• 2019 April 3 09:12

    MABUX: Bunker market this morning, Apr.03

    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) changed irregular on Apr.02:

    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 Apr.02 on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut.

    Brent for June settlement increased by $0.36 to $69.37 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May delivery added $0.99 to $62.58 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 6.79 to WTI. Gasoil for April delivery gained $7.00.

    Today morning oil indexes continued moderate upward trend.

    OPEC’s oil production in March 2019 fell to its lowest level since February 2015, as Saudi Arabia cut more than it had pledged under the output cut deal and Venezuela continued to struggle amid U.S. sanctions and a major blackout. The combined production of all 14 OPEC members stood at 30.4 million bpd last month, down by 280,000 bpd compared to February and the lowest level of OPEC production since February four years ago. The eleven OPEC members with quotas (with Iran, Venezuela, and Libya exempted) had a combined compliance of 135 percent in March, surging from 101 percent in February.

    Russia fell short of its oil-output cut target for March. The nation’s production at the end of March was 190,000 barrels a day below October levels. Russian Energy Minister Alexander Novak had previously said April would be the first month that Moscow achieved full compliance with the output deal. Russia secured an effective exemption on cuts through the winter, a time when field maintenance poses particularly big challenges.

    Iran’s Oil Minister Bijan Zangeneh arrived in Moscow on Apr. 01 for senior-level talks regarding the global oil market and energy cooperation between Iran and Russia. Russia was reportedly the deal broker that convinced Iran to agree to the wording of the production cut deal that began on January 1 and currently expires in June. The visit of the Iranian oil minister in Moscow comes a month before the United States is due to decide whether to extend all or some or none of the waivers it had granted to key Iranian oil customers when it re-imposed the sanctions in early November. While the U.S. Administration says that it continues to pursue zero Iranian oil exports, it is expected Washington to extend waivers to at least a few of the currently exempted buyers. The U.S. waivers for eight key Iranian oil customers, including China, India, Japan, and South Korea, expire in early May.

    The years-long political crisis in Libya (divided between a UN-backed government based in Tripoli and an alternative administration and institutions in the east), could be solved this month by the creation of a single government. Since the toppling of Muammar Gaddafi in 2011, the division in Libya’s political landscape has resulted in frequent attacks on oil fields (first of all, on the biggest one – Sharara) and infrastructure from various groups. For years, Libya has been struggling to keep its oil production above 1 million bpd, compared to 1.6 million bpd before the civil war began. Sharara has been one of the main reasons why Libya is widely seen as a wild card in global oil and fuel price forecasts.

    New data from China showed the largest monthly increase in the manufacturing purchasing managers’ index since 2012. The data diminished concerns about China’s impending slowdown. Moreover, there is hope that the U.S.-China trade talks lead to a breakthrough and the removal of tariffs, which would erase one of the largest downside risks to the oil market. Chinese Vice Premier Liu He is set to travel to Washington to meet U.S. negotiators today.

    The American Petroleum Institute (API) reported a build in crude oil inventory of 3.0 million barrels for the week ending March 29, coming in over analyst expectations of a ¬425,000-barrel draw. Last week, the API reported a surprise build in crude oil of 1.93 million barrels. A day later, the EIA confirmed the build, estimating that crude inventories had grown by 2.8 million barrels. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending March 22—the latest information available—stayed flat at an average of 12.1 million bpd—the all-time high for the United States. The U.S. Energy Information Administration report on crude oil inventories is due to be released later today.

    We expect bunker prices may continue upward evolution today in a range of plus USD 2-7.




2024 March 29

15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships