• 2019 September 11 09:20

    MABUX: Bunker market this morning, Sep 11

    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 firm upward trend on Sep.10:

    380 HSFO - USD/MT – 393.54 (+8.22)
    180 HSFO - USD/MT – 435.01 (+7.11)
    MGO - USD/MT – 658.80 (+6.00)


    Meantime, world oil indexes changed insignificant and irregular on Sep.10 amid optimism that OPEC and other producing countries may agree to extend output cuts to support prices and after U.S. President Donald Trump fired national security adviser John Bolton, raising speculation of a return of Iranian crude exports to the market.

    Brent for November settlement increased by $0.25 to $60.95 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery rose by $0.04 to $56.30 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.65 to WTI. Gasoil for September lost $12.25.

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

    Trump fired Bolton amid disagreements over how to handle foreign policy challenges such as North Korea, Iran, Afghanistan and Russia. The market took that as a sign that the Trump Administration may open the talks with Iran and probably return Iranian oil. Iran’s crude oil exports were slashed by more than 80% due to re-imposed sanctions by the United States after Trump exited last year Iran’s 2015 nuclear deal with world powers. In May, Washington ended sanction waivers given to importers of Iranian oil, aiming to cut Tehran’s exports to zero.

    Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said the kingdom's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained. As per him, the OPEC+ alliance, made up of OPEC and non-OPEC producers including Russia, would be in place for the long term. The OPEC+ joint ministerial monitoring committee (JMMC), which reports on compliance with the cuts, is due to meet on Sep.12 in Abu Dhabi. There have been concerns about producers' adherence to the agreement as OPEC members Iraq and Nigeria, among others, exceeded their quota in August and Russia also did not fully comply.

    JMCC may also discuss this week the implementation of new metrics to monitor the state of the global oil market and its balance. OPEC is now considering using several metrics to assess where global oil (over)supply stands, including taking the five-year average of oil stocks in 2010-2014 instead of the most recent five-year average 2014-2018, which it currently reports in its monthly oil market reports and which the International Energy Agency (IEA) also takes as a benchmark to measure oil inventories. There are concerns that the 2010-2014 average metric will not give a correct comprehensive assessment of the oil market.

    Russia is considering the notion that oil prices may be as low as $25 per barrel in 2020. Russia’s Central Bank has forecast in its macroeconomic forecast that oil could possibly hit that low due to falling demand for oil and oil products worldwide, as well as from disappointed global economic growth. If that risk scenario actually materializes, Russia’s inflation could increase to 7% or 8% next year, on the back of falling gross domestic product to 1.5%– 2%. Meantime, Russia is more impervious to low oil prices compared to its competitors because its currency weakens when oil prices fall. This provides some type of a protection—at least to some extent—for its lower oil revenues. Russia’s budget for 2019 was based on $40 oil. Meanwhile, Saudi Arabia needs $80 or even $85 per barrel.

    The main headwind for oil/fuel prices, however, remains. The U.S. and China are far from a trade deal despite positive signals from both sides about their willingness to settle their differences. Until this trade war finds a resolution, prices will have a pretty limited space for growth, whatever OPEC+ decides to do.

    Argus and the Asia Pacific Exchange (APEX) signed an agreement licensing the use of the Argus Bunker Index (ABI) Singapore LSFO 0.50%S as the settlement price for a proposed new derivatives contract. The contract can be used by oil traders, bunker fuel suppliers and shipowners to manage their price risks related to the new low-sulphur fuel oil (LSFO) required to comply with the 0.50% sulphur cap. The LSFO 0.5%S index represents the price of bunker fuel delivered within 4-12 days from the trade date, for volumes between 500 tonnes and 3,000 tonnes, with viscosity of less than 380 centistoke (cSt) and sulphur below 0.50%.

    The American Petroleum Institute (API) has estimated a large crude oil inventory draw of 7.227 million barrels for the week ending September 5, compared to analyst expectations of a 2.6-million barrel draw. The inventory build this week takes away from last week’s build in crude oil inventories of 401,000 barrels, according to API. The EIA estimated that week that there was an inventory draw instead, of 4.8 million barrels. After today’s inventory move, the net draw for the year is 25.90 million barrels for the 37-week reporting period so far, using API data.

    We expect bunker prices will stay stable today with possible fluctuations in a range of plus-minus 3-7 USD.




