• 2019 May 7 09:12

    MABUX: Bunker market this morning, May 07

    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) continued downward trend on May 06:

    380 HSFO - USD/MT - 420.21(-6.08)
    180 HSFO - USD/MT - 466.86(-6.00)
    MGO - USD/MT - 654.43(-0.36)

    Meantime, world oil indexes changed irregular on May 06 after U.S. President Donald Trump threatened to sharply increase tariffs on Chinese imports.

    Brent for July settlement increased by $0.39 to $71.24 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery added $0.31 to $62.25 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.99 to WTI. Gasoil for May delivery lost $9.00.

    Today morning oil indexes do not have any firm trend.

    Trump said that tariffs on $200 billion worth of Chinese goods would increase to 25% from 10%, reversing a decision he made in February to keep them at the 10% rate thanks to progress in trade talks between the two sides. The first reaction from. China was to consider cancelation of a round of U.S. talks set for this week in the wake of Trump's comments. However, China said on May 06 a delegation is still preparing to travel to the U.S. for trade talks.

    Russia’s oil production will be cut by another 1 million barrels per day over the next week after its oil exports were restricted due to contamination issues. The contaminated crude oil was shipped through Transneft’s Druzhba pipeline, causing the pipeline operator to call on Russian oil producers to request reduced volumes—a 10 percent reduction. European refineries are taking most of the brunt, and have caused Poland, the Czech Republic, and Hungary to release 8 million barrels of oil reserves to keep their refineries refining, and comes at a time when the market is already nervous about tightening supplies as crude production falls in Iran and Venezuela. Transneft is largely expected to resume oil flows over the next couple of weeks, although it may take some time to repair any damaged refinery equipment as a result of the corrosive contaminates found in the crude oil.

    The United States is working with oil producers like Saudi Arabia and the United Arab Emirates (UAE) to ensure India has enough crude supply after the end of all sanction waivers for Iranian buyers, but the U.S. can’t ensure its own oil will be sold to India at preferential prices. India has been Iran’s second-largest oil customer after China and has been buying Iranian oil at discount rates as Iran was offering very attractive terms to Indian buyers, including almost free shipping and an extended credit period for payment. The end of the U.S. sanction waivers will hit India hard because it has to pay more for alternate oil supplies.

    Chinese LNG demand could reach 80-100 mtpa by 2025 up from 53.7 million tonnes in 2018. Rising demand for the fuel is part of Beijing’s drive to clean up the air quality of the country’s largest cities, which have been plagued by high air pollution levels for years. This drive has seen growth of demand in recent years that has been increasingly met by imports, including U.S.-sourced geopolitically charged gas imports that have also been embroiled in the ongoing trade war between Washington and Beijing. Overall demand for gas is expected to climb to 620 bcm by 2035, up from at 280.3 bcm in 2018.

    Also weighing on oil prices are indications of a further increase in output from the U.S., where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd. That has made the U.S. the world's biggest producer ahead of Russia and Saudi Arabia. Despite of that the number of active oil and gas rigs fell slightly in the United States last week, after two large drops in the two previous weeks, keeping the overall rig count well below year-ago levels for a third week in a row.

    A key oil pipeline and a logistics base in Nigeria’s oil-rich Niger Delta have been impacted by a shutdown and protests. The Nembe Creek Trunk Line—one of the two key pipelines of Nigeria’s Bonny Light crude grade capable of transporting 150,000 bpd to the export terminal—was shut down on May 05 after leaks were detected. The information regarding the possible impact on Nigerian oil exports or when operations and the pipeline flow would return to normal has not yet been provided.

    We expect bunker prices may change irregular today in a range of plus-minus 2-6 USD.




2024 March 29

18:00 SLB announces agreement to acquire majority ownership in Aker Carbon Capture
17:14 “K” Line and Nippon Gas Line establish a marketing company to provide liquefied CO2 transportation services for carbon capture and storage projects
16:47 VTTI and IKAV enter agreement to purchase majority ownership of Adriatic LNG, Italy
16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
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