• 2019 July 17 10:30

    MABUX: Bunker market this morning, July 17

    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) turned into moderate downward evolution on July 16:

    380 HSFO – USD/MT – 439.68 (-8.37)
    180 HSFO – USD/MT – 473.27 (-8.93)
    MGO – USD/MT – 668.07 (-5.62)


    Meantime, world oil indexes fell down yesterday after U.S. President Donald Trump said progress has been made with Iran,

    Brent for September settlement decreased by $2.13 to $64.35 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery fell by $1.96 to $57.62 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.73 to WTI. Gasoil for August lost $0.50.

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

    President Trump said a lot of progress had been made with Iran and that he was not looking for regime change in the country. No details about the progress were given, but U.S. Secretary of State Mike Pompeo noted Iran had said it was prepared to negotiate about its missile program. Tensions between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potential for a price spike should the situation deteriorate.

    Producers began restoring some of the roughly three-quarters of output that was shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry. There was 1.3 million barrels per day (bpd) of oil production offline in the U.S. waters of the Gulf of Mexico on Jul.15, about 80,000 barrels fewer than on Jul.14. Workers also were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to be resumed after a storm leaves the Gulf of Mexico.

    The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to rise to become the world’s biggest crude oil producer, ahead of traditional top producers Russia and Saudi Arabia. U.S. oil output from seven major shale formations is expected to rise by about 49,000 bpd in August, to a record 8.55 million bpd. Overall U.S. crude production is now more than 12 million bpd. The rising U.S. output will further undermine the efforts by Russia and Saudi Arabia to reduce global oil inventories by convincing suppliers both in the Organization of the Petroleum Exporting Countries and outside of OPEC to cut production.

    In the first six months of the year, Libya’s oil revenues were down 11.2% from the same period in 2018, falling to $10.2 billion in H1. Like most OPEC members, oil is the backbone of the Libyan economy, representing 92.8% of its total income in H1. Despite the sagging revenue, oil production in the first two quarters of 2019 was higher than in 2018. However, oil prices were less favorable in the beginning of 2019 than they were at the beginning of 2018, with the OPEC basket price the first week of January in 2019 running about $10 under the level it was trading at that same time during the year prior.

    European Union officials agreed political and financial sanctions against Turkey after Ankara went ahead with drilling operations off Cyprus despite repeated warnings. Last week the Turkish drilling vessel Yavuz sailed to an area off Cyprus’ east coast — the second to follow a first drilling vessel, Fatih, which had already been exploring in Cypriot waters. Notably, the vessels have been accompanied by the Turkish military, including drones, F-16 fighters, and warships. Cyprus has long condemned Turkey's aggressive oil and gas explorations as a "second invasion" in reference to the creation in 1974 of the breakaway Turkish Republic of Northern Cyprus after a military takeover.

    BuzzFeed News reported on a secret meeting between Russian and Italian officials, which unmasked the details of a scheme that would see Russian money funneled into the far-right Lega Party in Italy. According to BuzzFeed, a Russian oil company would sell fuel at a discount to Eni, with the difference – roughly $65 million – secretly diverted into the coffers of the Lega Party.

    The American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations of a 2.69-million barrel draw. The inventory draw this week is disappointing after last week’s large draw of 8.129 million barrels, according to the API. After a string of inventory draws, the net build is now just 12.16 million barrels for the 29-week reporting period so far this year, using API data. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending July 05 rose slightly this week to 12.3 million bpd, just 100,000 bpd off the all-time high of 12.4 million bpd. The U.S. Energy Information Administration report on crude oil inventories is due to be released later today.

    We expect bunker prices may continue downward trend today in a range of minus USD 5-10.




