• 2019 July 4 09:36

    MABUX: Bunker market this morning, July 04

    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 03:

    380 HSFO – USD/MT – 414.81 (-5.65)
    180 HSFO – USD/MT – 451.86 (-5.19)
    MGO – USD/MT – 651.29 (-8.59)

    Meantime, world oil indexes changed irregular on Jul.03 after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand.

    Brent for September settlement increased by $1.42 to $63.82 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $1.09 to $57.34 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.48 to WTI. Gasoil for July lost $3.75.

    Today morning oil indexes have turned into slight downward evolution.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.1 million barrels from the previous week. At 468.5 million barrels, U.S. crude oil inventories are about 5% above the five year average for this time of year. Last week, the EIA said U.S. crude oil production had surged to 12.16 million bpd during May, a record-high cementing the country’s place as the world’s top crude oil producers. While in line with the Trump administration’s energy dominance strategy and in favor of drivers, the news is not particularly good for the companies that made this level of production possible. Rising U.S. production will continue to keep a lid on international oil prices.

    As expected, OPEC+ agreed to extend the production cuts, this time for nine months, pushing the 1.2 million bpd deal to the end of the first quarter of 2020. At the same time, some restless OPEC members balked at what has largely become a decision-making process between only Saudi Arabia and Russia. The extension was largely assumed by traders, so there was little impact on oil prices.

    OPEC+ also agreed on a charter that would allow them to continue to cooperate beyond the nine-month deal. OPEC Secretary-General said the cooperation with the select non-OPEC countries could last for “eternity.” Also, Saudi Arabia said it would measure its success against an inventory target, using the 2010-2014 average rather than the trailing five-year average. That is a more ambitious objective, and will ultimately mean they seek to drain global inventories to a lower level.

    Iran said that the EU’s effort to setup a financial vehicle to continue business with Iran is insufficient if it does not allow for oil sales. As per Iran, a European mechanism to shield some trade from crippling U.S. sanctions won’t be useful if it doesn’t allow for oil sales. The three European nations that remain party to the 2015 nuclear accord have been scrambling to find ways to skirt the sanctions the Trump administration imposed after it quit the pact last year. Iran has given the Europeans until July 7 to deliver, saying it will breach additional restrictions on its nuclear activities if they don’t.

    Russia’s oil production has stayed below its production limit as part of the OPEC+ deal, largely because of the lingering effects of the Druzhba pipeline contamination crisis. In June, Russia averaged 11.155 million bpd, or about 35,000 bpd below its agreed upon limit.

    China is allowing additional crude oil import quotas to predominantly private oil refiners. The additional quotas for 33 private refiners and 10 government or province-run refiners allow those 43 refineries to import an additional 56.85 million tons of crude oil for the rest of this year, bringing the total volume of allowed import quotas issued this year to 151 million tons, equivalent to 3.02 million barrels per day. Independent refiners, also referred to as ‘teapots’, have been instrumental in China’s oil demand jump over the last four years, driving up global demand as well and directing oil price predictions from analysts and the oil industry.

    Venezuela exported 1.1 million bpd of crude oil and refined oil products in June, up by 26 percent from May, thanks to higher shipments under oil-for-loan deals with China. China accounted for 59 percent of Venezuela’s oil shipments last month, with India and Singapore a distant second and third, with 18 percent and 10 percent of Venezuela’s oil exports, respectively. Venezuela had to seriously reshuffle its crude oil and oil products export destinations earlier this year after the U.S. essentially prohibited Venezuelan oil imports to America.

    IMPORTANT NOTICE: MABUX HAS STARTED PUBLISHING PRICE INDICATIONS FOR TEST LOTS OF VLS FO (0.5%) TRADING RECENTLY AT ARA, SINGAPORE AND FUJAIRAH. THE LIST OF PORTS WILL BE SUPPLEMENTED AS SOON AS THE AVAILABILITY OF THE CONVENTIONAL BLEND VLS FO EXPANDS. VISIT www.mabux.com FOR MORE DETAILS.

    We expect bunker prices may change irregular today in a range of plus-minus 3-5 USD.




