• 2020 February 17 10:03

    MABUX: Bunker market this morning, Feb 17

    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 demonstrated downward changes on February 14:

    380 HSFO - USD/MT 361.99 (-0.78)
    VLSFO - USD/MT 541.00 (-2.00)
    MGO - USD/MT 597.29 (-1.35)


    Meantime, world oil indexes increased on Feb. 14 on hopes, that the economic impact of the coronavirus would be short-lived and hoped for further Chinese central bank stimulus to tackle any slowdown.

    Brent for April settlement increased by $0.98 to $57.32 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March rose by $0.63 to $52.052 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.27 to WTI. Gasoil for March delivery added $2.00.

    Today morning oil indexes eased as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.

    Brent has fallen around 15% year to date in part due to worries the coronavirus outbreak would stunt the global economy. However, market sentiment improved as factories in China started to reopen and the government eased monetary policy in the world’s second largest economy. At the same time, China today offered more funding to banks and cut the interest rate it charges for the money to cushion its economy. Singapore has also promised a “strong” package of budget measures and central banks in the Philippines, Thailand and Malaysia have cut interest rates as Asian economies grapple with the virus-induced slowdown.

    The International Energy Agency (IEA) said the outbreak should knock first-quarter oil demand down from a year earlier for the first time since the financial crisis in 2009. The International Energy Agency (IEA) revised its oil demand forecast, predicting consumption will actually contract by 435,000 bpd. Previously, the agency expected consumption to increase by 800,000 bpd from a year earlier. For the full-year in 2020, the IEA cut demand growth by 365,000 bpd to just 825,000 bpd. That would be the lowest annual increase since 2011, and slightly below the growth figures for 2019, which itself was a down year.

    In response to the demand slump, OPEC+, are considering deepening production cuts. Russian said it has not yet reached a decision on further output curbs. But a growing oil glut in Russia and the promise of a flood of dollars from the sale of a leading bank (Sberbank) are strengthening the case.

    According to the latest report of OPEC, Iran produced 2.086 million barrels of crude oil per day in January 2020. That shows a decrease of 9,000 barrels compared to December 2019. According to the same report, OPEC members produced 28.859 million barrels of crude oil in January 2020, while the figure shows a fall of 509,000 barrels in comparison with the month before.

    On February 8, Iranian Minister of Oil Bijan Namdar Zangeneh said the country could support deeper cuts in crude oil output of the OPEC+ if a majority of the members agreed with it. Zangeneh said if an early ministerial meeting was to be held, an agreement had to be made prior to the meeting rather than discussing an agreement during the meeting.

    According to the Baker Hughes Co, U.S. energy firms added oil rigs for a second week in a row as crude prices, which have dropped about 15% this year, were set to rise this week as concerns began to ease over the long-term economic impact of the coronavirus. Companies added 2 oil rigs last week, bringing the total count to 678. In the same week a year ago, there were 857 active rigs.

    We expect bunker prices may rise today: 3-5 USD up for IFO, 1-3 USD up for MGO.




2020 April 2

18:27 FSL Trust completes disposal of crude oil tanker
18:07 CMA CGM announces that this Low Sulphur Surcharge is not applicable
17:54 Aleksandr Tsybulsky appointed as Acting Governor of Arkhangelsk Region
17:31 MAN Energy Solutions's low-speed, dual-fuel engines pass 1,000,000 operating hours
17:16 VARD secures contract for one stern trawler for Framherji
16:59 DHT Holdings announces time charters for six of its VLCCs
16:30 Navigation season opens on the Lower Volga
15:48 PGNiG commences operations at Klaipėda LNG Reloading Station
15:15 World’s largest and most efficient krill trawler to be designed by Wärtsilä
15:13 SMM: Shipping industry steers towards digitalisation
14:49 Bunker prices show no considerable changes at the Far East ports of Russia (graph)
14:26 Vitol Group establishes foothold in Singapore bunker operations
14:02 A.P. Moller - Maersk completes acquisition of Performance Team
13:37 Law ranking heavy fuel oil as medium distillate comes into effect
13:14 Hapag-Lloyd announces GRI from East Asia to East Coast and West Coast of South America, Mexico, Caribbean and Panama
12:52 Covid-19: Passenger transportation by seaborne transport and traffic of small-size ships banned in Crimea
12:25 ABP update: port perations remain open for business
12:01 ABS expands remote survey services
11:28 IMO urges keyworker exemptions for crew changes and repatriations
11:18 Tallink Grupp’s vessel Victoria I to make two return trips on Tallinn-Helsinki-Tallinn route on 2-3 April
10:43 Russian President signs Decree on establishment of Marine Instrument Engineering Corporation
10:21 Brent Crude futures price is up 12.5% to $27.83, Light Sweet Crude – up 10.5% to $22.44
10:06 Jan De Nul nears completion of fabrication of foundations for Taiwan’s Changhua Offshore Wind Farm
10:00 Financing of Nizhegorodsky hydrosystem project to be redistributed in favor of NOVATEK’s projects
09:59 VARD signs contract with P/F Akraberg for the design and construction of a sophisticated unit
09:46 MABUX: Bunker market this morning, Apr 02
09:19 Baltic Dry Index is down to 624 points

2020 April 1

18:36 Diana Shipping announces direct continuation of time charter Ccontract for m/v Myrto with Cargill
18:06 CMA CGM to apply Port Congestion Surcharge for reefer cargo to Philippines (Manila and Subic ports)
17:54 Oil shipments via CPC Marine Terminal in 3M’20 climbed by 4.7% YoY to 16.93 million tonnes with new monthly record set in March
17:35 New BIO SEA BWTS approved by USCG and IMO
17:20 Throughput of port Azov in 3M’2020 fell by 19% to 1.38 million tonnes
17:05 PowerCell signs contract with leading European shipyard regarding fuel cell system worth MSEK 77
16:35 The EU funded FLAGSHIPS project supports construction of a hydrogen fuel powered barge push boat
16:04 Wärtsilä receives contract to upgrade 11-year old Vessel Traffic Monitoring and Information System (VTMIS) serving ports in Cyprus
16:02 Höegh LNG applies for LNG import licence in Cyprus
15:30 OOCL updates Trans-Pacific services in April & May
15:04 THE Alliance announces COVID-19 response measures for April 2020
14:53 Frigates of RF Navy's Black Sea Fleet conducted exercise in Mediterranean Sea
14:43 Launch of Dimecc’s Sea for Value programme paves the way for remote pilotage and safer fairway navigation
14:22 Wärtsilä launches actions to mitigate the impact of COVID-19 and withdraws its market outlook
14:19 Competition announced for construction of Bagayevsky hydrosystem’s Phase 2
13:26 Transit navigation opened in Azov-Don Basin of Russia’s IWW
13:02 Ocean Yield extends standstill agreement and restructuring outline with Solstad Offshore for the vessels Far Senator and Far Statesman
12:00 ABS to class a series of Silver Eagle self elevating drilling units
11:25 Russian Railways' network loading down 3.8% to 306.7 million tonnes in 3M’ 2020
11:01 New shipping service gives boost to growing breakbulk segment in Rotterdam
10:42 Start of cruise navigation season postponed at Passenger Port of Saint-Petersburg
10:14 APM Terminals Mobile completes phase-three expansion to increase capacity
09:54 Brent Crude futures price is down 2.2% to $25.78, Light Sweet Crude – down 0.1% to $20.46
09:33 Bunker prices continue falling at the port of Saint-Petersburg, Russia
09:16 MABUX: Bunker market this morning, Apr 01
09:12 Baltic Dry Index is down to 625 points

2020 March 31

18:06 APM Terminals Nigeria donates $US 200,000 to UN Nigeria Basket Fund
17:51 New publication offers updated maritime security guidance for mariners operating off West Africa and Gulf of Guinea
17:36 Manila ports fear shut down due to continued cargo congestion
17:20 Floating workshop of RF Navy's Baltic Fleet completed tasks in Mediterranean Sea
17:06 Yang Ming reveals 2019 financial report
16:55 State Duma of Russia approved in first reading expansion of resource base for LNG production projects
16:23 Rolls-Royce supplies innovative propulsion system for new multi-purpose vessels in the North and Baltic Seas