• 2017 December 21 16:04

    MABUX: Bunker prices have a good background to continue upward trend

    The Bunker Review is contributed by Marine Bunker Exchange

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO at the main world hubs) demonstrated upward changes in the period of Dec. 14 - Dec. 21   :

    380 HSFO - up from 348.21 to 359.21 USD/MT (+11.00)
    180 HSFO - up from 388.21 to 399.79 USD/MT (+11.58)
    MGO         - up from 588.57 to 596.50 USD/MT (+7.93)


    Ongoing supply disruptions from the Forties pipeline in the North Sea lend supports fuel indexes. The Forties pipeline system developed a crack last week and its operator, Ineos, had to shut down the system for repairs on Dec.11. It has been declared it was moving forward with a preferred repair works and it will take about 2-4 weeks (starting from Dec. 11) to fix the pipeline. The Forties system is an all-important pipeline in the North Sea, carrying 450,000 bpd to the UK mainland. Its outage could force North Sea oil producers to temporarily shut down output.

    A union for Nigerian oil workers declared a strike on Dec.18 on demands for improved working conditions went unaddressed, raising questions about supply outages in the African nation. However, the strike was called off the same day as talks seemingly started to get somewhere, although details remain unclear. It reduced concerns of a major supply disruption. At the same time, the issue is important for the global fuel market - an outage at a major oil producing country could lead to sharply higher prices.

    The Energy Information Administration reported yet another inventory draw for last week, making it the fifth one in a row with falling inventories. The authority said inventories had gone down by 6.5 million barrels to 436.5 million barrels (forecast expected a draw of 4.5 million barrels).

    The drilling activity in the U.S. also declined last week, supported fuel prices. The number of active oil rigs in the U.S. fell by 4 and stands at 747 versus 510 a year ago. The total oil and gas rig count in the U.S. now stands at 930 rigs (up 293 rigs from a year ago).

    At the same time U.S. crude oil production continues to rise, ninth week in a row, placing further pressure on prices. The daily rate reached 9.789 million barrels last week, from 8.95 million bpd at the start of the year. This means U.S. output is fast approaching that of top producers Saudi Arabia and Russia, which are pumping 10 million bpd and 11 million bpd respectively. Moreover, all forecasts point to a consistent further increase in U.S. production, which may well undermine OPEC and Russia’s production cut efforts. According to EIA forecast published on Dec. 18, shale production in the U.S. may rise to a record in January, as higher prices encourage companies to pump more. It may increase by 94,000 barrels per day to 6.41 million bpd.

    For the third time in roughly seven weeks, Houthi rebels have fired a ballistic missile into Saudi Arabia on Dec.19. The missile launched by the Yemeni rebels was reportedly shot down by Saudi air defenses before striking the al-Yamama royal palace. Houthi-controlled television has claimed that the missile targeted a meeting of Saudi leaders in a palace. This fact supported fuel indexes instantly.

    Oil disruptions of the North Sea Forties pipeline may continue to support fuel indexes during the next week as repair works will last at least until Dec.25. At the same time, rising U.S. production is countering OPEC's cuts and other supply losses. The energy minister of Saudi Arabia, the world's top crude exporter, said it would take more time to rein in a global supply overhang, which was created by strong global production increases and is strengthens by growing U.S. production. Meantime, OPEC is also quietly discussing its exit strategy from the production cut agreement. The strategy will be announced at the June meeting of the Vienna Club. Until then, it will be among the most important factors in the global fuel market. Today we can see that the market is quite optimistic seeing OPEC+ supply cuts results. We expect bunker prices may continue upward 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)




2020 July 4

15:01 APL announces storage arrangements for China reefer imports
14:39 MAN to supply compression technology for offshore gas production
13:28 Naval Group selected iXblue to supply navigation systems for Gowind-class vessels
12:33 USCG halts illegal charter, rescues 2 on disabled jet ski near Venetian Causeway Bridge
11:04 DNV GL: Ports can be the front runners of the energy transition, if port authorities and industry sectors join forces

