• 2019 August 15 08:42

    MABUX: Bunker market this morning, Aug 15

    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 firm upward correction on Aug.14:

    380 HSFO - USD/MT – 362.32 (+6.39)
    180 HSFO - USD/MT – 406.08 (+6.51)
    MGO - USD/MT – 640.56 (+8.52)

    Meantime, world oil indexes fell sharply on Aug.14 as weak economic data out of China and crude oil inventory gains in the United States’ spooked oil markets.

    Brent for October settlement decreased by $1.82 to $59.48 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery declined by $1.87 to $55.23 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.25 to WTI. Gasoil for September fell by $15.00.

    Today morning oil indexes turned into the phase of insignificant irregular changes so far.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. This compares with an unexpected inventory build of 2.4 million barrels for the previous week that weighed on prices since it followed three weeks of considerable inventory draws. At 440.5 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. In production, the EIA said refineries processed 17.3 million barrels daily last week, churning out 10.2 million bpd of gasoline and 5.1 million bpd of distillate fuels. This compared with 10.4 million bpd in gasoline production and 5.3 million bpd in distillate fuel production a week earlier.

    Iran and the UK have exchanged documents and Britain has shown interest in resolving the issue with the Iranian oil tanker it seized in early July. However, British side said on the contrary, that Iranian reports of imminent release of the tanker, as soon as today, were not correct and the UK will facilitate the release of the Iranian oil tanker detained by Gibraltar if Iran gave guarantees that the crude loaded on that vessel wasn’t bound for Syria. The U.S. in turn is trying to garner a broad international support for escorting oil tankers in the Gulf after the recent incidents. So far only the UK has said it would join the U.S. in protecting tankers.

    Two energy authorities reduced their crude oil demand outlooks in their latest reports. The U.S. Energy Information Administration cut its demand growth outlook by 70,000 bpd, and the International Energy Agency lowered its own by 100,000 bpd. These numbers support a growing worry about a slowdown in global oil demand that has already begun weighing on prices and will likely continue to do so in the observable future. Meantime, every agency making a forecast about the fundamentals of any commodity is forced to make a number of assumptions as the information is never complete and markets are dynamic, as are geopolitics. In the case of oil and fuel, these are the U.S.-China trade war as well as new talk of further OPEC cuts.

    OPEC’s production cuts were insufficient as well, with most analysts agreeing that global oil inventories are still too high. But OPEC has limited options to cut even further, with its largest oil producer, Saudi Arabia, already making large sacrifices in this regard. Russia, too, is likely uninterested in further cuts.

    Saudi Aramco held its first earnings call with investors, and also reported profits of $46.9 billion for the first six months of 2019. That was down 12 percent from the same period a year earlier, the result of lower oil prices. However, that figure still makes Aramco the world’s most profitable company. Still, as investors gauge the company, one of the biggest uncertainties is how Aramco pays dividends to the Saudi government.

    China has promised tens of billions of dollars of investment in oil, gas and petrochemical projects in the U.S., particularly in Alaska, the Gulf Coast and Appalachia. But the trade war may prevent those investments from being realized. China last year was the third largest importer of American oil after Canada and South Korea, but analysts say China could target U.S. crude in its next round of retaliatory tariffs. That would mark a rapid reversal from only a few years ago, when state-owned Chinese companies were investing heavily in U.S. oil and gas projects, primarily in Texas.

    For the first time in eight years, Russia is on track to surpass Saudi Arabia in the size of its foreign exchange, a sign that Riyadh is faring much worse with lower oil prices.  It seems that OPEC can no longer ignore Russia because of its importance as an oil exporter and its economy. The Russians will continue doing just enough to engage with the Saudis on oil production.

    We expect bunker prices will decline today in a range of minus 10-15 USD.




2019 September 21

16:17 USCG responds to breakaway barges striking I-10 San Jacinto River bridge
15:14 Eastern Shipbuilding launches the C.D WHITE for E.N. Bisso & Son
14:06 Boskalis associate Smit Lamnalco signs first 10-year terminal services contract in Mozambique
12:52 Kongsberg wins first full-scope expedition cruise vessel tender, with gensets and propulsion equipment
11:34 Rauma Shipyard bags Finnish Navy's four corvettes order

2019 September 20

18:41 Vostochny Port joins Coordinating Council on Trans-Siberian Transportation as its permanent member
18:22 IAA PortNews offers photo release from 'Development of Icebreaking and Support Fleet' conference held on NEVA 2019 zero-day
18:05 Global Ship Lease announces new five-year $268 mln credit facility for debt refinancing
17:24 Vostochny Port’s harbour services fleet presented at dedicated conference in Saint-Petersburg
17:05 F. A. Vinnen places entire fleet with Verifavia Shipping & Rina for IHM services
16:50 Helsinki Shipyard (Finland) to build two liners for polar cruises
16:35 COSCO SHIPPING Ports announces disposal of interest in various port assets and possible disposal of Taicang Terminal and Jiangsu Petrochemical Terminal
16:21 ABB presents electric power and propulsion solutions for icebreaking vessels at NEVA 2019
16:05 Port of Los Angeles protects overall clean air gains
15:19 Port of Riga rapidly increases volume of handled wood pellets
14:53 South Korean port to slash passenger vessel emissions with ABB shore power
14:15 Krasnoye Sormovo launches Pola Pelagia, dry cargo carrier of Project RSD59З, for Pola Rise
13:30 Damen Shipyards Group is ready to ensure construction of electric water buses for rivers and canals of Saint-Petersburg and Russia
13:12 MSC Cruises and Fincantieri unveil further details of MSC Seashore at coin ceremony
12:24 Victor Olersky sees promising future of electric river passenger ships in Saint-Petersburg and in Russia
12:09 Algoma Central Corporation announces agreement to acquire Croatian-built vessel
11:28 Specifications for 0.50% sulphur fuels and the PAS from ISO: IBIA explains
11:09 GTT obtains Approval in Principle from Bureau Veritas for the Mark III Flex technology on ice-breaking LNG carriers
10:52 IBIA and S&P Global Platts collaborate to help shipping industry comply with IMO 2020
10:31 Workshop for training on emergency response, preparation and planning held in Manila
10:09 Van Oord and Shell test the use of biofuel on trailing suction hopper dredger HAM 316
09:50 State Duma ratifies Convention on the Legal Status of the Caspian Sea
09:33 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.98% to $58.7
09:25 Lloyd’s Register, China Merchants, GTT, CNOOC, DSIC form jv to design LNG-fuelled VLCC
09:17 Baltic Dry Index is down to 2,192 points
08:58 MABUX: Bunker Market this morning, Sept 20

2019 September 19

18:04 Bibby Marine Services takes the next step to optimize walk-to-work operations
17:56 Marinet approves Poseidon maritime cyber security project
17:37 American Ethane reveals plans to order 17 VLECs
17:34 Wärtsilä’s Board of Directors decided on the distribution of the second dividend instalment
17:22 Marinet approves T2OT project for high accuracy positioning of seagoing vessels
17:04 VARD secures advanced stern trawler contract with Luntos
16:50 Average wholesale prices for М-100 HFO down to RUB 14,328 in RF spot market
16:34 Zeebrugge port authority invests in new 1,071 meter quay wall
16:04 RINA to classify Swedish Maritime Administration fleet
15:53 Marinet set to establish exports support center in Finland in 2020
15:34 MacGregor secures orders worth more than EUR 20 million for projects in Europe and Asia
15:05 Wärtsilä foresees a lower result for 2019
14:31 North Pole ice-resistant platform presented by Admiralteiskie Verfi at NEVA 2019
14:09 ABS announces LNG Cargo Ready notation for ethane carriers at Gastech 2019
13:46 Hyundai Heavy Industries receives AIP for new LPG carrier design
13:03 Bunker prices go up at the Far East ports of Russia (graph)
12:40 ABS and AEC сollaborate on newbuild VLEC fleet
12:17 Murmansk Sea Fishing Port handled 171,200 tonnes of cargo in 8M’2019, down 28.5% Y-o-Y
11:58 PortNews-TV offers video on naming ceremony for PortNews tanker
11:36 International symposium on Anthropogenic Underwater Noise held in Hamburg on 10 September
11:09 LR awards DSME AiP for 98,000 m3 VLEC design with High MnA steel tank
10:42 Ships of RF Navy’s Caspian flotilla take part in Tsentr 2019 maneuvers
10:09 Singapore and Panama ink MoU to strengthen maritime relations
09:51 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.33% to $58.23
09:49 MABUX: Bunker market this morning, Sept 19
09:33 Baltic Dry Index is down to 2,266 points
09:18 ABS grants AIP for two next generation gas carrier designs

2019 September 18

18:26 SGRE confirmed member of the Dow Jones Sustainability Indices in 2019
18:03 MOL repays existing loans through issuance of project bond for FPSO charter project