• 2020 February 21 10:44

    MABUX: Bunker market this morning, Feb 21

    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) rose slightly on February 20:

    380 HSFO: USD/MT 367.67 (+3.06)
    VLSFO: USD/MT 538.00 (+5.00)
    MGO: USD/MT 600.24 (+5.50)


    Meantime, world oil indexes rose slightly on Feb.20 after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China.

    Brent for April settlement increased by $0.19 to $59.31 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April rose by $0.59 to $53.88 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.43 to WTI. Gasoil for March delivery gained $2.00.

    Today morning global oil indexes fell amid concerns over fuel demand as the coronavirus epidemic spread further beyond China.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 400 thousand barrels from the previous week. At 442.9 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. A day before its weekly petroleum status report, the EIA revised down its forecast for global oil demand for this year, adding pressure to prices. It was not a small revision, either: at 378,000 bpd it beats both OPEC’s and the International Energy Agency’s downward demand outlook revisions.

    The coronavirus outbreak pressured international oil prices significantly and the pressure is yet to start going away despite tentative suggestions that the rate of infection may have peaked and quarantines were ending. This could lead to more travel and some improvement in fuel demand, but the improvement will be slow in coming as market is extra cautious, with millions of people working from home. Meantime, on Feb.20 South Korean authorities confirmed 52 new coronavirus infections. The streets of Daegu, the country’s fourth-largest city, were deserted on Feb.20 after dozens of people there went down with the pathogen in what authorities described as a “super-spreading” event.

    Chinese oil refiners have cut their daily run rates further, to around 10 million bpd, which is the lowest since 2014. Refiners began lowering their run runs in response to the slump in demand for oil products because of the coronavirus outbreak. State refiners had cut their processing rates by some 10 percent or 940,000 bpd but independent refiners had cut even deeper, at around 25 percent of what they processed before the outbreak.

    Russia’s biggest oil producer and largest taxpayer, Rosneft, reported a net income for 2019 that was 29 percent higher on the year, despite market uncertainties and negative factors such as the continued production cuts of the OPEC+ coalition and the oil contamination crisis last spring. Positive results is possible due to higher operating income and lower financial and other expenses. Rosneft’s 2019 results release came a day after the United States slapped sanctions on one of its subsidiaries, Rosneft Trading, for helping Venezuela’s Nicolas Maduro to sell crude oil.

    Turkey said Kurdish fighters in Syria are smuggling oil out of the war-torn country in partnership with the U.S. As per statement, oil from Syria’s oil-rich Deir Ezzor region is being smuggled out of the country onto Iraq and from Iraq’s port of Basra it is being shipped to the United States. Authorities from Sweden, Denmark, the Netherlands, and Egypt have also taken samples of that oil. After a surprise announcement of pulling the U.S. troops out of Syria in October last year, U.S. President Donald Trump said that the United States would protect Syrian oil fields from ISIS. At the end of last year, it was reported that the United States had moved more equipment from Iraq into Syria to boost the protection of the oil and gas fields in eastern Syria.  

    Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution. The head of Libya’s internationally recognised government Fayez al-Serraj dashed hopes of reviving peace negotiations after the Libyan National Army of Khalifa Haftar shelled the port in the capital Tripoli, held by al-Serraj’s government. The shutdowns in Libya, ongoing for over a month, have slashed the OPEC member’s crude production by over 1 million barrels per day.

    We expect bunker prices may change insignificant and irregular today in a range of plus-minus 1-4 USD.




2024 March 18

18:13 Brunvoll propulsion chosen for ESVAGT's growing fleet of SOVs
17:42 ADNOC signs second long-term Heads of Agreement for Ruwais LNG Project
17:37 Cemre Marin Endustri shipyard holds launching ceremony for CMAL's MV Isle of Islay
17:24 Fortescue successfully conducts world’s first use of ammonia as a marine fuel in a dual-fueled ammonia-powered vessel in the Port of Singapore
17:02 APL updates on European Union’s Import Control System 2
16:03 MED Marine contracted to build MED-A2575 series tug for SVS Maritime
15:31 Hanwha Ocean and BV join hands to develop a 270K LNG carrier
15:17 HD Korea Shipbuilding awarded contracts for three VLACs
14:18 Port of Skagen and Stillstrom partner to decarbonise anchorage zone with offshore charging solutions
13:22 Sanmar delivers 6th battery electric power tugboat to Norwegian operator
13:16 COSCO SHIPPING Lines announces the launch of OCEAN Alliance DAY 8 product this year
12:21 Dutch offshore wind farm approved by LR
11:39 ClassNK awards first-ever notation for improvements in living and working environment to Fuyo Kaiun's bulk carrier "ELETTRA"
11:31 Davie strengthens Québec’s shipbuilding industry by supporting the reorientation of AFCDC
10:44 Storylines and Brodosplit shipyard renew ship building contract to construct private residence ship
10:25 BOEM announces environmental review of proposed wind energy project offshore New Jersey
09:51 First ‘flying’ electric ferry to debut in New Zealand in 2025

