• 2020 January 8 10:13

    MABUX: Bunker market this morning, Jan 08

    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) changed irregular on Jan.07:

    380 HSFO - USD/MT - 389.96(+0.95)
    VLSFO - USD/MT – 666.00(+2.00)
    MGO - USD/MT – 715.37(-3.27)


    Meantime, world oil indexes fell on Jan.07 as market reconsidered the likelihood of Middle East supply disruptions in the wake of the United States killing a top Iranian military commander.

    Brent for March settlement declined by $0.64 to $68.27 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.57 to $62.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.57 to WTI. Gasoil for January delivery lost$3.25.

    Today morning global oil indexes continue firm upward trend after Iran attacked two U.S.-Iraqi airbases.

    Iran attacked two U.S.-Iraqi airbases in response to a U.S. airstrike that killed a top Iranian general last week, sparking worries of intensifying conflict in the Middle East. Overnight, the Pentagon said missile strikes were launched from Iran and targeted the Ayn al-Asad base in western Iraq and another facility in Erbil.

    The unexpected assassination of one of the most important figures in the Iranian government set off fears of a hot war between the U.S. and Iran. Trump has vowed more attacks, including potential war crimes, if Iran does anything in response to the killing. Iran has withdrawn completely from the 2015 nuclear deal. Iraq has begun laying the groundwork to force U.S. troops to exit the country. Trump has threatened Iraq with harsh sanctions if they follow through. There are some speculations that Iran could target oil installations. The U.S. State Department warned of a “heightened risk of missile/drone attacks” in Saudi Arabia. The shipping industry is warning of more risk to oil tankers in the Persian Gulf.

    The British Royal Navy will escort UK-flagged vessels going through the world’s most vital oil choke point, the Strait of Hormuz, amid a sudden spike in tensions in the Middle East. The HMS Montrose and the HMS Defender will be deployed in the region again, after last year they escorted UK-flagged ships through the Strait of Hormuz following the seizing of an Iranian oil tanker by Gibraltar with the help of the UK that angered Tehran.

    Iran said that it would abandon limits on uranium enrichment following the assassination of General Qassem Soleimani. The U.S. withdrew from the 2015 nuclear agreement in 2018, and Iran has gradually ratcheted back its commitments in response. Iran said its moves were reversible upon U.S. returning to the nuclear deal.

    OPEC’s crude oil production further declined in December as the cartel’s leader Saudi Arabia continued to lead by example cutting much more than required and as the biggest laggards in compliance—Iraq and Nigeria—moved to better comply with their quotas. As per preliminary estimation, OPEC’s production in December 2019 dropped by 50,000 barrels per day (bpd) compared to November and stood at 29.5 million bpd. The Saudis reduced their crude oil production by another 50,000 bpd in December, taking the Kingdom’s over-compliance to more than 500,000 bpd compared to its quota in the deal. Iraq—OPEC’s number two in terms of production—also reduced its production by 50,000 bpd. Although this wasn’t enough to reach full compliance, Iraq was complying at 59 percent with its quota last month, up from meager 23-percent compliance in November. Nigeria saw its production drop by 80,000 bpd, nearing its quota, because of reduced exports of Bonga crude.

    It was reported, that because PDVSA has deteriorated due to a lack of cash and a worker exodus, the company has essentially handed over control to foreign partners. PDVSA is no longer producing and signing contracts for others to produce in a de facto privatization. Rosneft and CNPC were pointed out as the main beneficiaries.

    The U.S. oil and gas rig count is down below 800 for the first time since the spring of 2017. The shale industry continues to shed rigs, as pressure from investors grows. The trend supports fuel indications.

    The American Petroleum Institute reported that crude stockpiles dropped by 5.9 million barrels for the week ended Jan. 3, compared with a plunge of about 11.5 million barrels reported for the week before.

    We expect bunker prices may demonstrate today firm upward movement in a range of plus 8-11 USD.




2024 March 28

14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS
13:55 MEYER WERFT and Disney Cruise Line celebrate keel laying
12:19 HSL completes repair work on DEME's dredger TSHD Bonny River
10:53 Turkish shipbuilder delivers RAscal 1500 ASD tug to French port

2024 March 22

18:07 Lloyd's Register releases a report on the operational and safety issues of the use of ammonia as a marine fuel
17:17 RINA supports Mongolia's to develop a roadmap for long-term strategy according to Paris Agreement
16:47 MOL Coastal Shipping to start concept study on large coastal ammonia carrier