• 2020 January 13 09:36

    MABUX: Bunker market this morning, Jan 13

    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 January 10:

    380 HSFO: USD/MT – 388.10 (+0.31)
    VLSFO: USD/MT – 661.00 (-7.00)
    MGO: USD/MT – 701.31 (-9.29)

    Meantime, world oil indexes also demonstrated slight irregular changes on Jan.10 as the market focused on rising U.S. inventories and other signs of ample supply. However, markets were still eyeing the longer-term risks of conflict, and prices were briefly supported on Friday by new U.S. sanctions on Iran in retaliation for its missile attack on U.S. forces in Iraq this week.

    Brent for March settlement decreased by $0.39 to $64.98 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February declined by $0.52 to $59.04 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.94 to WTI. Gasoil for January delivery increased by $0.50.

    Today morning oil indexes slight amid easing U.S.-Iran tensions.

    Last week, the U.S. House of Representatives voted to curb U.S. President Donald Trump’s power to strike Iran. Meanwhile, Vice President Mike Pence said the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests.

    Oil prices have been under pressure since Jan.8 after President Donald Trump refrained from responding to Tehran’s rocket attacks on U.S.-Iraqi airbases after the U.S. killing of Iranian General Qassem Soleimani. Even media reports out of Beijing on Jan.9 confirming that China will sign the phase one trade deal with the United States Jan.15 couldn’t get oil higher.

    The United States rolled out harsher sanctions on Iran on Jan.10, targeting the Islamic Republic’s multi-billion-dollar metals Industry, as part of the White House’s “maximum pain” campaign aimed at crippling Tehran’s possible nuclear bomb ambitions. Iran’s Revolutionary Guards commander has also vowed he would take "harsher revenge" on the United States after the raid on the airbases, which did not kill any U.S. servicemen.

    Both Iran and Iraq are members of OPEC, which together with Saudi Arabia, account for about 40% of the world’s oil production. On Jan.08, crude tankers deliberately avoided the Strait of Hormuz around Iran to be on the safe side. Still, there has been no disruption to Middle East oil production as a result of the flare-up in tensions.

    Also, a Russian navy ship “aggressively approached” a U.S. Navy destroyer in the North Arabian Sea on Jan.9, the U.S. This puts some fear back into the market place

    OPEC output declined in December ahead of the new pact. Still, production remains higher than the forecast demand for early 2020. Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, according to the International Energy Agency. Non-OPEC production remain strong. It is still expected production coming from Norway, Canada, Guyana, among other countries. Norway is about to experience a sharp jump in oil production in the next four years. After a steady decline over several years, production is set for a 43-percent increase between 2019 and 2024, reaching 2.02 million bpd in 2024. This will be thanks to the start of production at the Johan Sverdrup offshore field along with several smaller fields.

    The start of 2020 has seen the spread between the main compliant bunker fuels, 0.5% sulfur fuel oil and marine gasoil, shrink, amid high demand for very low sulfur fuel oil and slack market conditions for middle distillates. European 0.1% sulfur marine gasoil remains priced at a premium to 0.5% VLSFO, which is to be expected due to higher refinery and manufacturing costs. However, the differential between VLSFO and 0.1%S marine gasoil in both the barge and the downstream bunkers market has narrowed notably over the first days of 2020. Some suggested MGO would fill potential local demand shorts for 0.5% sulfur bunker fuel if availability becomes limited. However, practical and operational limitations have tested this outlook, with some sources saying the less viscous 0.1% marine gasoil is less suitable for long voyages and more liable to cause difficulties in ships’ engines.

    The Mediterranean has seen the most pronounced tightness for 0.5%, with spreads of around $10 between VLSFO and MGO at some ports in 2020.All this has been reflected in the upstream refinery feedstocks market. Low sulfur straight run has seen rocketing values as the product enters directly 0.5% marine fuel blendstock. Similarly, increasing demand for low sulfur vacuum gas oil, for use as a blendstock, has returned strength to a product that had remained relatively flat for 2019.

    We expect bunker prices to demonstrate slight irregular changes: 1-3 USD down for IFO, 1-3 USD up for MGO.

