• 2019 September 19 09:49

    MABUX: Bunker market this morning, Sept 19

    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) turned into downward correction on Sep.18:

    380 HSFO - USD/MT – 463.74 (-12.33)
    180 HSFO - USD/MT – 499.06 (-14.67)
    MGO - USD/MT – 685.81 (-11.62)


    Meantime, world oil indexes fell on Sep.18 extending losses from the previous session after Saudi Arabia's energy minister said the kingdom will restore lost oil production by the end of the month.

    Brent for November settlement decreased by $0.95 to $63.60 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $1.23 to $58.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.49 to WTI. Gasoil for October lost $9.00.

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

    Saudi Arabia’s Abqaiq plant has restarted and is now processing about 2 million barrels a day, restoring just under half the output lost after the facility was damaged in an attack. The kingdom expects output at the facility to return to pre-attack levels of about 4.9 million barrels a day by the end of September. The long-awaited statement from the kingdom -- which before the strike pumped almost 10% of the world’s oil -- gives the market much-needed clarity over the worst sudden supply disruption in its history. However, it’s slower progress than the kingdom had initially expected. Besides, even as Aramco fixes the damage at Abqaiq, the possibility of further escalation of conflict in the Middle East hangs over the market.

    Meanwhile, the United States believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran and involved cruise missiles and drones. U.S. officials did not provide evidence or explain what U.S. intelligence they were using for the evaluations. Iran denies involvement in the strikes. Iran's allies in Yemen's civil war, the Houthi movement, claimed responsibility, saying they struck the plants with drones including some powered by jet engines.

    Saudi Arabia has decided to join the U.S.-led maritime security coalition that aims to ensure freedom of navigation and safe passage through the Persian Gulf. The coalition was initiated by the United States following a string of incidents in the Persian Gulf and its vital chokepoint the Strait of Hormuz earlier this summer. The UK, Australia, and Bahrain have joined the coalition, before Saudi Arabia said it would also participate.

    U.S. crude shipments are set to rise as major Asian importers look to replenish supplies after attacks on Saudi Arabia’s oil facilities. Brokers in Singapore and Europe say crude loadings at Ras Tanura, the major oil export port for the Saudi Arabian Oil Co.’s oil plant in Abqaiq that was struck by missiles on Saturday are largely idle for certain types of crude cargoes, with at least eight supertankers waiting outside the terminal. Ship owners said finding alternatives to pick up specific types of crude can be complicated as refineries are tailored to produce specific types of products. American refiners have the capacity to produce crude for Asian demand while Russia, the United Arab Emirates and Kuwait can also supply the market. It was also reported that tanker demand could be hurt if Asian importers such as China, India, South Korea and Japan choose to tap into their reserves, but they can’t rely on reserves for more than 10 days without supplies falling to critical levels.

    Goldman Sachs cut its 2019 oil demand forecast to 1 million bpd, down from 1.1 million bpd. As per analysis, additional OPEC production cuts will be needed to keep inventories near normal. Wood Mackenzie lowered its forecast to just 700,000 bpd for 2019, down from 850,000 bpd previously.

    U.S. President Donald Trump said his administration could seal a deal on trade with China before the U.S. presidential election, or an agreement could be reached the day after U.S. voters go to the polls. The U.S. president's comments come two days before U.S. and Chinese deputy trade negotiators are due to meet in Washington for the first in-person meetings in nearly two months. Those discussions are aimed at paving the way for expected high-level negotiations in early October that would seek a way out of a 14-month trade war between the world's two largest economies. The talks will follow an easing of trade tensions last week, in which Trump delayed a scheduled Oct. 1 tariff increase by two weeks on $250 billion worth of Chinese imports, while China delayed retaliatory tariffs on some U.S.-made cancer drugs, animal feed ingredients and lubricants.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 417.1 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. This compares with a 6.9-million-barrel draw a week earlier, which strengthened oil’s rally spurred by plans by OPEC to extend its production cuts. U.S. production continued to grow as well. In its latest Drilling Productivity Report, the EIA said it expected shale oil production to hit 8.84 million bpd in October, up from 8.77 million bpd this month.

    We expect bunker prices may continue slight downward correction in a range of minus 4-8 USD.




