• 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 July 20

15:47 FortisBC secures first export contract for Tilbury LNG facility
13:42 AIDA Cruises plans practical trial of fuel cells abord one of its ships as early as 2021
12:51 Ports of Long Beach, Los Angeles host Clean Truck Program Rate Workshop
11:37 USCG responds to oil slick near Port Aransas, Texas
10:56 Wallem introduces cloud-based software for simpler workflows

2019 July 19

18:10 NYK holds fleet safety promotion conferences for shipowners and ship-management companies
18:04 Incat Tasmania exports new 111 metre ferry to Spain
17:49 World's largest air-cushioned landing craft takes part in Navy Day parade rehearsal in Baltiysk
17:25 Caspian Flotilla ship crews prepare for Naval Parade
17:03 FortisBC secures first export contract for Tilbury LNG facility
16:22 Project documentation for construction of Nizhny Novgorod hydroengineering facility completed - Victor Vovk
16:03 CMA CGM announces GRR from Asia to East and South Africa
15:50 East Mining Company to invest RUB 11.5 billion in development of its coal project in Sakhalin
15:33 Moby names Damen ASD Tug 2813 Vincenzino O. in Cagliari
15:12 Cargotec posts financial report for January–June 2019
14:47 Blagoveshchensk shipyard completed state trials of hydrographic survey vessel of Project 19910
14:33 NYK recognized for implementation of advanced navigation support tool
14:12 Global Ship Lease announces new charter agreement
13:51 150 graduates of Moscow State Water Transport Academy awarded with diplomas
13:30 RF Government includes NOVATEK’s LNG terminal project into area planning scheme
13:12 Port of Long Beach releases draft Master Plan update
13:07 Epic Gas Ltd. completes acquisition of two vessels of four LPG carriers
12:24 USCG finds federal fisheries violations aboard 5 recreational fishing vessels
12:11 IMO Council condemns tanker attacks in Strait of Hormuz and Sea of Oman
11:31 Naval Group reports order intake growth in H1 to 3.9bn euro
11:14 Ice-breaking LNG carrier for Yamal LNG Project named NIKOLAY URVANTSEV
10:58 Minister of Transport of Malaysia visits World Maritime University
10:26 Saudi Arabia accedes to two important IMO treaties
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
09:50 MABUX: Bunker market this morning, July 19
09:33 Brent Crude futures price is up 1.91% to $63.11, Light Sweet Crude – up 1.48% to $56.12
09:16 Baltic Dry Index is up to 2,130 points

2019 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
17:24 PGNiG acquires interest in another gas field in the North Sea
17:18 DNV GL supports 2020 sulphur compliance with online Ship Implementation Plan
17:05 OOCL announces new Middle East / Indian Subcontinent – North Europe Service
16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
15:18 Hapag-Lloyd launches South-East India – Europe Express Service // IEX to start operations in October 2019
15:01 Operation ATALANTA welcomes ESPS CANARIAS
14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
14:00 Diana Shipping announces time charter contract for m/v Selina with Ausca
13:44 PortNews Media Group's anniversary celebration photo release
13:22 Aleksey Khaidukov as President of Novoship
13:00 Global Ports Holding invites proposals for Duty Free and Travel Retail operations at Malaga, Zadar, Cagliari and Catania cruise ports
12:47 East Mining Company eyes arranging offshore transshipment of coal in Kamchatka under Tata project
12:09 Wärtsilä posts financial results for January-June 2019
11:53 Construction of LNG-powered icebreakers to be financed by NOVATEK – Vyacheslav Ruksha
11:31 RF Deputy PM Maksim Akimov set a task to begin dredging in the Gulf of Ob not later than on 1 August 2019
11:09 Port of Muuga strengthened with new ferry connection to Finland
10:48 Primorsky MRC terminal to offer fully closed transshipment of loose cargo
10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
10:09 Port of Lowestoft names new state-of-the-art pilot boat
09:56 MABUX: Bunker market this morning, July 18
09:50 APM Terminals Callao launches Peru’s first digital customer platform
09:34 Brent Crude futures price is up 0.17% to $63.77, Light Sweet Crude – up 0.02% to $56.79
09:16 Baltic Dry Index is up to 2,064 points

2019 July 17

18:13 USCG responds to boat collision, assists 4 injured