• 2019 July 8 11:18

    MABUX: Bunker market this morning, July 08

    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 insignificant and irregular on July 05:

    380 HSFO - 420.23(+1.29)
    180 HSFO - USD/MT - 457.67(+1.07)
    MGO - USD/MT - 649.85(-0.67)

    Meantime, world oil indexes rose slightly on Jul.05 supported by tensions over Iran and last week’s decision by OPEC and its allies to extend a supply cut deal until next year.

    Brent for September settlement increased by $0.93 to $64.23 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $0.71 to $57.51 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.72 to WTI. Gasoil for July gained $2.00.

    Today morning oil indexes do not have any firm trend so far.

    In a prolonged trade war between the United States and China that dampened prospects of global economic growth and oil demand, representatives of both countries are resuming talks this week to resolve the deadlock.

    OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group. The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, down 170,000 bpd from May's revised figure and the lowest OPEC total since 2014. Even though Saudi Arabia is raising output following pressure from U.S. President Donald Trump to bring down prices, the kingdom is still voluntarily pumping less than an OPEC-led supply deal allows it to. Meantime, Iran's crude exports have declined to less than 400,000 bpd from more than 2.5 million bpd in April 2018 while in Venezuela supply fell slightly in June due to the impact of U.S. sanctions on state oil company PDVSA and a long-term decline in production.

    British Royal Marines seized an oil tanker in Gibraltar on Jul.04 accused of bringing oil to Syria in violation of EU sanctions, a step that could escalate confrontation between the West and Iran. Shipping data suggests it had been loaded with Iranian oil off the coast of Iran, although its documents say the oil is from neighboring Iraq. The authorities in Gibraltar made no reference to the source of the oil when they seized it under the authority of European sanctions against Syria that have been in place for years.

    The likelihood that the cargo was Iranian drew a link between the incident and a new U.S. effort to halt all global sales of Iranian crude. European countries have tried stay neutral in that confrontation, which saw the United States call off air strikes against Iran just minutes before impact last month, and Tehran amass stocks of enriched uranium banned under a 2015 nuclear deal. By restricting Iran’s ability to move oil, U.S. sanctions have choked off Tehran’s Syrian allies, causing fuel shortages in government-controlled areas. In May, Syria received its first foreign oil for six months with the arrival of two shipments, one from Iran.

    Iran’s parliament last week passed a draft bill allowing for a massive increase in the number of oil and gas condensates refineries in the country, to be funded from investment from private sector companies and regional banks. Although the U.S. recently extended sanctions to Iran’s largest petrochemical group, Persian Gulf Petrochemical Industries Company, Tehran still believes that the petchems sector is its best bet to avoid the full focus of the U.S.’s renewed sanctions effect. Iran also believes that in addition to the boost in its petchems export revenues), it can move dramatically increase foreign earnings from liquefied petroleum gas (LPG) sales and safeguard its hard-won gasoline independence as well.

    Asian oil refiners are being squeezed by rising freight rates and insurance costs for shipping crude from the Middle East after attacks on ships in the Gulf last month. The Middle East accounts for more than two-thirds of Asia’s oil supply and the attacks on tankers in the Gulf of Oman on June 13 have heightened security concerns among oil companies and shippers operating in the region. The war risk insurance premium (WRP) for ships travelling in the Gulf has risen 10-fold as a result. Meanwhile, the freight rates for very large crude carriers (VLCC) from Gulf oil terminals to Asian ports have jumped about 30% since the attacks.

    The US oil and gas rig count fell by 4 last week while the total number of active oil rigs fell by 5 reaching 788. The combined oil and gas rig count is still 963 for the week, with oil seeing a 75-rig decrease year on year. Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 788. Despite the rig decline year on year, US production is almost 1.2 million barrels per day higher year on year—the equivalent of OPEC’s production cut agreement. For week ending June 28 US production rose slightly to 12.2 million bpd, 200,000 bpd down from the all-time high of 12.4 million bpd.

    IMPORTANT NOTICE: MABUX HAS STARTED PUBLISHING PRICE INDICATIONS FOR TEST LOTS OF VLS FO (0.5%) TRADING RECENTLY AT ARA, SINGAPORE AND FUJAIRAH. THE LIST OF PORTS WILL BE SUPPLEMENTED AS SOON AS THE AVAILABILITY OF THE CONVENTIONAL BLEND VLS FO EXPANDS. VISIT www.mabux.com FOR MORE DETAILS.

    We expect bunker prices may add today 2-5 USD.




2021 September 23

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
12:12 AtoB@C Shipping orders six highly efficient 5,350 dwt hybrid vessels
11:52 Damen Shipyards Group set to develop its localization in Russia
11:31 Port Houston sets new record for containers in August 2021
11:05 ASD Tug 3010 Ice Arc4 series to be laid down for Atomflot in September 2021
10:58 Stena Line and Frederikshavn sign agreement for two fossil fuel free ferries by 2030
09:51 Average spot market price for Russian M100 product rose to RUB 25,185 pmt as of September 17
09:37 MABUX: Global bunker market turned into downward trend on Sep 21
09:33 Crude oil prices increase in expectation of Covid related restrictions to be eased
09:19 Baltic Dry Index as of September 20

2021 September 20

18:27 Strategic Marine announces new 42m Gen 4 Fast Crew Boat
18:07 FSG to build RoRo vessel with LNG propulsion for Australian company SeaRoad
17:45 Sovcomflot Board reviews Group’s results for H1 2021
17:26 Shell to build one of Europe’s biggest biofuels facilities at the Shell Energy and Chemicals Park Rotterdam
17:16 Maiden call of EMA service at Vado Ligure connecting Eastern Med with US East coast
17:00 Rosmorrechflot estimates Russia’s demand for technical ships in 2025-2030 at over 800 units