• 2019 December 3 10:10

    MABUX: Bunker market this morning, Dec 03

    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) declined on December 02:

    380 HSFO: USD/MT – 332.12 (-6.57)
    180 HSFO: USD/MT – 376.10 (-5.67)
    MGO: USD/MT – 663.89 (-4.23)


    Meantime, world oil indexes rose on Dec.02 as hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.

    Brent for February settlement increased by $0.43 to $60.92 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery rose by $0.79 to $55.96 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.96 to WTI. Gasoil for December delivery gained $3.00.

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

    Prices were supported by number of statements saying that OPEC and allied producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd. The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+: allies including Russia, are expected to at least extend existing output cuts to June 2020 when they meet this week. The OPEC+ group has coordinated output for three years to balance the market and support prices. Their current deal to cut supply by 1.2 million bpd that started from January expires at the end of March 2020. OPEC's ministers will meet in Vienna on Dec. 5 and the wider OPEC+ group will meet on Dec. 6 to make a decision on the current agreement.

    China aims to launch low-sulphur fuel oil futures in the first quarter of 2020. A low-sulphur fuel oil contract would be China’s second bonded oil futures contract after the launch in March 2018 of its crude oil contract on the Shanghai International Energy Exchange (INE).

    As per U.S. statement, Venezuela has spent US$5 billion worth of oil to reduce its debt to Russia and China and to send oil to Cuba, while leaving Venezuelans without basic food and medicines. Venezuela’s state-held oil firm PDVSA has cut its outstanding debt to the largest Russian oil producer, Rosneft, to below US$1 billion. Besides, faced with increasingly tightening U.S. sanctions, Venezuela and PDVSA are reportedly offering contractors and suppliers to pay them in yuan in Chinese accounts. At least four companies have been approached with such proposals, and they are still evaluating them.

    Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members. Nigeria's compliance had improved substantially since August and had achieved 100% compliance in November. Nigeria's crude production in the third quarter stood at 2.04 million barrels per day, its highest since the first quarter of 2016, which helped its economy grow 2.28% in the three months to September.

    U.S. oil drillers reduced the number of drilling rigs for a record 12 months in a row, despite fresh production highs. Drillers cut three oil rigs in the week to November 27, bringing the total count down to 668, the lowest since April 2017. Meantime, U.S. production hit a record high of 12.9 million barrels per day and refinery runs slowed.

    Global oil refiners have upgraded processing units and adjusted operations to raise output of low-sulphur residual fuels and marine gasoil (MGO) to prepare for stricter shipping fuel standards that kick in on Jan. 1. The shipping industry consumes about 4 million barrels per day (bpd) of marine bunker fuels, and the rule changes will impact more than 50,000 merchant ships globally, opening a significant new market for fuel producers.

    Meantime, bunker fuel quality issues continue to persist in the industry, even as fuel management is set to become more critical. Come 2020, shipowners or operators buying the fuel will need to have a greater know-how for understanding what exactly they are going to buy. As a fuel buyer, the shipowner or operator would need to know the machinery onboard the ship and make a bespoke order with the supplier of the fuel being purchased, with parameters like viscosity clearly earmarked. The market is also anticipating stability and compatibility issues as many blending recipes are due for release. There is an expected increase in bunker fuel quality issues next year because of increased blending due to the 0.5% sulfur cap.

    We expect bunker prices may demonstrate slight upward trend today in a range of plus USD 1-3.




2019 December 6

18:11 Lithuania aims to ensure state management of „Rail Baltica“ infrastructure
17:55 More operative services of towboats in the Port of Klaipėda
17:28 Acceptance/delivery certificate for Kalas, first rescue tugboat of Project MPSV12
17:06 APM Terminals Gothenburg takes another major step in their journey towards climate neutrality
16:04 Damen Shiprepair Amsterdam MD receives Harbour Medal
15:57 Northern Sea Route cargo traffic totaled 27.59 million tonnes YTD, up almost 70% Y-o-Y
15:26 IAPH Women’s Forum’s initiative “Women in Ports Mentoring Program” now extended to female Harbour Masters
15:03 Seabourn brings a new experience to guests with unique “Bow Lounge”
14:22 Throughput of port Ventspils (Latvia) in 11M’19 grew by 4% to 19.47 million tonnes
14:03 The container terminal at the Port of Gothenburg to be fossil-free by 2020
13:05 Carnival Corporation's Costa Cruises welcomes LNG-powered Costa Smeralda to fleet
12:54 Yacht Zarya with Russian team wins ARC+St.Vicent 2019
12:23 UN maritime agency commits to further action on gender equality
12:01 Jan De Nul sets new sustainability standards for maintenance dredging works in the marinas of Nieuwpoort on the Belgian coast
11:30 Canada Infrastructure Bank invests $300 million in Port of Montreal’s expansion project in Contrecoeur
11:20 Costa Smeralda delivered from Meyer Turku shipyard
11:02 Yang Ming sets up subsidiary in China
10:45 Largest Latvian transit companies represented at 2019 Russian Transport Week
10:17 GTT receives an order from Samsung Heavy Industries for the tank design of two new LNG Carriers
10:12 Joint Russian-Vietnamese exercise underway in Cam Ranh
09:59 MAN Energy Solutions and Orcan Energy agree to collaborate
09:49 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Dec 06
09:30 Brent Crude futures price is down 0.44% to $63.11, Light Sweet Crude – down 0.33% to $58.23
09:14 Baltic Dry Index is down to 1,575 points
08:31 DNV GL awards Hudong-Zhonghua AiP certificate for gas-fueled 25000 TEU containership design

2019 December 5

18:05 ABS, MAN & SDARI join forces to develop ammonia-fueled feeder vessel
17:46 Throughput of Rostov-on-Don port in 11M’19 fell by 7% Y-o-Y to 21.1 million tonnes
17:21 Extraordinary general shareholders meeting of LUKOIL approves interim dividend
17:05 NORDEN enters new biofuel collaboration with Kvasir Technologies
16:28 Cargo traffic on Northern Sea Route can grow to 160 million tonnes by 2035 – Aleksandr Krutikov
16:05 ABS and CATL sign battery research agreement
15:54 Port of HaminaKotka published its statistics for November 2019
15:30 Ministry for Development of Russian Far East and Arctic expects special economic regime to come into force in Arctic in 2020
15:03 DNV GL and Huangpu-Wenchong sign JDP on 5,000 TEU LNG dual-fuel containership
14:49 Global project launched to tackle plastic litter from ships and fisheries
14:33 IMO Assembly approved renewal of Kitack Lim’s appointment as secretary-general of UN body
14:06 Torqeedo powers all-electric harbour water clean-up boat
13:06 YILPORT Puerto Bolívar now operates with four mobile harbor cranes
12:44 Bunker prices increase at the Far East ports of Russia (graph)
12:25 Norfolk, Virginia to host Port & Terminal Technology USA on 21-22 April 2020
12:17 MABUX: Bunker market this morning, Dec 05
12:08 Inmarsat launches Fleet LTE service in the North Sea
11:50 Forum «Arctic: Today and the Future» kicked off in Saint-Petersburg
11:29 “K” Line completes additional development (Phase-2) of “Kawasaki Integrated Maritime Solutions”
11:05 PIL upgrades Redsea Gulf Service and Intra-Redsea Feeder 5
10:37 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
10:01 Bunker sales at port Vladivostok in 11M’19 grew by 53.2% to 1.58 million tonnes
09:36 Brent Crude futures price is down 0.1% to $62.94, Light Sweet Crude – down 0.38% to $58.2
09:18 Baltic Dry Index is down to 1,599 points
09:03 CMA CGM and Total sign a major agreement
06:49 Ocean Yield ASA announces delivery of three LR2 product tankers with long-term charters

2019 December 4

18:30 North Carolina Ports Chief Commercial Officer retires
18:09 Diana Shipping announces time charter contracts for m/v Myrsini with Ausca and m/v Artemis with Koch
17:26 Freight turnover of Neva-Metal (Saint-Petersburg) in 11M’19 fell by 1% Y-o-Y to 2.93 million tonnes
17:09 ABS presents its innovative work at the annual meeting of the ABS South East Asia Regional Committee
16:48 Traficom: new study published on indicative analysis methods used in the control of ships’ ballast water treatment
16:32 Port of Gdynia increased container handling by 13% to 750.439 thousand tons in 10M’2019
16:09 Nexans, Eversource and Ørsted sign Framework Agreement for North American Offshore Wind Farm development with the opportunity to provide up to 1,000 kilometers of export cable for multiple Ørsted projects till 2027 in United States
15:52 Jotun A/S and COSCO Shipping International HK renew JV agreement