• 2019 August 20 09:09

    MABUX: Bunker market this morning, Aug 20

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight upward correction on Aug.19:

    380 HSFO - USD/MT – 350.48 (+3.61)
    180 HSFO - USD/MT – 396.52 (+3.82)
    MGO - USD/MT – 633.90 (+0.58)


    Meantime, world oil indexes rose on Aug.19 following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for signs that U.S.-China trade tensions could ease.

    Brent for October settlement increased by $1.10 to $59.74 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery rose by $1.34 to $56.21 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.53 to WTI. Gasoil for September gained $1.50.

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

    A drone attack by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Aug.17 caused a fire at a gas plant, adding to Middle East tensions, but state-run Saudi Aramco said oil production was not affected. The oil market seems to be pricing in again a geopolitical risk premium, but it might not sustain if it does not result in any supply disruptions. Saudi Arabia, in coalition with the UAE, and Iran are essentially fighting a proxy war in Yemen, where the Saudis lead a military Arab coalition to “restore legitimacy” in the country, while the Houthi movement, which holds the capital Sanaa, is backed by Iran. Meanwhile, tensions around Iran appeared to ease after Gibraltar released an Iranian tanker it seized in July though Tehran warned the United States against any new attempt to seize the tanker in open seas.

    In its latest report, OPEC only slightly downgraded its forecast for global oil demand, lowering it to 1.10 million barrels per day (bpd) for 2019, down only a minor 0.04 million bpd from a month earlier. OPEC also said that global supply could grow by 1.97 million bpd this year, significantly outpacing demand growth. Still, that figure is down by 72,000 bpd from a previous estimate, due to lower-than-expected production growth in the U.S., Brazil, Thailand and Norway. As per OPEC’s estimation, oil inventories in OECD countries rose by 31.8 million barrels in June from a month earlier, rising to 67 million barrels above the five-year average. In other words, just as OPEC+ was meeting to extend the production cuts for another 9 months, inventories were rising, an indication of an oversupplied market.

    Saudi Arabia and Donald Trump tend to push the oil market when prices get too far away from their preferred range. Just as soon as Brent neared $60 per barrel recently, rumors surfaced that Saudi Arabia was considering deeper action to rescue prices. The rumor alone sent oil prices up. But in the past few years, whenever Brent rises into the $70s, Trump has lambasted OPEC, demanding lower prices. The result is Brent trapped between $60 and $75.

    Meantime, Saudi Arabia has seriously ramped up its oil exports to China in recent months. The Saudi Kingdom’s crude shipments to China have doubled in the span of a year. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds. According to TankerTrackers.com, Saudi Arabia exported 1,802,788 barrels per day (bpd) to China in July, compared to 921,811 bpd in August of 2018. By contrast, exports to the U.S. in July were 262,053 bpd, nearly 62% down from 687,946 bpd in August of last year. U.S. sanctions on Iranian oil have helped the shift.

    The Trump administration is readying a plan to end direct federal regulation of methane leaks from oil and gas facilities, even as some energy companies insist they don’t want the relief. A draft proposal from the Environmental Protection Agency (EPA) would prevent the federal government from directly targeting that potent greenhouse gas as it restricts emissions from oil wells and infrastructure, despite fears that time is running out to avert catastrophic consequences of climate change. More than 60 oil and gas companies have made voluntary commitments to pare emissions of methane, the chief ingredient of natural gas, though some of them insist federal regulation is still essential for the highly fragmented industry.

    Through August, the number of bankruptcies in the U.S. oil and gas industry this year has nearly reached the 2018 total. The total volume of debt affected so far ($20 billion) has surpassed last year’s figure ($17 billion).

    We expect bunker prices may rise slightly today in a range of plus 1-6 USD.




