• 2020 January 16 10:18

    MABUX: Bunker market this morning, Jan 16

    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 firm downward trend on Jan.15:

    380 HSFO: USD/MT 382.51 (-2.17)
    VLSFO: USD/MT 639.00 (-15.00)
    MGO: USD/MT 680.95 (-9.50)


    Meantime, world oil indexes fell on Jan.15 on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the U.S. intends to keep tariffs on Chinese goods until a second phase.

    Brent for March settlement declined by $0.49 to $64.00 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February fell by $0.42 to $57.81 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.19 to WTI. Gasoil for February delivery lost $3.75.

    Today morning global oil indexes turned into slight upward correction.
     
    Under the Phase 1 trade agreement, China will buy $18.5 billion more in U.S. energy products in the first year and $33.9 billion in the second. However, market remained cautious. Trump said he would remove all U.S. tariffs on Chinese imports as soon as the two countries completed Phase 2 of their trade agreement, adding he does not expect there to be a Phase 3 pact.

    OPEC Secretary General Mohammed Barkindo said, OPEC+ members will remain united in their stewardship of the oil market, whether or not their current production cuts are extended beyond their currently scheduled March expiry. OPEC, Russia and nine other countries are entering their fourth year of production cuts aimed at supporting oil prices, with the current deal that went into force January 1 calling on the coalition to slash 1.7 million b/d of output through March. Saudi Arabia has also pledged to cut a further 400,000 bpd if all other members respect their production quotas. Earlier this year Russia has suggested that it may seek to exit the production cuts. The alliance will meet again March 5-6 in Vienna to decide on the future of the deal.

    Russia’s government, including Energy Minister Alexander Novak, resigned on Wednesday in an unexpected move after President Vladimir Putin said that he would be looking to make amendments to the Russian constitution. Putin’s proposals for constitutional amendments include giving more powers to the Parliament. Whoever takes over Russia’s energy ministry, they will have to hold a communication channel open to OPEC and its leader Saudi Arabia, because Russia has been instrumental in the ongoing OPEC+ oil production cuts. Still, Russia’s energy policy in the global oil and gas markets will continue to be dictated by Putin.

    European nations insist they still want to save the Iran nuclear deal, but to do that they now need to turn up the pressure on Tehran. Germany, France and the U.K. triggered a dramatic escalation in the standoff with Iran on Jan.14, starting formal action against the Islamic Republic for breaching restrictions on uranium enrichment set out in the 2015 accord. Violating the terms of the deal marks a dangerous new course that could see Iran coming closer to developing a nuclear weapon and leaves the so-called EU-3 with little choice but to start the agreement’s dispute resolution mechanism. The EU will first try to resolve Iran’s nuclear violations within an initial 15-day period set out in the accord. If that fails, the foreign ministers of signatory nations, including China and Russia, would gather to debate the matter and would have the option of sending Iran back to the UN Security Council to face even stiffer international sanctions.

    The U.S. government is threatening Baghdad not to kick out American troops from the country. The State Department threatened to shut down Iraq’s access to its own bank account held at the Federal Reserve Bank of New York, a move that could cripple Iraq’s financial system. Besides, a U.S. troop withdrawal could easily relaunch a sectarian civil war in Iraq, and Kirkuk region would be the first to fall. The only reason ISIS has been kept from taking over this region entirely is the effort of a U.S.-led international anti-ISIS coalition, in which Kurdish Peshmerga forces played an integral role since 2014. A withdrawal of U.S. troops at this point will ensure a return of ISIS, and a sectarian conflict is exactly what the Islamic State is hoping for. The situation in Iraq has become potential upward driver for fuel prices recently.

    Russia said U.S. sanctions could delay the Nord Stream 2 gas pipeline until next year. Just 160 km of the total length of the 2,460 km two-string line is left to lay after contractor Allseas halted pipe-laying work due to US sanctions signed into law in mid-December threatening measures against companies helping to build the project. Russia is expected to fit out an existing vessel of its own -- the Akademik Cherskiy -- to lay the final kilometers of the Nord Stream 2 pipeline. Nord Stream 2 - which has been criticized by the European Commission, the US and countries in eastern Europe for focusing too much European gas import capacity on one route and one source - will double the Russia-Germany subsea gas export corridor to 110 Bcm/year.

    China’s oil demand may only grow by 2.4 percent this year, down from 5.2 percent in 2019. The slowdown coincides with economic deceleration. At the same time, China has amassed an enormous strategic oil reserve in the last few years, growing from 191 million barrels in 2015 to as much as 800 million barrels last year. China’s import demand was bolstered by this stockpiling; should it slow down or cease altogether it would amount to another knock on demand.

    Global availability of VLSFO – compliant fuel – is still an issue on global bunker market. Despite the reports of the Maritime and Port Authority of Singapore (MPA) that 29 of Singapore’s 45 licensed bunker suppliers have 0.50% sulphur fuel oil ‘available now’ and all but two have IMO 2020-compliant marine gasoil (MGO), there are still reports of delays in barge deliveries and of a lack of compliant product. In India, a lack of IMO 2020-compliant fuel threatens to bring coastal shipping operations on the East Coast to halt. In Egypt, meanwhile, there is said to be very limited availability of compliant fuel as well.  As a result, the Suez Canal Authority (SCA) has issued a circular saying it puts ‘no restrictions on fuel oil’ for ships using the canal ‘until ratification of MARPOL Annex VI’ by Egypt.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.5 million barrels from the previous week. At 428.5 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Analysts had expected the authority to report an inventory decline of 750,000 barrels for the period. A week earlier, the EIA estimated inventories had added 1.2 million barrels, after for the last week of 2019 it reported an inventory decline of 11.5 million barrels. Crude production for the week ended Jan. 10 rose to 13 million barrels per day (bpd).

