• 2019 June 12 10:41

    MABUX: Bunker market this morning, June 12

    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 slight downward trend on June 11:

    380 HSFO – USD/MT – 397.07 (-3.45)
    180 HSFO – USD/MT – 435.50 (-4.27)
    MGO – USD/MT – 644.56 (-3.05)


    Meantime, world oil indexes were steady on Jun.11 as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand.

    Brent for August settlement unchanged: $62.29 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery increased by $0.01 to $53.27 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.02 to WTI. Gasoil for June stayed also unchanged: $559.25.

    Today morning oil indexes turned into slight downward movement again.

    The Organization of the Petroleum Exporting Countries (OPEC) and some allies including Russia, known collectively as OPEC+, have been withholding supplies since the start of the year to prop up prices. OPEC+ is due to meet in late June or early July to decide whether to extend the pact. Russia's comments on Jun.10, and remarks last week from Saudi Arabia, bolstered expectations the deal will be renewed. While the talk of prolonged supply restraint is supporting prices, concern about slowing demand and economic growth has had a bigger impact on sentiment.

    Russian Energy Minister Alexander Novak said on Jun.10 that there was a risk still that oil prices could fall to $30 per barrel, because the amount of oil produced in H2 could exceed market demand for oil—a sign that Russia may actually be on board for an extension of the production cuts, at least in some form and in some quantity.

    Goldman Sachs Group considers that uncertainty over oil supply and demand fundamentals is making it tougher for Russia and Saudi Arabia to reconcile their differences over the framework for an extension of their output pact into the second half. As per Bank, current demand growth neither will support exiting the production agreement, nor is bad enough to reinforce more cuts. Combined with uncertainty over Iranian exports and growing U.S. shale output, it becomes increasingly difficult to know what production levels will balance the market.

    Iran said that it has no plans to leave OPEC and regrets that some members of OPEC have turned this organization into a political forum for confronting two founding members of OPEC, meaning Iran and Venezuela, and added that two regional countries are showing enmity toward Iran in this organization. These two countries are most likely Saudi Arabia and the UAE. Both countries were quick to assure markets they would step in to fill the oil production gap that the U.S. sanctions against Iran would leave after the end of the waivers in May.  Iran’s oil exports may have fallen to just 400,000 bpd last month, less than half of exports in April.

    Meantime, the Trump administration is considering another round of sanctions that would target the European Union’s financial vehicle that was intended to keep trade alive with Iran. The U.S. sanctions would hit the financial entity Iran established to do business with the EU. Europe’s effort has largely been inadequate, but any U.S. move would damage its relationship with its European allies.

    China’s crude oil imports dropped in May from a monthly record in April, as Chinese refiners drastically reduced Iranian oil imports after the end of the U.S. waivers and as some state refineries were offline for planned maintenance. Chinese crude oil imports fell by 8 percent from 43.73 million tons in April to 40.23 million tons in May. This, converted in barrels per day, is an 11-percent drop from April to May, to average 9.47 million bpd last month. Apart from the sharp drop in Iranian imports and regular maintenance at several refineries, another factor for the decline in Chinese crude oil imports in May were the weak refining margins across Asia.

    The rig count in the U.S. continues to fall. In the week ending on June 7, the U.S. oil rig count plunged by 11, falling to 789. The rig count has declined by roughly 11 percent, or 100 rigs, from a recent peak reached last November. Despite the 73-rig decline year on year, US production continues to climb, with an almost 2 million barrel per day increase, reaching on week ending May 31 a brand new all-time high of 12.4 million bpd.

    The American Petroleum Institute (API) reported another large, surprise build in crude oil inventories of 4.852 million barrels for the week ending June 6, coming in over analyst expectations of a 481,000-barrel drawdown in inventories. Cushing inventories also saw a sizable gain, and gasoline inventories grew as well. The U.S. Energy Information Administration report on crude oil inventories is due to be released later today.

    We do not expect any firm trend in bunker prices today. Insignificant fluctuations may prevail.




2019 June 25

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

2019 June 21

18:07 Austal gets Navy's modification to littoral combat ship contract
18:04 MODEC awarded Letter of Intent by Petrobras related to Búzios 5 FPSO
17:58 Frontline announces acquisition of VLCC resale and two LR2 newbuildings
17:56 BC Ferries adds extra sailings for the summer
17:55 Maritime Anti-Corruption Network to develop Global Port Integrity Index and Scale Up Collective Action in West Africa
17:37 Siemens Gamesa receives first offshore wind preferred supplier nomination in Japan: up to 455 MW for Obayashi Corporation
17:12 Krasnoye Sormovo launches final RSD59 ship in a series four units ordered by STLC
16:38 Ships of RF Navy’s Pacific Fleet involved in exercises in the Sea of Japan
16:26 Government of Canada enters into negotiations with Chantier Davie for construction of two ferries
16:14 Standic expands with state-of-the-art chemical storage terminal in Port of Antwerp
15:50 Klaipedos Nafta announced call for Chief Executive Officer
14:27 Safety management training takes centre stage
14:26 USCG says Polar Security Cutter to be homeported at Seattle
14:03 Maersk to offer customers carbon-neutral transport
13:35 LUKOIL’s dividends payable for 2018 will be RUB 250 per ordinary share
13:15 Anthony Veder expands fleet with taking in five gas carriers from GATX
13:12 HELCOM’s Executive Secretary to step down in August 2019
12:48 Novotrans acquired stevedoring company operating Ro-Ro ferry facility at the port of Ust-Luga