• 2019 August 16 08:41

    MABUX: Bunker market this morning, Aug 16

    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 downward evolution again on Aug.15:

    380 HSFO - USD/MT – 351.48 (-10.84)
    180 HSFO - USD/MT – 396.67 (-6.74)
    MGO - USD/MT – 633.82 (-6.74)


    Meantime, world oil indexes continued downward trend on Aug.15 pressured by mounting recession concerns and a surprise boost in U.S. crude inventories.

    Brent for October settlement decreased by $1.25 to $58.23 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery declined by $0.76 to $54.47 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.76 to WTI. Gasoil for September fell by $1.00.

    Today morning oil indexes turned into upward changes as recession fears ease amid positive U.S. data.

    A rise in U.S. retail sales was cited as easing some concerns of a potential recession. It rose by 0.7% in July from a month earlier, data showed. It was previously expected a rise of 0.3%.

    Large engineering and construction contracts for liquefied natural gas (LNG) projects pushed the total value of contracts in the oil and gas industry surging to US$42 billion in the second quarter of 2019, up by a massive 79 percent over the value of the contracts in the first quarter. In the first quarter of this year, the value of the contracts in the global oil and gas sector stood at US$23.4 billion. In the second quarter, several engineering, procurement and construction (EPC) contracts for LNG projects nearly doubled the contract value tally. In terms of number of contracts signed in Q2, the upstream sector saw 858 contracts awarded, accounting for 71 percent of all contracts, while the midstream and downstream/petrochemical sector recorded 245 and 100 contracts, respectively.

    Global economic worries, amplified by tariff conflicts and uncertainty over Brexit, are also hitting European economies. A slump in exports sent Germany's economy into reverse in the second quarter, data showed, while the euro zone's GDP barely grew in the second quarter of 2019.

    Iran says it aims to complete by March 2021 a long crude oil pipeline from its northwest deep in the Persian Gulf to a southern terminal east of the Strait of Hormuz, in order to export oil by shipping it first onshore to the terminal to bypass the world’s most critical oil chokepoint. The pipeline, which will cost US$2 billion, will be 1,100 kilometers (684 miles) long and capable of carrying 1 million bpd of crude oil from the Goureh oil terminal in the northwest to the Jask region on the Sea of Oman, without the need to have tankers travel through the Strait of Hormuz.  

    In the Persian Gulf, just two oil producers—Saudi Arabia and the United Arab Emirates (UAE)—currently have some (limited) options for bypassing the Strait of Hormuz, where the daily transit in 2018 was 21 million barrels of oil per day, or the equivalent of some 21 percent of global petroleum liquids consumption. Iran, like all others, currently relies on the strait to get its oil to the market.

    Rating agency Fitch has upgraded Russia’s debt rating recently, due to what it called “prudent economic policies”. The country's reserves will amount to nearly $600 billion as a consequence of trade and budget surpluses. Moscow has reduced the fiscal breakeven from nearly $110 a barrel in 2013 to $40 currently, and in the meantime, the Kremlin is successfully boosting its market share in European and Chinese markets. Russia, most likely, has a fair estimation of its partner’s willingness and necessity to act without the participation of Moscow beyond the current OPEC+ agreement. Unless prices drop below $40 per barrel, Moscow will remain reluctant to agree on further cuts.

    Refinery throughput in China went up by 4 percent last month, to a total 52.6 million tons, or about 12.44 million bpd. That’s down from a record-high processing rate of 12.68 million bpd, recorded first in January and February this year and then again in April. It is still pretty strong going thanks to higher demand for crude from independent refiners who are building new refining capacity. With higher processing rates imports of crude also jumped in July. These averaged 9.66 million bpd, up by 14 percent on the year. The trend could soon reverse, however, as the country prepares for its National Day in October.

    We expect bunker prices will decline today: 5-7 USD down for IFO, 1-3 USD down for MGO.




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
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