2020 August 9

16:21 MPA launches six next-generation patrol craft to grow its frontline capabilities
15:35 Fincantieri Bay Shipbuilding prepares for Navy frigate work
14:03 NCLH reports Q2, 2020 financial results
13:27 USCG Cutter Legare offloads nearly 5,000 lbs. of cocaine, marijuana
12:49 ACBL names Mike Ellis as new CEO
11:17 POAL and ship’s master fined $432,400 for excessive speed

2020 August 8

15:32 NOAA, U.S. Navy will increase nation’s unmanned maritime systems operations
14:31 Sanmars Sirapinar commences operations in Baltic Sea
13:42 USCG accepts newest fast response cutter
12:03 SCHOTTEL propulsion for first-class expedition cruise vessels
11:18 Australia’s new icebreaker on the move

2020 August 7

18:32 Maersk revamps Europe to Middle East & Indian Subcontinent network
18:00 Rosmorport's to beef up its icebreaking fleet to 38 units in 2020
17:00 World’s first zero-emissions top handlers performing well at Port of Los Angeles
16:01 Port of HaminaKotka seven-month volume fell 16.7%
15:09 Launching of Russia’s first LNG-powered passenger ship Chaika held at Zelenodolsk Shipyard
14:21 North Carolina Ports records year-over-year increases in Fiscal Year 2020
14:09 Cargo traffic at Port Kavkaz in January-July rose 9%
13:21 ABP invests in Port of Lowestoft to support UK Southern North Sea energy sector
13:19 Krasnoye Sormovo Shipyard hosts launching ceremony for the RSD59 series MS Pola Marina
12:49 Rosmorport plans expansion of its fleet by 24 newbuilds
12:08 Jan De Nul signs contract with Dogger Bank Wind Farm
11:22 The second tanker manufactured in Azerbaijan launched for the next stage of construction
10:37 MSC’s Golden Horn service links China, Korea & Russia’s east coast
09:59 Ecochlor receives IMO BWMS Code Type Approval
09:51 MABUX: Bunker market this morning, Aug 07
09:16 Baltic Dry Index as of Aug 6
09:12 Crude futures prices turn down again

2020 August 6

19:00 FSL Trust agrees to sell three containerships
18:27 Sumitomo Heavy Industries has been granted an “Approval in Principle” for a medium-size high-pressure LNG dual-fueled tanker
18:21 Port of Rostov-on-Don seven-month volume rises 4% to 12.7 million tonnes
18:07 ICTSI 1H2020 net income down 12% to US$113.4mln
17:26 Royal IHC awarded major contract for supply of FPSO equipment for Yinson
17:25 Vodohod’s newbuild Mustai Karim arrives at Saint Petersburg
16:36 Nevsky Shipyard launches the Pavel Leonov, last ship of PV22 series duo
16:15 North Sea Port, Flemish Waterways plc, Port of Antwerp, Port of Oostende, Port of Zeebrugge, the Agency for Maritime and Coastal Services, and the Joint Nautical Management to introduce SWINg in 2021
15:43 Zelenodolsk Shipyard to host tomorrow launching and keel-laying ceremonies
15:41 Maritime Autonomous Surface Ships Port Network was established in Singapore
14:27 MABUX Bunker Weekly Review
13:54 Tolyattii bound heavylift project cargo successfully handled at Port Bronka
13:27 Alaska Marine Lines rail barges upgrade ballast systems
12:46 Davie confirms polar leadership with icebreaker launch
12:35 Transit container transport by RZD network soars 30% in Jan-Jul
11:40 CMA CGM to launch its ever-faster service connecting Spain with Algeria
11:35 Carnival Cruise Line joins industrywide pause in U.S. through October 31
10:18 Shell signs charter contracts for six newbuild LNG carriers
10:15 Fourth IMO Greenhouse Gas Study: Shipping emissions are projected to increase by up to 50% until 2050, relative to 2018
09:58 The Flemish government, Port of Antwerp and SeReAnt together improve the water quality at the Port of Antwerp
09:26 Baltic Dry Index as of Aug 5
09:21 Crude futures prices resume climb
09:10 MABUX: Bunker market this morning, Aug 06
08:11 NYK starts operation of its first finished-car logistics terminal in Japan

2020 August 5

18:57 Valenciaport triples air quality control cabins
18:16 U.S. Coast Guard suspends search for missing spearfisher off Maui
18:04 Port of Helsinki turnover decreased by 26.7% to EUR 33.4 million in January–June 2020
17:35 A delegation of the Port of Gdansk visits Klaipeda
17:06 Voluntary ship slowdown through Swiftsure Bank begins August 1
16:49 Mississippi River will get deeper
16:39 MOL introduces FOCUS Project Part Ⅲ: Virtual Ship Visit Application 'Fleet Tour'
16:29 Admiralty Shipyards starts building fourth CT-192 series trawler the Kapitan Martynov