• 2019 December 6 09:36

    MABUX: Bunker market this morning, Dec 06

    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) slightly rose on December 05:

    380 HSFO: USD/MT – 340.36 (+4.94)
    180 HSFO: USD/MT – 385.58 (+5.54)
    MGO: USD/MT – 665.74 (+0.16)


    Meantime, world oil indexes were stable on Dec.05 supported by expectations that OPEC will deepen output curbs but pressured by the prospect that gas condensate will be excluded from cuts for non-member producers.

    Brent for February settlement increased by $0.39 to $63.39 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January unchanged from the previous settlement: $58.43 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.96 to WTI. Gasoil for December delivery added $4.50.

    Today morning oil indexes turned into slight downward evolution.

    OPEC and allies led by Russia on Dec.05 agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for an unexpectedly short period of the first three months of 2020. OPEC began a meeting to discuss policy in Vienna yesterday and today will meet with Russia and other producers, a group known as OPEC+ that accounts for more than 40% of global oil production. Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing a global glut, are set to expire in March. Russian Energy Minister Alexander Novak said a panel of energy ministers including Saudi Arabia and Russia had recommended OPEC+ deepen the cuts by 500,000 bpd. A cut of 1.7 million bpd would amount to 1.7% of global supply.

    Non-OPEC member Russia, the world’s second largest oil exporter, had previously opposed extending or deepening cuts as its companies are arguing that reducing output during winter months amid low temperatures damages the fields. Meantime, it was reported that OPEC agreed to allow all OPEC+ members to exclude condensate from their oil output calculations, same as OPEC does with its own figures. Condensate is a high-value light type of crude oil extracted as a by-product of gas production. For Russia, it means that some 760,000 bpd of condensate would be excluded from calculations, meaning Russian baseline production used for cuts would decline to around 10.66 million bpd from 11.42 million.

    Saudi Arabia, the world’s top exporter, was more keen on reducing output as the kingdom needs higher oil prices to support its budget revenue and the initial public offering (IPO) of Saudi Aramco. On Dec.05, the state oil giant priced its IPO at the top of its price range, raising $25.6 billion and topping Alibaba’s record $25 billion listing in 2014.

    The International Energy Agency (IEA) predicts that a combination of supply side pressure and demand uncertainty will trouble OPEC well into 2020. The challenge facing OPEC ministers is the big wave of supply growth from non-OPEC countries hitting the market already, and certainly growing in 2020 supply is going to continue to grow from the US, although there is some debate as to how high that will be. IEA cited Brazil, Canada, Norway and Guyana as other key sources of oil supply growth. Some of these are more similar in terms of crude quality to OPEC crude grades than the additional lighter sweeter US shale growth.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.9 million barrels from the previous week. At 447.1 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Forecasts had expected an inventory decline of 1.798 million barrels and the American Petroleum Institute estimated inventories had gone down by 3.72 million barrels.

    The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began in 1973. In September 2019, the U.S. exported 89,000 barrels per day (bpd) more crude oil and petroleum products than it imported, due to surging U.S. crude oil production and the lifting of export restrictions in 2015, and to continuously growing oil products output and exports. The U.S. continues to import more crude oil than it exports, but it exports more petroleum products than it imports, as U.S. refineries continue to raise their gross inputs of crude oil and produce and export more petroleum products such as jet fuel, gasoline, and distillate fuel.

    Market is also monitoring progress on resolving a 17-month-old Sino-U.S. trade war that has hit global growth and demand for oil. U.S. President Donald Trump on Dec.04 described trade talks with China as going "very well," a day after saying it could take until after next year's presidential election to complete an agreement.

    We expect bunker prices will not have any firm trend today with possible fluctuations in a range of plus-minus 1-4 USD.




2020 January 28

18:05 Cheniere Energy celebrates 1000th LNG cargo milestone
17:40 NYK establishes first exclusive RORO terminal in Egypt
17:30 Global Ports Holding’s JV buys remaining shares of Malaga Cruise Port concession
15:43 Severnaya Verf starts cutting metal for fifth processing trawler of Project 170701 ordered by NOREBO Group
15:02 Hyundai's Engine Machinery Division announces the completion of the first shop test for the first of six ME-GI engines for container ships for Eastern Pacific Shipping
14:38 Metal Shark delivers patrol boat to Puerto Rico customer
14:16 Bunker prices are stable at the Far East ports of Russia following the recent growth (graph)
14:02 CMA CGM has announced FAK rates from Middle East Gulf and Pakistan to North Europe and the Mediterranean
13:27 Cheniere Energy celebrates 1000th LNG cargo milestone
13:02 Diversification of Poland’s natural gas supply sources and directions is progressing
12:35 Vostochnaya Stevedoring Company starts shipping trains to Elektrougli of Moscow Railways
12:01 Carisbrooke takes D.I.Y approach to BWT compliance with Optimarin for huge savings, efficiency and on-schedule operations
12:00 IMO and WISTA to promote greater diversity in the maritime sector
11:41 New video highlights benefits of working with IMO
11:19 Damen develops new concept vessel – the Offshore Support Vessel (OSV) 9020
11:07 Rainmaking partners maritime giants with tech startups to energise innovation
10:39 Tallink and Silja Line to establish annual summer cruise to Saint-Petersburg
10:16 Ships of RF Navy's Baltic Fleet assisted the crew of a foreign yacht in the Gulf of Aden
10:02 MABUX: Bunker market this morning, Jan 28
09:54 Dredging and Hydraulic Engineering Structures Congress will feature engineering ships buyers subordinate to Rosmorrechflot
09:33 Brent Crude futures price is down 0.41% to $58.34, Light Sweet Crude – down 0.28% to $52.99
09:18 Baltic Dry Index is down to 546 points

2020 January 27

18:07 Port of Oostende, DEME Concessions and PMV announce exclusive partnership for green hydrogen plant in Ostend
17:35 Fincantieri announces the launching ceremony of the "Emilio Bianchi" frigate
17:19 Semco Maritime wins rig order for Seadrill
17:02 Baltic Workboats’ PILOT 15 WP wins Small Pilot Boat Award for 2019
16:39 Port of King’s Lynn seals new deal with leading recycling specialist
15:57 Two main engines loaded onto lead chemical carrier of Project 00216М named PortNews
15:04 Seaspan closes purchase of a fleet of six containerships
14:48 Average wholesale prices for М-100 HFO up to RUB 10,737 in RF spot market
14:24 Royal Navy to present exclusive updates on NavyX at Unmanned Maritime Systems Technology 2020
14:01 High Speed Transfers takes delivery of fourth Damen Fast Crew Supplier 2710 in 18 months
13:35 Northern Fleet detachment leaves Mediterranean sea
13:13 Baltic Fleet guard ship Yaroslav Mudryi calls at the port of Oman
12:51 Klaipėda Port remains an important centre-line of the national economics
12:26 Largest ports of Latvia change their focus and intend to make investments to improve their competitiveness
11:10 Vladivostok Sea Fishing Port handled 4.59 million tonnes of cargo in 2019, up 1.5% Y-o-Y
09:59 Victor Golomolzin takes the helm of Oktyabrskaya Railway
09:37 Brent Crude futures price is down 3.41% to $58.62, Light Sweet Crude – down 2.29% to $52.95
09:37 MABUX: Bunker market this morning, Jan 27
09:18 Baltic Dry Index is down to 557 points
09:06 CMA CGM cancelled PSS for cargo from Asia to North Africa
08:33 Port of Gothenburg container volumes up three per cent to 772,000 TEUs in 2019

2020 January 26

16:34 Harley Marine Services changes name to Centerline Logistics Corp
15:13 Island Class ferries move to Point Hope Maritime in Victoria
14:16 Wärtsilä integrated solutions will deliver efficiency and sustainability to three new short-sea vessels
13:32 USCG suspends search for missing person near Dauphin Island
12:03 Fincantieri strengthens the strategic partnership with Qatar
11:39 New LINKSPAN 7 arrives in Dublin Port
10:47 DOF Subsea awarded contracts in Australia

2020 January 25

16:11 “Flower Power” from Sanmar and Robert Allan Ltd. – 200 Tugs and Counting
15:27 USCG Cutter Polar Star arrives in Antarctica
13:11 TORM orders two scrubber-fitted LR2 newbuildings
12:47 USCG opens Blue Technology Center of Expertise
10:47 Hamburg Süd’s COO Frank Smet to step down
08:31 NORDEN signs charter for more women in shipping

2020 January 24

18:07 Port of Hamburg not expecting reduction in container throughput caused by liner service changes announced by Ocean Alliance and Maersk
17:42 First ship-to-ship LNG bunkering operation in the Port of Rostock
17:40 Engineering troops to develop a plant for desalination of water in the Arctic
17:16 Gasum completes 200th ship-to-ship LNG bunkering