• 2019 August 20 09:09

    MABUX: Bunker market this morning, Aug 20

    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) demonstrated slight upward correction on Aug.19:

    380 HSFO - USD/MT – 350.48 (+3.61)
    180 HSFO - USD/MT – 396.52 (+3.82)
    MGO - USD/MT – 633.90 (+0.58)


    Meantime, world oil indexes rose on Aug.19 following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for signs that U.S.-China trade tensions could ease.

    Brent for October settlement increased by $1.10 to $59.74 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery rose by $1.34 to $56.21 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.53 to WTI. Gasoil for September gained $1.50.

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

    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. The oil market seems to be pricing in again a geopolitical risk premium, but it might not sustain if it does not result in any supply disruptions. Saudi Arabia, in coalition with the UAE, and Iran are essentially fighting a proxy war in Yemen, where the Saudis lead a military Arab coalition to “restore legitimacy” in the country, while the Houthi movement, which holds the capital Sanaa, is backed by Iran. Meanwhile, tensions around Iran appeared to ease after Gibraltar released an Iranian tanker it seized in July though Tehran warned the United States against any new attempt to seize the tanker in open seas.

    In its latest report, OPEC only slightly downgraded its forecast for global oil demand, lowering it to 1.10 million barrels per day (bpd) for 2019, down only a minor 0.04 million bpd from a month earlier. OPEC also said that global supply could grow by 1.97 million bpd this year, significantly outpacing demand growth. Still, that figure is down by 72,000 bpd from a previous estimate, due to lower-than-expected production growth in the U.S., Brazil, Thailand and Norway. As per OPEC’s estimation, 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.

    Saudi Arabia and Donald Trump tend to push the oil market when prices get too far away from their preferred range. Just as soon as Brent neared $60 per barrel recently, rumors surfaced that Saudi Arabia was considering deeper action to rescue prices. The rumor alone sent oil prices up. But in the past few years, whenever Brent rises into the $70s, Trump has lambasted OPEC, demanding lower prices. The result is Brent trapped between $60 and $75.

    Meantime, Saudi Arabia has seriously ramped up its oil exports to China in recent months. The Saudi Kingdom’s crude shipments to China have doubled in the span of a year. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds. According to TankerTrackers.com, Saudi Arabia exported 1,802,788 barrels per day (bpd) to China in July, compared to 921,811 bpd in August of 2018. By contrast, exports to the U.S. in July were 262,053 bpd, nearly 62% down from 687,946 bpd in August of last year. U.S. sanctions on Iranian oil have helped the shift.

    The Trump administration is readying a plan to end direct federal regulation of methane leaks from oil and gas facilities, even as some energy companies insist they don’t want the relief. A draft proposal from the Environmental Protection Agency (EPA) would prevent the federal government from directly targeting that potent greenhouse gas as it restricts emissions from oil wells and infrastructure, despite fears that time is running out to avert catastrophic consequences of climate change. More than 60 oil and gas companies have made voluntary commitments to pare emissions of methane, the chief ingredient of natural gas, though some of them insist federal regulation is still essential for the highly fragmented industry.

    Through August, the number of bankruptcies in the U.S. oil and gas industry this year has nearly reached the 2018 total. The total volume of debt affected so far ($20 billion) has surpassed last year’s figure ($17 billion).

    We expect bunker prices may rise slightly today in a range of plus 1-6 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