• 2016 August 4 21:41

    MABUX: The expectations of a balanced fuel market have so far not proved

    The Bunker Review is contributed by Marine Bunker Exchange
     
    World fuel indexes continued firm downward evolution during the week. The global glut of oil and fuel still weighs on the market. Slower economic growth and high inventories of crude and refined oil products have also pushed fuel indexes down.

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO at the main world hubs) declined in the period of July 28 – Aug. 03:
     
    380 HSFO - down from 215.93 to 209,36 USD/MT (-6,57)
    180 HSFO - down from 266.21 to 260.64 USD/MT (-5,57)
    MGO         - down from 449.93 to 438.00 USD/MT (-11,93)


    U.S. oil producers are continuing to return to the shale patch. Rigs targeting crude capped their first five-week gain since August, rising by 3 to 374 in the period ended July 29.  American producers had idled more than 1,000 oil rigs since the start of last year. It is expected that shale output to bottom early next year before returning to the record level set in 2015 of about 4.5 million barrels a day within two years. Industry data also shows that the global oil rig count for new production edged up in June for the first time this year, rising by two to 1,407, largely thanks to an uptick in U.S. drilling.

    The U.S. crude inventories rose 1.41 million barrels through July 29, keeping supplies more than 100 million barrels above the five-year average. Meanwhile, gasoline supplies fell 3.26 million barrels: gasoline production decreased while refinery utilization increased, which probably means they are already trying to maximize their distillate output.

    Russian oil output rose 1.8 percent in July, extending a run of year-on-year gains to 24 months. Production climbed to 10.85 million barrels a day. That was little changed from June and compares with a post-soviet record of 10.91 million barrels a day in January. Exports rose 4.7 percent to 5.28 million barrels a day in July from a year earlier. The forecast predicts Russian oil production will probably increase to 11.65 million barrels a day by 2018.

    OPEC’s crude oil output was disrupted in July by militant attacks in Nigeria and political disputes in Libya: the supportive factor for the fuel indexes. Output from the 13 established members of the Organization of Petroleum Exporting Countries, excluding new entrant Gabon, fell by 80,000 barrels a day last month.

    Nigeria led the decline with a 70,000-barrel-a-day monthly drop to 1.52 million. The country has suffered steep crude output losses this year as militant attacks targeted oil infrastructure. While output recovered in June, it fell again in July following the disruption of supplies to the Qua Iboe terminal, which shipped an average of 342,000 barrels a day last year.

    Libyan oil officials have made multiple pledges over the past few years that the nation’s exports would revive. A resumption of the North African country’s production to 2011 levels would add about 1.3 million barrels a day to world supplies. At present two ports (Ras Lanuf or Es Sider) have reopened, but the fields that feed them have yet to restart. Market still remains sceptical that a regular flow of crude can be achieved in the near future because of damage to infrastructure at the terminals and also because of blockades by tribes and local factions the ports and oil fields. Exports from all Libyan ports dropped to about 226,000 barrels a day in July after reaching a six-month high in June.

    Oil exports from Iraq's southern ports rose to 3.2 million barrels per day (bpd) on average in July, up from 3.175 million bpd in June. Meantime, Kurdish Peshmerga forces in northern Iraq regained control of an oil field near Kirkuk after Islamic State militants overran the facility, setting fire to two storage tanks and causing crude production of 175,000 barrels a day to be halted.

    Iranian production gains continued, rising by 20,000 barrels a day to 3.55 million in July. Meantime,  Iran approved an outline for a new oil contract model, taking the OPEC member a step closer to welcoming foreign investment in its energy industry. Priority will be given to boosting production at jointly owned oil and gas fields. The country hopes foreign companies will invest as much as $50 billion a year. Iran seeks to reach an eight-year high for daily output of 4 million barrels by the end of 2016, with foreign investment helping it regain the position as OPEC’s second-largest producer.

    The recent development of the situation shows that the expectations of a balanced oil market in the second half of 2016 have so far not proved to be correct. We expect bunker prices may continue slight downward trend next week.

