• 2019 July 2 09:28

    MABUX: Bunker market this morning, July 02

    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 July 01:

    380 HSFO - USD/MT - 420.33 (+2.21)
    180 HSFO - USD/MT - 457.93 (+1.68)
    MGO - USD/MT - 661.82 (+1.72)


    Meantime, world oil indexes changed irregular on Jul.01: Russia confirmed that OPEC and its allies would extend their production cut agreement for nine months, while a truce in the ongoing trade conflict between the U.S. and China helped ease concerns about a slowing global economy.

    Brent for September settlement decreased by $1.49 to $65.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $0.62 to $59.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.97 to WTI. Gasoil for July lost $4.50.

    Today morning oil indexes have turned into slight upward evolution.

    Russia confirmed on Jul.01 that all members of the agreement between OPEC and non-member allies, known as OPEC+, had unanimously agreed to extend existing output cuts of 1.2 million barrels per day for a full nine months. Iran in turn said on Jul.01 it would support prolonging output cuts by six to nine months. OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia. The full ministerial meeting of OPEC+ remains scheduled to take place on Jul.02.

    The U.S. and China agreed to restart trade talks after U.S. President Donald Trump pledged to hold off on the implementation of new tariffs and also ease restrictions on tech company Huawei in order to reduce tensions with Beijing. China meanwhile agreed to make unspecified new purchases of U.S. farm products and return to the negotiating table. The pause in escalating trade tensions reduces concerns that the dispute between the two countries will negatively impact the global economy and the demand for oil and fuel.

    The American Petroleum Institute (API) presented analysis saying that China's expected retaliation against US crude oil, refined products, and LNG would disadvantage US exports and could cascade into US domestic production. Besides, the U.S. market share in China for LNG and other petroleum products may be difficult to restore with China turning to alternative suppliers.

    The four biggest oil buyers in Asia, all of which were regular Iranian customers until recently, imported in May the lowest volume of crude from Iran since at least 2014. China and India—Iran’s no.1 and no.2 oil buyers, respectively—significantly cut imports from Iran while South Korea and Japan, the other two major Asian oil importers, completely cut off oil trade with Iran in May.  Combined, the four Asian countries imported just 386,021 bpd of oil from Iran in May, a 78.5-percent plunge compared to 1,798,090 bpd of imports in May last year. Yet, it appears that China is not cutting off its oil imports from Iran. Earlier last week, Iran  delivered the first crude oil to a Chinese refinery complex since the United States removed the waivers - a first independent tanker-tracking confirmation that China is defying the U.S. sanctions on Iran’s oil exports.

    The recent spike in tensions between the U.S. and Iran has pushed oil prices higher mostly because of the possibility that Iran may decide to go through with its threat to close off the Strait of Hormuz and cut off the supply of crude to global markets. However, some analysis said that the United States does not need to police the Strait of Hormuz anymore because it no longer depends on imports from the region: its Persian Gulf imports have slipped from about a sixth of consumption in 2012 to less than 10 percent last year: the average 2018 consumption was more than 20 million bpd; imports from the Persian Gulf hovered around 1.5 million bpd in the final quarter of the year.

    The conflict in Libya has now widened to directly include Turkey, with General Khalifa Haftar launching an air strike on a Turkish drone and then seeking to calm the situation by reportedly releasing six Turkish sailors held captive. Libya has been a proxy war venue between many external forces since Haftar launched his offensive to seize Tripoli from the hands of the UN-backed Government of National Accord (GNA) earlier this year. Now the conflict has taken on significantly greater regional context with Turkey’s direct involvement. Turkey and Qatar are supporting the GNA, while the UAE and Egypt, most notably, have been supporting Haftar, including with military equipment in the case of the UAE.

    We expect bunker prices may change irregular today in a range of plus-minus 4-8 USD.




2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
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
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
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
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
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
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
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
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

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
17:07 Greek merchant fleet recorded slight decline in January 2024
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
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
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”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

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
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat