• 2020 November 2 10:50

    MABUX: Bunker market this morning, Nov 02

    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 moderate downward trend on Oct.30:

    380 HSFO: USD/MT 289.21 (-1.64)
    VLSFO: USD/MT 334.00 (-1.00)
    MGO: USD/MT 399.75 (-2.71)


    Meantime, world oil indexes changed irregular on Oct.30: rising COVID-19 cases in Europe and the United States heighten concerns over fuel consumption.

    Brent for December settlement decreased by $0.19 to $37.46 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery fell by $0.38 to $35.79 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.67 to WTI. Gasoil for November delivery gained $1.00 – $305.00.

    Today morning oil indexes continue downward trend.

    Governments across Europe imposed fresh restrictions this week to curb the spread of the coronavirus, with Germany saying its economy will not fully recover before 2022. While that has reduced mobility and fuel consumption within Europe, demand in the United States is holding up for now.

    The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia (OPEC+) had planned to raise output by 2 million barrels per day (bpd) in January. However, top producers Saudi Arabia and Russia are in favour of maintaining the group’s current output reduction of about 7.7 million bpd into next year in the face of lockdowns in Europe and rising Libyan oil output.

    It is also possible, that the three biggest OPEC producers behind Saudi Arabia may not be on board with extending the current cuts into next year. Iraq, the United Arab Emirates (UAE), and Kuwait - the biggest OPEC producers behind Saudi Arabia – are reportedly not particularly inclined to support a rollover of the cuts of 7.7 million barrels per day (bpd), because such cuts are too deep for their economies and budget incomes to sustain. The reported unwillingness of OPEC producers to agree to keep the deep cuts could become a source of renewed tension in the cartel and the larger OPEC+ group, and create new conflicts when the alliance meets later this year to set the course for 2021.

    According to the International Energy Agency (IEA), thirty-five percent is the size of the spending cuts oil and gas companies are likely to have made this year in response to the effects that the coronavirus pandemic is having on demand. Demand for oil has certainly improved in some parts of the world, notably in Asia, where governments have been more successful in containing the spread of the coronavirus than their counterparts in Europe and North and South America. But even in China—the world’s oil demand recovery driver—the rebound is slowing down. As per the IEA, the impact that the pandemic is having on investments in the oil industry will continue to be felt for years to come. The agency noted a 45-percent cut in investments by U.S. shale oil companies this year, combined with a 50-percent jump in financing costs.

    A refinery in northern Venezuela suffered a blast on Oct.29. An investigation into the attack has been launched. According to the report, a crude oil distillation unit at the Amuay refinery had exploded. The distillation unit has a capacity of 100,000 bpd. The Amuay facility as a whole has a capacity of 635,000 bpd. As for preliminary information, the damages to the distillation unit appear initially to be so severe that the unit could be irrecoverable and may have to be rebuilt completely.

    Prices for LNG earlier this year fell below $2/MMBtu (JKM prices), a dramatic collapse due to oversupply. The crash forced widespread LNG cancellations from the United States. JKM prices have since surged above $7/MMBtu, but the rally took a breather last week. U.S. LNG has returned, adding supply to the Asian market. Also, Asian buyers are finishing up their winter purchases, so the demand pressure could ease.

    The total number of active oil and gas rigs in the U.S. increased for the week by 9, with oil rigs rising by 10 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by 526 compared to this time last year. The EIA’s estimate for oil production in the United States rose in the week ending October 23—rebounding from 9.9 million barrels in the week prior to 11.1 million barrels of oil per day. U.S. oil production has been bouncing around between just under 10 million bpd to 1.1 million bpd for months now as the pandemic continues to sap demand for crude oil.

    We expect IFO bunker prices may decrease by 1-3 USD today while MGO prices may change irregular in a range of plus-minus 1-3 USD.




2024 May 17

18:10 Bunker fuel sales at the Middle Eastern hub of Fujairah drop on a monthly basis in April 2024
17:52 Lloyd’s Register and Shandong Marine Group sign MoU
16:43 China reveals cooperation methods to protect and restore the Yangtze River
16:03 APM Terminals Barcelona holds the commissioning of 17 Konecranes NSC 644 EHY hybrid straddle carriers
15:13 Marine fuel demand in Panama declined in April 2024
14:43 MITSUI E&S and PACECO commence commercial operations of world's first hydrogen fuel cell zero emission RTG crane at Port of Los Angeles
14:23 ILWU Canada agrees to delay serving 72-hour strike notice on employer DP World Canada
13:31 Barge hits a bridge in Texas, damaging the structure and causing an oil spill
13:10 Container shipping costs on EU-S. Korea route surge over 30 pct amid Red Sea crisis
12:43 DP World invests €130m in Romania
12:21 Astrakhan hosts Russia-Iran talks on shipping cooperation on International North-South corridor
11:41 Seatrium awarded repeat FPSO integration contract from SBM Offshore
11:04 Bureau Veritas report highlights the potential of carbon capture technologies and the development of carbon value chains for shipping
10:41 Electramar christened in Helsinki
10:07 IMO Secretary-General spotlights seafarer safety amidst ongoing Red Sea attacks and resurging piracy
09:58 MABUX: Bunker Outlook, Week 20, 2024