     

     

     

     

     

     

    *  MGO LS
    All prices stated in USD / Mton
    All time high Brent = $147.50 (July 11, 2008)
    All time high Light crude (WTI) = $147.27 (July 11, 2008)




2021 January 20

18:54 Galeon Yachts announce new outboard model
18:15 CMA CGM announces FAK rates from Red Sea to North Europe & the Mediterranean
17:46 Håkan Agnevall assumes the position of CEO of Wärtsilä on 1 February 2021
17:16 SMM DIGITAL to stream conference programme online free of charge
17:01 GTNS supports 4th International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
16:42 U.S. blacklists oil tankers for undermining Venezuela sanctions
16:00 Krasnoye Sormovo shipyard launches dry cargo carrier Vladimir Latyshev
15:24 Port Houston presents 2040 Plan
15:07 RF Navy’s patrol boat "Yaroslav Mudry" conducts exercises in the sea ranges of the Baltic Fleet
14:45 Amendments to increase safety proposed to Finland's Water Traffic Act
14:26 Polaris sets off for the Bay of Bothnia as the season’s third icebreaker
14:02 First vessel certified with Responsible Fishing Vessel Standard by LR
13:41 SMM DIGITAL: Leading international maritime trade fair to stream conference programme online free of charge
13:23 Port of Los Angeles to reward container terminals for higher truck productivity
13:02 Dublin Port throughput increases by +7.6% in Fourth Quarter of 2020
12:35 Seaports of Okhotsk Sea and Tatar Strait increased their throughput by 4.4% YoY
12:21 Port of Zeebrugge container volume up 10.3 percent in 2020
12:10 CMA CGM announces PSS for cargo from India to North Europe & the Mediterranean
11:43 Rosmorport’s icebreakers completed over 2,400 pilotage operations in freezing seaports of Russia this season
11:18 Global Ports’ consolidated marine container throughput for the full year 2020 increased by 6.6%
10:54 Damen signs with Svitzer for ASD Tug 3212
10:54 Capacity of Russian seaports in 2021 to be increased by 50 million tons
10:30 MABUX: Bunker market this morning, Jan 20, 2021
10:12 Cryogas-Vysotsk reaches LNG milestone of one million tons
09:51 Crude oil prices rise on optimism driven by economy support
09:33 Bunker market sees mixed price movements at the Port of Saint-Petersburg, Russia (graph)
09:16 Baltic Dry Index as of January 19

2021 January 19

18:05 Wärtsilä signs a 5-year long-term service agreement with leading Chinese dredging company
17:44 Ventspils Universal Cargo Terminal maintains stable cargo turnover
17:25 CMA CGM announces FAK rates from the Middle East Gulf to North Europe and the Mediterranean
17:00 Annual German Maritime Forum to be held as a digital event on 28 January 2021
16:35 Austal launches VOLTA series of electric-powered high speed ferries
16:15 Market leader in bioplastics chooses port of Rotterdam
15:58 Zvezda starts building second LNG tanker of new ARC 7 class series
15:42 MES-S completes delivery of 87,000 dwt type bulk carrier to OCEAN JADE
15:11 ABS-Classed Suezmax is world’s first ammonia ready vessel
14:41 7th Port Planning & Development Asia Summit to be held live online on 2-5 March 2021
14:20 Alfa Laval joins forces with marine industry players to accelerate decarbonization
14:19 Throughput of port Kavkaz in 2020 rose by 13% Y-o-Y
13:56 Infocus International to hold online course on LNG business in 2021
13:18 Szczecin-Świnoujście Port complex reports on cargo handling in 2020
12:55 Russian Fishery Company demonstrated high results in 2020
12:23 RF Navy’s frigate "Admiral of the Fleet Kasatonov" makes business call at port city of Algeria
12:00 Samskip to start new container service between Amsterdam and Dublin
11:49 Beloomut hydrosystem to begin operation in April 2021
11:04 Over 10,000 frontline maritime personnel to receive COVID-19 vaccinations by end January
10:51 MABUX: Bunker market this morning, Jan 19, 2021
10:46 Costa Toscana floated out at Meyer Turku shipyard
10:20 DP World Antwerp Gateway orders fleet of Automated Stacking Cranes from Konecranes
10:12 BPA: Vaccine prioritisation needed for the unsung heroes of the UK ports sector
09:34 GTT receives its first order of 2021, from a SHI for the tank design of a new LNG carrier
09:27 Oil market sees mixed price movements
09:09 Baltic Dry Index as of January 18

2021 January 18

18:56 CMA CGM applies Local Port Charges for USA imports/export
18:26 The Valencia Containerised Freight Index rises 4.19% in December 2020
18:06 71 vessels were repaired at the “Bibiheybat” Ship Repair Yard in 2020
17:45 Klaipeda State Seaport Authority signs contract for shipping canal dredging
17:26 Hanseaticsoft’s Cloud Fleet Manager endorsed by Singapore government to help shipping companies accelerate their digitisation
17:16 Busan Por secures logistics base in Indonesia
16:47 SCF’s LNG carrier Christophe de Margerie completed her eastbound voyage carrying cargo of LNG along NSR