• 2019 May 23 09:10

    MABUX: Bunker market this morning, May 23

    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) decreased on May 22:

    380 HSFO - 417.00 (-2.21)
    180 HSFO - USD/MT – 464.64 (-2.00)
    MGO - USD/MT – 662.43 (-3.14)

    Meantime, world oil indexes also declined on May 22 as the prospect of mounting U.S.-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand.

    Brent for July settlement decreased by $1.19 to $70.99 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery fell by $1.71 to $61.42 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.57 to WTI. Gasoil for June lost $12.50.

    Today morning oil indexes continue slight downward movement.

    Over the past week, oil prices have trended higher as concerns about escalating U.S.-Iran and Iran-Saudi standoffs have overshadowed bearish-side concerns about the U.S.-China trade war and slowing global economic growth. The rising tension in the Middle East and the critical oil tanker waterways in the region have had some forecasts return to talking about Brent Crude hitting US$80, US$90, or even US$100 a barrel, compared to the current level of around US$72 per barrel. JP Morgan, however, thinks that the return of the geopolitical risk premium in oil prices could be only for the short term, as U.S. shale production continues to grow, while global oil demand may falter amid uncertainties in the world’s economy.  

    OPEC+ reportedly discussed two options for increasing production in the second half of the year. The group weighed a plan that would end over-compliance with the cuts, which could add 0.8 million bpd of supply back onto the market. Or, the group could agree to trim the cuts from 1.2 to 0.9 million bpd. However, the group will wait until the June meeting in Vienna to make a decision, and many members are inclined to extend the cuts.

    President Trump said that any trade deal with China must skew in favor of the U.S. because of past trade actions by China. The message seems to lower odds of a breakthrough in the weeks ahead. Meanwhile, the Trump administration lifted steel tariffs on Mexico and Canada.

    U.S. Secretary of Energy Rick Perry said that a sanctions bill on the Nord Stream 2 pipeline would come in the not too distant future. Separately, Gazprom said that delays in getting permits from Denmark could push off the in-service date of the project into 2020 from late 2019.

     U.S. shale operators are on course to boost production by 16 percent this year. That could put output up 1.1 to 1.2 million bpd by the end of the year. Despite temporary challenges faced in the beginning of the year, E&P companies are set to deliver on their original production and capital targets, with some being well positioned to perform above initial expectations. Several operators have in fact raised their production guidance for the remainder of the year.

    We expect bunker prices will continue downward trend: 5-7 USD down for IFO, 9-12 USD down for MGO.

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) decreased on May 22:

    380 HSFO – 417.00 (-2.21)
    180 HSFO – USD/MT – 464.64 (-2.00)
    MGO – USD/MT – 662.43 (-3.14)

    Meantime, world oil indexes also declined on May 22 as the prospect of mounting U.S.-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand.

    Brent for July settlement decreased by $1.19 to $70.99 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery fell by $1.71 to $61.42 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.57 to WTI. Gasoil for June lost $12.50.

    Today morning oil indexes continue slight downward movement.

    Over the past week, oil prices have trended higher as concerns about escalating U.S.-Iran and Iran-Saudi standoffs have overshadowed bearish-side concerns about the U.S.-China trade war and slowing global economic growth. The rising tension in the Middle East and the critical oil tanker waterways in the region have had some forecasts return to talking about Brent Crude hitting US$80, US$90, or even US$100 a barrel, compared to the current level of around US$72 per barrel. JP Morgan, however, thinks that the return of the geopolitical risk premium in oil prices could be only for the short term, as U.S. shale production continues to grow, while global oil demand may falter amid uncertainties in the world’s economy.  

    OPEC+ reportedly discussed two options for increasing production in the second half of the year. The group weighed a plan that would end over-compliance with the cuts, which could add 0.8 million bpd of supply back onto the market. Or, the group could agree to trim the cuts from 1.2 to 0.9 million bpd. However, the group will wait until the June meeting in Vienna to make a decision, and many members are inclined to extend the cuts.

    President Trump said that any trade deal with China must skew in favor of the U.S. because of past trade actions by China. The message seems to lower odds of a breakthrough in the weeks ahead. Meanwhile, the Trump administration lifted steel tariffs on Mexico and Canada.

    U.S. Secretary of Energy Rick Perry said that a sanctions bill on the Nord Stream 2 pipeline would come in the not too distant future. Separately, Gazprom said that delays in getting permits from Denmark could push off the in-service date of the project into 2020 from late 2019.

