• 2019 August 14 08:26

    MABUX: Bunker market this morning, Aug 14

    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 downward evolution on Aug.13:

    380 HSFO - USD/MT – 355.93 (-6.31)
    180 HSFO - USD/MT – 399.57 (-5.10)
    MGO - USD/MT – 632.04 (-1.11)


    Meantime, world oil indexes jumped on Aug.13 after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummelled the market in recent months.

    Brent for October settlement increased by $2.73 to $61.30 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery rose by $2.17 to $57.10 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.20 to WTI. Gasoil for September rose by $19.00.

    Today morning oil indexes do not have any firm trend so far.

    The Chinese Ministry of Commerce said in a statement on Aug.13 that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month. The possibility that the United States and China can continue the trade talks is raising hopes that they might actually get some type of deal.

    Iran is going to restructure its budget in a way that should reduce the country’s dependence on oil revenues to zero. The Iranian officials also admitted the government would need to restructure its budget to reduce oil’s weight in it even without sanctions. In the latest budget approved by the Iranian government last December, revenues from oil exports were calculated at US$21 billion. This would constitute a third of the budget for the 2019/2020 financial year that started this March. The figure assumed an average price for Iranian oil of between US$50-54 a barrel. That’s cautious enough but it also assumed average daily exports of 1-1.5 million barrels. After the removal of sanction waivers for Iran’s largest oil buyers, most sources agree that Iran is exporting a lot less than that.

    Saudi Arabia said late last week it plans to keep its crude oil exports below 7 million barrels per day in August and September to help drain global oil inventories. Market expects the country to support prices ahead of its plans to float Saudi Aramco, in what could be the world's largest initial public offering (IPO). Saudi Aramco was ready for its IPO, but the timing for the deal will be decided by its sole shareholder, the Saudi government. Aramco’s valuation, which The Kingdom feels is $2 trillion, is dependent on oil prices. Analysts claim that this $2 trillion valuation is overpriced, and that the real value of Aramco is at most $1.5 trillion.

    The People's Bank of China lowered its official yuan midpoint for the ninth straight day to 7.0326 per dollar. A lower yuan increases the cost of dollar-denominated oil imports in China, the world's biggest crude oil importer.

    Booming U.S. shale oil output also continues to chip away at efforts to limit the global supply overhang, weighing on prices. U.S. oil output from seven major shale formations is expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd. The start-up of a major pipeline between the Permian shale basin and the Gulf Coast means that more crude can be exported, adding to global supplies.

    The shipping industry is preparing for a disruption of the types of fuels it will be using as of the beginning of 2020, but the oil and fuels market, as well as refiners, are also getting ready for the impact. Wood Mackenzie forecasts, that due to the new rules, gasoil’s price differential to crude oil will be stronger while the HSFO spread will weaken. In terms of individual oil-producing nations, the first impression is that the impact on the largest sour crude producers—Saudi Arabia, Russia, and Iraq—could be quite significant. Among other producers, WoodMac is concerned that Canada could be badly hit because of its heavy oil sands output, while Brazil and the U.S. would be winners because of their large production of heavy-sweet and light-sweet crudes, respectively.

    The American Petroleum Institute (API) has estimated a surprise crude oil inventory build of 3.7 million barrels for the week ending Aug 8, compared to analyst expectations of a 2.761-million barrel draw. Market awaits now weekly oil inventory data from the U.S. Energy Information Administration which is due to be released at its regularly scheduled time later today.

    We expect bunker prices may demonstrate firm upward trend today in a range of plus 13-20 USD.




2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe
17:29 Wallem-managed bulk carrier rescues Indonesian fishermen lost at sea for 10 days
17:06 MAN Energy Solutions and Samsung Heavy Industries sign a strategic cooperation agreement for the digitization of marine engines
16:35 CMA CGM announces GRR from Asia to East and South Africa
16:34 IAA PortNews offers its video on Russian bunkering market being prepared for 2020 sulphur cap
16:11 ABB’s digital solution for shipping fleets helps to further reduce fuel costs and environmental footprint
15:49 Passenger Port of Saint Petersburg to assist Lead Partner under Kotka Pax project
15:32 Associated British Ports launches first Port Operative Apprentice Scheme
14:56 Port of Gdansk makes another step towards the Central Port project
14:28 Marine Cargo Bureau sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
14:03 Diamond S Shipping commences fleet renewal efforts with sale of two vessels
13:54 NIBULON continues building floating crane of Project P-140
13:35 Bunker prices are flat at the Far East ports of Russia (graph)
13:30 Serco announces captains for Australia’s new Antarctic research vessel
13:13 RF Ministry of Labour approves ‘Stevedore’ standard
12:47 Russian Maritime Register of Shipping signed new agreement with Maritime Administration of the Republic of Cyprus
12:12 Strong second quarter helps Tallink deliver steady result for first six months of 2019
11:49 KN Klaipėda oil terminal berths to undergo reconstruction
11:28 Port of Tallinn named as one of Europe’s best in first ever ‘Ones to Watch’ list
11:01 World's largest container ship completes first voyage from Asia to Europe
10:43 Port of Tallinn reports its financial results for 2019 Q2 and 6 months
10:24 Rosgeo completed digital processing of seismic data on the Laptev Sea
10:02 Fitch Ratings affirms Panama Canal's 'A' rating with a stable outlook
09:50 KfW IPEX-Bank structures financing package for two cruise ships of the Genting Hong Kong Group
09:40 Baltic Dry Index is down to 2,067 points
09:17 Brent Crude futures price is up 0.15% to $59.82, Light Sweet Crude – up 0.14% to $55.22
09:09 MABUX: Bunker market this morning, Aug 20

2019 August 19

18:41 Andrey Zubarev takes the helm at Sea Port St. Petersburg
18:36 Hapag-Lloyd announces General Rate Increase from East Asia to South America Eastcoast
18:26 Rosterminalugol YTD coal exports volume hits the 15-millionth-tonne mark
18:04 CMA CGM Group to take part in the Asia Fruit Logistica 2019 in Hong Kong
17:36 MPA launches Singapore’s first Maritime Sustainability Reporting Guide
17:04 ACO Marine commissions a series of Clarimar wastewater treatment plants for Jadrolonija
16:35 Suez Canal Container Terminal announces plans to open reefer repair hub to all brands
16:19 Jumbo and GoodFuels partner to take sustainable bio-fuel oil to the offshore support market
16:11 Main phase of Beloomut hydro engineering system rehabilitation project to be completed by the end of 2019, Moscow Canal authority says
15:58 LR awards world’s first digital type approval to HHI
15:32 d’Amico International announces the sale of one of the vessels
15:09 Samsung Heavy to advance smart ship technology in cooperation with equipment producers
14:17 JFD signs strategic partnership with Aquacentrum Den Helder to provide submarine escape training
13:09 Samsung Heavy Industries to win orders for 10 LNG-fueled vessels
12:53 Kraken’s ThunderFish® delivered to DRDC, Canada
12:09 Sinanju signs 2-year time charter agreement with ExxonMobil for LNG-powered “Marine Vicky”
11:18 MODEC announces issuance of project bond for FPSO charter project
11:16 Registration underway for “Import Substitution in Russian Shipbuilding: Ambition and Reality” Roundtable
11:09 Busan Port-Qingdao Port concludes MOU to promote cruise business
10:08 RAN signs two year lease extension with the National Australia Bank for its two Cape Class Patrol Boats
09:43 Brent Crude futures edge up to $ 59,28, WTI – to $ 55,34
09:08 The BPA and the Port of Rotterdam Authority concludes a development agreement to construct and operate the Rotterdam Distribution Center
09:01 Baltic Dry Index rises 2% to 2088 points
08:56 MABUX: Bunker market this morning, Aug 19
08:49 Hapag-Lloyd announces General Rate Increase from East Asia to Latin America

2019 August 18

16:51 USCG responds to ferry aground in Boston Harbor
15:09 NOAA awards $2.7 million in grants for marine debris removal and research
13:02 BAE Systems cuts steel for UK Royal Navy's HMS Cardiff
12:46 Kongsberg Digital simulation and software selected to fast-track R&D at new autonomous ship centre in Korea
11:05 NYK sponsors endangered Sea Turtle Research
10:56 Coast Guard cites passenger vessel for operating illegally, terminates voyage

2019 August 17

14:24 Kinder Morgan announces additional projects to enhance capabilities at Houston Ship Channel Facilities