• 2019 August 19 08:56

    MABUX: Bunker market this morning, Aug 19

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued downward evolution on Aug.16:

    380 HSFO - USD/MT – 346.87 (-4.61)
    180 HSFO - USD/MT – 392.70 (-3.97)
    MGO - USD/MT – 633.32 (-0.50)


    Meantime, world oil indexes demonstrated irregular changes on Aug.16.

    Brent for October settlement increased by $0.41 to $58.64 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery rose by $0.40 to $54.87 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.77 to WTI. Gasoil for September fell by $0.50.

    Today morning oil indexes turned into upward changes as Germany’s leadership pledged to undertake economic stimulus measures and OPEC reported sharply lower crude output in July.

    German Chancellor Angela Merkel said on Aug.16 the country’s government would be willing to take on additional debt to stimulate the economy in event of further economic downturn or recession. Germany’s second-quarter 2019 GDP contracted 0.1% compared with the prior quarter, the Federal Statistics Office reported on Aug.14, highlighting fears Europe’s largest economy could fall into recession and contributing to roughly 3% slide in WTI and Brent futures.

    In its latest report, OPEC cut its forecast for global oil demand growth in 2019 by 40,000 barrels per day (bpd) to 1.10 million bpd and indicated the market would be in slight surplus in 2020.. In another worrying sign of a brewing supply surplus, OPEC said that oil inventories in OECD countries rose by 31.8 million barrels in June from a month earlier, rising to 67 million barrels above the five-year average. In other words, just as OPEC+ was meeting to extend the production cuts for another 9 months, inventories were rising, an indication of an oversupplied market. At the same time the group revised up demand for its crude by 0.1 bpd for both 2019 and for 2020. However, the demand for its oil, would drop to 29.4 bpd in 2020, down from 30.7 bpd this year. Based on those numbers, OPEC+ is staring down a serious supply glut next year absent further action. The group can either stick with current production levels (that may cause another market downturn), or it can increase further production cuts.

    The United States has issued a warrant to seize an Iranian oil tanker caught in the standoff between Tehran and the West in a last ditch effort to prevent the vessel from leaving Gibraltar. The Grace 1 was seized by British Royal Marines at the western mouth of the Mediterranean on July 4 on suspicion of violating European Union sanctions by taking oil to Syria. Gibraltar lifted the detention order on Thursday after the British territory's chief minister said he had secured written assurances from Tehran that the cargo would not go to Syria. But the United States launched a separate legal appeal to impound the ship and its 2.1 million barrels of oil, on the grounds that it had links to Iran's Islamic Revolutionary Guard Corps (IRGC), which it designates as a terrorist organization. A federal court in Washington issued a warrant to seize the tanker, the oil it carries and nearly $1 million. At the same time, The Grace 1 had its name erased and it was no longer flying a Panama flag. The tanker would depart for the Mediterranean after being reflagged under the Iranian flag and renamed Adrian Darya.

    Oil indexes were also supported by attack on a Saudi oil facility by Yemeni separatist. A drone attack by Yemen's Houthi group on an oilfield in eastern Saudi Arabia on Aug.17 caused a fire at a gas plant, adding to Middle East tensions, but state-run Saudi Aramco said oil production was not affected.

    Meanwhile, White House economic adviser Larry Kudlow said trade deputies from the United States and China would speak within 10 days and could advance negotiations over ending a trade battle between the two countries if those talks pan out. At the same time the U.S. President Donald Trump appeared less optimistic than his aides on striking a trade deal with China, saying that while he believed Beijing was ready to come to an agreement, he is not ready to make a deal yet.

    U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year

    We expect bunker prices will change irregularly today: 2-4 USD up for IFO, 1-3 USD down for MGO.




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