2020 February 28

09:21 MABUX: Bunker market this morning, Feb 28
09:14 Baltic Dry Index is down to 529 points
08:32 CMA CGM announces PSS for cargo from North Europe to Asia

2020 February 27

18:05 European yards specify Thordon System as standard for deck machinery
17:48 IMO's GloFouling Partnership project tackles problem of invasive aquatic species in Sri Lanka
17:29 Tallink Grupp reports nearly 25% higher net profit for the full financial year 2019
17:05 AquaTerra acquires Subsea Engineering and Technical Services
16:51 Zelenodolsk Shipyard named after A.M. Gorky laid down passenger ship Chaika LNG
16:35 Vale clarifies incident with contracted vessel
16:04 NYK Cruises to cancel cruises due to coronavirus
15:30 Average physical depreciation of Rosmorport’s berthing facilities is 24%
15:07 National Association of Shipping Agencies addresses FAS over plans on multiple increase of port dues in Russia
14:56 Arbitration award related to purchase options for four VLCCs on charter to Okeanis ECO Tankers
14:43 ASCO strengthened preventive measures against coronavirus
14:19 ASCO takes necessary precautionary measures to prevent environmental damage
13:55 Rotterdam to host ACI’s 24th Ballast Water Management Conference on 7-8 April 2020
13:53 Ørsted signs 20-year lease with Port of Taichung for Greater Changhua offshore wind farms
13:34 Vysotsk VTS obtains Certificate of Conformity
13:12 Xeneta container rates alert: long-term contracted rates hold despite Coronavirus chaos
12:56 Certificate of Conformity obtained for Ust-Luga VTS
12:33 Finnlines published its 2019 Financial Statements and Financial Review
12:10 A.P. Moller - Maersk links new $5.0bn revolving credit facility to its CO2 performance
11:52 Port of Gdynia seeks opportunities for further development
11:28 Rosmorport’s Murmansk Branch performed pilotage of Capesize vessel
11:04 Rosmorport to complete dredging under NOVATEK’s project in Petropavlovsk-Kamchatsky by April 2021
10:41 3rd Technical Conference "Modern Solutions for Hydraulic Engineering" kicks off in Moscow
10:35 Ships of RF Navy’s Baltic Fleet continue performing planned training as part of its long-distance campaign
10:16 Port of Oakland debt ratings affirmed by Fitch
10:13 Brent Crude futures price is down 1.52% to $51.99, Light Sweet Crude – fell to 1.54% to $47.98
09:56 Hydrographic Department to dredge about 20 million cbm of material on Sabetta’s seaway canal in 2020
09:34 Marine Recruiting Agency LLC trained 1,957 specialists in 2019, up 2.6% YoY
09:32 MABUX: Bunker market this morning, Feb 27
09:15 Baltic Dry Index is up to 517 points

2020 February 26

18:37 Royal IHC to supply integrated power cablelay spread
18:01 Chartwell Marine announces sponsorship agreement with Alan Roberts Racing in the lead up to the 2020 racing season
17:29 Keppel delivers world’s fastest brownfield FPSO modification project
17:26 Busan Port Authority and Samsung SDS signed a contract to operate a logistics center in Rotterdam, Netherlands
17:00 Smart Maritime Council announces support for shipboard machinery data standard
16:23 Damen DOP ensures new approach to dredging – expert opinion
16:00 FSUE Rosmorport to dredge 18.4 million cbm of material in 2020
15:36 Yamal LNG reaches thirty million tons milestone
15:12 MHI-MME receives retractable fin stabilizer orders for two luxury expedition vessels being built by Helsinki Shipyard
14:55 Contract signed for extension of Świnoujście LNG Terminal
14:34 Rosmorrechflot to have 20 dredgers built at Lotos shipyard by 2030
14:12 Kongsberg Maritime wins 300 MNOK contract to equip four new cruise vessels
13:55 EU NAVFOR Somalia supports Djiboutian Coast Guard
13:33 Belarusian-Latvian cooperation in multimodal cargo transportation via Latvian ports discussed in Riga
13:10 Global Offshore announces new addition to its cable installation fleet
12:51 Rosmorport announces tender for dredging on access canal of Temryuk port
12:28 PortNews Media Group and Shipbuilding Cluster of Arkhangelsk Region sign agreement on cooperation
12:10 Contship Italia confirms operational continuity at Group's maritime and intermodal terminals amidst SARS-CoV-2 outbreak
12:07 Milaha reports a 6% increase in net profit for full year 2019
11:29 BIMCO, ICS, INTERCARGO and INTERTANKO launch survey to identify fuel oil issues
11:01 Seaspan agrees to purchase a fleet of four containerships
10:48 Viesturs Zeps elected Chairman of Freeport of Riga Board, Pavels Rebenoks elected Deputy Chairman
10:21 3rd Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:17 MABUX: Bunker market this morning, Feb 26
10:06 GTT receives an order from Hudong-Zhonghua Shipbuilding (Group) Co. Ltd. for the tank design of two new LNG Carriers
09:59 First dredger with ultra-low emissions has arrived in Belgium
09:54 Novorossiysk Commercial Sea Port to invest RUB 108.4 billion in development till 2029