• 2019 October 14 08:23

    MABUX: Bunker Market this morning, Oct 14

    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 irregular changes on Oct.11

    380 HSFO - USD/MT 391.90 (+1.58)
    180 HSFO - USD/MT 430.86 (+1.98)
    MGO - USD/MT 660.77 (-2.04)


    Meantime, world oil indexes also demonstrated upward changes on Oct.11. after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea.

    Brent for December settlement increased by $1.41 to $60.51 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery rose by $1.15 to $54.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.81 to WTI. Gasoil for November delivery increased by $16.25.

    Today indexes slight down amid uncertainties for global economic growth and oil demand.

    On Oct.11, the Iranian tanker Sabiti, sailing through the Red Sea, had been struck by two unidentified objects believed to be missiles, causing a fire and oil leakage into the sea. However, the Iranian government later undermined the credibility of the report by saying later that the ship had not been set on fire. The consultancy Tankertrackers.com noted that Sabiti was still making surprisingly good speed after the attack. Oil indexes rose sharply on fears that the incident might cause new tensions between the Gulf’s two biggest political rivals. An Iranian government spokesman on Oct.12 said Iran would respond after the facts had been studied. Separately, a senior security official said video evidence had provided leads about the incident. Moreover, a special committee has been set up to investigate the attack on Sabiti. Its report will soon be submitted to the authorities for decision.

    Saudi Arabia said it received a distress message from the damaged tanker but the vessel kept moving and switched off its transponder before it could provide assistance.

    The US oil and gas rig count fell by 12 rigs to 919 last week, continuing a downward trend since late 2018 as drilling activity gradually slowed in most of the domestic large unconventional basins. Some believe the rig count could continue ticking down, even though operators have increasingly been able to produce more oil with fewer rigs.

    Oil prices were also supported by hopes that talks between President Donald Trump and Chinese Vice Premier Liu He in Washington would culminate in a partial trade deal and delay planned U.S. tariff increases against Beijing. Trump met Liu in the White House after two days of top-level discussions between the two sides. Trump himself tweeted: “Good things are happening at China Trade Talk Meeting. Warmer feelings than in recent past, more like the Old Days. I will be meeting with the Vice Premier today. All would like to see something significant happen!”.

    The International Energy Agency (IEA) cut its oil demand forecast yet again, citing the weakening global economy. In its latest Oil Market Report, the agency predicts that demand will grow by 1 million barrels per day (mb/d) in 2019 and 1.2 mb/d in 2020, both of which are downward revisions by 100,000 bpd from previous estimates. It is the latest in a series of downgrades to demand forecasts, as the weakening economy continues to slow consumption growth. The downgrade for 2019 came as the result of revisions to its 2018 data than anything else, and it sees demand on the upswing, at least relative to earlier this year.

    Inventories remain large. OECD inventories rose once again, the fifth consecutive monthly increase. Stocks are now back close to the 3-billion-barrel level, a large stockpile that was common during the 2016 bust.

    The problem for the oil market is not only weak demand and a slowing economy - supply also continues to grow. According to IEA non-OPEC supply could expand by 1.8 mb/d in 2018 and 2.2 mb/d in 2020. Both figures significantly outpace demand growth. That raises the pressure on OPEC+ to extend the production cuts or even deepen them. That will likely to be discussed on the next OPEC+ meeting that will take place in December.

    We expect bunker prices to demonstrate upward changes today: 6-8 USD up for IFO, 10-14 USD up for MGO.




2019 November 13

18:07 LR and Seabury Maritime partner to tackle OPEX and CAPEX challenges
17:55 Gasum acquires AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG
17:36 Rolls-Royce and luxury yacht manufacturer Sunseeker sign frame agreement for MTU engines
17:18 Next-generation controller platform ‘Triton’ successfully passes TAT in Japan using latest ME-engine control system
17:04 LNG market expectations will be framed at the 6th International LNG Congress
16:54 Throughput of port Kaliningrad in Jan-Oct’2019 fell by 21% Y-o-Y to 9.34 million tonnes
16:28 Throughput of port Vyborg in Jan-Oct’2019 fell by 35% Y-o-Y to 1 million tonnes
16:03 MSC Cruises christens MSC Grandiosa
15:29 Innovative solutions for remote inspection: RINA and Kiber team up
15:03 Klaveness to focus their Dry Bulk operator activity on the Panamax to Post-Panamax segment
14:57 Throughput of port Vysotsk in Jan-Oct'2019 climbed by 5% Y-o-Y to 16.15 million tonnes
14:16 HHLA reports 4% growth in container volume to 5.7 million TEUs, revenue up 8.3% to 1 bn euros in Jan-Sept, 2019
13:33 Throughput of port Primorsk in Jan-Oct’2019 grew by 17% Y-o-Y to 51.84 million tonnes
13:12 Ten ports in the Nordic Region agreed upon a declaration focusing on sustainable port management
13:12 Cargo traffic in Ob-Irtysh Basin slightly down to 7.7 million tonnes
12:49 Port of Ust-Luga handled 87.49 million tonnes of cargo in 10M’19, up 7% Y-o-Y
12:24 Throughput of Port St. Petersburg in 10M'2019 grew by 2% to 50.00 million tonnes
12:00 EIB agrees to provide EUR 140 million to support expansion and upgrading of the Port of Piraeus
11:57 MPC Capital acquires stake in tanker specialist Albis Shipping & Transport
11:33 Port of Southampton welcomes MSC Grandiosa on her UK launch
11:08 Net profit of Commercial Port of Vladivostok for 9M’19 totaled RUB 4.64 billion, up 38.7% YoY
10:17 Port of San Diego to add seven alternative fuel vehicles to its work fleet
10:16 Environmental legislation on maritime transport will be reformed – focus on waste management
09:50 Bunker market at the port of Saint-Petersburg, Russia sees mixed price movements (graph)
09:32 Brent Crude futures price is down 0.37% to $61.83, Light Sweet Crude – down 0.33% to $56.61
09:25 MABUX: Bunker market this morning, Nov 13
09:14 Baltic Dry Index is up to 1,354 points

2019 November 12

18:06 Hapag-Lloyd to increase rates from China to Middle East including Red Sea
17:51 Admiral Makarov SUMIS participates in the international investigative project on oil spill response
17:36 Black Bear Carbon announces Port of Rotterdam as preferred location for new rCB plant in The Netherlands
17:20 Throughput of Russian seaports in 10M'2019 grew by 3.2% to 701.6 million tonnes of cargo (detalization)
17:06 MODEC, Mitsui, MOL and Marubeni to proceed with the deepwater FPSO charter project for Búzios field of Brazilian offshore pre-salt oil field
17:05 Peninsula Petroleum Group says is ready for IMO 2020
16:38 Metrans receives the first of ten new Vectron locomotives
15:59 New Joint Guidelines from ICS and OCIMF to improve safety in polar waters
15:31 Diesel submarine of RF Navy’s Pacific Fleet participates in exercised in the Sea of Japan
15:04 NMDC to complete fleet-wide conversion to Thordon seawater lubricated composite cutter shaft bearings
14:38 Krasnoye Sormovo delivers dry cargo carrier of Project RSD59, Aleksandr Sokolov
14:03 Damen Marine Components receives steering system contract for SunStone’s fifth Infinity-class 200 pax polar expedition cruise ship
13:35 Glavgosexpertiza of Russia approves survey findings under project for port construction on Novaya Zemlya
13:09 The Port of Gdansk connects Poland and Singapore
13:06 Bunker prices go down at the Far East ports of Russia (graph)
12:43 NMDC to complete fleet-wide conversion to Thordon seawater lubricated composite cutter shaft bearings
12:28 Admiral Makarov SUMIS confirmed unique competence in dynamic positioning operators training
11:44 RINA works with the National Technical University of Athens to support the future Young Engineers in Greece
11:19 IMO launches online tool to smooth reporting formalities
10:47 Montreal, Canada to host 16th Arctic Shipping Summit on 11-12 March 2020
10:25 Number of new watercraft registrations increasing in Finland
10:23 MABUX: Bunker market this morning, Nov 12
10:01 Hydrographic surveys in the Vuoksi river system to ensure safe navigation
09:42 Fleet Xpress agreement marks new stage in Bourbon digitalisation strategy for offshore
09:32 Brent Crude futures price is up 0.11% to $62.26, Light Sweet Crude – up 0.11% to $56.92
09:16 Baltic Dry Index is down to 1,345 points

2019 November 11

18:33 Alfa Laval opens new global Innovation & Test center outside Copenhagen
18:03 ABS issues industry-leading guide for firefighting for cargo areas of container carriers
17:54 Yantar shipyard launches lead rescue ship of Project 23700 named Voyevoda
17:48 Massterly and the future of autonomous shipping
17:25 Throughput of Russian seaports in 10M’19 grew by 3.2% to 701.48 million tonnes
17:03 Wärtsilä and PSA Marine achieve breakthrough in IntelliTug project
16:44 University of Rochester create a metallic structure that won't sink