• 2019 August 12 08:24

    MABUX: Bunker market this morning, Aug 12

    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 a phase of insignificant irregular changes on Aug.09:

    380 HSFO - USD/MT – 361.90  (-0.80)
    180 HSFO - USD/MT – 405.83 (-0.41)
    MGO - USD/MT – 628.50 (+2.06)


    Meantime, world oil indexes rose on Aug.09 supported by expectations of more production cuts by OPEC amid fears the U.S.- China trade row could lead to a global slowdown.

    Brent for October settlement increased by $1.15 to $58.53 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery rose by $1.96 to $54.50 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.03 to WTI. Gasoil for August gained $12.75.

    Today morning oil indexes turned into slight downward correction.

    The IEA’s latest Oil Market Report shows some worrying numbers on oil demand. Consumption declined in May by 160,000 bpd year-on-year. Between January and May, demand was only up by 520,000 bpd, the weakest increase since 2008. Overall, the agency cut global demand growth for 2019 to 1.1 million bpd. The data offers further evidence of an economic slowdown.

    Global financial markets were rocked over the past week after U.S. President Donald Trump said he would impose 10% tariffs on Chinese goods starting September and a fall in the Chinese yuan sparked fears of a currency war. China’s yuan strengthened against the dollar on Aug09, on the back of strong export growth in July.

    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, with fuel exports rebounding as well last month, up by as much as 20 percent despite excess supply. This stronger demand from some industries, notably mining, was one of the key drivers behind the higher imports and processing rates. The other was demand from new refineries. This year may see refining capacity additions of as much as 890,000 bpd in China. Almost half of this will come from a new 400,000-bpd refinery property of teapot Hengli Petrochemical Co..

    Saudi Arabia, de facto leader of the Organization of Petroleum Exporting Countries (OPEC), planned to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories. The United Arab Emirates also will continue to support actions to balance the oil market. The OPEC and non-OPEC ministerial monitoring committee would meet in Abu Dhabi on Sept. 12 to review the oil market. OPEC and its allies including Russia agreed in July to extend their supply cuts until March 2020 to boost oil prices.

    The U.S. Maritime Administration has issued a fresh warning regarding commercial shipping in the Persian Gulf and the key oil chokepoint the Strait of Hormuz, saying that vessels in the area may encounter GPS interference and “spoofed bridge-to-bridge communications from unknown entities falsely claiming to be U.S. or coalition warships.” In at least two of the incidents in the Middle East in the past months, vessels reported GPS interference. The U.S. said in June that countries that get their crude oil via the shipping routes in the Middle East should protect their own ships along the lanes. However, so far only the UK has said it would join the U.S. in protecting tankers after a UK-flagged tanker was seized by Iran last month.

    Libya announced that it has resumed oil production from the country’s largest oilfield, Sharara. The oil production will gradually increase. The field had stopped producing on July 19 after an unidentified group had shutdown a pipeline valve. Production was resumed and the force majeure lifted on July 22, but yet another pipeline valve was closed on July 31, triggering another force majeure. Sharara has a capacity of 340,000 barrels per day, but prior to the most recent force majeure, the field had been pumping at a rate of 290,000 barrels per day.

    The US oil rig count fell by 6 last week, adding to months of losses and bringing the overall rig count to the lowest since the first week of 2018. The combined oil and gas rig count is now 934 for the week, with oil rigs seeing a loss of 105 rigs year on year, with gas rigs down 17 since this time last year. Oil production in the US, however, remains above 12 million barrels per day, up over 1 million bpd over this time last year.

    We expect bunker prices may change upward today in a range of plus 7-12 USD.