2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities
13:31 Damen Shipyards Cape Town joins Women’s International Shipping & Trading Association
12:28 CMA CGM announces rate restoration for Asia to West Africa trade
11:32 APL informs on voil sailing on Asia-Indian Subcontinent Service in August
10:58 Pre-commissioned USCG's Cutter Midgett makes second cocaine seizure within five days

2019 August 16

18:16 Port of Vyborg volumes in Jan-Jul plummet 29% to 687,700 tons
18:06 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
17:36 Norwegian Encore leaves MEYER WERFT's building dock
17:06 Balltec secures North Sea decommissioning contract from Heerema Marine Contractors Nederland
16:35 Canada Infrastructure Bank signs MoU with the Port of Montreal on Contrecoeur port expansion project
16:05 Vår Energi AS awarded an EPCI contract to Rosenberg Worley AS
16:03 Low-sulphur marine fuel sales by Gazprom Neft in the first half of the year increased by 11% to 121,400 tonnes
15:48 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
15:36 Throughout of oil port Primorsk in Jan-Jul 2019 increased 14% to 35.74 million tonnes
15:14 New mid-year record for container volumes through the Port of Vancouver
15:11 USCG repatriates 25 migrants to the Dominican Republic
14:27 Port of Vysotsk throughput in January-July rose 7% to 11.14 million tonnes
14:10 Austal signs A$126 mln contract to export two Cape Class Patrol Boats
13:14 Seven-month cargo volumes of Port of Ust-Luga increase 10% to 62 million tonnes (update)
13:05 NORDEN signs multiple long-term global contracts
12:05 APM Terminals Poti to implement uninterrupted 24/7 operations
11:39 Port of St. Petersburg seven-month volumes rise 2% to 35 million tonnes (update)
11:05 Steel cutting ceremony for the next AIDA LNG cruise ship at MEYER WERFT
10:48 Tekmar Energy selected for Formosa 1 Phase 2
10:44 Port of Hamburg seaborne cargo throughput up 4.1 percent to 69.4 million tons in H1 2019
09:55 Crude futures prices tend upward again: Brent Crude rises to $ 58,88, WTI – to $ 55,16
09:34 Baltic Dry Index leaps 97pts to 2047 points
09:27 Bunker prices show mixed movements at Port of St. Petersburg
08:41 MABUX: Bunker market this morning, Aug 16

2019 August 15

18:48 Seven-month box throughput of Ukraine’s seaports leaps 20% to 545.800 TEUs
18:05 Huntington Ingalls Industries announces leadership changes at shipyards
17:05 Scandlines installs Norsepower’s Rotor Sail solution on board hybrid ferry
16:43 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel facilities
16:35 Kalmar service expertise to enhance safety, performance and productivity at OPCSA’s Las Palmas terminal
16:33 Global Dredging Forum in London to address all current aspects of capital and maintenance dredging as expansion opportunity
16:05 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS
15:47 Neste introduces a new IMO2020-compliant low-sulphur marine fuel
15:43 Stena Bulk's CEO appeals directly to the Leaders of India, Russia, Latvia & the Philippines
14:33 Rotterdam Polymer Hub construction starts
14:20 A.P. Moller - Maersk reports strong improvements in earnings in Q2
14:01 Tuapse Sea Commercial Port JSC 1H net profit drops 3.3 times to RUB 1bn
13:52 Port of Oslo speaker to join Int'l Baltic Transport Forum, Sept. 11
13:05 RS supports PortNews сonference on icebreaking and service fleet, to be held prior to NEVA-2019 trade fair
13:02 CMA CGM announces FAK rates from Asia to North Africa
12:06 LUGAPORT terminal construction kicks off at Port of Ust-Luga
12:03 MOL transports fire engines to Paraguay
11:03 Jan De Nul bags 600MW Kriegers Flak contract
10:17 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Crude futures prices continue to decline: Brent Crude – to $ 59,09, WTI – to $ 54,92
09:57 Latest frigate Admiral Kasatonov enters shipbuilder’s trials final phase
09:12 Baltic Dry Index leaps by 4.61% to hit 1950-pts mark
08:42 MABUX: Bunker market this morning, Aug 15

2019 August 14

23:00 Sergey Mazokhin takes helm at Nordic Engineering JSC
18:09 Icebreaker Novorossiysk escorts Silver Explorer along the Northern Sea Route
18:05 OOCL revises Trans-Pacific service
17:23 Moscord to add Schneider Electric Marine Product Line
16:35 Wärtsilä turns to startups to help solve some of the biggest problems in the maritime industry
16:05 Round table on import substitution in Russian shipbuilding sector slated to be held on August 29 in St. Petersburg
16:04 HHLA H1 2019 performance report: growth with sustainable success
15:33 Wilhelmsen Ship Management awarded two supramaxes from Stove Shipping AS