• 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 September 21

12:52 Kongsberg wins first full-scope expedition cruise vessel tender, with gensets and propulsion equipment
11:34 Rauma Shipyard bags Finnish Navy's four corvettes order

2019 September 20

18:41 Vostochny Port joins Coordinating Council on Trans-Siberian Transportation as its permanent member
18:22 IAA PortNews offers photo release from 'Development of Icebreaking and Support Fleet' conference held on NEVA 2019 zero-day
18:05 Global Ship Lease announces new five-year $268 mln credit facility for debt refinancing
17:24 Vostochny Port’s harbour services fleet presented at dedicated conference in Saint-Petersburg
17:05 F. A. Vinnen places entire fleet with Verifavia Shipping & Rina for IHM services
16:50 Helsinki Shipyard (Finland) to build two liners for polar cruises
16:35 COSCO SHIPPING Ports announces disposal of interest in various port assets and possible disposal of Taicang Terminal and Jiangsu Petrochemical Terminal
16:21 ABB presents electric power and propulsion solutions for icebreaking vessels at NEVA 2019
16:05 Port of Los Angeles protects overall clean air gains
15:19 Port of Riga rapidly increases volume of handled wood pellets
14:53 South Korean port to slash passenger vessel emissions with ABB shore power
14:15 Krasnoye Sormovo launches Pola Pelagia, dry cargo carrier of Project RSD59З, for Pola Rise
13:30 Damen Shipyards Group is ready to ensure construction of electric water buses for rivers and canals of Saint-Petersburg and Russia
13:12 MSC Cruises and Fincantieri unveil further details of MSC Seashore at coin ceremony
12:24 Victor Olersky sees promising future of electric river passenger ships in Saint-Petersburg and in Russia
12:09 Algoma Central Corporation announces agreement to acquire Croatian-built vessel
11:28 Specifications for 0.50% sulphur fuels and the PAS from ISO: IBIA explains
11:09 GTT obtains Approval in Principle from Bureau Veritas for the Mark III Flex technology on ice-breaking LNG carriers
10:52 IBIA and S&P Global Platts collaborate to help shipping industry comply with IMO 2020
10:31 Workshop for training on emergency response, preparation and planning held in Manila
10:09 Van Oord and Shell test the use of biofuel on trailing suction hopper dredger HAM 316
09:50 State Duma ratifies Convention on the Legal Status of the Caspian Sea
09:33 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.98% to $58.7
09:25 Lloyd’s Register, China Merchants, GTT, CNOOC, DSIC form jv to design LNG-fuelled VLCC
09:17 Baltic Dry Index is down to 2,192 points
08:58 MABUX: Bunker Market this morning, Sept 20

2019 September 19

18:04 Bibby Marine Services takes the next step to optimize walk-to-work operations
17:56 Marinet approves Poseidon maritime cyber security project
17:37 American Ethane reveals plans to order 17 VLECs
17:34 Wärtsilä’s Board of Directors decided on the distribution of the second dividend instalment
17:22 Marinet approves T2OT project for high accuracy positioning of seagoing vessels
17:04 VARD secures advanced stern trawler contract with Luntos
16:50 Average wholesale prices for М-100 HFO down to RUB 14,328 in RF spot market
16:34 Zeebrugge port authority invests in new 1,071 meter quay wall
16:04 RINA to classify Swedish Maritime Administration fleet
15:53 Marinet set to establish exports support center in Finland in 2020
15:34 MacGregor secures orders worth more than EUR 20 million for projects in Europe and Asia
15:05 Wärtsilä foresees a lower result for 2019
14:31 North Pole ice-resistant platform presented by Admiralteiskie Verfi at NEVA 2019
14:09 ABS announces LNG Cargo Ready notation for ethane carriers at Gastech 2019
13:46 Hyundai Heavy Industries receives AIP for new LPG carrier design
13:03 Bunker prices go up at the Far East ports of Russia (graph)
12:40 ABS and AEC сollaborate on newbuild VLEC fleet
12:17 Murmansk Sea Fishing Port handled 171,200 tonnes of cargo in 8M’2019, down 28.5% Y-o-Y
11:58 PortNews-TV offers video on naming ceremony for PortNews tanker
11:36 International symposium on Anthropogenic Underwater Noise held in Hamburg on 10 September
11:09 LR awards DSME AiP for 98,000 m3 VLEC design with High MnA steel tank
10:42 Ships of RF Navy’s Caspian flotilla take part in Tsentr 2019 maneuvers
10:09 Singapore and Panama ink MoU to strengthen maritime relations
09:51 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.33% to $58.23
09:49 MABUX: Bunker market this morning, Sept 19
09:33 Baltic Dry Index is down to 2,266 points
09:18 ABS grants AIP for two next generation gas carrier designs

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