• 2019 February 27 11:18

    MABUX expects IFO, MGO products price to rise as of Feb 27

    The Bunker Review was contributed by Marine Bunker Exchange

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) dropped on Feb.26:

    380 HSFO - USD/MT - 411.14(-9.07)
    180 HSFO - USD/MT - 457.86(-8.43)
    MGO        
    - USD/MT - 639.64(-6.57)

    Meantime, world oil indexes rose on Feb.26 as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S. President Donald Trump.

    Brent for April settlement increased by $0.45 to $65.21 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April delivery rose by $0.02 to $55.50 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.71 to WTI. Gasoil for March delivery gained $8.75.

    Today morning oil indexes continue upward evolution after a report of declining U.S. crude inventories.

    The American Petroleum Institute (API) reported a surprise draw in crude oil inventory of 4.2 million barrels for the week ending February 22, coming in under analyst expectations that predicted that crude oil inventories would build by 2.842 million barrels. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending February 15 - the latest information available - averaged 12 million barrels per day - another high for the US, breaking yet another psychological barrier. The EIA report on crude oil inventories is due to be released later today.

    Goldman Sachs said, Brent Crude oil prices could reach $70 to $75 a barrel in the near term, with an upside potential of exceeding the $67.50 a barrel forecast made earlier this month, as the oil market continues to tighten significantly. Yet, Goldman Sachs sees a possible Brent Crude jump into the $70s as fleeting, because U.S. oil exports and a possible easing of OPEC’s production cuts in the second half of the year could cap the bullish sentiment. According to the bank, OPEC’s cuts and possible acceleration of Venezuela’s supply disruptions will support oil prices in the coming months.

    President Trump cited significant progress in his decision to delay the implementation of tariffs on Chinese goods. A comprehensive trade deal remains rather difficult task, but the Trump administration is keen to dial back on the trade war. The development removes, for the time being, one of the greatest bearish factors facing the global fuel market.  

    Venezuela has reportedly been forced to pay heavy premiums for fuel imports from Russia and Europe. The U.S. cut off shipments of diluents to the country, and PDVSA has had to look elsewhere, but has been forced to pay higher prices as many sellers around the world decline to do business with the company. Besides, Venezuela is reportedly running out of storage space being unable to find enough buyers for its crude oil. As per estimations, more than 8 million barrels of oil are stashed on roughly 16 ships sitting idle along the country’s coast.

    Recently, tanker demand and rates have highlighted shifting supply patterns and have sparked a bit of a worry about OPEC’s compliance rates. Tanker rates changed from a low of US$15,000 per day earlier in February to double that last week. This rebound caused a knee-jerk reaction in traders, immediately concluding that OPEC producers were failing in their production cut agreement: higher rates mean more demand for tankers and this means more crude coming into the market, normally. Another bullish factor for oil demand and tanker demand is the new set of emission regulations from the International Maritime Organization (coming into effect next year), which will reduce the maximum allowed amount of sulfur in maritime vessel emissions to 0.5 percent from 3.5 percent. It may cause a boom in demand for low-sulfur bunkering fuel, and, accordingly, a boom in demand for the crude that is used to make it. As per forecasts, daily tanker rates will average US$29,200.

    Energy traders are starting to make plans for the possibility of a chaotic situation as the Brexit plan is still rather obscured with only a few weeks before the UK officially exits the European Union. Because of the links to the continent for natural gas, carbon allowances, and electricity, the ramifications for a no-deal Brexit could be significant.

    Shell, the world’s largest LNG buyer and seller, in its annual LNG report forecast that global LNG trade will rise 11 percent to 354 million tonnes this year as new facilities in Australia, the U.S., Russia and elsewhere increase supplies to Europe and Asia. More countries are also building LNG import or receiving terminals. As per Shell, LNG trade rose by 27 million tonnes last year, with Chinese demand growth accounting for 16 million tonnes of those volumes. The Asia-Pacific region accounts for 72 percent of global LNG demand, with that amount projected to soon increase to as much as 75 percent. However, some of this demand growth will not only come from China, but India, Pakistan, Bangladesh, Thailand, and in time the Philippines, and Vietnam. The Philippines and Vietnam, however, have yet to construct their first LNG receiving terminals. Meantime, LNG buyers move away from signing longer-term offtake deals: LNG spot trade amounted to 1,400 cargoes in 2018 which was close to 30 percent of the global market compared to 25 percent in 2017.

    We expect bunker prices may slightly rise today in a range of plus 1-3 USD for IFO and plus 5-7 USD for MGO.




