• 2019 July 2 09:28

    MABUX: Bunker market this morning, July 02

    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 upward trend on July 01:

    380 HSFO - USD/MT - 420.33 (+2.21)
    180 HSFO - USD/MT - 457.93 (+1.68)
    MGO - USD/MT - 661.82 (+1.72)


    Meantime, world oil indexes changed irregular on Jul.01: Russia confirmed that OPEC and its allies would extend their production cut agreement for nine months, while a truce in the ongoing trade conflict between the U.S. and China helped ease concerns about a slowing global economy.

    Brent for September settlement decreased by $1.49 to $65.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $0.62 to $59.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.97 to WTI. Gasoil for July lost $4.50.

    Today morning oil indexes have turned into slight upward evolution.

    Russia confirmed on Jul.01 that all members of the agreement between OPEC and non-member allies, known as OPEC+, had unanimously agreed to extend existing output cuts of 1.2 million barrels per day for a full nine months. Iran in turn said on Jul.01 it would support prolonging output cuts by six to nine months. OPEC and its allies led by Russia have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the United States, which has become the world’s top producer this year ahead of Russia and Saudi Arabia. The full ministerial meeting of OPEC+ remains scheduled to take place on Jul.02.

    The U.S. and China agreed to restart trade talks after U.S. President Donald Trump pledged to hold off on the implementation of new tariffs and also ease restrictions on tech company Huawei in order to reduce tensions with Beijing. China meanwhile agreed to make unspecified new purchases of U.S. farm products and return to the negotiating table. The pause in escalating trade tensions reduces concerns that the dispute between the two countries will negatively impact the global economy and the demand for oil and fuel.

    The American Petroleum Institute (API) presented analysis saying that China's expected retaliation against US crude oil, refined products, and LNG would disadvantage US exports and could cascade into US domestic production. Besides, the U.S. market share in China for LNG and other petroleum products may be difficult to restore with China turning to alternative suppliers.

    The four biggest oil buyers in Asia, all of which were regular Iranian customers until recently, imported in May the lowest volume of crude from Iran since at least 2014. China and India—Iran’s no.1 and no.2 oil buyers, respectively—significantly cut imports from Iran while South Korea and Japan, the other two major Asian oil importers, completely cut off oil trade with Iran in May.  Combined, the four Asian countries imported just 386,021 bpd of oil from Iran in May, a 78.5-percent plunge compared to 1,798,090 bpd of imports in May last year. Yet, it appears that China is not cutting off its oil imports from Iran. Earlier last week, Iran  delivered the first crude oil to a Chinese refinery complex since the United States removed the waivers - a first independent tanker-tracking confirmation that China is defying the U.S. sanctions on Iran’s oil exports.

    The recent spike in tensions between the U.S. and Iran has pushed oil prices higher mostly because of the possibility that Iran may decide to go through with its threat to close off the Strait of Hormuz and cut off the supply of crude to global markets. However, some analysis said that the United States does not need to police the Strait of Hormuz anymore because it no longer depends on imports from the region: its Persian Gulf imports have slipped from about a sixth of consumption in 2012 to less than 10 percent last year: the average 2018 consumption was more than 20 million bpd; imports from the Persian Gulf hovered around 1.5 million bpd in the final quarter of the year.

    The conflict in Libya has now widened to directly include Turkey, with General Khalifa Haftar launching an air strike on a Turkish drone and then seeking to calm the situation by reportedly releasing six Turkish sailors held captive. Libya has been a proxy war venue between many external forces since Haftar launched his offensive to seize Tripoli from the hands of the UN-backed Government of National Accord (GNA) earlier this year. Now the conflict has taken on significantly greater regional context with Turkey’s direct involvement. Turkey and Qatar are supporting the GNA, while the UAE and Egypt, most notably, have been supporting Haftar, including with military equipment in the case of the UAE.

    We expect bunker prices may change irregular today in a range of plus-minus 4-8 USD.




