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  • MABUX: Bunker market this morning, April 01
  • 2019 April 1 09:02

    MABUX: Bunker market this morning, April 01

    The Bunker Review was contributed by Mabux 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) changed irregular on Mar.29:

    380 HSFO - USD/MT - 415.14(+1.14)
    180 HSFO - USD/MT - 461.71(+0.71)
    MGO - USD/MT - 629.21(-4.43)

    Meantime, world oil indexes rose on Mar.29 amid the ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela.

    Brent for June settlement increased by $0.48 to $67.58 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May delivery added $0.84 to $60.14 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.25 to WTI. Gasoil for April delivery gained $5.25.

    Today morning oil indexes continued moderate upward trend.

    Saudi Arabia is having difficulties keeping Russia in the frame of oil cut agreement, with Russia apparently interested in a rather short extension of just three months come June. Russia has already informed Saudi Arabia, that it could not guarantee an extension of the production cut pact through the rest of the year, as there is too much pressure internally to end the cuts. After agreeing to the cut 228,000 barrels per day, Russia notified the media in January that it would not be able cut oil production that quickly, and that it could only cut 50,000 bpd and 60,000 bpd that month. Now it may be not clear until the last minute if Russia will stay in the deal at all.

    Meantime, a new bloc is emerging in the Middle East with the declared objectives of dominating the entire Arab world, confronting and containing the US and its allies; and controlling and benefiting from the entire hydro-carbon economy, from production to transportation. The leading members of the new bloc are Turkey, Iran, and Qatar; with Iraq, Syria, Lebanon, and Jordan submitting to the new bloc. Russian experts call the new bloc the Middle Eastern Entente. It looks like Russia and the People’s Republic of China are ready to compromise with the regional powers in order to secure their vital and global interests, while the US, Saudi Arabia and, to a lesser extent, Israel, are the rivals of the bloc.

    The Japanese parliament approved an extension of insurance coverage for imports of Iranian crude oil effective from the start of April and expiring a year later. However, this does not mean Japanese refiners will continue buying Iranian crude if they do not score sanction waivers from Washington. Despite the sanction waiver, Japan only restarted its purchases of Iranian crude last month, at a rate of just a little above 76,000 bpd, compared to almost 160,000 bpd a year earlier. The chances for an extension seem slim right now. Earlier last week Washington’s special envoy for Iran, Brian Hook, said no new waivers will be granted after the expiry of the current ones.

    Chinese and U.S. negotiators are working line-by-line through the text of an agreement that can be put before President Donald Trump and counterpart Xi Jinping to defuse a nearly year-long trade war. U.S. and China delegations held meetings in Beijing on Mar.29 partly to ensure there were no discrepancies in the English and Chinese-language versions of the text, and also to balance the number of working visits to each capital. Chinese Vice Premier Liu He is due in Washington this week. The focus on the joint wording has become a key issue after U.S. officials complained that Chinese versions of the text had walked back or omitted commitments made by negotiators. The key areas where the U.S. is demanding better terms include China improving treatment of U.S. intellectual property, opening up market access for American companies and agreeing on an enforcement mechanism for the trade deal.

    Libya’s oil revenues fell in February to $1.26 billion, as repeated oilfield closures continue to weigh on. The oil revenues were $330 million less than January levels, while overall oil production had actually increased by 23,000 bpd in February. Libya continues to suffer from oilfield and port closures both due to inclimate weather and internal strife over who will control its great oil wealth that resulted in a force majeure over the last few months. Libya’s NOC is currently developing a new security plan to safeguard production from its prolific Sharara oilfield that has been plagued with unrest for years. Its output should be more than 300,000 bpd.

    Two South Korean refiners have canceled the delivery of U.S crude oil cargoes that were due to arrive in January and February this year, as the refiners had been concerned about the quality of the crude. It means that quality could at some point become a bigger problem for U.S. producers. With a massive pipeline network carrying crude oil from the U.S. shale patch to the Gulf Coast ports, the oil gets contaminated with various undesirable things, from oil residue to heavy metals, pipe cleaning agents, and a group of compounds called oxygenates. These last ones are particularly worrying for refiners.

    The U.S. active oil and gas rig count fell for the second consecutive week as U.S. crude production plateaus. In a repeat of 2 weeks ago, the U.S. total rig count fell last week by 10: 8 fewer oil rigs to reach 816, and 2 fewer gas rigs to reach 190. However, the total rig count is still slightly higher-plus 13 rigs - than this time last year. The slowdown was felt even more exaggeratedly in Canada, where the total rig count fell to 88, a loss of 17 this week and a loss of 46 as compared to this time last year.

    We expect bunker prices may rise in a range of plus 3-5 USD/MT.




