• 2019 August 9 08:43

    MABUX: Bunker market this morning, Aug 09

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued steep downward evolution on Aug.08:

    380 HSFO - USD/MT – 362.70 (-22.66)
    180 HSFO - USD/MT – 406.24 (-20.40)
    MGO - USD/MT – 626.44 (-9.39)

    Meantime, world oil indexes rebounded on Aug.08 after plunging almost 5% overnight on rising crude stockpiles.

    Brent for October settlement increased by $1.15 to $57.38 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery rose by $1.45 to $52.54 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.84 to WTI. Gasoil for August gained $9.00.

    Today morning oil indexes continue slight upward movement.

    U.S. Energy Secretary Rick Perry and his Saudi counterpart Khalid al-Falih accused Iran of trying to destabilize global oil markets during a recent meeting. Both parties reaffirmed that the United States and Saudi Arabia will continue to work together to ensure that world oil markets remain well supplied to offset disruptions, especially in light of Iran’s “aggressive” efforts to destabilize them. Despite the bilateral hostility, however, Saudi Arabia recently returned to Iran a vessel that had docked at the port of Jeddah in May.

    On Aug.05, China’s yuan weakened to around 7 to 1 to the U.S. dollar – the weakest since the global financial crisis in 2008. The sudden weakening of the yuan puts tremendous pressure on other emerging markets. Two days after the yuan dropped, India, New Zealand and Thailand quickly moved to cut their interest rates: a defensive action by countries seeking to protect themselves from the collateral damage of rising global trade tensions, amid weakening domestic growth. There was also a direct effect of the currency conflict on oil demand. A stronger dollar makes oil more expensive to the rest of the world: oil tends to move inversely to the dollar.

    Chinese crude oil imports added 14 percent in July as refineries started ramping up processing rates after profit margins began improving thanks to stronger fuel demand.  The average daily intake was 9.66 million barrels, Reuters reports, with fuel exports rebounding as well last month, up by as much as 20 percent despite excess supply. The July uptick in imports, however, may soon reverse: refineries will reduce their throughput during the current quarter ahead of the country’s National Day holiday that begins in October.

    The world’s biggest independent commodity trader, Vitol, has been revising down its global oil demand growth estimates and now sees growth at just 600,000 bpd-650,000 bpd this year. Next year, demand growth is set to pick up to around 800,000 bpd, which has much lower projections about demand growth than the current forecasts of the International Energy Agency (IEA), OPEC, or the Energy Information Administration (EIA). According to the most recent demand and supply estimates, a larger oil glut is looming in 2020, with non-OPEC supply growth picking up pace next year and demand growth seen faltering.

    U.S. crude oil stockpiles rose last week after nearly two months of declines as imports jumped to their highest since January. Crude inventories rose 2.4 million barrels in the week to Aug. 2, compared with forecasts for a decrease of 2.8 million barrels. At 438.9 million barrels, U.S. crude oil inventories were about 2% above the five-year average for this time of year. Crude production grew 100,000 bpd to 12.3 million bpd, just under its weekly record high at 12.4 million hit in May. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures fell 1.5 million barrels.

    We expect bunker prices may turn into slight upward correction today in a range of plus 3-7 USD.