2019 December 11

18:33 Kongsberg and the Norwegian Society for Sea Rescue join forces to develop new SAR solutions
18:03 DOF Subsea secures integrated FSV contract in Africa
17:50 NCSP Group's consolidated cargo turnover for 10 months of 2019 totaled 121.2 million tons
17:32 Equinor completes the acquisition of a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia
17:25 LNG in the era of decarbonization: the 6th International LNG Congress 2020 brings up environmental questions
17:13 Port Houston sets new records at container terminals in November 2019
16:54 World's first liquefied hydrogen carrier SUISO FRONTIER launches building an international hydrogen energy supply chain aimed at carbon-free society
16:32 Seaspan Shipyards delivers its second offshore fisheries science vessel to the Canadian Coast Guard
16:13 Port of Virginia сargo volume up nearly 4% in November 2019
15:49 Throughput of port Taganrog in 11M'2019 fell by 7% to 2.59 million tonnes
15:32 Aker BP first ever to use new well stimulation method offshore
15:12 Port of Savannah container volumes up 5.4 percent in November 2019
14:51 Sovcomflot named Company of the Year at the 2019 Lloyd’s List Europe Awards
14:32 Aker Solutions secures contract to support the development of BP’s Cypre project, offshore Trinidad and Tobago
14:12 Port of Oakland export volume up 5.8 percent in November 2019
13:50 Bunker prices are flat at the port of Novorossiysk, Russia (graph)
13:32 Belships enters into two letters of intent for the acquisition of two Ultramax bulk carriers
13:11 Port of Los Angeles moves 728,918 TEUs in November 2019
12:47 Dredge Yard receives an order for a customized Cutter Suction Dredger from Western Potash
12:47 Yamal LNG received all 15 Arc7 ice-class tankers
12:25 Wärtsilä & CSSC Huangpu Wenchong Shipbuilding Company Limited agree to jointly develop hybrid vessels for the future
12:23 Admiralteiskie Verfi shipyard starts metal cutting for fourth super trawler ordered by Russian Fishery Company
12:01 ABS and DSME sign digitalization and decarbonization JDP agreement
11:31 New mobile crane increases APM Terminals Yucatán’s productivity by 40%
11:19 Throughput of Russian seaports in 11M'2019 grew by 2.7% to 766.8 million tonnes of cargo (detalization)
11:12 First LNG bunkering delivered concurrent cargo operations in port of Amsterdam
10:59 Port of Long Beach cargo volumes dip 3.5% in November 2019
10:54 Navigation season of 2019 is over on Russia’s IWW with shipping closed in Azov-Don Basin
10:30 MABUX: Bunker market this morning, Dec 11
10:18 Swedish businesses informed about benefits of Latvian transport corridor
09:51 Bunker prices show no certain trend at the port of Saint-Petersburg, Russia (graph)
09:32 Brent Crude futures price is down 0.62% to $64.93, Light Sweet Crude – down 0.52% to $58.93
09:15 Baltic Dry Index is down to 1,528 points

2019 December 10

18:10 UN Climate Conference – ICS embraces 4th Propulsion Revolution
17:56 Cargo turnover within Volga-Don Basin of Russia’s IWW in navigation season of 2019 fell by 9.7% to 14.452 million tonnes
17:34 APG and TRIG acquire 100% interest in Merkur Offshore Wind Farm
17:19 Northern Fleet cruiser Marshal Ustinov moves to Northern hemisphere
16:03 Hapag-Lloyd announces rates from East Asia to North Europe
15:52 Baltic States aim to implement Rail Baltica project in rapid and coordinated way
15:34 Damen signs contract with EMS Offshore to supply new Shoalbuster 2711
15:03 COSCO SHIPPING signs strategic cooperation agreement with State Power Investment Corporation
14:31 GTT notified by Hudong-Zhonghua Shipbuilding for the tank design of an LNG bunker vessel for MOL
14:31 London P&I Club announces senior management appointments in Hong Kong office
13:56 Gazprom Neft expands lubricants production abroad
13:30 Bunker prices are almost flat at the Far East ports of Russia (graph)
13:03 DFDS has acquired 100% of the Dutch logistics company Huisman Group
12:45 Throughput of Russian seaports in 11M’19 grew by 2.7% to 766.83 million tonnes
12:24 Research vessel Admiral Vladimirsky of RF Navy's Baltic Fleet reaches the Atlantic Ocean
12:03 APM Terminals Gothenburg takes another major step in their jour-ney towards climate neutrality
11:30 Ships powered by electricity can prove to be more economically efficient than ships running on LNG – Aleksey Rakhmanov
11:26 MABUX: Bunker market this morning, Dec 10
11:02 New low-sulphur bunker oil popular in the port of Rotterdam
10:25 Pella Sietas secures construction of icebreaker of ice class "Icebreaker7" and largest single order in company history
10:21 Igor Belousov, rescue vessel of RF Navy's Pacific Fleet, concluded its visit to Vietnam
09:59 Baltiysky Zavod concerned about possible delay in construction of Ural icebreaker amid slow delivery of turbines
09:32 Brent Crude futures price is down 0.17% to $64.14, Light Sweet Crude – down 0.22% to $58.90
09:16 Baltic Dry Index is down to 1,551 points
09:08 CSSC and DNV GL sign new strategic cooperation agreement
08:07 Alewijnse delivers complete portfolio on AMELS 60
07:54 Tramarsa purchases Damen Cutter Suction Dredger for 30-year strategy of expansion