• 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.




2024 March 29

18:00 SLB announces agreement to acquire majority ownership in Aker Carbon Capture
17:14 “K” Line and Nippon Gas Line establish a marketing company to provide liquefied CO2 transportation services for carbon capture and storage projects
16:47 VTTI and IKAV enter agreement to purchase majority ownership of Adriatic LNG, Italy
16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels