• 2019 July 12 09:38

    MABUX: Bunker market this morning, July 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) demonstrated slight upward trend on July 11:

    380 HSFO - USD/MT - 451.42 (+20.66)
    180 HSFO - USD/MT - 486.12 (+18.93)
    MGO - USD/MT - 666.24 (+12.61)


    Meantime, world oil indexes slightly decreased on Jul.11 as OPEC forecast slower demand for its crude next year.

    Brent for September settlement decreased by $0.49 to $66.52 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery lost $0.23 to $60.20 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.32 to WTI. Gasoil for July unchanged: $594.50.

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

    OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya - exempt from the production cut pact - and other members offset large increases in Saudi Arabia and Nigeria. The cartel’s output hit a new low in recent years and was at the lowest in five years in June, just ahead of OPEC and its allies rolling over the production cuts into March 2020. Last month, the largest drop in production was registered in Iran, whose crude oil production fell by 142,000 bpd to 2.225 million bpd, due to the U.S. sanctions on its industry. Iran’s production is now more than a million barrels per day down from its 2018 average of 3.553 million bpd. Based on OPEC’s oil market outlook for 2020 in this month’s report, the cartel expects demand for its crude next year to be lower than its current production and to average 29.3 million bpd, down by around 1.3 million bpd from 2019.

    Iranian military boats tried to seize a British tanker near the Strait of Hormuz after threats this would happen following the seizure by Gibraltar of an Iranian tanker carrying crude for Syria. Five Islamic Revolutionary Guard Corps approached the British Heritage vessel as it was sailing into the Strait of Hormuz and ordered it to change course. The vessel, however, was escorted by a Royal Navy frigate, which threatened to shoot if the Iranians did not back away, which they did The report follows a threat from Iranian President Hassan Rouhani that the UK will face consequences for seizing its tanker.

    Iraq said any disruption in the oil exports flowing through the Strait of Hormuz will be a major obstacle for its economy. Iran has threatened to close the Strait on numerous occasions in response to US or EU actions. Iraq has been studying ways around the vital chokepoint for oil exports for some time, but its options for doing so are limited. The country has the fourth largest oil reserves in OPEC, behind Saudi Arabia and Iran and Venezuela - the latter two which remain under strict US sanctions with their oil exports. Iraq is also OPEC’s second largest producer and relies heavily on these oil exports. Any disruption to its oil revenues would be of crucial consequence.

    Oil demand continues to soften, which could result in a supply surplus in the second half of this year. The EIA downgraded its forecast for global oil demand growth to just 1.1 million barrels per day (bpd) this year, down from the 1.2 million bpd the agency forecasted last month and from 1.4 million bpd in May.

    Another near-term catalyst for the fuel market will be decisions made by the U.S. Federal Reserve. Evidence of a mounting economic slowdown are widely expected to result in interest rate cuts, although how far the central bank will roll back recent hikes remains to be seen. A rate cut could provide a jolt to crude and fuel prices, both because lower interest rates are likely to extend the economic expansion and because lower rates tend to drag down the dollar, which would make crude more affordable. However, a rate cut is already somewhat factored into oil prices, which would reduce the impact when (or if) the Fed announces the move.

    Oil production from the United States in the Gulf of Mexico have been slashed in half ahead of what is expected to be a whopper of a storm, named Barry. Oil companies in the United States have so far evacuated almost 200 offshore platforms ahead of the storm, including major oil producers Shell, BP, BHP, Exxon, and more, for a loss of roughly a million barrels of oil per day. Nearly 30% of the 669 production platforms in the Gulf of Mexico have been evacuated.

    We expect bunker prices may demonstrate slight downward evolution today in a range of minus $1.0 to $3.0.




2019 November 20

15:00 ESPO: TEN-T policy review must bring maritime links on equal footing with land links
14:09 RF Govt Transport Commission approved inclusion of 57 projects into comprehensive plan for upgrading and expanding core infrastructure
13:35 Ecosystem-based management and maritime spatial planning are furthered at HELCOM-VASAB meeting in St Petersburg
12:57 RS takes part in Transport of Russia 2019
12:02 The world’s largest wind turbine tested on Maasvlakte
11:44 WMU signs MoU with International Maritime Academy, Lebanon
11:23 Tariffs for LNG services provided by KN approved for 2020
11:02 Bureau Veritas certifies Ørsted's Borkum Riffgrund 2 offshore wind farm
10:28 Hydraulic engineering structures of Volga-Don Canal underwent reconstruction
10:25 MABUX: Bunker market this morning, Nov 20
10:05 Bunker prices are stable at the port of Saint-Petersburg, Russia (graph)
10:02 Yang Ming to launch new Southeast Asia Services
09:46 Brent Crude futures price is down 0.11% to $60.84, Light Sweet Crude – up 0.04% to $55.37
09:41 Foreship launches Hamburg business to grow in Germany
09:29 Baltic Dry Index is down to 1,304 points
09:14 CMA CGM reviewes Low Sulphur Surcharge for RoRo Med Lines