2024 March 17

16:31 Norwegian Shipowners' Association names Harald Fotland as its President
15:22 ABS Wavesight Nautical Systems now supports fully digital, streamlined SIRE 2.0 inspections
14:15 TechnipFMC selected by NEP to deliver the first all-electric iEPCI for CCS
13:03 US sanctions shipping company, targeting Iran and Houthi rebels
11:01 The first hybrid electric vessel built in South America will use a Corvus battery system
09:47 Kalmar and Forterra sign JDA for autonomous terminal tractor

2024 March 16

16:24 The Netherlands selects Naval Group for its submarine replacement program
15:41 Equinor exercises options to extend four-year drilling contracts
14:17 GONDAN Shipbuilders hosts launching ceremony for Edda Wind's CSOV C503
13:47 Van Oord, Van Aalsburg partner to further develop circular fascine mattresses
12:13 Snam wins "A" raing in CDP's Suppliers Engagement Rating for efforts against climate change
10:54 ULSTEIN unveils new subsea vessel for offshore energy tasks

2024 March 15

18:07 DNV gives nod to Friede & Goldman BargeRack solution
18:02 New partnership enables faster offshore wind installations in the U.S.
17:53 First production line at ‘World’s Largest Monopile Factory’ to go live in July
17:21 Brunvoll DP2 upgrades for more Mokster vessels
16:55 CMA CGM to suspend its calls at Port au Prince, Haiti
16:03 GEFO's LNG DF chemical tanker Tosca gets Green Award
15:19 CEVA Logistics develops new vehicle logistics business at the Port of Dunkirk
14:11 MPA: SaR operation continues for a missing crew member of the Liberia-flagged UTOPIA
13:07 To develop the Far East it makes sense to build a new shipyard in the country’s eastern regions, President Putin said
12:48 World’s first use of ammonia as a marine fuel in a dual-fuelled ammonia-powered vessel in the Port of Singapore
11:39 COSCO Shipping calls Port of Genoa, Italy with 20,000 TEU vessels on regular basis
10:03 DMC contracted to supply rudder systems for the world’s largest PCTCs

2024 March 14

18:04 Shearwater awarded seismic survey for UK carbon capture and storage project
17:15 UAE, world leaders discuss maritime corridor for aid to Gaza
16:05 Marine fuel sales at Singapore drop to a three-month low in February
15:43 World Shipping Council selects NCB for liner shipping Cargo Safety Program
15:00 ZIM reports results for 2023
14:57 DP World announces 2023 results
14:29 HaiSea unveils new operations facility for the world’s greenest tugboat fleet
13:44 DEME awards KENC with engineering and fabrication scope on multiple offshore wind installation projects
13:25 MABUX: Bunker Outlook, Week 11, 2024
12:43 Wartsila Lifecycle Agreement to support optimised low-emission operations for two P&O Ferries vessels
11:35 Hapag-Lloyd transport volumes up by 0.5% to 11.9 million TEU in 2023
10:51 NYK and Astomos Energy christen new dual-fuel LPG carrier
10:25 Port of Long Beach container volume up 24.1% to 674,723 TEUs in Feb 2024

2024 March 13

18:02 Lebanese, French officials float a plan to rebuild Beirut port nearly 4 years after huge explosion
17:23 Ascenz Marorka obtains type approval for cyber-security from Bureau Veritas for its digital solutions
16:58 USDOT announces $500 mln for ports available through the Port Infrastructure Development Program
15:44 RINA wins contract to create global investment plan for cruise sector
15:23 Hede International Shipping enters the Transpacific container trade
14:43 Concordia Damen wins contract to deliver a CDS2410 River Pusher to Transporte Fluviales Frey Bentos
14:13 CMA CGM Group launches its first loyalty program SEA REWARD
13:13 Cargill posts results of the six-month test period of the world’s first wind-powered ocean vessel
12:24 Rotterdam's Gate Terminal sees need for more LNG bunkering capacity at Rotterdam
11:58 MOL announces delivery of LNG-fueled car carrier CERULEAN ACE
11:24 Panama Canal announces increase in daily slots at Panamax locks
10:25 thyssenkrupp Veerhaven plans the climate-friendly pusher tug

2024 March 12

18:04 Cosco Shipping installs Iridium Global Maritime Distress and Safety System on PCTC Cosco Tengfei
17:30 LR issues Project Certificate for CrossWind Hollandse Kust Noord wind farm
17:16 The shipping industry to need €3.7 trillion by 2050 to move towards a zero-pollution era
16:25 China Classification Society and MAN ES sign dual-fuel methanol engine agreement