• 2019 September 2 09:18

    MABUX: Bunker market this morning, Sep.02

    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) continued slight upward trend on Aug.30:

    380 HSFO - USD/MT – 370.42 (+2.31)
    180 HSFO - USD/MT – 412.33 (+1.88)
    MGO - USD/MT – 645.33 (+3.33)


    Meantime, world oil indexes fell on Aug.30, ahead of a hurricane near the Florida coast that could dampen demand.

    Brent for November settlement decreased by $1.24 to $59.25 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for October delivery declined by $1.61 to $55.10 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.15 to WTI. Gasoil for September lost $10.75.

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

    The United States began imposing 15% tariffs on a variety of Chinese goods on Sep.01 - including footwear, smart watches and flat-panel televisions - as China put new duties on U.S. crude, the latest escalation in a bruising trade war. U.S. President Donald Trump said the sides would still meet for talks later this month. Beijing’s levy of 5% on U.S. crude marks the first time the fuel had been targeted since the world’s two largest economies started their trade war more than a year ago.

    Hurricane Dorian gained strength, raising the risk that parts of the U.S. state will be hit by strong winds, a storm surge and heavy rain for a prolonged period. Dorian was the strongest hurricane on record to hit the northwestern Bahamas as a life-threatening Category 5 storm on the five-step Saffir-Simpson Wind Scale. Also on Sep.01, a new tropical storm formed southwest of Mexico and was expected to become a hurricane today. Tropical Storm Juliette was 455 miles (735 km) from Manzanillo, Mexico, with maximum sustained winds of 60 mph (95 kph).

    U.S. crude oil output fell for a second straight month in June, dropping by 33,000 barrels per day (bpd) to 12.08 million bpd. In an indication of future production, U.S. energy firms cut 12 oil rigs in the week to Aug. 30, bringing the total count down to 742. The rig count declined for the ninth straight month to its lowest level since January last year.

    Crimea is ready to assist Iran in transporting crude oil via Crimean ports. Iran’s traditional oil route toward the Mediterranean passes through the Suez Canal, but this route is now closed for the Islamic Republic because of the U.S. sanctions on its oil and shipping industries. So Iran can use Crimean shipping capabilities: river-sea canals, and carry oil over the Volga-Don canal, via Crimea, to the Black Sea. The offer from Crimea is a rare voice of someone openly saying they would help Iran ship oil amid the strict U.S. sanctions, about which the United States continues to pledge that it would pursue with sanctions anyone who deals with oil from Iran.

    Meantime, Iran has offered the European Union two options to keep the nuclear deal alive as the EU keeps failing to find a way to support the Iranian economy amid U.S. sanctions. The options include either asking the United States to reinstate sanction waivers for the countries that import Iranian crude or providing a credit line to Tehran. The first option may be the less likely to succeed but the second one has a chance after President Trump said he was not against the idea of Europe providing Iran with “a letter of credit”, backed by oil, that would allow the country to meet pending payment obligations.

    Saudi Arabia needs to take action to support oil prices at least around US$60 a barrel Brent. Although OPEC’s largest producer and de facto leader Saudi Arabia has been cutting much more than required under the OPEC+ deal, oil prices have lingered well below the reported breakeven price for Saudi Arabia –around US$80 a barrel. Besides, despite losses of barrels from Iran and Venezuela due to the U.S. sanctions, OPEC may have to cut its production by another 1 million bpd to keep prices on  60 USD per barrel for long. One key uncertainty in a Saudi plan to take a more decisive action to boost oil prices could be how willing Russia would be to continue its cooperation with OPEC in the production cut deal.

    Gazprom admitted that its gas exports to Europe will fall in 2019. In 2018 it shipped 200.8 billion cubic meters of gas to Europe and Turkey. Gazprom revenues are responsible for 5 percent of Russia’s economy. In 2018 Western European countries made up 81 percent of Gazprom’s exports, led by Germany, while Central European states accounted for 19 percent. Russia controls about 35 percent of Europe’s total gas market. The reason for its gas export decrease in 2019 is sluggish demand. Meantime, Gazprom also announced that it had begun filling its pipeline to China, the Power of Siberia, with gas. Shipments are expected to start next year.

    We expect bunker prices may slightly rise in a range of plus 3-5 USD/MT.




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
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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
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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
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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
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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
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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
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15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
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2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
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