2020 July 3

18:37 DistriRail adds its rail schedules to the Port of Rotterdam Authority’s Navigate tool
18:07 ClassNK releases amendments to class rules
17:44 Possibilities of digital transformation of military shipbuilding to be discussed at "ARMY-2020" forum
17:05 ECSA welcomes study on social aspects within the maritime transport sector
16:50 Rosmorrechflot warns about Russia’s risk to move from White to Grey list of Paris MoU
16:24 11 major international companies join forces to accelerate the energy transition in transport and logistics
15:48 Hydrographic Company and MRTS sign contract on construction of Utrenny terminal facilities
15:10 CMA CGM announces rates from Asia to Red Sea
14:43 ABP publishes its Annual Review 2020
14:10 Port of Savannah’s Ocean Terminal takes delivery of two mobile harbor cranes
13:12 Alfa Laval wins SEK 130 million offshore order in China
12:26 Throughput of port Azov in 6M’2020 fell by 15% YoY
12:01 ICS launches Guidance for Engine Room Safety
11:47 North-Western Shipping Company merges into Volga-Fleet
11:15 CMA CGM announces FAK rates from Asia to North Europe
10:59 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
10:13 Ocean Yield takes delivery of newcastlemax dry bulk newbuilding
10:12 GTT and Zvezda Shipbuilding Complex sign a Technical Assistance and License Agreement for the construction of LNG carriers incorporating membrane tank systems
09:52 Bunker prices changed slightly at the Port of Saint-Petersburg, Russia (graph)
09:34 Baltic Dry Index as of July 2
09:20 MABUX: Bunker market this morning, July 03
09:16 Oil prices start decreasing
09:09 Baleària presents a proposal for the construction and operation of the new passenger terminal in the Port of Valencia

2020 July 2

18:37 CMA CGM announces FAK rates from Asia to the Mediterranean
18:04 ClassNK releases Annual Report on Port State Control
18:04 CMA CGM updates PSS for Reefer Cargo from North Europe, Scandinavia, Poland & Baltic, West Med & Adriatic to the Indian Subcontinent, Middle East Gulf & Red Sea
17:52 Glavgosexpertiza approves expansion of access canal to Sabetta port
17:35 Royal Niestern Sander delivers the hydrographic survey vessel ‘Geo Ranger’ to Geo Plus B.V.
17:21 Oil shipments via CPC Marine Terminal in 6M’20 climbed by 2.2% YoY
17:04 Kongsberg Digital acquires Danish maritime software company COACH Solutions
16:55 Federal government waives the traffic dues for the Kiel Canal until 31.12.2020
16:45 Fincantieri subsidiary INSIS acquired a majority share in Support Logistic Services
16:23 Webinar “Pusher-tugs as a pivot of river transportation chain. Will we have them built?” slated for 8 July 2020
16:04 IPCSA launches the Network of Trusted Networks
15:42 Shipbuilding facility of Neptun CDB in Novaya Ladoga lays down two cruise ships of Project PV20S
15:20 New transshipment terminal soon to become operational at the Port of Gothenburg
15:04 250,000 m2 of rooftop solar panels to be installed in the port of Amsterdam by 2024
14:23 MABUX releases weekly review of global bunker market
14:03 Nippon Paint Marine completes the extensive re-coating of the 1911-built cargo ship
13:29 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 5% in 6M’20
13:05 Premiere for Rolls-Royce's first MTU gas engines in new Doeksen ferry
12:44 Bunker prices are slightly up at the Far East ports of Russia (graph)
12:22 Rosmorport announced tender for construction of LNG transshipment facility in Kamchatka
12:00 APM Terminals introduces APIs to transform the next generation of terminal data
11:21 Russian Railways' network loading fell by 4.5% in 6M’ 2020
11:03 ECSA calls on the German Presidency to support a stronger European shipping industry
10:47 Bunker sales at Vladivostok port in 6M’2020 fell by 23% YoY
10:29 Damen Maaskant Shipyards Stellendam delivers trawler Jonge Johannes
10:24 Tallink Grupp makes strategic future investment and purchases ro-pax vessel Sailor
10:02 Oil prices continue rising
09:59 Yang Ming fulfills green promise carbon emission reduced 51% in 2019
09:45 Tallink Grupp adds more departures to Helsinki-Riga and Turku-Tallinn routes for August 2020
09:28 MABUX: Bunker market this morning, July 02
09:23 Inaugural meeting of the international advisory panel on maritime decarbonisation
09:18 Baltic Dry Index as of July 1