2022 June 27

17:30 FSRU contract Höegh LNG with AIE in Australia confirmed
17:02 Investigation into ammonia leak on Spanish tuna vessel begins in Seychelles - Seychelles News Agency
16:27 World’s first climate-neutral container handling facility recertified
15:58 Russia, India, China, Brazil and RSA to sign agreement on cooperation in customs area
15:45 Inmarsat and Thetius report explores human element in maritime digitalisation
15:45 Asia coal prices hit record on hot global competition for fuel - Bloomberg
15:21 Vestdavit to deliver telescopic davit for Danish Navy
14:27 Nuclear-powered container ship Sevmorput leaves for its first subsidized coastwise voyage to Petropavlovsk-Kamchatsky
14:06 Bureau Veritas completes new study on ammonia as fuel
14:02 BW LPG completes dual-fuel retrofits
13:33 Hydrographic Company holds tender for dredging of Utrenny terminal’s water area
13:15 Nakilat and Keppel to provide after-sales technical support for ballast water treatment systems in Qatar
12:30 Matson signs contract for ME-GI retrofit
12:14 International taskforce established to drive forward the development of Clean Energy Marine Hubs
12:01 Port Tanjung Pelepas turns to AI-powered management system
11:29 Seanergy Maritime acquires a modern Capesize vessel
11:02 Chernomorneftegaz platform in Black Sea shelled by Ukrainian troops
10:29 Sevmash lays down manned underwater vehicle of Project 03660 Jason
10:29 Dongwon Global Terminal selects CyberLogitec’s terminal operating system
10:03 The Getting to Zero Coalition convenes to develop action plan for maritime decarbonization
09:43 Metal structures and general cargo to be delivered by MV Kholmogory on its first voyage to Kaliningrad Region
09:21 Oil prices decrease after a growth on June 24
08:58 MABUX: Bunker prices may increase on June 27

2022 June 26

15:18 BW LPG carriers completed DF retrofits at Yiu Lian Dockyards in Shenzhen, China
13:42 Aegean Shipping accepts delivery of its first of four Aframax tankers
12:14 Large-scale offshore tender sets TenneT on course to deliver 2030 offshore expansion targets
11:03 KHI delivers bulk carrier PHILHOKUSAI

2022 June 25

15:07 The Getting to Zero Coalition convenes to develop action plan for maritime decarbonization
14:31 Manor Marine to build two Hybrid CTVs for Manor Renewable Energy with Chartwell Marine
13:04 ČEZ Group becomes first Czech company to have climate targets validated
10:13 FSL Trust agrees to sell one chemical tanker

2022 June 24

18:37 OneSea Energy B.V. and Subsea 7 conclude an MOU on collaboration in offshore hydrogen production
18:06 HJSC wins a bid to build two dual-fuel LNG 7,700 TEU-class container ships
17:57 PortNews’ week headlines summary
17:06 MOL, Tsuneishi Shipbuilding and Mitsui E&S Shipbuilding start joint development on net zero emission ammonia-fueled ocean-going liquefied gas carrier
16:51 Samsung Heavy Industries lands orders for 14 LNG carriers - Businesskorea
16:01 Expert says Russia’s Far Eastern seaports set for handling up to 1.5 million TEUs of exports
15:46 Alicat secures £2 million contract to build further two new vessels for North Star’s renewables fleet
14:55 CMA CGM and Port Authority of Singapore sign MoU
14:30 Gazprom Dobycha Nadym to start reclamation project for the development of the Yamal’s Kruzenshternskoye field
14:03 Chevron Marine Lubricants white paper assesses future cylinder oil needs
13:21 Bureau Veritas delivers AiP to the MANTA, an innovative clean up vessel
12:42 Sea Port of St.Petersburg beefs up its crane fleet
12:35 DP World and PCFC to modernise Romania’s Constanta Port with new RO-RO terminal
12:29 Sber CIB expects oil price to hit $100 a barrel by year-end
12:09 Successful completion of CNF19M ferry "General Chernyakhovsky" sea trials
12:09 Crowley, ESVAGT strengthen venture for U.S. offshore wind vessels
11:52 Port of Corpus Christi sets new tonnage and revenue records in first four months of 2022
11:35 Samskip and Ocean Infinity secure funds to drive forward hydrogen-fuelled SeaShuttle container ship
11:33 Oil prices show weak growth, mixed changes
11:25 “Viking Saturn” floated out in Ancona
10:53 HYPORT Coordination Company signs second land reservation agreement for a green hydrogen and ammonia production plant with OPAZ
10:41 Chinese shipbuilders delivered the largest container ship ever
10:30 Baltic Enabler transferred to the WALLENIUS SOL shipping line
10:12 Wilhelmsen enters into agreement to acquire Stromme to join forces on cargo hold cleaning
08:58 MABUX: Bunker prices may demonstrate irregular changes on June 24

2022 June 23

18:35 Emanuele Grimaldi appointed ICS Chairman
17:51 Ports of Stockholm opens new quay at Frihamnen Port
17:31 German seaports call for new ideas to reduce ship emissions - bremenports
17:16 PIL launches new service WS6 to expand coverage between Far East and West Coast South America