• 2020 February 19 10:21

    MABUX: Bunker market this morning, Feb 19

    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) turned into slight downward evolution on February 18:

    380 HSFO - USD/MT 362.65 (-1.52)
    VLSFO - USD/MT 535.00 (-4.00)
    MGO - USD/MT 596.93 (-2.58)


    Meantime, world oil indexes changed irregular on Feb.18 on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand.

    Brent for April settlement increased by $0.08 to $57.75 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $0.26 to $52.05 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.70 to WTI. Gasoil for March delivery lost $6.25.

    Today morning global oil indexes have turned into slight upward trend again.

    Commodity trading houses and the trading units of oil majors have hired oil storage in South Korea to keep crude in tanks until Chinese and general Asian demand recovers from the blow the coronavirus outbreak has dealt to the market. Glencore, Trafigura, Mercuria, and the oil trading unit of France’s Total have rented a total of nearly 15 million barrels of oil storage tanks from Korea National Oil Corporation (KNOC). A market situation is signalling oversupply and traders store oil for delivery at a later date. Chinese crude throughputs have been cut by 1.1 million bpd in Q1, and are now expected to drop by 500,000 bpd year-on-year this quarter.

    Russia has taken time to review the proposal of the OPEC+ group joint technical committee (JTC) to extend the cuts as-is until the end of 2020 and to deepen those cuts in the second quarter. Russia’s Energy Minister Alexander Novak continues to discuss the OPEC+ deal with his colleagues in the production group. Analysts believe that OPEC+ would need to act in response to the slump in oil demand to prevent a glut and support oil prices.

    U.S. believes Russia’s Gazprom will not be able to complete the Nord Stream 2 gas pipeline project on its own due to U.S. sanctions, because Russia doesn’t have the technology. Last month, after the U.S. levied sanctions on companies involved in the construction of the pipeline, Gazprom said it would complete the project on its own. The controversy around the project centers on Ukraine: Nord Stream bypasses the main transit corridor of Russian gas and could, the Ukrainians and the EU fear, reduce Ukraine’s gas transit revenues severely. There is also the geopolitical factor, of course, with the U.S. claiming that the additional pipe will increase Russia’s influence in Europe to unacceptable levels.

    Meantime, the United States plans to provide up to US$1 billion to countries in Central and Eastern Europe to help them reduce their dependence on Russian oil and gas. Poland and the Baltic states, which oppose Nord Stream 2 and are trying to wean themselves off Russian energy dependence, will get funds, among others.

    The International Maritime Organization’s (IMO) Sub-Committee on Pollution Prevention and Response (PPR) is meeting at the IMO headquarters this week to finalise draft guidelines for the verification of the sulphur content of the fuel oil carried for use on board ships and also continue its work on scrubber guidelines. Market expects IMO will consider the implementation of an Arctic ban on HFO. The use and carriage of HFO in the Arctic is increasing, with a 46% increase in the volume of HFO fuel carried by ships in the Arctic between 2015 and 2017, and a 57% increase in the amount of HFO used. This will increase the risks of HFO spills and impacts from black carbon in the region.

    The International Energy Agency (IEA) has reported that it recently held a workshop of experts and stakeholders to ‘step up efforts’ for methane emissions regulation for the oil and gas sector. As per IEA, annual methane emissions from oil and gas are around 80 million metric tonnes. Upstream methane emissions have been a particular critical issue when assessing the overall, life-cycle environmental impact of using liquefied natural gas (LNG) as a marine fuel.

    We expect bunker prices may change insignificant and irregular today in a range of plus-minus 1-5 USD.




2020 April 8

12:42 Shipping credit outlook revised to negative: cash crunch worsens as Covid-19 disrupts trade
12:05 Inland terminals at the Port of Hamburg hit by the corona crises differently
11:30 IAPH Tokyo secretariat transited to remote work from home
11:05 SAFEEN acquires its largest service vessel to date
11:02 BC Ferries adjusted service levels due to Covid-19 pandemic
10:39 ABB increases remote support for ships to help customers during the COVID-19 outbreak
10:38 Port of Gdansk actively supports fight against coronavirus
10:16 Tallink Grupp’s vessels Megastar, Galaxy and Baltic Princess suspend passenger transport to Finland
09:53 MABUX: Bunker market this morning, Apr 08
09:40 Bunker prices start going up at the port of Saint-Petersburg, Russia
09:19 Baltic Dry Index is down to 596 points
08:47 Golden Ocean announces appointment of Ulrik Uhrenfeldt Andersen as CEO

2020 April 7

18:38 RF Government makes big decision to quit transshipment of NOVATEK’s LNG in Norway
17:27 BashVolgotanker opens navigation with first tanker leaving Samara for Kavkaz
17:03 IADC moves its seminar and course to 2nd half of 2020
16:49 RF Navy’s oceanographic research vessel "Admiral Vladimirsky" arrived in the Durville Sea
16:05 ECSA and ETF launch joint project WESS
15:51 Bunker prices are flat at the Far East ports of Russia (graph)
15:43 Port of Rotterdam adds Boxinsider to Portbase
15:28 Dredging works at LNG terminal in Klaipeda Seaport completed ahead of schedule
15:04 VTT to assess bio- and waste-based oils suitable for power plants and ships
14:43 Nordic Investment Bank is sponsoring expansion of Klaipeda Seaport
14:20 AET and TOTAL agree time charter for two LNG dual-fuel VLCCs
13:52 Rosmorport changed tariffs on crew boats services rendered in seaports of Eysk and Temryuk
13:29 Krasnoye Sormovo shipyard introduced short-time operation till 30 April 2020
12:54 Rosmorport announces tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
12:26 Rosmorport announces tender to build and reconstruct port infrastructure in Nikolskoye settlement
11:47 Hydrographic vessel of RF Navy’s Pacific Fleet continues its long-distance cruise to Antarctica
11:09 Hurtigruten temporarily suspends operations
10:25 Brent Crude futures price is up 3% to $34.04, Light Sweet Crude – up 3.53% to $27
10:08 Stena Line to furlough 600 employees and make 150 redundant in UK and the Republic of Ireland due to COVID-19
09:53 Extraordinary security measures undertaken by PORT FLEET operating in Big Port St. Petersburg
09:34 Nuclear-powered container carrier Sevmorput unloaded cargo for Arctic LNG 2 project
09:16 Baltic Dry Index is down to 604 points
09:02 Austria's overseas traffic via Hamburg remains stable
08:46 MABUX: Bunker market this morning, Apr 07
08:19 LR chosen for LNG Canada export terminal project in Kitimat

2020 April 6

18:37 Okeanis Eco Tankers announces three year VLCC time charter
18:06 Bureau Veritas helps to manage risk thanks to digitalized inspection services
17:45 Turnover of DeloPorts terminals in January-March of 2020 reached 2.6 mln tonnes, up 44% YoY
17:39 The production of Tallink’s new car and passenger ferry MyStar has started at Rauma shipyard
17:12 Maersk Container Industry signs first Star Cool milestone contract with Evergreen
17:06 Lloyd’s Register completes six-day, three-person audit for marine and offshore component and equipment business Whittaker Engineering
16:30 8,800 cbm of material dredged in Korsakov seaport
16:08 MABUX Digest: Top events on global bunker market: Week 14
16:06 CMA CGM cancels PSS for cargo from East Africa to Asia
15:59 The Korean Register releases the latest updated version of KR-CON
14:50 DNV GL’s new MMC unlocks unprecedented machinery efficiencies and insights
13:57 Technical fleet of Moscow Canal to begin navigation season on April 24
13:33 Construction of Tallink Grupp’s newest eco-friendly LNG-powered shuttle ferry to begin at RMC shipyard in Rauma
12:46 World Ports Covid19 Information Portal established
12:22 IMO issues guidance for delays in newbuild vessel deliveries due to COVID-19
12:00 Nanjing Jinling Shipyard launches the second of G5GG ro-ro vessels for Grimaldi Group
11:18 Average wholesale prices for М-100 HFO fell to RUB 6,299 in RF spot market
11:00 Port of Singapore remains open amidst additional precautionary measures
10:21 Brent Crude futures price is down 1.61% to $33.56, Light Sweet Crude – down 3.18% to $27.43
10:09 NovaAlgoma Short Sea Carriers takes delivery of new mini-bulker
09:50 CIMC Raffles cuts first steel for largest Ice Class ro-ro
09:34 MABUX: Bunker market this morning, Apr 06
09:32 RF Government approves draft Energy Strategy until 2035