2020 February 23

15:01 Great Lakes reports record full year results
14:32 AAM completes 80’ patrol vessel for the Texas Parks and Wildlife Dep't
13:37 EDS HV Group completes scope of work at Vattenfall’s HR3 wind farm
12:23 Ingeteam signs the contract with Yantai CIMC Raffles Offshore for hybrid electric propulsion system delivery of two Ro-Ro vessels
11:21 USCG, other agencies to conduct search and rescue exercise near Perdido Bay

2020 February 22

17:14 First Subsea provide Cable Protection Systems for NnG
14:48 Med Marine: Turkish-built tug equipped with SCHOTTEL bestseller
13:41 CSBA study finds U.S. dredging industry a critical component of national security
11:39 USCG Cutter Legare returns home after interdicting over 3,300 pounds of drugs
10:47 Ray Fitzgerald to rejoin Crowley as COO

2020 February 21

18:12 Digitization of KN: paper is no longer used in the operation of Klaipėda LNG terminal
17:48 NIBULON Shipyard is about to launch second non-self-propelled open type vessel
17:17 CMA CGM announces Emergency Space Surcharge from North Europe, Scandinavia & Poland to West Med, East Med, Adriatic & North Africa
16:59 New roll trailers put into operation at Bronka port
16:04 AS Tallink Grupp’s wholly-owned subsidiary AS Hansatee Cargo merged with Group’s wholly-owned subsidiary AS Tallink
15:25 Russia's Main Department of State Expertise approved adjusted design documentation under Nord Stream 2 project
15:02 OCEAN Industries orders MAN Propulsion Packages for Royal Canadian Navy tugs
14:13 Diana Shipping announces time charter contract for m/v Coronis with Koch and cancellation of the sale of a Capesize dry bulk vessel
13:01 COSCO SHIPPING Lines provides water and rail transport services
12:40 Wärtsilä LPG Fuel Supply System the first ever to undergo engine testing
12:12 ABS to class world’s largest B-Tank VLECs by Jiangnan
11:30 Coronavirus disease 2019 – IMO urges no unnecessary delays to ships
11:09 World’s first LPG-retrofit order exercises option for four additional engines
10:44 MABUX: Bunker market this morning, Feb 21
10:43 Biofouling demands collective, urgent and ‘proactive’ approach, stresses Bellona
10:09 Cod farming set for rebound as savvy investors rush to back Norcod
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia
09:43 GTT acquires Icelandic company Marorka, an expert in Smart Shipping
09:35 BlueWater Reporting closely monitoring blanked sailings amid coronavirus outbreak
09:34 Brent Crude futures price is down 0.73% to $58.88, Light Sweet Crude – down 0.61% to $53.55
09:16 Baltic Dry Index is up to 480 points

2020 February 20

18:27 SMOOTH PORTS Partners met and discussed in Livorno
18:07 UNIIQ invests in Tetrahedron’s innovative crane for next-gen wind turbines
17:52 RF Navy’s Admiral Kasatonov frigate left for Barents Sea to continue testing
17:30 Evergreen issues notice for reefer cargo to Shanghai、Ningbo and Xingang, China
17:17 Tersan Shipyard (Turkey) delivers lead crab catching and processing ship of Project ST184
17:00 West Africa Container Terminal to commence Phase 2 upgrade
16:53 Port of Rotterdam increases sales of LNG and VLSFO
16:53 Indonesia hosts new national workshop on maritime security risk
16:29 UN agencies collaborate to promote seafarers’ rights treaty
16:04 INOK TM and Admiral Makarov SUMIS sign agreement on cooperation
15:38 Rosmorport reports on its icebreaker support in Russian seaports as of February 17, 2020
15:11 Rosmorport changes tariffs for services offered at the seaport of Kaliningrad
14:47 BIMCO joins Japan to regulate carbon intensity of existing ships
14:25 ESPO published its Position Paper on European Green Deal objectives in ports
14:02 CHIMBUSCO starts to supply China-produced low sulphur bunker oil to international ships
13:43 Top-level speakers announced for Unmanned Maritime Systems Technology 2020 in London
13:20 Throughput of Russia’s river ports fell by 11.6%, from 143.1 million tonnes in 2010 to 126.5 million tonnes in 2019
13:01 BC Ferries names and christens the first two Island Class ferries
12:46 Bunker prices are flat at the Far East ports of Russia (graph)
12:31 National Marine Dredging Company and Royal IHC launch TSHD GHASHA
12:08 Port of Baku and Tamiz Shahar cooperate on environmental issues
11:48 Hapag-Lloyd improves operating result by more than 80 percent in 2019
11:41 Port of Gdynia widens its internal entrance to 140 m
11:15 CMA CGM announces PSS for exports from East Russia
10:52 Russian Maritime Register of Shipping introduces new scheme of oil and gas equipment approval
10:24 Main contractor Damen and more than a hundred companies contribute to Combat Support Ship
10:24 MABUX: Bunker market this morning, Feb 20
09:53 Ships of RF Navy’s Baltic Fleet left for Atlantic to perform combat training tasks
09:35 Brent Crude futures price is up 0.32% to $59.31, Light Sweet Crude – up 0.45% to $53.73