• 2020 February 13 10:09

    MABUX: Bunker market this morning, Feb 13

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) did not have firm trend and changed irregular on February 12:

    380 HSFO - USD/MT 359.99 (+3.91)
    VLSFO - USD/MT 540.00 (-3.00)
    MGO - USD/MT 595.45 (+0.69)


    Meantime, world oil indexes rose on Feb.12 as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

    Brent for April settlement increased by $1.78 to $55.79 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March rose by $1.23 to $51.17 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.62 to WTI. Gasoil for March delivery gained $13.75.

    Today morning global oil indexes do not have firm trend so far and change irregular.

    The growth rate of new coronavirus cases in China has slowed to the lowest since Jan. 30. Still, international experts remained cautious over forecasting when the outbreak might reach a peak. Travel restrictions to and from China and quarantines have cut fuel usage. The two biggest Chinese refiners have said they will reduce their processing by about 940,000 barrels per day (bpd) as a result of the consumption drop, or about 7% of their 2019 processing runs.

    OPEC’s JTC recommended 600,000 bpd in cuts and an extension of the deal through the end of 2020. Russia has hesitated on supporting the proposal and an emergency meeting in February now looks unlikely, although many analysts still see a deal taking place in March.

    The U.S. Energy Information Administration lowered its 2020 forecasts for West Texas Intermediate and Brent crude oil prices and reduced its expectations for U.S. crude-oil production, according to the Short-Term Energy Outlook report released Tuesday. The EIA pegged its 2020 WTI oil price forecast at $55.71 a barrel, down 6% from its previous view. It also cut its Brent crude price forecast by 5.5% to $61.25 for 2020. The agency expects U.S. crude production of 13.2 million barrels a day this year, down 0.8% from the previous view, with its forecast for 2021 output down 1.1% at 13.56 million barrels a day. For 2020, total world output of crude oil and liquid fuels are forecast at 101.97 million barrels a day, while total consumption is seen at 101.74 million barrels a day.

    Rystad Energy in turn is also heavily revising its annual global oil demand growth forecast down by 25% to 820,000 barrels a day (b/d) in 2020 – as the coronavirus epidemic has triggered restrictions in China’s public transport and air travel. It was added that – in its worst case scenario – the coronavirus’ impact on demand growth could be even wider, slashing growth to as low as 650,000 b/d year on year (y/y). Current assessment implies that the impact of coronavirus will persist throughout all of February and March and will then gradually subside towards June 2020.

    Libya’s oil production is down to less than 200,000 bpd, and the uncertainty surrounding the outage create complications for OPEC+ as it looks to cut deeper. Libya’s civil war entered a dangerous new phase a few weeks ago when the Libyan National Army (LNA) and associated militias blockaded oil export terminals as a way of applying pressure on the Government of National Accord (GNA) in Tripoli. The standoff continues, and Libya’s output has plunged to around 180,000 bpd. The National Oil Company warned in January that production would ultimately fall to zero because storage would fill up and oil fields would need to be idled. The news is supporting fuel prices at the moment.

    U.S. natural gas prices fell below $1.80/MMBtu on Feb.10, dragging down a broad range of gas-focused shale drillers. Gas prices are at a four-year low. Natural-gas prices took heavy losses as mild weather outlooks continue to pressure prices lower.  But the warm weather is a global phenomenon. As per some forecasts, mild temperatures probably hit oil demand by about 800,000 bpd in January.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.5 million barrels from the previous week. At 442.5 million barrels, U.S. crude oil inventories are about 2% below the five-year average for this time of year. The report came a day after the American Petroleum Institute estimated an inventory build of 6 million barrels. Analysts had expected a build of 2.93 million barrels for the period, after the EIA reported an inventory increase of 3.4 million barrels for the prior week.

    We expect bunker prices may rise today in a range of plus 7-13 USD.




