• 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 September 17

10:34 Safety at Sea and BIMCO publish cyber security white paper
10:27 ABS and Keppel partner in developing the first two new build Drilling Rigs with Smart Notations
09:43 Greenland research vessel picks MAN hybrid propulsion package
09:32 Brent Crude futures price is down 0.87% to $68.42, Light Sweet Crude – down 1.24% to $61.89
09:16 Baltic Dry Index is down to 2,311 points
08:56 MABUX: Bunker market this morning, Sept 17

2019 September 16

18:04 Ports draw $5B investment, 12K jobs to Georgia
17:59 GOGL increases investment in Singapore Marine
17:50 Pella launched first serial trawler of Project 03095, Castor
17:25 Tenders on pilot projects for stevedoring company concessions in Olvia and Kherson ports officially announced
17:04 Vestdavit equips Norwegian Coast Guard’s next generation for Polar boat launch and recovery
16:29 USCG halts 2 illegal charters near Miami, Fort Lauderdale
16:04 Royal Caribbean to welcome first Quantum Ultra Class ship to North America
15:27 Boluda Towage Spain manoeuvres world’s largest container ship in port of Algeciras
15:04 Cargill and Maersk Tankers join forces in the Medium Range segment
14:10 Zvezda shipyard hosts keel-laying ceremony for third Aframax tanker for Rosnefteflot
13:39 Jotun transforms turnaround times for storage tanks with a new TankFast solution
13:16 North Sea Port starts testing more reliable lockage planning for scheduled services in the Terneuzen lock
12:42 Meyer Turku is moving the delivery of Costa Smeralda to November
12:18 AEC welcomes Guggenheim Partners Investment Management as Arctic Partner
11:55 Professional emergency response team of Kontur SPb LLC recommended to be certified for emergency response to oil spills
11:21 Workshop on ISPS Code for Designated Authority and Port Facility Security Officers held in Ghana
10:53 IMO continues work to promote ratification of international treaty covering wreck removal
10:29 GESAMP celebrates fifty years of service in ocean science
10:04 Busan Port Authority and Adani Ports & SEZ conclude MOU
09:50 Brent Crude futures price is up 9.96% to $66.22, Light Sweet Crude – up 8.61% to $59.52
09:32 Gazprom supports 3rd Conference “LNG Fleet and LNG Bunkering in Russia” as its General Sponsor
09:17 Baltic Dry Index is down to 2,312 points
09:08 Nyborg becomes 30th port to join the Cruise Baltic network
08:44 ECSA, INTERFERRY, EUDA and CLIA Europe welcome report on the evaluation of the Energy Taxation Directive
08:35 MABUX: Bunker Market this morning, Sept 16
08:00 Live webcast of NEVA 2019 zero-day conference begins at 10 am, September 16, on PortNews website

2019 September 15

15:47 M/V "SARA” refused access to the Paris MoU region
14:26 USCG assisted capsized USFSP sail students in St. Petersburg, Florida
12:02 World’s largest wind turbine blade test stand built by Siemens Gamesa
11:21 IMCA to introduce CPD scheme for diving supervisors
10:51 L3Harris Technologies delivers new advanced autonomous vehicle capability to UK’s Defence Science and Technology Laboratory

2019 September 14

15:29 Coast Guard reopens Houston Ship Channel after protest demonstration
13:39 Crondall Energy partners with Pharis Energy on innovative Pilot Field development
12:08 Prysmian's new cable-laying vessel Leonardo da Vinci scheduled for delivery in 2Q 2021
10:32 Woodside invests in emerging technology for seismic data acquisition

2019 September 13

18:06 Sture terminal situation normalised
17:47 Malaysia encourages gender diversity in the maritime industry
17:24 Multipurpose ship of Project MPSV12, Kalas, successfully completed sea trials
17:06 Frontline extends expiry date of first option for two Trafigura Suezmax tankers
16:30 ABP to welcome Royal Navy’s HMS Grimsby into Port of Grimsby
16:25 Wärtsilä Aquarius UV Ballast Water Management System chosen for retrofitting to four Korean vessels
16:05 Multi Modal Rail B.V. (MMR) launches rail service between Rotterdam and Ottmarsheim, France
15:48 ABP and WISTA UK host 'Women in Maritime' reception during LISW
15:09 Shearwater GeoServices awarded large South America survey
14:26 ABB enables emissions-free port stay in Marseille for Corsica Linea ferries
14:09 Start of the project “Dredging the Nieuwe Diep – Port of Den Helder”
13:45 First ever ABB electric propulsion to be installed on board a bulk carrier
13:20 Port of Oakland opens peak season with cargo volume growth
12:47 Throughput of port Kavkaz in 8M’2019 fell by 30% Y-o-Y to 22.35 million tonnes
12:09 MOL starts demonstration test of vessel image recognition system using AI technology on Nippon Maru
11:28 RS introduces new requirements into Part I of Rules for Classification and Construction of Sea-Going Ships
11:09 Rolls-Royce achieves 50th MT30 production milestone
10:42 In August, Klaipėda LNG Terminal regasified 1.4 times more gas than was consumed in the entire country
10:09 Port of Long Beach cargo volumes hit 663,992 TEUs in August 2019