     U.S. shale operators are on course to boost production by 16 percent this year. That could put output up 1.1 to 1.2 million bpd by the end of the year. Despite temporary challenges faced in the beginning of the year, E&P companies are set to deliver on their original production and capital targets, with some being well positioned to perform above initial expectations. Several operators have in fact raised their production guidance for the remainder of the year.

    We expect bunker prices will continue downward trend: 5-7 USD down for IFO, 9-12 USD down for MGO.



2019 September 18

18:26 SGRE confirmed member of the Dow Jones Sustainability Indices in 2019
18:03 MOL repays existing loans through issuance of project bond for FPSO charter project
17:48 Russia’s Rosmorrechflot and Ministry of Industry and Trade develop preferential leasing programme
17:30 Vympel DB develops concept design for Arctic cruise ship
17:22 Metal Shark delivers new foil-assisted catamaran excursion vessel to Pure Florida
17:11 US Coast Guard shifts response efforts in Bahamas
17:03 ECSA considers the European State Aid Guidelines for maritime transport highly successful and key to maintaining a strong European shipping sector
16:39 Vigor hosts keel-laying ceremony for the U.S. landing craft MSV(L)
16:21 Vitol announces long-term LNG time charter contract with H-Line
16:03 Despite some positive indicators, concerns remain for offshore energy underwriters, reports IUMI
15:42 Wärtsilä Denmark joins Digitalisation in Shipping: Europe 2019 as Associate Partner
15:24 USCG ends search for migrants of capsized vessel off Martinica Beach
15:03 GTT receives an order from HHI & SHI for the tank design of six Very Large Ethane Carriers
14:50 FSUE Atomflot develops project on construction of 7MW icebreaking tugboat
14:33 Hapag-Lloyd to increase rates from North East Asia to Australia
14:16 Wärtsilä simulators provide advanced training at newly inaugurated Portuguese facility
14:14 Ørsted contracts Van Oord for cable installation at Greater Changhua offshore wind farms
14:12 GTT obtains Approval in Principle for Arc7 ice class ships from Russian Maritime Register of Shipping
14:03 ABS and Samsung Heavy Industries sign digital technology
14:00 SAAM Towage contracts Damen for delivery of tug vessel
13:31 Discussion “Development of recreational crafts and high-speed passenger vessels” begins at Neva 2019
13:10 Wärtsilä launches the Wärtsilä 31SG pure gas engine for marine market applications
13:04 International Association of Ports and Harbors visited by ICHCA representatives
12:38 RS issues Approval in Principle for new GTT’s LNG containment systems
12:03 LR awards Jiangnan AiP for 91,000 m3 VLGC Panda 91T design.
11:49 ADNOC acquires 10% of VTTI
11:30 LNG-fueled tugboat Ishin undergoes 1st LNG bunkering trial in Port of Kobe
11:02 ABS and Samsung Heavy Industries to develop next generation LNG carrier
10:37 Training underway for Jeddah Maritime Information Sharing Centre
10:21 Panama Canal signs agreement with Port of Rotterdam
10:12 TGS announces strategic milestones to accelerate growth
09:44 Brent Crude futures price is down 0.09% to $64.49, Light Sweet Crude – down 0.44% to $59.08
09:15 Baltic Dry Index is down to 2,283 points
08:56 MABUX: Bunker Market this morning, Sept 18

2019 September 17

19:06 Rosmorrechflot’s shipbuilding order for coming six years foresees construction of 147 vessels
18:29 Lead chemical carrier of Project 00216М named PortNews after our agency
18:05 MPC Capital and ZEABORN strengthen HARPER PETERSEN by combining their shipbroking activities
17:24 MOL issues integrated 'MOL Report 2019'
16:35 Eagle Bulk Shipping takes delivery of M/V Sydney Eagle
16:02 CMA CGM and TFG launch Rhine valley rail to German hinterland
15:30 CMA CGM announces FAK rates from North Europe to New Zealand
15:02 Sembcorp Marine’s Brazilian shipyard completes Petrobras P-68 FPSO
14:56 CMA CGM strengthens its intra-European and Mediterranean offer with the launch of the Black Sea Marmara Morocco service
14:10 Hapag-Lloyd announces General Rate Increase for Trans-Pacific eastbound
13:10 Zadar Cruise Port is Port of the Year 2019
12:10 Port of Oakland refrigerated exports jump 20 percent in past year
11:51 Combined Task Force Commanders discussed their shared aims and goals in tackling the threat of piracy
11:34 Lars Thrane makes its Iridium Certus® debut with the LT-4200 maritime satcom system
11:22 Belfast Harbour reveals ambitious growth plans
11:00 Marine cargo market characterised by “accelerating change” as underwriters take action to address continuing unprofitability, says IUMI
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