• 2019 July 25 09:18

    MABUX: Bunker market this morning, July 25

    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 24:

    380 HSFO – USD/MT – 421.06 (-0.70)
    180 HSFO – USD/MT – 457.68 (-1.17)
    MGO – USD/MT – 658.52 (+0.38)


    Meantime, world oil indexes changed also irregular on Jul.24 while support from a large decrease in U.S. crude stockpiles was compensated by investors’ worries about global oil demand.

    Brent for September settlement decreased by $0.65 to $63.18 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery lost $0.89 to $55.88 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $7.27 to WTI. Gasoil for August added $7.50.

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

    Energy Information Administration data on Jul.24 showed a large drawdown in U.S. crude stockpiles. Crude inventories fell by 10.8 million barrels in the week to July 19. Analysts expected a decrease of 4 million barrels.

    The seizure of a British oil tanker by Iran has still upward potential for fuel prices. The seizure comes as retaliation for the British seizure of an Iranian tanker earlier this month. Oil prices have not spiked, as they might have in the past, but the shipping industry is bearing the impact of the fallout. Shipping and insurance costs have already been on the rise and the latest event. Asian refiners in particular will be even keener now to search for alternative oil supplies and ship owners will look for alternative routes where possible, further adding to costs.

    Meantime, Iranian officials have reassured Iraq that there would be freedom of navigation in the Strait of Hormuz, the most critical oil shipping lane in the world. As per official statement made by Iran, the Islamic Republic of Iran is not willing to escalate tensions in the region and with other countries, and will never initiate war and tension. For Iraq, the Persian Gulf and the Strait of Hormuz, which Iran has repeatedly threatened to blok, are the key export routes of more than 3 million bpd of Iraqi crude oil from its southern ports lying on the Persian Gulf. Cutting off Iraq’s crude oil exports would be disastrous for the country, which relies very much on oil revenues to support its budget.

    On Jul.22, the Trump administration announced sanctions on Chinese state-owned oil trader Zhuhai Zhenrong Co. for violating U.S. sanctions on Iran. China has continued to stockpile oil from Iran, despite the U.S. ending waivers in May. The move may also add yet another point of contention between the U.S. and China has they seek to negotiate a resolution to their trade war.

    At present, China is one of the only staunch supporters of the Tehran regime. In June China and Iran conducted a joint naval exercise near the ­strategic Strait of Hormuz in the Persian Gulf. A Chinese flotilla of two ­Chinese destroyers, a logistics ship and one helicopter, exercised with the Iranian navy. For China the Persian Gulf is of the utmost importance, and Iran is playing a major role in its crude oil supply strategy. In a possible Iran, US/UK confrontation, the role of China should be taken into account.

    Libya’s largest oil field was briefly knocked offline at the end of last week, but was quickly restarted. If Libya can manage to bring production online and maintain it, the increase would exacerbate the global glut. However, that all largely depends on a resolution to the civil war.

    Venezuela (the country has the world’s largest oil reserves), could be pumping as little as below 500,000 bpd of crude oil next year amid the economic and political crisis. The sanctions that the United States imposed on Venezuela’s oil industry have failed to result in a regime change nearly six months after opposition leader Juan Guaidó declared himself interim president and won the support of the U.S. and many other western nations. OPEC pointed recently that Venezuela’s crude oil production in June dropped by 16,000 bpd from May to stand at 734,000 bpd. To compare, Venezuela’s crude oil production in 2017 averaged 1.911 million bpd. Despite the economic collapse, Venezuela’s crude oil and refined oil products exports rose by 26 percent in June compared to May, thanks to higher shipments under oil-for-loan deals with China.  

    We expect bunker prices may change irregular today in a range of plus-minus 3-5 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