on top of the existing term supply deal between the two companies. India, Iran’s second largest oil customer after China, was one of the eight countries that were granted six-month waivers to continue buying oil from Iran after the U.S. re-imposed sanctions on the Iranian oil industry in November. The United States, however, pursued a maximum pressure campaign against Iran last month and put an end to all sanction waivers for all Iranian oil buyers. This put Indian refiners in a position to source the market for alternatives.

    A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in line with its share of the cuts, producing below its OPEC+ quota for the month of May. Russia’s oil production between May 1 and 16 averaged 11.156 million bpd,  which means that Moscow is now below its quota under the production cut deal, although the decline in production may have been the result of restricted exports via the Druzhba oil pipeline due to a contamination issue.

    Venezuela’s oil production surprisingly inched up in April, to 768,000 bpd from 740,000 bpd in March. However, a PDVSA report has revealed that since the start of May, production has slumped by as much as 77 percent to 169,800 bpd because of the lack of tankers to carry the crude.

    Global ship insurers are monitoring increased tensions in the Middle East and considering their next course of action. Last week London maritime ship insurers met to consider whether or not to increase shipping insurance rates for tankers in the Arabian Gulf. However, they have failed to reach a consensus so far, as the group doesn't have enough information yet to make a decision over rate possible increases.

    China has issued a new batch of oil product export quotas and they are 5.3 percent higher than they were this time last year as the country’s refineries return to processing record-high amounts of crude oil. The total that Chinese refiners can export comes in at 45.29 million tons since the beginning of the year. That’s up from 43 million tons a year ago. The biggest share is for gasoline, at 9.09 million tons, and next is gasoil with quotas for 9.175 million tons. There is a concern among refiners in other Asian countries that surplus fuel production in China would spill into neighboring countries, undermining the profit margins of local refiners.

    We expect bunker prices may slightly decline today in a range of minus 1-5 USD.




2019 June 26

18:31 Dolphin Drilling business completes financial restructuring and appoints new management team
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