• 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.




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