• 2019 June 21 08:57

    MABUX: Bunker market this morning, June 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) continued upward trend on June 20:

    380 HSFO – USD/MT 391.95 (+4.02)
    180 HSFO – USD/MT – 432.37 (+4.42)
    MGO – USD/MT – 643.48 (+4.71)

    Meantime, world oil indexes also rose on Jun.20 as official data showed U.S. crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.

    Brent for August settlement increased by $2.63 to $64.45 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $3.10 to $57.07 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 7.38 to WTI. Gasoil for July gained $19.25.

    Today morning oil indexes do not have any firm trend so far.

    The Energy Information Administration said in its regular weekly report that crude oil inventories decreased by 3.11 million barrels in the week to June 14. That was compared to forecasts for a stockpile draw of 1.08 million barrels after a build of 2.21 million barrels in the previous week.

    OPEC and its allies have fixed the date of their upcoming meetings in Vienna for July 1-2. With 11 days left before the OPEC/non-OPEC coalition’s 1.2 million b/d production cut agreement is set to expire at the end of June, several ministers have signaled that an extension is likely, as oil prices have slumped on downbeat global economic forecasts. Under the plan, a nine-country Joint Ministerial Monitoring Committee will meet the morning of July 1, before OPEC convenes that afternoon. The 10 non-OPEC partners led by Russia will join the talks the next day.

    Meantime, Gulf OPEC producers will keep their July oil production within their OPEC target despite the current global supply cut pact expiring at end of June. Key OPEC producers Kuwait and the United Arab Emirates are also keeping their output in July within the OPEC target and will not be raising their production, the sources added. The moves indicate that the powerful Gulf oil producers block wants to keep the existing output cut by OPEC unchanged for the second half of the year.

    U.S. President Donald Trump recently has called on Saudi Arabia and OPEC to boost output to compensate for the reduction in Iranian oil supply, but Saudi sources say that though the kingdom will always respond to its customers needs, there has been no demand for extra crude to justify them increasing their production.

    Iran has said its Revolutionary Guard had shot down a U.S. drone flying over Iranian territory, days after the U.S. accused Iran of shooting down a drone that was flying to the Gulf of Oman following reports of attacks on two tankers. The U.S. central military command had denied there being a drone over Iranian territory at the time. The incidents and the heightened tension between Washington and Tehran do not have much of an effect on oil and fuel prices so far, but this could change. Since these happened near the world’s most important oil flow chokepoint, the Strait of Hormuz, they could have a lasting impact on the price of oil as ship owners, marine brokers, insurers, and reinsurers are already lifting premiums for insuring tankers passing through the region and are charging higher freight rates for shipping oil out of the Middle East.

    U.S. President Donald Trump approved military strikes on Friday against Iran in retaliation for the downing of an unmanned $130-million surveillance drone, but pulled back from launching the attacks. However, it is not clear whether attacks on Iran might still go forward. It was not known if the cancellation of strikes had resulted from Trump changing his mind or administration concerns regarding logistics or strategy.

    We expect bunker prices will demonstrate firm upward trend today in a range of plus 10-15 USD.




2024 March 28

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16:14 MABUX: Bunker Outlook, Week 13, 2024
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14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
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12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
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14:53 Ocean Installer secures yet another SLM contract with Equinor
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13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
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2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
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16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
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11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
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2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
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16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
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14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
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2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
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09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS