• 2019 September 13 09:03

    MABUX: Bunker market this morning, Sept 13

    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 downward trend on Sep.12:

    380 HSFO - USD/MT - 390.44 (-2.21)
    180 HSFO - USD/MT - 432.42 (-1.47)
    MGO - USD/MT – 656.80 (-6.13)


    Meantime, world oil indexes fell on Sep.12 after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas.

    Brent for November settlement decreased by $0.43 to $60.38 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $0.66 to $55.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.29 to WTI. Gasoil for September unchanged: $589.50.

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

    Trump is considering easing sanctions on Iran as a way to increase the odds of a face-to-face meeting with Iranian President Hassan Rouhani. As per Bloomberg’s report, part of the motivation behind Bolton’s ouster was a recent meeting in which Trump considered easing oil sanctions on Iran as a sign of good faith, hoping to warm up the Iranian side to agree to a meeting. The idea would be that Trump could meet President Rouhani on the sidelines of the UN Conference in New York later this month. It’s not clear that the Iranian side would agree to such a meeting, which would carry enormous risks for President Rouhani, who has battled with hardliners for years. But even if a meeting does not take place, the fact that Bolton is out and Trump is considering pulling back on the sanctions is a potential driver for lower oil and fuel prices.

    OPEC revised down its forecast for global oil demand growth this year by 80,000 bpd to 1.02 million bpd, citing weaker demand in the first half and expectations of slower economic growth for the rest of the year.  The cartel also trimmed its forecast for global oil demand growth in 2020 by 60,000 bpd to 1.08 million bpd, mainly due to changes to the economic outlook for next year. OPEC’s revised estimates are now closer to generally known forecast that global oil demand growth this year won’t exceed 1 million bpd by much. OPEC said that weaker oil demand growth, which is expected to be outpaced by the strong growth in non-OPEC supply, highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance.

    A key OPEC/non-OPEC monitoring committee met on Sep.12 in Abu Dhabi. The officials stressed that the Joint Ministerial Monitoring Committee does not have the mandate to consider policy changes but only to evaluate the current market situation and look at implementation. Meantime, ministers have blamed slumping oil prices on demand-sapping trade tensions between the US and China, which are out of their control. From a physical balances standpoint, analysts say the market has been tightening in the past few months due to the OPEC/non-OPEC cuts and US sanctions on Iran and Venezuela.

    Besides, Iraq's and Nigeria's oil ministers pledged on Aug.12 to reduce oil output to comply with their OPEC output targets. An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average. Market monitoring will continue ahead of the next OPEC meeting in December.

    The European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and said it will restart bond purchases of 20 billion euros a month from November to prop up euro zone growth.

    China’s imports of refined oil products in August jumped by 462,000 mt or 28.4% from the previous month but dropped by 615,000 mt or 22.7% from year-ago level to 2.089 million mt. The country’s exports of oil products in August were 1.414 million mt or 25.8% lower at 4.075 million mt from month-ago level and decreased by 1.245 million mt or 23.4% from the same month of last year.

    It forecasts that US shale supply will peak at approximately 14.5 million barrels per day (bpd) around 2030. In the past decade, crude oil coming from shale patches such as the Permian in the US has grown from a negligible contributor to an upstream behemoth, reshaping the industry and the oil market. US Light Tight Oil (LTO) represented less than 1% of global oil supply just nine years ago. Today, US LTO represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.

    We expect bunker prices will slightly down today in a range of minus 2-4 USD.




2019 October 20

16:05 EDPR and Aker Solutions to develop 500MW floating wind farm in Ulsan, South Korea
15:25 Coast Guard updates port conditions in Gulf Coast region
14:47 Siemens Gamesa bags three new contracts for 359 MW in Chile
13:41 Fincantieri begins project for stretching three small cruise ships of Windstar
12:34 MSC introduces new Spanish rail service for reefer cargo
11:03 USCG, Mexican Navy search for overdue aircraft in Gulf of Mexico
10:12 DOE authorizes LNG exports from the Venture Global Plaquemines LNG Project