2020 April 10

08:16 Sino-Global to acquire majority stake in Mandarine Ocean

2020 April 9

18:27 Port of Los Angeles container volumes down 30.9% to 449,568 TEU in March 2020
18:07 ECSA thanks the European Commission for the guidelines on seafarers, passengers and other persons on board ships
18:01 Port of Ventspils (Latvia) handled 3.7 million tonnes in 3M’2020, down 42% YoY
17:35 Tianjin Port Group and Hebei Port Group sign an agreement
17:17 Ministry of Industry and Trade to analyze ship designs for using shipboard equipment of Russian origin
17:05 North P&I Club supports new digital COVID-19 tool from International Group
16:35 COVID-19: CMA CGM launches the BUSINESS CONTINUITY PACK
16:20 Port of Liepaja (Latvia) handled 1.58 million tonnes of cargo in 3M’2020, down 16.3 % Y-o-Y
16:05 Port of Gothenburg offers inland storage of imported goods
15:35 Port of Hamburg container transport by inland waterway up 13 percent to 145,078 TEU in 2019
15:22 Throughput of Taganrog port in 3M’2020 grew by 20% to 780,000 tonnes
15:04 ABS is first in industry to accept 3D models for class surveys
14:26 Novotrans handled first batch of export grain in the port of Ust-Luga
13:37 International Bunker Conference IBC 2020 postponed due to COVID-19
13:17 ABP increases capacity to store refrigerated containers at the Port of Hull
12:53 ABP continue to deliver operational continuity for customers
12:29 Bunker prices are flat at the Far East ports of Russia (graph)
11:30 Construction of innovative training vessel STC Group begins
11:04 Stena Line plans to close the Trelleborg-Sassnitz route
10:28 ABB brings fuel cell technology a step closer to powering large ships
10:18 New restrictions on border crossings in Finland - effects on Finnlines’ passenger services
09:54 Delo Group paid almost 60 billion rubles to PJSC TransContainer minority shareholders as part of the repurchase of 49.6410% shares
09:47 MABUX: Bunker market this morning, Apr 09
09:35 Sovcomflot’s Board of Directors acknowledges Group’s performance in 2019
09:17 Baltic Dry Index is up to 607 points

2020 April 8

18:36 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea and East Med to the Middle East Gulf & Red Sea
18:06 The Maritime Union of Australia condemn Government for treatment of cruise ship crews
17:36 Estimated March imports at major U.S. retail container ports hit five-year low, declines expected to continue amid pandemic
17:05 PD Ports continues investment in environmentally sustainable technology
16:36 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea & East Med to Far East
16:35 SCHOTTEL EcoPeller deployed in modernization project for first time
16:13 Port of Tallinn reports its 2020 Q1 passenger and cargo flows
16:05 Gimi receives force majeure claim for FLNG from BP Mauritania
15:44 Allseas wins removal contract for multiple North Sea installations
15:40 KMG Inseneriehituse AS to build bridge for Port of Tallinn
15:04 THE Alliance announces COVID-19 response measures for May and June 2020
14:36 Vyborg Shipyard holds steel cutting ceremony for trawler of Project KMT02
14:02 The Kings of Spain check the maintenance of the supply chain in the port of Valencia
13:43 Lotos shipyard to build four dredgers for Russia’s inland water ways
13:21 Port Kolomna signs agreement with RF Ministry of Industry and Trade for ship srapping grant
13:02 North Carolina Ports completes Turning Basin Expansion Project at the Port of Wilmington
12:42 Shipping credit outlook revised to negative: cash crunch worsens as Covid-19 disrupts trade
12:05 Inland terminals at the Port of Hamburg hit by the corona crises differently
11:30 IAPH Tokyo secretariat transited to remote work from home
11:05 SAFEEN acquires its largest service vessel to date
11:02 BC Ferries adjusted service levels due to Covid-19 pandemic
10:39 ABB increases remote support for ships to help customers during the COVID-19 outbreak
10:38 Port of Gdansk actively supports fight against coronavirus
10:16 Tallink Grupp’s vessels Megastar, Galaxy and Baltic Princess suspend passenger transport to Finland
09:53 MABUX: Bunker market this morning, Apr 08
09:40 Bunker prices start going up at the port of Saint-Petersburg, Russia
09:19 Baltic Dry Index is down to 596 points
08:47 Golden Ocean announces appointment of Ulrik Uhrenfeldt Andersen as CEO

2020 April 7

18:38 RF Government makes big decision to quit transshipment of NOVATEK’s LNG in Norway
17:27 BashVolgotanker opens navigation with first tanker leaving Samara for Kavkaz
17:03 IADC moves its seminar and course to 2nd half of 2020
16:49 RF Navy’s oceanographic research vessel "Admiral Vladimirsky" arrived in the Durville Sea
16:05 ECSA and ETF launch joint project WESS
15:51 Bunker prices are flat at the Far East ports of Russia (graph)