• 2019 October 23 08:53

    MABUX: Bunker market this morning, Oct 23

    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) continued slight downward trend on Oct.22:

    380 HSFO - USD/MT – 348.40 (-4.02)
    180 HSFO - USD/MT – 390.54 (-4.19)
    MGO - USD/MT – 660.52 (-1.27)


    Meantime, world oil indexes demonstrated slight upward movement on Oct.22 after China signaled progress in trade talks with the United States.

    Brent for December settlement increased by $0.74 to $59.70 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $1.17 to $54.48 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.22 to WTI. Gasoil for November gained $11.00.

    Today morning oil indexes turned into slight downward evolution again.

    As per reports from China, both China and the United States have achieved some progress in their trade talks, and any problem could be resolved as long as both sides respected each other. As the world wants China and the United States to end their trade war, it required openness rather than a "de-coupling" of countries or a new Cold War. Meantime, Beijing fears that the Trump administration wants a complete separation with China. The two countries have been working to resolve their trade dispute, with the United States announcing a "phase 1" deal with China on trade matters and suspending a scheduled tariff hike for October. The International Monetary Fund last week forecast that fallout from the U.S.-China trade war and trade disputes across the world would slow global growth in 2019 to 3.0%, the weakest in a decade.

    OPEC and its allies will consider whether to deepen cuts to crude supply when they next meet in December due to worries about weak demand growth in 2020. It was reported that Saudi Arabia wants to focus first on boosting adherence to the group’s production-reduction pact with Russia and other non-members before committing to more cuts. OPEC members Iraq and Nigeria are among the countries that have failed to comply properly with pledged output reductions. Next month the JTC committee, which monitors compliance with the pact, could start considering scenarios for deeper cuts and make its recommendations to the OPEC+ meeting for debate in December.

    Goldman Sachs wound back its forecast for growth in U.S. shale output in 2020, and slightly reduced its outlook for 2020 global oil demand growth. The brokerage expects shale oil production to grow by 0.7 million barrels per day (bpd) in 2020, down from its previous forecast of 1 million bpd, and below 1.1 million bpd in 2019. The brokerage decreased its 2020 outlook for global oil demand growth to 1.3 million bpd from 1.4 million bpd previously. It also forecast supply growth from major oil producing non-OPEC regions, outside of shale, of 1.4 million bpd in 2020, falling sharply to 0.2 million bpd in 2021 and 0.3 million bpd in 2022.

    China has issued more crude oil import quotas for mostly private refiners that will allow them to bring in a further 12.9 million tonnes for the rest of 2019. The third batch of quotas was allocated to 19 companies. China imported 369.04 million tonnes of crude oil in the first nine months of 2019, up 9.7% from the same period last year, boosted by the startup of new refineries as well as solid fuel demand in the country. Statistics supported fuel indexes in a short-term.

    Kuwait and Saudi Arabia are still negotiating the restart of oil production at jointly owned fields in the so-called Neutral Zone between the two countries. Joint oil production in the neutral zone was suspended in 2015. The neutral zone could be pumping half a million barrels daily in a few months, which would add to about 10 million bpd of Saudi production and around 3 million bpd on Kuwaiti production. Meantime, if production in the Neutral Zone is restored, this will necessitate cuts in both Saudi Arabia and Kuwait, as OPEC is still in a capped production mode to keep prices steady.

    Islamic State militants attacked checkpoints at a group of oil fields in northern Iraq, killing two members of the security force deployed there. The statement added that the attackers were being pursued by the Iraqi military along with the Popular Mobilization Forces, a group of Iran-backed Shiite paramilitary organizations. The Alaas oilfield, the largest in the group, used to be a major source of income for Islamic State while it controlled that part of Iraq.

    Since its defeat in 2017, Islamic State has adopted a hit-and-run strategy to try and destabilize the Iraqi government, with kidnappings, car bombings, assassinations of local community leaders and attacks on the grid among its preferred attack of choice. Yet oil infrastructure is a natural target for the group as a means of faster destabilization.

    The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build. Last week saw large build crude oil inventories of 10.45 million barrels, according to API data. The EIA’s estimates were similar, reporting a slightly smaller—but still huge—9.3-million-barrel build for that week. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 11 stayed at 12.6 million bpd for the second week in a row—the highest production level that the United States has seen.

    We expect bunker prices may slightly rise today in a range of plus 4-8 USD.




2019 November 17

16:12 Port of Dover wins ESPO Award 2019
14:47 Aker Solutions and leading operators join forces to qualify subsea gas separation
14:12 Wight Shipyard Co to build an innovative hybrid CTV for CWind
12:42 PSA Marine and Wartsila join hands to tackle climate emergency
11:38 A.P. Moller-Maersk improves operational profitability
10:15 ABS and Arista launch smart shipping journey

2019 November 16

16:42 Team Tankers International Ltd. announces Q3 2019 results
15:02 GasLog places NOK 900M of senior unsecured bonds due 2024
14:23 BTG and GoodFuels preparing for major investment in bio-refinery to support shipping’s low carbon fuels demands
13:41 Third L-class delivered in China
12:32 Seaspan to purchase a fleet of six containerships on long-term charter for $380 million
11:28 Mammoet inks agreement with Port of Coeymans Marine Terminal to strengthen presence along East Coast
10:18 Metal Sharks delivers pilot boat duo to BCMT

2019 November 15

18:09 Coast Guard medevacs cruise ship Aida Perla passenger just off Ponce, Puerto Rico
17:48 Sovcomflot reports its results for third quarter and nine months of 2019
17:23 Wärtsilä and PSA Marine collaborate to achieve clean energy shipping
17:15 Bollinger Shipyards contracted to build ocean transport barge
17:00 Composit supports 7th International Forum of Dredging Companies as its Sponsor
16:57 Ulstein unveils its concept of the first hydrogen powered offshore vessel
16:36 RF Government separates positions of Deputy Transport Minister and head of Rosmorrechflot
16:14 IMO holds training on impacts of anti-fouling systems and ships’ biofouling on marine environment
15:39 Norway boosts IMO's GreenVoyage-2050 GHG project
15:11 New Wärtsilä Expertise Centre provides value-adding lifecycle support
14:57 LUKOIL commissions phase three facilities at Filanovsky field
14:30 NSR cargo traffic totaled 26 million tonnes year-to-date, up 63.5% YoY
14:13 Georgia Ports Authority up 3.5 percent to 428,400 TEU in October 2019
13:13 Diana Shipping announces direct continuation of time charter contract for m/v Medusa with Cargill
12:51 Multipurpose Reloading Complex reports 4-fold increase of allocations for environment protection to RUB 11.5 million
12:32 ABI Research: Commercial fleets looking to tech to accelerate ROI in the face of rising costs, competition, and uncertainty
12:13 Port of Oakland names Danny Wan Executive Director
11:28 ESL Shipping participates in Intelligence Hunt
11:00 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding EU, Russia & USA)
10:41 Delft Dynamics, Next Ocean and Damen perform qualification test in North Sea
10:40 Gremyashii corvette of RF Navy’s Nothern Fleet to be tested in White Sea
10:16 Training ship Perekop of RF Navy's Baltic Fleet arrives in Republic of Myanmar
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:39 MABUX: Bunker market this morning, Nov 15
09:32 Brent Crude futures price is up 0.45% to $62.56, Light Sweet Crude – up 0.51% to $57.06
09:13 Baltic Dry Index is up to 1,364 points

2019 November 14

18:19 French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille
18:00 Boosting handling of cargo bound for Arctic considered as strategic development vector of Murmansk Commercial Seaport
17:41 Port of Liepaja (Latvia) handled 5.92 million tonnes of cargo in 10M'2019, down 5.1% Y-o-Y
17:20 Gasunie, EBN, Port of Amsterdam and Tata Steel work together on the development of a CCUS project in the North Sea Canal area
16:49 Hung Hua Construction of Taiwan orders third Fast Crew Supplier this year to support offshore wind ambitions
16:36 Main engines loaded onto second serial ship of PV22 project at Nevsky Shipyard
16:15 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
15:59 Yevgeny Savkin appointed as General Director of Novyie Kommunalnyie Tehnologii in Ust-Luga port
15:15 The ICS and ECSA call for immediate and effective intervention after yet another attack in the Gulf of Guinea
15:12 Restoration of 90 year old Amsterdam bridge by Niron Staal
14:43 Expert forecasts scrubbers to consume some 600,000 barrels of heavy fuel per day in 2020
14:14 Norway boosts IMO's GreenVoyage-2050 GHG project
13:32 Sea Port of Saint-Petersburg invested RUB 630 million in development in 9M’19, up 53% YoY
13:11 MOL earns AIP for design of bow wind-shield, ultra-large containership
12:30 Bunker prices are flat at the Far East ports of Russia (graph)
12:04 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:23 Aleksey Rykovanov appointed as General Director of Murmansk Commercial Seaport
11:01 Arista Shipping starts the path to smart shipping operations with an ocean data agreement with ABS
10:39 RF Government supports expansion of Murmansk Transport Hub capacity to 65 million tonnes by 2035
10:16 MABUX: Bunker market this morning, Nov 14
10:02 WesCom Signal and Rescue goes green at METSTRADE 2019