2020 February 21

18:12 Digitization of KN: paper is no longer used in the operation of Klaipėda LNG terminal
17:48 NIBULON Shipyard is about to launch second non-self-propelled open type vessel
17:17 CMA CGM announces Emergency Space Surcharge from North Europe, Scandinavia & Poland to West Med, East Med, Adriatic & North Africa
16:59 New roll trailers put into operation at Bronka port
16:04 AS Tallink Grupp’s wholly-owned subsidiary AS Hansatee Cargo merged with Group’s wholly-owned subsidiary AS Tallink
15:25 Russia's Main Department of State Expertise approved adjusted design documentation under Nord Stream 2 project
15:02 OCEAN Industries orders MAN Propulsion Packages for Royal Canadian Navy tugs
14:13 Diana Shipping announces time charter contract for m/v Coronis with Koch and cancellation of the sale of a Capesize dry bulk vessel
13:01 COSCO SHIPPING Lines provides water and rail transport services
12:40 Wärtsilä LPG Fuel Supply System the first ever to undergo engine testing
12:12 ABS to class world’s largest B-Tank VLECs by Jiangnan
11:30 Coronavirus disease 2019 – IMO urges no unnecessary delays to ships
11:09 World’s first LPG-retrofit order exercises option for four additional engines
10:44 MABUX: Bunker market this morning, Feb 21
10:43 Biofouling demands collective, urgent and ‘proactive’ approach, stresses Bellona
10:09 Cod farming set for rebound as savvy investors rush to back Norcod
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia
09:43 GTT acquires Icelandic company Marorka, an expert in Smart Shipping
09:35 BlueWater Reporting closely monitoring blanked sailings amid coronavirus outbreak
09:34 Brent Crude futures price is down 0.73% to $58.88, Light Sweet Crude – down 0.61% to $53.55
09:16 Baltic Dry Index is up to 480 points

2020 February 20

18:27 SMOOTH PORTS Partners met and discussed in Livorno
18:07 UNIIQ invests in Tetrahedron’s innovative crane for next-gen wind turbines
17:52 RF Navy’s Admiral Kasatonov frigate left for Barents Sea to continue testing
17:30 Evergreen issues notice for reefer cargo to Shanghai、Ningbo and Xingang, China
17:17 Tersan Shipyard (Turkey) delivers lead crab catching and processing ship of Project ST184
17:00 West Africa Container Terminal to commence Phase 2 upgrade
16:53 Port of Rotterdam increases sales of LNG and VLSFO
16:53 Indonesia hosts new national workshop on maritime security risk
16:29 UN agencies collaborate to promote seafarers’ rights treaty
16:04 INOK TM and Admiral Makarov SUMIS sign agreement on cooperation
15:38 Rosmorport reports on its icebreaker support in Russian seaports as of February 17, 2020
15:11 Rosmorport changes tariffs for services offered at the seaport of Kaliningrad
14:47 BIMCO joins Japan to regulate carbon intensity of existing ships
14:25 ESPO published its Position Paper on European Green Deal objectives in ports
14:02 CHIMBUSCO starts to supply China-produced low sulphur bunker oil to international ships
13:43 Top-level speakers announced for Unmanned Maritime Systems Technology 2020 in London
13:20 Throughput of Russia’s river ports fell by 11.6%, from 143.1 million tonnes in 2010 to 126.5 million tonnes in 2019
13:01 BC Ferries names and christens the first two Island Class ferries
12:46 Bunker prices are flat at the Far East ports of Russia (graph)
12:31 National Marine Dredging Company and Royal IHC launch TSHD GHASHA
12:08 Port of Baku and Tamiz Shahar cooperate on environmental issues
11:48 Hapag-Lloyd improves operating result by more than 80 percent in 2019
11:41 Port of Gdynia widens its internal entrance to 140 m
11:15 CMA CGM announces PSS for exports from East Russia
10:52 Russian Maritime Register of Shipping introduces new scheme of oil and gas equipment approval
10:24 Main contractor Damen and more than a hundred companies contribute to Combat Support Ship
10:24 MABUX: Bunker market this morning, Feb 20
09:53 Ships of RF Navy’s Baltic Fleet left for Atlantic to perform combat training tasks
09:35 Brent Crude futures price is up 0.32% to $59.31, Light Sweet Crude – up 0.45% to $53.73
09:14 Baltic Dry Index is up to 465 points

2020 February 19

18:37 Eni launches hull for Coral Sul FLNG in offshore Mozambique
18:06 Port of Rotterdam aims to become the most sustainable biorefinery in Europe
17:52 NOVATEK’s 2019 profit grew 5.3 times YoY to RUB 865.5 billion
17:31 Royal IHC launches TSHD GHASHA for National Marine Dredging Company
17:28 Wärtsilä and Carnival achieve real-time data exchange between ship and port
17:06 Jan De Nul finishes deepening works in the Port of Maputo
16:46 Port of Hamburg seaborne cargo throughput up 1.1 percent to 136.6 million tons in 2019
16:42 PM Yury Borisov backs RF Transport Ministry’s proposal to assign cargo to Russian-flagged and Russian-owned vessels
16:13 Boston Ship Repair gets Navy's $14.3M contract