• 2019 September 19 09:49

    MABUX: Bunker market this morning, Sept 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) turned into downward correction on Sep.18:

    380 HSFO - USD/MT – 463.74 (-12.33)
    180 HSFO - USD/MT – 499.06 (-14.67)
    MGO - USD/MT – 685.81 (-11.62)


    Meantime, world oil indexes fell on Sep.18 extending losses from the previous session after Saudi Arabia's energy minister said the kingdom will restore lost oil production by the end of the month.

    Brent for November settlement decreased by $0.95 to $63.60 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $1.23 to $58.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.49 to WTI. Gasoil for October lost $9.00.

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

    Saudi Arabia’s Abqaiq plant has restarted and is now processing about 2 million barrels a day, restoring just under half the output lost after the facility was damaged in an attack. The kingdom expects output at the facility to return to pre-attack levels of about 4.9 million barrels a day by the end of September. The long-awaited statement from the kingdom -- which before the strike pumped almost 10% of the world’s oil -- gives the market much-needed clarity over the worst sudden supply disruption in its history. However, it’s slower progress than the kingdom had initially expected. Besides, even as Aramco fixes the damage at Abqaiq, the possibility of further escalation of conflict in the Middle East hangs over the market.

    Meanwhile, the United States believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran and involved cruise missiles and drones. U.S. officials did not provide evidence or explain what U.S. intelligence they were using for the evaluations. Iran denies involvement in the strikes. Iran's allies in Yemen's civil war, the Houthi movement, claimed responsibility, saying they struck the plants with drones including some powered by jet engines.

    Saudi Arabia has decided to join the U.S.-led maritime security coalition that aims to ensure freedom of navigation and safe passage through the Persian Gulf. The coalition was initiated by the United States following a string of incidents in the Persian Gulf and its vital chokepoint the Strait of Hormuz earlier this summer. The UK, Australia, and Bahrain have joined the coalition, before Saudi Arabia said it would also participate.

    U.S. crude shipments are set to rise as major Asian importers look to replenish supplies after attacks on Saudi Arabia’s oil facilities. Brokers in Singapore and Europe say crude loadings at Ras Tanura, the major oil export port for the Saudi Arabian Oil Co.’s oil plant in Abqaiq that was struck by missiles on Saturday are largely idle for certain types of crude cargoes, with at least eight supertankers waiting outside the terminal. Ship owners said finding alternatives to pick up specific types of crude can be complicated as refineries are tailored to produce specific types of products. American refiners have the capacity to produce crude for Asian demand while Russia, the United Arab Emirates and Kuwait can also supply the market. It was also reported that tanker demand could be hurt if Asian importers such as China, India, South Korea and Japan choose to tap into their reserves, but they can’t rely on reserves for more than 10 days without supplies falling to critical levels.

    Goldman Sachs cut its 2019 oil demand forecast to 1 million bpd, down from 1.1 million bpd. As per analysis, additional OPEC production cuts will be needed to keep inventories near normal. Wood Mackenzie lowered its forecast to just 700,000 bpd for 2019, down from 850,000 bpd previously.

    U.S. President Donald Trump said his administration could seal a deal on trade with China before the U.S. presidential election, or an agreement could be reached the day after U.S. voters go to the polls. The U.S. president's comments come two days before U.S. and Chinese deputy trade negotiators are due to meet in Washington for the first in-person meetings in nearly two months. Those discussions are aimed at paving the way for expected high-level negotiations in early October that would seek a way out of a 14-month trade war between the world's two largest economies. The talks will follow an easing of trade tensions last week, in which Trump delayed a scheduled Oct. 1 tariff increase by two weeks on $250 billion worth of Chinese imports, while China delayed retaliatory tariffs on some U.S.-made cancer drugs, animal feed ingredients and lubricants.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 417.1 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. This compares with a 6.9-million-barrel draw a week earlier, which strengthened oil’s rally spurred by plans by OPEC to extend its production cuts. U.S. production continued to grow as well. In its latest Drilling Productivity Report, the EIA said it expected shale oil production to hit 8.84 million bpd in October, up from 8.77 million bpd this month.

    We expect bunker prices may continue slight downward correction in a range of minus 4-8 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