• 2020 January 23 10:56

    MABUX: Bunker market this morning, Jan 23

    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 January 22:

    380 HSFO: USD/MT – 379.48 (-1.65)
    180 HSFO: USD/MT – 624.00 (-3.00)
    MGO: USD/MT – 667.43 (-6.52)


    Meantime, world oil indexes fell on Jan.22 as the International Energy Agency's (IEA) forecast of a market surplus in the first half of this year.

    Brent for March settlement decreased by $1.38 to $63.21 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.64 to $56.74 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.47 to WTI. Gasoil for February delivery declined by $16.75.

    Today morning oil indexes continue to decline as the American Petroleum Institute (API) reported that crude inventories rose last week.

    According to the API, oil inventories gained by 1.6 million for the week ended Jan. 17. The Energy Information Administration (EIA) will report its weekly inventory numbers today, one day later than usual due to the Martin Luther King Day Holiday on Monday. It is expected that crude stockpiles fell by 1 million barrels last week, extending the previous week’s drop of 2.5 million barrels.

    At the same time, the IEA expects the market to be in surplus by a million barrels per day (bpd) in the first half of this year. Supply worries were underlined by remarks Tuesday by International Energy Agency (IEA) on the sidelines of the World Economic Forum annual meeting in Davos, Switzerland. It sees “an abundance of energy supply in terms of oil and gas. It’s the reason that recent incidents we have seen — with the Iranian general killed, Libya unrest — didn’t boost international oil prices”.

    Libya's National Oil Corp on Jan.20 declared force majeure on the loading of oil from two major oil fields after the latest development in a long-running military conflict. Unless oil facilities quickly return to operation Libya's oil output will be reduced from about 1.2 million barrels per day (bpd) to just 72,000 bpd.

    Meanwhile the indexes were pressed down by the emergence from China of a new strain of a coronavirus, with concern focused on the impact a pandemic might have on economic growth. The outbreak has stirred memories of the SARS epidemic of 2002-2003. Should the new virus develop into SARS-like proportions, hitting travel and growth, demand for oil could fall by 260,000 bpd. The mysteries coronavirus killed at least 17 people and infected hundreds of people in China will continue to spread to other countries. It is already found in Hong Kong, one diagnosis in the U.S. and Macau, and patients under examination in Japan, Mexico and Russia. On Jan.23, China’ state broadcast CCTV reported that Beijing has issued a travel suspension in Wuhan, a city of 11 million. All outbound flights and rail service are banned, according to the report, which said “citizens should not leave the city without special reasons.” The halt also includes travel by bus, subway and ferry.

    Supply is still likely to rise, with U.S. crude production in large shale deposits expected to rise to record highs in February, although the pace of increase is likely to be the lowest in about year, the U.S. Energy Information Administration (EIA) said on Jan 21. Inventories of crude oil in the U.S. are likely to have fallen last week.

    U.S. President Donald Trump on Jan.22 vowed dramatic action with the World Trade Organization, saying the group's director general would visit Washington as soon as next week, but giving no other details. The WTO lost its ability to intervene in trade disputes after the United States effectively paralyzed it when two of three members exited, leaving the trade arbiter unable to issue rulings.

    South America’s largest oil producer, Brazil, will launch discussions on potentially joining OPEC in July. However, even if talks are successful, Brazil is not expected to become a member of OPEC this year. The idea that Brazil may join OPEC was first aired in October last year, when Brazilian President Jair Bolsonaro said that OPEC’s top producer and de facto leader Saudi Arabia had informally asked Brazil to join the organization.

    We expect bunker prices will continue to fall: 5-7 USD down for IFO, 14-16 USD down for MGO.




2020 February 27

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
09:35 Brent Crude futures price is up 0.65% to $54.61, Light Sweet Crude – up 0.8% to $50.3
09:17 Baltic Dry Index is up to 508 points

2020 February 25

18:06 Maritime world players gather in Antwerp for World Ports Conference 2020
17:51 Four new IBIA board members announced at AGM
17:30 ClassNK develops its Digital Grand Design 2030