    We expect bunker prices may go down today in a range of minus 2-4 USD for IFO and minus 2-9 USD for MGO.




2020 March 31

10:45 Cruise shipping to be suspended in the port of Kiel until end of April
10:08 COSCO SHIPPING Holdings announces 2019 results
09:46 MABUX: Bunker market this morning, Mar 31
09:33 Baltic Dry Index is down to 548 points
09:16 Brent Crude futures price is up 2.12% to $26.99, Light Sweet Crude – up 5.67% to $21.25
09:08 Sergey Shishkarev headed the Board of Directors of PJSC TransContainer
08:44 Hapag-Lloyd appoints new executive in Asia
08:44 Aker Solutions secures brownfield services contract in Brunei

2020 March 30

18:30 Ecochlor announces collaboration with Horizon Air Freight to expand shipping services
18:15 Inmarsat takes founding role in first Decarbonising Shipping programme for Asian start-ups
18:05 Start of cruise season in Kiel to be postponed until end of April
17:57 Globaltrans’ profit for 2019 climbed 16% YoY to RUB 22.7 billion
17:03 CMA CGM announces PSS from Romania to the Mediterranean
16:35 OOCL announces Transpacific product update
16:20 About 40 small- and mid-size ships to be built for Russia’s Far East by 2025
16:03 ClassNK releases Guidelines for Non-destructive Inspection by Phased Array Ultrasonic Testing
15:45 Gasum to supply Preem with renewable maritime fuel
15:24 Two ferries operate between seaports of Kaliningrad and Ust-Luga
15:03 NuStar extends Svitzer contract in Point Tupper, Canada, by five years
14:58 5G innovation put to a practical use in the Port of Zeebrugge
14:46 Global Ports terminals add new transit intermodal service from Europe to Asia via Russia
14:28 BPO and BTJ prepared overview of measures introduced in ports and shipping lines within Baltic Sea region
14:02 Port Houston posts cargo volume results for Feb 2020
13:51 Average wholesale prices for М-100 HFO fell to RUB 8,177 in RF spot market
13:20 Wärtsilä signs agreement with Kuribayashi Steamship in Japan for deployment of innovative gate rudder technology
13:10 Maersk’s first intercontinental train from Europe to Asia dispatched from St. Petersburg
13:03 Tianjin Port Development announces 2019 unaudited annual results
12:29 United Shipbuilding Corporation establishes center for prevention of Covid-19 spread
12:02 Ports of Bremen fully functioning
11:37 Abu Dhabi, UAE to host ADIPEC 2020 on November 9-12
11:12 MABUX Digest: Top events on global bunker market. Week 13
11:02 First-stage land usage permit issued to APM Terminals Poti
10:50 KN moves its LNG Terminal from its normal location due to cleaning work
10:28 Port of Riga reports no significant changes in cargo handling
10:21 Panama Canal backs efforts to expedite return home of the passengers and crew on Holland America’s Zaandam
10:04 NCSP Group published its consolidated financial results for 12 months 2019
09:41 MABUX: Bunker market this morning, Mar 30
09:26 RF Government limits crossing of state border checkpoints
09:09 Baltic Dry Index is down to 556 points

2020 March 29

16:29 Coast Guard and a salvage towing company rescued three people near Key Largo
14:35 AAM to complete construction of the first hydrogen fuel cell vessel in the U.S.
13:17 Fischer Panda UK introduces standardised FP Control across new models
12:03 USCG responds to grounded container vessel in Mississippi River
11:52 Stena Bulk performs a test running an MR tanker on 100% biofuel

2020 March 28

15:13 Belov Engenharia Ltda to operate Robert Allan designed DSV for Petrobras
13:42 Valaris received a termination notice for the drilling contract for VALARIS DS-8
12:47 SCHOTTEL wins propulsion contract to equip U.S. Navy vessels
11:31 VT Halter Marine to execrise an option for forth APL(S)
10:53 USCG Cutter Polar Star returns home from Operation Deep Freeze 2020

2020 March 27

18:37 Kim Heng Marine & Oilfield incorporates JV Bridgewater Marine (Taiwan)
18:14 Port of Antwerp Covid-19 Taskforce: supply chains still working
17:52 Oboronlogistics delivers materials and equipment for construction of medical center in Kaliningrad Region
17:29 Exercise involving three frigates of RF Navy’s Black Sea Fleet took place in Mediterranean Sea
17:05 Philippine Ports Authority imposes entry protocol in offices, ports in fight against COVID-19
16:43 Admiralteiskie Verfi launches lead freezing trawler of Project СТ-192 built for Russian Fishery Company
16:21 Arthur Sedov appointed as Managing Director of Rosterminalugol
16:05 Cosco Shipping Ports announces full year results for 2019
15:58 Gazpromneft Ocean marine oils are available in South Korea
15:44 The world's most powerful semi-submersible crane vessel receives the largest LNG bunkering in the Port of Rotterdam
15:27 Navigation on middle Volga and Volga-Baltic Canal to be opened ahead of schedule