2021 June 23

18:34 GTT obtains tank design order for a new LNG Carrier from DSME
18:19 NSML becomes first customer for JAWS application on Kongsberg's K-IMS platform
17:41 Enstructure to acquire Patriot Ports, further expand southeast terminal network
17:29 FESCO and NFC Logistics to develop intermodal transportation to APR countries
17:12 Lyttelton Port Company orders more Konecranes Noell Straddle Carriers
16:55 Sea Port of Saint-Petersburg installs new fire protection equipment
16:33 WISP2 project launched to further improve performance predictions, rules and regulations for wind propulsion
16:18 MPC Container Ships ASA signs agreement to acquire Songa Container AS and operational update
16:00 Federation Council approves expansion of Saint-Petersburg city limits with new plots of land in the Gulf of Finland
15:44 First zero-emission, full-electric shunting locomotives for Port of Rotterdam in production
15:24 Port of Antwerp converts a tug to methanol propulsion – a world first
15:13 Vopak awarded contract for industrial terminal in China
15:01 Russia’s shipbuilding companies secured 480 orders for 100dwt and larger ships till 2025
14:50 Pecém Complex signs cooperation agreement with SOHAR Port and Freezone, in Oman
14:37 New AR glasses allow Yara Marine Technologies to provide remote service and training
14:34 Kalmar celebrates completion of its 3000th reachstaker at Shanghai manufacturing unit
14:19 Port of San Diego partners with Canada’s Ocean Supercluster
14:03 DNV adds new class for cloud-based simulation
13:48 Maersk Supply Service wins its largest project contract ever
13:27 Designing non-fossil fuelled, Ulstein X-BOW container vessel for EDGE Navigation
12:51 Ramphosa announces establishment of Transnet National Ports Authority
12:30 Navigation season opens at Provideniya, Anadyr and Egvekinot ports
12:17 Höegh accelerates decarbonisation with new industry leading vessels
11:21 The Port of Gothenburg will offer shoreside power for tankers from 2023
10:09 Albwardy Damen recognised as Best New Building Yard at ShipTek Awards 2021
09:55 Rosmorport completes work on preservation of structures at international maritime terminal under construction in Pionersky
09:32 Baltic Dry Index as of June 22
09:27 MABUX: Global bunker prices do not have any firm trend on Jun 23
09:19 Oil prices rise on reduction of US reserves

2021 June 22

18:37 K”Line participates in R&D and demonstration project for CO2 marine transportation
18:13 Finnish authorities actively using EMSA’s remotely piloted aircraft to support vital coast guard tasks over the Baltic Sea
18:01 Port of Gothenburg ready to enter into joint venture with Castellum
17:57 EMSA: EU ship traffic fell by 10% in 2020 due to the COVID-19 pandemic
17:34 Ecochlor completes all land-based and shipboard testing for EcoOne™ filterless BWMS
17:15 Huntington Ingalls Industries announces first international order for REMUS 300 UUVs
17:00 Deepwater Container Terminal secured by Polish Prime Minister
16:14 New vessel brings Furetank to the UN 2050 climate goal
15:50 RF Navy ships arrive in Saint-Petersburg for IMDS-2021
15:27 Optimarin expands BWTS service offering for smart maintenance
15:14 China ports container volume rises 15.2% in January - May 2021
14:52 South Korea’s first commercialised hydrogen electric boat officially unveiled
14:46 List of check points for importing of pesticides and agricultural chemicals approved by RF Prime Minister
14:24 METIS and Geislinger integrate vibrations into Neptune Lines vessel performance trial
14:01 Kongsberg Digital to deliver real-time drilling software Sitecom® to Brazilian major Ocyan
13:42 New vessel brings Furetank to the UN 2050 climate goal
13:10 The ice thrusters for the walk to work ice breaker have been delivered at shipyard Royal Niestern Sander
12:37 ClassNK expands scope of Innovation Endorsement
12:10 MOL starts research and development on large-scale liquefied CO2 carrier
11:43 One Sea white paper sets agenda for autonomous ship safety regulation
11:00 Wärtsilä chosen to power British Columbia’s most environmentally advanced escort tugs
10:41 Oil price exceeds $75 per barrel
10:22 ABB and Keppel O&M reach key autonomy milestone with remote vessel operation trial in Port of Singapore
10:09 Crowley takes delivery of tugboat with the most compact size in the U.S.
09:50 DCSA releases interface standards for the bill of lading with API definitions
09:40 Checkpoint across RF state border opened at Passenger Port Saint Petersburg
09:26 MABUX: Global bunker prices may demonstrate firm upward evolution on Jun.22
09:13 Baltic Dry Index as of June 21

2021 June 21

18:26 The Port of València to eliminate one million plastic bottles
17:37 Elcome expands presence in Europe
17:06 Jan De Nul Group installs 72 wind turbines for the 604 MW Kriegers Flak wind farm