2019 November 19

18:03 Port of Piraeus throughput reaches 5 million TEU this year
17:50 BPO joins the “More EU budget for transport” coalition
17:22 Throughput of Russia’s seaports expected to grow by 3% to 850 million tonnes in 2019
17:03 Expro awarded contract extension with INPEX, offshore Australia
16:45 Gasum expands their maritime fuel supply by new Swedegas’ facility in the port of Gothenburg
16:24 IMO helps train future leaders in maritime policy
16:03 CSV Bourbon Oceanteam 101 extends charter contract with client for works in Angola
15:03 MSC appoints Soren Toft as CEO for container shipping & logistics
14:21 Shipment of half a billionth tonne of coal from Vostochny Port kicked off by Sergey Ivanov and Yevgeny Ditrikh
14:02 ICTSI proposal to develop Iloilo ports complete
13:23 Med Marine orders MAN 175D for Svitzer ice-breaking tugs
13:00 Havyard Ship Technology AS announces new general manager
12:38 Bunker prices are stable at the Far East ports of Russia (graph)
12:02 ABP’s Port of Ipswich welcomes floating storytelling museum
11:44 Registration for the 16th International Transport Forum YugTrans 2020 is open
11:37 Port of Southampton investing in quayside to continue welcoming largest ships
10:59 Navigation season of 2019 closed in Baikal-Angara Basin of Russia’s IWW
10:31 EEC postponed consideration of amendments into Technical Regulation of the Customs Union in the part of sulphur content in bunker
10:05 Ports of Los Angeles and Copenhagen Malmö sign collaborative agreement on sustainability, environment
10:03 Multipurpose Reloading Complex spent over RUB 1 million under its social programme in 9M’19
09:40 Brent Crude futures price is down 0.14% to $62.35, Light Sweet Crude – down 0.21% to $57.02
09:25 Baltic Dry Index is down to 1,338 points
09:22 MABUX: Bunker market this morning, Nov 19
09:08 Nexans secures a 5-year contract extension with Chantiers de l’Atlantique to supply cables and services
08:12 Shell Marine secures contract for Cosco Shipping Specialized Carriers

2019 November 18

18:30 CMA CGM announces FAK rates from North Europe to ISC
18:07 2020 Bulkers extends time charters for Bulk Santiago and Bulk Seoul
17:54 Rosmorport supports 3rd Hydraulic Engineering Structures and Dredging Congress as its General Sponsor
17:35 Columbia Threadneedle Investments and Brittany Ferries reach agreement to acquire Condor Ferries from Macquarie Infrastructure and Real Assets
17:21 Moscow, Saint-Petersburg and Murmansk to host PORA discussion “Development of Water Transport Infrastructure in the Arctic” on Nov'26
17:05 ​Shearwater GeoServices awarded largest-ever 4D campaign in the Asia Pacific region by Woodside
16:35 HYUNDAI Merchant Marine joins “Getting to Zero Coalition”
16:20 Gazprom Neft reports 4.1-pct growth of bunker fuel production to 2.04 million tonnes in 9M’19
16:05 Essar Ports completes work on the Hazira-based Passenger Ferry Terminal
15:41 Epic Gas completes acquisition of 11,000 CBM Epic Sicily
15:37 Gazprom Neft increases net profit by 7% in 9M 2019
15:02 Port of Gdynia prepares to develop acquired land at Węgierskie Quay
14:39 Training for African women working in SAR operations held at Maritime Rescue Coordination Centre in Morocco
14:15 CMA CGM announces FAK rates from Asia to North Europe and Mediterranean
13:36 Container Terminal Saint-Petersburg allocated RUB 10.4 million under its 9M’2019 social and environmental programmes
13:15 MacGregor secures complete piggy-back hatch cover order from Fincantieri Bay Shipbuilding
12:53 Vympel Shipyard delivers Grachonok-class special purpose boat to Federal National Guard Troops Service
12:32 Average wholesale prices for М-100 HFO down to RUB 8,159 in RF spot market
12:09 Kim Heng signs MoU with subsea cable installer for offshore windfarm cable-laying projects in Taiwan