• 2019 October 10 09:02

    MABUX: Bunker market this morning, Oct 10

    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 movement on Oct.09:

    380 HSFO - USD/MT – 391.62 (-1.09)
    180 HSFO - USD/MT – 429.00 (-1.27)
    MGO - USD/MT – 659.04 (-2.46)


    Meantime, world oil indexes changed irregular on Oct.09, following media reports that China was open to agreeing a partial trade deal with the United States, while unrest in OPEC members Iraq and Ecuador also supported prices.

    Brent for December settlement increased by $0.08 to $58.32 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $0.04 to $52.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.73 to WTI. Gasoil for October gained $12.50.

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

    Negotiators from China and the United States will meet in Washington on Oct.10-11 in the latest effort to settle a deal aimed at ending a long-running trade dispute that has slowed global economic growth. But tensions between China and the U.S. rose this week after the United States imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, while a row escalated over comments by a leading U.S. National Basketball Association official in support of protests in Hong Kong.  The issues have set markets on a risk-aversion course, even though the global oil market remains in a supply deficit which should in theory support prices at above $60 a barrel.

    The EIA has revised downward again its oil price forecast in October’s Outlook (STEO), shaving another $5 per barrel off its forecast compared to last month’s STEO. The reason for the downward adjustment to oil predictions, which it now expects will be fall to $57 per barrel by the second quarter of 2020, is due to the rise of global oil inventories during the first half of 2020. Brent spot prices averaged $63 per barrel in September. While the EIA acknowledges the greater risk of oil supply disruptions as of late, it remarks that this risk is more than offset by “increasing uncertainty about economic and oil demand growth in the coming quarters.”

    Iran is upping its defenses around key oil and petrochemical facilities, as Iran prepares for a retaliatory act just weeks after Saudi Aramco’s oil facilities were struck by missiles. The areas that will be covered under this increased defense will be air traffic in the south, over the Persian Gulf as well as over the Strait of Hormuz and the Sea of Oman, and will cover area of critical importance to the gas and petrochemical industries such as Assaluyeh and Kharg island.

    Turkey said its forces would cross the Syrian border shortly, launching attacks that could impact the economy of the oil-producing Kurdistan region in Iraq, and energy prices. Anti-government protests also threatened oil production in Ecuador and Iraq, members of the Organization of the Petroleum Exporting Countries.

    The IMO 2020 sulphur regulation will force ocean carriers to use more expensive, cleaner fuel, or install expensive scrubbers: it means that their operating costs will be higher. To offset costs, shipping companies are going to deploy larger vessels, since an increase in ship size does not mean an equal increase in fuel consumption. As a result, it is expected a shift from the 10,000 TEU to the 14,000-18,000 TEU size. Currently, most cargo ships are in the 10,000 – 14,000 TEU (Twenty foot Equivalent Unit – corresponding to the size of a standard 20ft shipping container) range, with larger ships ranging from 18,000 to 23,500 TEU. One 20,000 TEU ship does not use as much fuel as two 10,000 TEU vessels. On the water side, most large U.S., European and Asian ports are ready to receive 14,000-plus TEU vessels. However, the question is how well they can handle these vessels on the land side.

    Russia’s liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia’s Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses. The United States imposed sanctions on Sept. 25 on state-owned COSCO for allegedly ferrying Iranian crude. Novatek had a deal with Norwegian shipping company Tschudi to reload Yamal cargoes in Norway’s Honningsvag between November 2018 and June 2019. This allowed the company to export the Yamal volumes that came from trains launched ahead of the schedule, while not all Arc7 ships designed to export those were as yet available.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week. At 425.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year. That comes after three weeks of inventory increases, with the latest, for the last week of September, at 3.1 million barrels. The authority also reported gasoline inventories had shed 1.2 million barrels last week, versus a 200,000-barrel draw in these a week earlier. In distillate fuels, the EIA reported a decline of 3.9 million barrels, after a week earlier it estimated these had gone down by 2.4 million barrels.