2024 May 16

18:11 Kongsberg and Torghatten to develop self-driving ferry service linking Trondheim and the Fosen peninsula
17:42 “K” Line сonducts first trial use of B100 biofuel for carbon-free operations on car carrier
16:35 Deltamarin and ECOLOG unveil LP LCO2 carrier design
15:40 Seadrill enters agreement to sell its Qatar jack-up fleet
15:24 Scan Global Logistics and Hapag-Lloyd enter into major biofuel agreement in a new Green Collaboration
14:48 Edison Chouest feeder fleet for U.S. offshore wind market to be built to ABS Class
14:03 The Australian Government announces a funding package of $7.1 billion for budgeted programs to be administered by ARENA
13:54 The share of the idle container vessel fleet was 0.9% in April - Sea-Intelligence
13:25 The European Commission grants PCI status to CO2 value chain project developed by MOL with partners
12:14 HHLA's revenue decreased by 0.3 percent to € 363.6 millions in Q1 2024
11:42 MOL and TotalEnergies sign time charter contracts for 2 newbuilding LPG-fueled LPG carriers
10:40 Kalmar and Uniport Livorno agree on new terminal tractor order to enhance reliability, safety and service quality at Italian terminal
10:04 AMSA collaborates on a trial providing more recycling options for visiting foreign ships
09:59 SunGas Renewables and C2X announce strategic partnership

2024 May 15

18:07 MOL holds naming ceremony for newbuilding LNG carrier Greenergy Ocean to serve China National Offshore Oil Corporation
17:30 ClassNK and StormGeo mark significant collaboration to advance maritime decarbonization
17:02 Newly certified methanol valves to improve dual-fuel shipbuilding
16:45 HD KSOE to lease Subic shipyard in Philippines
16:25 Eidsvaag receives two forage carrier vessels designed and equipped by Kongsberg Maritime
15:58 ADNOC delivers first ever bulk shipment of CCS-enabled certified low-carbon ammonia to Japan
15:35 World's 1st wind challenger-equipped coal carrier achieves fuel savings of 17%
14:57 LR to support the retrofit of two Stena Line ferries to methanol
13:52 Port of Los Angeles nets record $58 million for harbor maintenance
13:32 CMA CGM to launch MCX - West Coast Central America
12:51 Port of Long Beach cargo volumes up 14.4% in April
12:21 First Ro-Pax vessel receives DNV Silent notation following successful sea trials with Wartsila propellers
11:41 Hapag-Lloyd transport volumes increased by 6.8 percent to 3 million TEU in Q1 2024
11:10 Cavotec signs two-year service agreement with Port of Salalah
10:41 China overtakes Korea in global shipbuilding competitiveness
09:58 The ports of Rotterdam and Delft join the CLARION project

2024 May 14

18:02 ICTSI to invest in new Southern Luzon gateway
17:31 ACL, BG Freight Line and Peel Ports Group start container service between Ireland and North America
17:10 Port of Hamburg is the first port in Europe to offer shore power for both container and cruise ships
16:31 Port of Gothenburg launches the platform "Digital Port Call"
16:18 NS United, NSY, Imabari Shipbuilding and Japan Marine United Corporation sign MOU for the construction of Cape-size bulk carriers using dual methanol fuel
15:56 Port of Antwerp-Bruges launches the world's first methanol-powered tugboat
15:29 The Ports of Barcelona and Shanghai will work together on innovation and decarbonisation projects
13:55 AD Ports Group announces Q1 results
12:58 NYK, NBP, TSUNEISHI SHIPBUILDING and Drax sign MOU to develop ‘bioship’ technology and plans to construct the world’s first biomass-fuelled ship
11:30 Maris Fiducia team up with HAV Hydrogen, Norwegian Hydrogen and Ankerbeer for zero emission bulk shipping
11:05 ABS and HD Hyundai Group sign MOU to advance medium-voltage power systems on ships
10:43 Finnlines’ new freight-passenger Superstar-class vessel Finnsirius awarded by Shippax
10:23 Kongsberg Maritime to design and equip two new salmon farm forage carrier vessels for Norwegian coastal cargo carrier Eidsvaag AS
09:48 Yara International and Kongsberg Digital enter collaboration on digital twin technology

2024 May 13

18:00 Capital dredging commences for Lowestoft Eastern Energy Facility
17:06 Berlin’s oldest passenger vessel enters a new green era powered by Torqeedo
16:22 Russia’s seaborne diesel trading partners shifted after Feb 2023 sanctions
16:18 Denis Manturov: Russian shipyards to deliver more than 110 civil ships this year
16:05 CMA CGM and China’s Contemporary Amperex Technology plan to set up joint venture
15:39 Yara Clean Ammonia and AM Green sign term sheet for sale of renewable ammonia from India to Yara Clean Ammonia’s global market
15:23 Maersk suspends methanol ship order to Chinese shipbuilder
14:59 Hamad Port сontainer volumes up 30% in 2023
14:04 Hanwha buys S’pore Dyna-Mac’s stake for $73.8 mn from Keppel
13:41 The EU plans to allocate more than $220 million to combat drug trafficking in ports