2020 February 27

18:05 European yards specify Thordon System as standard for deck machinery
17:48 IMO's GloFouling Partnership project tackles problem of invasive aquatic species in Sri Lanka
17:29 Tallink Grupp reports nearly 25% higher net profit for the full financial year 2019
17:05 AquaTerra acquires Subsea Engineering and Technical Services
16:51 Zelenodolsk Shipyard named after A.M. Gorky laid down passenger ship Chaika LNG
16:35 Vale clarifies incident with contracted vessel
16:04 NYK Cruises to cancel cruises due to coronavirus
15:30 Average physical depreciation of Rosmorport’s berthing facilities is 24%
15:07 National Association of Shipping Agencies addresses FAS over plans on multiple increase of port dues in Russia
14:56 Arbitration award related to purchase options for four VLCCs on charter to Okeanis ECO Tankers
14:43 ASCO strengthened preventive measures against coronavirus
14:19 ASCO takes necessary precautionary measures to prevent environmental damage
13:55 Rotterdam to host ACI’s 24th Ballast Water Management Conference on 7-8 April 2020
13:53 Ørsted signs 20-year lease with Port of Taichung for Greater Changhua offshore wind farms
13:34 Vysotsk VTS obtains Certificate of Conformity
13:12 Xeneta container rates alert: long-term contracted rates hold despite Coronavirus chaos
12:56 Certificate of Conformity obtained for Ust-Luga VTS
12:33 Finnlines published its 2019 Financial Statements and Financial Review
12:10 A.P. Moller - Maersk links new $5.0bn revolving credit facility to its CO2 performance
11:52 Port of Gdynia seeks opportunities for further development
11:28 Rosmorport’s Murmansk Branch performed pilotage of Capesize vessel
11:04 Rosmorport to complete dredging under NOVATEK’s project in Petropavlovsk-Kamchatsky by April 2021
10:41 3rd Technical Conference "Modern Solutions for Hydraulic Engineering" kicks off in Moscow
10:35 Ships of RF Navy’s Baltic Fleet continue performing planned training as part of its long-distance campaign
10:16 Port of Oakland debt ratings affirmed by Fitch
10:13 Brent Crude futures price is down 1.52% to $51.99, Light Sweet Crude – fell to 1.54% to $47.98
09:56 Hydrographic Department to dredge about 20 million cbm of material on Sabetta’s seaway canal in 2020
09:34 Marine Recruiting Agency LLC trained 1,957 specialists in 2019, up 2.6% YoY
09:32 MABUX: Bunker market this morning, Feb 27
09:15 Baltic Dry Index is up to 517 points

2020 February 26

18:37 Royal IHC to supply integrated power cablelay spread
18:01 Chartwell Marine announces sponsorship agreement with Alan Roberts Racing in the lead up to the 2020 racing season
17:29 Keppel delivers world’s fastest brownfield FPSO modification project
17:26 Busan Port Authority and Samsung SDS signed a contract to operate a logistics center in Rotterdam, Netherlands
17:00 Smart Maritime Council announces support for shipboard machinery data standard
16:23 Damen DOP ensures new approach to dredging – expert opinion
16:00 FSUE Rosmorport to dredge 18.4 million cbm of material in 2020
15:36 Yamal LNG reaches thirty million tons milestone
15:12 MHI-MME receives retractable fin stabilizer orders for two luxury expedition vessels being built by Helsinki Shipyard
14:55 Contract signed for extension of Świnoujście LNG Terminal
14:34 Rosmorrechflot to have 20 dredgers built at Lotos shipyard by 2030
14:12 Kongsberg Maritime wins 300 MNOK contract to equip four new cruise vessels
13:55 EU NAVFOR Somalia supports Djiboutian Coast Guard
13:33 Belarusian-Latvian cooperation in multimodal cargo transportation via Latvian ports discussed in Riga
13:10 Global Offshore announces new addition to its cable installation fleet
12:51 Rosmorport announces tender for dredging on access canal of Temryuk port
12:28 PortNews Media Group and Shipbuilding Cluster of Arkhangelsk Region sign agreement on cooperation
12:10 Contship Italia confirms operational continuity at Group's maritime and intermodal terminals amidst SARS-CoV-2 outbreak
12:07 Milaha reports a 6% increase in net profit for full year 2019
11:29 BIMCO, ICS, INTERCARGO and INTERTANKO launch survey to identify fuel oil issues
11:01 Seaspan agrees to purchase a fleet of four containerships
10:48 Viesturs Zeps elected Chairman of Freeport of Riga Board, Pavels Rebenoks elected Deputy Chairman
10:21 3rd Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:17 MABUX: Bunker market this morning, Feb 26
10:06 GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of two new LNG Carriers
09:59 First dredger with ultra-low emissions has arrived in Belgium
09:54 Novorossiysk Commercial Sea Port to invest RUB 108.4 billion in development till 2029
09:35 Brent Crude futures price is up 0.65% to $54.61, Light Sweet Crude – up 0.8% to $50.3
09:17 Baltic Dry Index is up to 508 points

2020 February 25

18:06 Maritime world players gather in Antwerp for World Ports Conference 2020