    We expect bunker prices for IFO may change irregular today in a range of plus-minus 1-3 USD. MGO prices may rise by 5-10 USD.




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
11:00 Port of Long Beach posts cargo volume of 707,000 TEUs in September 2019
10:44 Air quality measures make impact at Port of Southampton
10:23 ABP held its annual oil spill exercise on the Humber
10:02 LUKOIL BoD recommends interim dividend amount
09:40 Brent Crude futures price is down 0.67% to $59.02, Light Sweet Crude – down 0.84% to $52.91
09:21 MABUX: Bunker market this morning, Oct 17
09:18 Baltic Dry Index is down to 1,897 points
09:04 BOA awarded contracts to charter two vessels for the state’s emergency response preparedness
08:39 LLOG Exploration orders subsea trees for the Shenandoah Project in the deepwater Gulf of Mexico

2019 October 16

18:37 Damen partners with TCS for increased vessel connectivity
18:07 AET christens two of the world's first LNG dual-fuel DPSTs to be chartered out to Norway's Equinor
17:35 PSA Marine signs frame agreement with Hydroniq Coolers
17:22 MODEC awarded Letter of Intent by Petrobras related to Marlim 1 FPSO
16:57 Throughput of port Kaliningrad in Jan-Sep’2019 fell by 21% Y-o-Y to 8.45 million tonnes
16:22 IBM boards the Mayflower Autonomous Ship project
16:22 Throughput of port Vysotsk in Jan-Sep'2019 climbed by 4% Y-o-Y to 14.27 million tonnes
15:58 Patrol ship of RF Navy’s Black Sea Fleet to take part in events dedicated to anniversary of Navarino battle
15:35 Navios Maritime Partners announces repayment of its Term Loan B
15:19 Throughput of port Primorsk in Jan-Sep’2019 grew by 18% Y-o-Y to 46.93 million tonnes
14:53 Port of Ust-Luga handled 77.49 million tonnes in 9M’19, up 7% Y-o-Y
14:34 NEPTUN WERFT holds keel laying ceremony for AIDAcosma
14:06 Throughput of Port St. Petersburg in Jan-Sep'2019 grew by 2% Y-o-Y to 44.97 million tonnes
13:45 Zvezda shipyard lays down fourth Aframax tanker for Rosnefteflot
13:20 Carnival Cruise Line to add fourth ship in Galveston
12:12 Hapag-Lloyd to apply a Peak Season Surcharge from North Europe to East Asia
11:51 WMU and AHHIC cooperate on marine insurance
11:33 Gazprom Neft establishes a Singapore subsidiary company to develop its international marine lubricants business
11:20 Intensive training on port management and efficiency held in France
10:57 IMO visited United Kingdom to assess country's implementation of special maritime security measures
10:14 LUKOIL enters Ghasha project for extraction of hydrocarbons in UAE
10:01 MPA of Singapore to strengthen collaboration on cyber resilience and response at the 5th Port Authorities Roundtable
09:59 APM Terminals Gothenburg to double rail volumes by 2022
09:52 Brent Crude futures price is up 0.19% to $58.85, Light Sweet Crude – up 0.13% to $52.88
09:36 Baltic Dry Index is down to 1,898 points
09:18 Bunker prices are flat at the port of Saint-Petersburg, Russia (graph)
08:43 Award-winning yachts honored at Cannes - Azimut, Benetti, and Galeon
08:35 MABUX: Bunker Market this morning, Oct 16

2019 October 15

18:37 MOL conducts tabletop drill based on an incident simulation involving containership
18:07 Fincantieri announces delivery of the fourth Royal Princess class ship at the Monfalcone shipyard
17:55 Tatarstan and Gazprom sign action plan for implementation of pilot project on using LNG powered ships
17:36 Keppel delivers fourth jackup rig to Borr Drilling
17:06 Maritime and Port Authority of Singapore revokes Inter-Pacific Petroleum Pte Ltd’s bunker craft operator licence
16:49 Hudson Shipping Lines joins the Trident Alliance as a member