• 2020 February 26 10:17

    MABUX: Bunker market this morning, Feb 26

    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 continued downward changes on Feb. 25:

    380 HSFO - USD/MT 356.51 (-4.31)
    VLSFO - USD/MT 517.00 (-13.00)
    MGO - USD/MT 577.98 (-12.77)


    Meantime, world oil indexes demonstrated irregular changes on Feb.25 amid the growing coronavirus contagion.

    Brent for April settlement decreased by $1.35 to $54.95 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April fell by $1.53 to $49.90 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.05 to WTI. Gasoil for March delivery added $0.25.

    Today morning oil indexes rise slowly amid correction.

    Fears of coronavirus pandemic escalated after the coronavirus spread to more countries, while Iran's virus death toll rose to 16, the highest outside China, and infections worsened in South Korea and Italy. The U.S. Centers for Disease Control and Prevention said a spread of Covid-19 in the U.S. was "inevitable" and warned Americans to prepare for disruptions in their daily lives, leading another mass selling of stocks and buying of bonds. South Korea aims to test more than 200,000 members of a church at the center of a surge in coronavirus cases. The virus is also in the Middle East.

    The head of the International Energy Agency (IEA) said on Feb.25, that the coronavirus outbreak could hit global oil demand growth more than currently expected, adding that the agency could additionally trim its oil demand growth projections. Earlier this month, the IEA said in its Oil Market Report (OMR) that the coronavirus outbreak would lead to the first quarterly contraction in global oil demand in more than 10 years. The IEA slashed its 2020 oil demand growth forecast by 365,000 bpd to just 825,000 bpd—which would be the lowest oil demand growth since 2011. Now, according to the IEA’s Birol, even this lowered projection could be further revised downwards due to the coronavirus outbreak.

    Earlier this month, OPEC also slashed its global oil demand growth forecast for 2020, expecting the coronavirus outbreak to weigh heavily on fuel demand in the world’s oil demand growth driver, China. OPEC slashed its oil demand growth estimate by 230,000 bpd from last month’s assessment and now sees global oil demand growth at just below 1 million bpd this year—at 990,000 bpd.

    Concern about the demand impact from the virus has pushed oil indexes down despite the shutdown of most of Libya's output and a supply pact between the Organization of the Petroleum Exporting Countries (OPEC) and allies. Prices received further support as lawmakers based in areas of eastern Libya on Feb.24 said that they would not participate for now in peace talks.

    Potential support for prices could also come from OPEC and allies including Russia, which are considering whether to curb output further. However, scepticism is growing about the chance of further action. Producers are due to meet in Vienna over March 5-6 to decide policy. Saudi Arabia's energy minister on Feb.25 said OPEC+ should not be complacent about the coronavirus. But Russia has yet to announce its position on further curbs.

    U.S. President Donald Trump has decided to step up a sanctions campaign on Venezuela’s oil sector and will be more aggressive in punishing people and companies that violate it, the top U.S. envoy to the Latin American country said. The United States imposed sanctions to choke off Venezuela’s oil exports in the aftermath of Maduro’s 2018 re-election, which was widely described as fraudulent. But customers in China, India and elsewhere continued importing, so Venezuelan state-oil company PDVSA’s exports only fell by about a third. Washington had not followed through on threats to extend the sanctions on any foreign company doing business with PDVSA – until last week, when it blacklisted Rosneft Trading, a subsidiary of Russian energy giant Rosneft, to pressure Moscow. U.S. Special Representative for Venezuela Elliott Abrams said, that there will be more sanctions as Washington plans to go after continued customers of Venezuelan oil, including those in Asia, and target intermediaries helping Caracas hide the origin of its oil.

    The American Petroleum Institute (API) estimated on Feb.25 a smaller than anticipated crude oil inventory build of 1.3 million barrels for the week ending February 21, compared to expectations of a 2.467-million-barrel  build.

    We expect bunker prices may demonstrate irregular changes today: 5-8 USD down for IFO, Prices for MGO may change in a range of plus/minus 1-3 USD.




2024 March 19

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
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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
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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
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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
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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