2021 September 23

18:05 Maersk calls Jafza home for its first Warehousing & Distribution facility in the UAE
17:25 GTT and Deltamarin receive AiP from American Bureau of Shipping for their new design applied for LNG fueled tanker
17:05 LR grows fleet optimisation offering with GreenSteam acquisition
16:25 The Port of Rotterdam Authority helps German DeltaPort to be a regional hydrogen hub
16:15 Panama Canal joins to the Call to Action for Shipping Decarbonization
15:39 Dry cargo vessel of RSD59 design, Alexander Ivanov, leaves for sea trials
15:21 ABS grants AIP for next generation liquified CO2 carrier JDP designs
15:05 Synergy Group to take over Maersk Tankers’ technical management business
14:37 DNV and LISCR award AiP to HHI for 40,000 CBM liquefied CO2 carrier design
14:17 Kaliningrad region and FESCO to cooperate in the field of logistics
13:48 Damen can build icebreaking ships for Russia’s Arctic projects within short timeframes
13:25 Sweden’s largest port solar cell system inaugurated at Stockholm Norvik Port
13:15 MABUX: Bunker Weekly Outlook, Week 38, 2021
12:56 Keel-laying of Damen tug series for Atomflot held in Saint-Petersburg
12:51 MSC invests in new efficiency solution to reduce emissions from fleet
11:00 13th Annual Capital Link Shipping & Marine Services Forum took place with great success on September 13, 2021
11:00 Rolls-Royce and Sea Machines sign partnership to cooperate on smart ship and autonomous ship control solutions
10:34 APM Terminals partners with Siemens for energy optimisation and emission reduction at terminals
09:58 Torqeedo and Fassmer Shipyard announce the CIT-E Ferry - a passenger ferry for public transport
09:46 MABUX: Global Bunker Market may demonstrate firm upward evolution on Sept 23
09:29 Crude oil prices continue increasing
09:14 Baltic Dry Index as of September 22

2021 September 22

18:05 ClassNK joins as signatory to Call to Action for Shipping Decarbonization
17:47 Localization level of LK-60 icebreakers estimated at 92% in finance terms
17:20 Torvald Klaveness joins over 150 industry leaders and organizations in call for decisive government action to enable full decarbonization of international shipping by 2050
16:55 SC Zvezda counts on signing contracts for 10 tankers under Vostok Oil project in October 2021
16:31 Transition to unmanned navigation and navigation with reduced crews will be possible in Russia in three years
16:30 LR, HHI and KSOE sign MoU to develop digital twin technology for an LNG carrier
16:10 APM Terminals Pipavav marks 1,000 days of safe operations
15:39 Wärtsilä and SHI agree to collaborate on ammonia fuelled engines for future newbuilds
15:14 NAVTEK proves first zero-emissions tugboat performance
14:43 Additional EUR 90 million to be invested in Saimaa Canal infrastructure development
14:14 Valmet AB orders Agilon automated warehouse solution and overhead cranes from Konecranes
13:57 Northern Sea Route will be covered with satellite communication services – expert
13:16 ABB’s Eero Lehtovaara appointed Chair of EU association Waterborne Technology Platform
13:13 LNG bunker terminal construction begins in Bilbao
12:04 Big Data Exchange, National University of Singapore and Sembcorp Marine to explore development of sustainable ocean Data centres
11:31 Russia’s Inland Water Transport Development Concept aimed at raising IWW cargo traffic by 65%
11:08 Pier T Terminal in the Port of Long Beach begins pilot program for 24-hour cargo pickup
10:40 Vadim Shpityak appointed as General Manager of Moby Dik and Yanino Logistic Park
10:15 Tollerort to become preferred hub for COSCO services
09:57 More than 300 ships to be built by 2032 under subsidized leasing programmes
09:40 Crude oil prices increase on reduction of reserves
09:39 MABUX: No firm price trend on global bunker market on Sep 22
09:22 Baltic Dry Index as of September 21
09:13 Havyard Leirvik hands over the third and last of the ‘triplet ships’ for ESVAGT
08:35 KiwiRail gets world-first green loan certification for new ferries

2021 September 21

19:01 Grimaldi to launch the Civitavecchia-Arbatax-Cagliari service
18:05 RTCOMM and Konnect Russia agree to join hands in development of satellite communication services for sea and river ships
18:02 “K” LINE to procure 8 next-generation of environmentally friendly car carriers
18:01 Diana Shipping announces time charter contract for m/v Maera with ASL
17:54 ABS publishes guide to ammonia-fueled vessels
17:47 RTCOMM and Iridium join hands to develop mobile communication services to improve clients security in Russia’s hard-to-reach areas
17:37 AD Ports Group and the General Company for Ports of Iraq sign MoU to promote cooperation and investments
16:58 RTCOMM and KNS partner to expand ocean satellite communications services
15:36 Hydrographic survey vessel Gorizont returns from the Arctic expedition
15:11 MOL Group Adopts Car Carrier Operation Digital Transformation Promotion Project 'Mathematical Optimization': Part II
14:59 Wärtsilä signs five-year Optimised Maintenance agreement featuring latest digital innovations with STQ of Canada
14:07 New ESPO Green Guide 2021 outlines a vision for ports towards a green future
12:34 International Maritime Exhibition and Conference NEVA 2021 opens in St. Petersburg