• 2020 February 24 10:45

    MABUX: Bunker market this morning, Feb 24

    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 21:

    380 HSFO: USD/MT 367.18 (-0.49)
    VLSFO: USD/MT 538.00 (0.00)
    MGO: USD/MT 599.07 (-1.17)


    Meantime, world oil indexes decreased on Feb.21 as OPEC+ decided not to move its March meeting forward while Russia indicated that it currently has no intentions to cut production further.

    Brent for April settlement decreased by $0.81 to $58.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April fell by $0.50 to $53.38 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.12 to WTI. Gasoil for March delivery lost $10.50.

    Today morning oil indexes continue downward trend as concerns about the impact of the coronavirus grew, with the number of infections jumping in South Korea, Italy and Iran.

    Beijing, which already had a death toll of more than 2,000 and more than 45,000 infections from Covid-19, reported 118 new deaths and 1,109 new cases on Feb.21. South Korea's government put the country on high alert after the number of infections surged to over 700 with seven deaths, while in Italy, officials said a third person infected with the virus had died, as the number of cases jumped to above 150 from just three before Friday. Iran said it had confirmed 43 cases and eight deaths, with most of the infections in the Shi'ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic. In Japan, more than 80 people tested positive for the virus on Feb.21.

    Factory activity in Japan also registered its steepest contraction in seven years in February, hurt by fallout from the outbreak.

    The prospect of a falling out between the Saudi-led OPEC and Moscow, which represents the interests of Russia's state and independent oil producers, also weight on oil indexes. At an emergency meeting earlier in February, Russia rejected a Saudi push to deepen the alliance’s existing oil production curbs by 600,000 barrels a day.

    Russia is in no rush to announce its position on additional cuts proposed by OPEC, as nothing urgent is happening in the oil market and there are two more weeks until the scheduled OPEC, non-OPEC ministerial meeting. At the same time, despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.

    Saudi Arabia, Kuwait and the United Arab Emirates — which collectively represent over half of OPEC’s production capacity — have decided to go it alone without Russia on the cuts. They are holding talks to discuss a possible joint output cut of as much as 300,000 bpd. OPEC and its allies are next scheduled to meet in Vienna on March 5-6 to decide on the future of their agreement on production cuts that expires in April.

    Libya’s oil output continues to fall. Libya’s National Oil Corporation (NOC) said on Feb.20 its crude output dropped to 122,424 barrels per day. Oil output in Libya has fallen sharply since Jan. 18 because of a blockade of ports and oil fields by groups loyal to eastern-based commander Khalifa Haftar. NOC said in its statement that total losses because of the blockade exceeded $1.8 billion.

    According Baker Hughes, the number of active U.S. oil rigs rose by one to 679 last week. That followed modest increases in each of the last two weeks. The total active U.S. rig count, also climbed by 1 to 791.

    We expect bunker prices may fall today: 3-5 USD down for IFO, 7-10 USD down for MGO.




2024 March 19

12:41 Wartsila Lifecycle Agreement provides operational support and cost savings for Korean container vessels
12:10 MOL, Idemitsu, HIF team up to develop e-fuel/e-methanol supply chain
11:42 MAN CEON digital platform receives Cyber Security Product Design Assessment certification from ABS
11:23 “K” Lline begins participating in joint study on liquefied CO2 marine transportation
10:48 Port of Los Angeles container volume increases 60% in Feb 2024
10:24 PortXL signs a partnership agreement with MINDbase
09:47 IMO to open regional office in Fiji to serve the Pacific

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