2019 October 19

16:12 Bibby Marine appoints Helen Samuels to lead the company into its next phase of development
14:58 Med Marine is building new concept ice class tugs for Svitzer
12:34 Sohar Port & Freezone inaugurate new Svitzer pilot boat duo
11:44 USCG offloads more than $92 million worth of cocaine in San Diego
10:49 Singapore company slapped with NOK 7 million fine in the Harrier case

2019 October 18

19:19 New port icebreaker named Ob delivered to FSUE Atomflot
18:54 Port Kolomna hosted ceremony of consecration for pusher tug named Sergey Kladko
18:31 RF Ministry of Transport to expand area banned for navigation near Crimea bridge
18:12 Northwest Seaport Alliance’s Clean Truck Program earns AAPA environmental award
17:57 NUTEP Container Terminal handled three millionth TEU since its operations started in 2004
17:38 Expert RA affirms its ‘ruA’ non-financial company credit rating on DeloPorts
17:13 Port of Virginia buys 25 new hybrid shuttle carriers
17:00 First grain shipment via Sabetta port expected in July 2020 – RF Ministry of Agriculture
16:46 Onezhsky Shipyard delivers buoy tender of Project 3265 named Ladozhsky
16:20 ERMA FIRST invests in METIS Cyberspace Technology
15:45 International organizations unite at IMO
15:14 "K" LINE, MOL, & NYK share data with ONE through the common data platform "IoS-OP"
14:49 Main engines loaded onto lead ship of PV22 project at Nevsky Shipyard
14:12 ESPO publishes European port sector’s Environmental Report 2019
13:53 Blagoveshchensk shipyard resumed construction of modernized seiners of Project 1338
13:32 Total launches its first LNG bunker vessel
13:12 SBM Offshore successful bidder for partner’s minority ownership in SBM Offshore operated FPSO companies
12:54 BIMCO submits proposals to IMO to enhance exchange and harmonization of data
12:31 MSC rules out Arctic exploration on environmental concerns
12:01 British Ports Association publishes new assessment of business environment ahead of annual conference in Belfast
11:30 Port of Antwerp volume up 1.1% in September 2019
11:05 DNV GL awards AiP certificates to HHI for three types of standard mid-sized FPSOs
10:37 RF Navy’s cruiser Marshal Ustinov completes business call to Cyprus
10:03 Hapag-Lloyd announces GRI from East Asia to East Coast South America
09:54 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
09:36 Baltic Dry Index is down to 1,861 points
09:18 Brent Crude futures price is down 0.50% to $59.61, Light Sweet Crude – down 0.13% to $53.86
09:01 APM Terminals launches global customer alerts solution
08:42 MABUX: Bunker Market this morning, Oct 18
08:05 MOL introduces AR Navigation System at Maritime Conference in Dubai
07:52 The European shipping industry urges the EU to bolster maritime security in the Gulf of Guinea

2019 October 17

18:12 World's first emission-free push boat “Elektra” to have SCHOTTEL propulsion units
17:47 Five vessels call at the port of Brussels to show technological solutions to cut CO2 and air emissions
17:45 Nexans celebrates the next step in the construction of its Aurora cable installation vessel
17:43 Lotos shipyard delivers non-self-propelled cargo pontoon of Project GRPN
17:41 DFDS takes delivery of third Chinese-built RoRo
17:19 RroZero rolls out new 12m Site-Management boat for fish farming markets
16:14 North Sea Port offers online liner services
15:50 Ships detachment of RF Navy’s Pacific Fleet arrive on business call to Kingdom of Thailand
15:26 Maldives received maritime security training from IMO on the ISPS Code
15:02 Maritime policy for sustainable development was in focus of IMO national workshop in Chile
14:37 IMO workshop helps put maritime development in Africa’s mainstream
14:11 VT Halter Marine launches first US-flagged offshore LNG bunker ATB barge for Q-LNG
13:25 Bunker prices are flat at the Far East ports of Russia (graph)
13:01 Port of Oakland container volume up 3.1 percent in September 2019
12:41 Thordon to supply propeller shaft bearings for MSC Cruises' third Seaside class cruise ship
12:08 Oboronlogistics launched new shipping line linking ports of Novorossiysk, Tartus, Alexandria and Samsun
11:39 NIBULON MAX made her first cargo trip