2020 February 27

10:41 3rd Technical Conference "Modern Solutions for Hydraulic Engineering" kicks off in Moscow
10:35 Ships of RF Navy’s Baltic Fleet continue performing planned training as part of its long-distance campaign
10:16 Port of Oakland debt ratings affirmed by Fitch
10:13 Brent Crude futures price is down 1.52% to $51.99, Light Sweet Crude – fell to 1.54% to $47.98
09:56 Hydrographic Department to dredge about 20 million cbm of material on Sabetta’s seaway canal in 2020
09:34 Marine Recruiting Agency LLC trained 1,957 specialists in 2019, up 2.6% YoY
09:32 MABUX: Bunker market this morning, Feb 27
09:15 Baltic Dry Index is up to 517 points

2020 February 26

18:37 Royal IHC to supply integrated power cablelay spread
18:01 Chartwell Marine announces sponsorship agreement with Alan Roberts Racing in the lead up to the 2020 racing season
17:29 Keppel delivers world’s fastest brownfield FPSO modification project
17:26 Busan Port Authority and Samsung SDS signed a contract to operate a logistics center in Rotterdam, Netherlands
17:00 Smart Maritime Council announces support for shipboard machinery data standard
16:23 Damen DOP ensures new approach to dredging – expert opinion
16:00 FSUE Rosmorport to dredge 18.4 million cbm of material in 2020
15:36 Yamal LNG reaches thirty million tons milestone
15:12 MHI-MME receives retractable fin stabilizer orders for two luxury expedition vessels being built by Helsinki Shipyard
14:55 Contract signed for extension of Świnoujście LNG Terminal
14:34 Rosmorrechflot to have 20 dredgers built at Lotos shipyard by 2030
14:12 Kongsberg Maritime wins 300 MNOK contract to equip four new cruise vessels
13:55 EU NAVFOR Somalia supports Djiboutian Coast Guard
13:33 Belarusian-Latvian cooperation in multimodal cargo transportation via Latvian ports discussed in Riga
13:10 Global Offshore announces new addition to its cable installation fleet
12:51 Rosmorport announces tender for dredging on access canal of Temryuk port
12:28 PortNews Media Group and Shipbuilding Cluster of Arkhangelsk Region sign agreement on cooperation
12:10 Contship Italia confirms operational continuity at Group's maritime and intermodal terminals amidst SARS-CoV-2 outbreak
12:07 Milaha reports a 6% increase in net profit for full year 2019
11:29 BIMCO, ICS, INTERCARGO and INTERTANKO launch survey to identify fuel oil issues
11:01 Seaspan agrees to purchase a fleet of four containerships
10:48 Viesturs Zeps elected Chairman of Freeport of Riga Board, Pavels Rebenoks elected Deputy Chairman
10:21 3rd Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:17 MABUX: Bunker market this morning, Feb 26
10:06 GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of two new LNG Carriers
09:59 First dredger with ultra-low emissions has arrived in Belgium
09:54 Novorossiysk Commercial Sea Port to invest RUB 108.4 billion in development till 2029
09:35 Brent Crude futures price is up 0.65% to $54.61, Light Sweet Crude – up 0.8% to $50.3
09:17 Baltic Dry Index is up to 508 points

2020 February 25

18:06 Maritime world players gather in Antwerp for World Ports Conference 2020
17:51 Four new IBIA board members announced at AGM
17:30 ClassNK develops its Digital Grand Design 2030
17:18 Piraeus Bank enters into a strategic collaboration with ORIX Corporation to provide financing solutions to the Greek maritime sector
17:02 DNV GL awards MSC new container ship fire safety notation
16:36 Foreship scrubber enquiries surge as owners clear the air
15:59 Trust Management sells crude oil tanker FSL Shanghai
15:49 RF Navy’s Baltic Fleet starts preparing for "Sea Cup" competition
14:58 Gazprom Neft’s net profit exceeds RUB400 billion in 2019
14:33 World Bank presents results of its study on prospects for strengthening Ukraine’s port sector governance
14:05 Marakeb Technologies and Fincantieri sign MOU for unmanned technology collaboration
13:27 THE Alliance announces details of 2020 Middle East service network
12:42 Container Terminal Saint-Petersburg upgrades its fleet of production equipment
12:17 COSCO SHIPPING Lines maintains logistics chain for international trade
12:01 KSS Line adds one new VLGC model after four vessels in 2019
11:25 DP World acquires the largest multi-purpose deep-sea marine terminal on the West Coast of North America
11:16 PPA scores big in latest survey, continues to veer away from 'corruption' tag
10:43 World Maritime University signs MoU with Maritime Academy of Asia and the Pacific
10:15 Logistics specialist leases Newport Docks warehouse
10:14 CMA CGM announces PSS from Europe, Scandinavia, Black Sea & West Med to Reunion, Mauritius, Mayotte, Comoros, Seychelles & Madagascar
10:09 MABUX: Bunker market this morning, Feb 25
09:51 Throughput of port Shanghai (China) in Jan’20 fell by 13.2% to 41.75 million tonnes
09:30 Brent Crude futures price is up 0.3% to $55.94, Light Sweet Crude – up 0.39% to $51.63