• 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.




2024 October 22

18:00 Seatrium secures S$100 million in repairs and upgrades projects
17:45 ELIRE Infra’s announces world’s first intelligent floating infrastructure to accelerate net zero goals across multiple industries
17:24 Shell says most oil around Bukom, Singapore cleaned up after leak
16:57 Belgium resumes transfers of Russian LNG ahead of ban next year - Bloomberg
15:48 The world’s largest and most environmentally friendly car carrier calls the Port of Hamburg
15:21 MPA and IRENA сollaborate on energy transition for maritime and port industries
14:45 CMA CGM Group and SUEZ sign an agreement to produce renewable fuel for the vessels
14:14 293 product tankers were ordered by September 2024
13:44 New Finnish consortium aims to develop innovative, clean, and flexible solutions for maritime transport and off-road machinery
13:11 Advario, VFlowTech and JTC sign MOU to accelerate deployment of clean energy storage capacity on Jurong Island by up to 25 times
12:43 MAN Energy Solutions launches ‘AmmoniaMot 2’ research project
12:21 Wartsila to supply cargo handling system for four new very large ammonia carriers built at Hanwha Ocean
11:40 A.P. Moller - Mærsk posts trading update Q3 2024 and upgrade of full-year guidance 2024
11:09 Port of Antwerp-Bruges throughput rises 3% to 210.5 million tonnes in Jan-Sept 2024
11:05 Kongsberg Maritime secures contract from Fujian Mawei Shipbuilding for ten Capital Offshore new build PSV
10:42 Fincantieri cuts steel for cruise ship “Seven Seas Prestige”
10:13 GTT signs a service contract for ENI's Coral Sul FLNG in Mozambique

2024 October 21

17:42 Hapag-Lloyd announces PSS from Europe, Middle East and Indian Subcontinent, North and Latin America to Banjul
17:39 ECS Group restructures to drive change with Jean Ceccaldi appointed as CEO by Adrien Thominet
17:22 Oil leak from Shell pipeline contained – MPA
17:19 Qatar's Nakilat achieves a net profit of QAR 1.28 billion ($352 million) in the third quarter of 2024, ended September 30
16:42 CMA CGM announces PSS on Mediterranean to WCSA, Central America & the Caribbean services
15:52 South Korean shipbuilder Hanwha Ocean joins GCMD as Strategic Partner GCMD 
15:23 BW LNG secures e-procurement deal with Procureship for global LNG fleet
14:33 Normec Verifavia сonducts сomprehensive сarbon footprint verification for Swire Shipping
13:53 Fire breaks out on Malta-flagged tanker MED ATLANTIC in East Johor Straits
13:26 Indian Register of Shipping and SeaTech sign MOU for international collaboration on green tug design and sustainable initiatives
12:53 ABS delivers comprehensive ammonia dispersion safety evaluation to Hanwha Ocean
12:23 Zinus AS awarded contract for shore power units to Port of Skagen
11:59 PSA сelebrates groundbreaking for its new logistics hub in Tuas Port, Singapore
11:48 Seaspan orders six 13,600 TEUs container ships from Hudong-Zhonghua
10:51 Port of Long Beach sets new container record in September 2024
10:39 ClassNK awards notation for safe transportation of EVs to “K” LINE's car carrier “TEXAS HIGHWAY”

2024 October 20

16:03 SSA Marine terminal in Panama receives new cranes
14:28 Hapag-Lloyd Cruises vessel takes on 100% biofuel for first time
13:53 India's HPCL to start LNG terminal around year-end, seeks term supply
12:06 Hong Kong launches new Maritime and Port Development Board
10:03 ONE-operated vessel refloated after grounding off Isle of Wight

2024 October 19

15:19 US Port and Maritime Industry Economic Impact Report: US ports contribute $2.9 trillion to the economy
13:28 WNE and KPHL sign FLNG pre-FEED contract
12:06 Port of La Rochelle introduces cold ironing
11:14 SITC Logistics and CRIntermodal signed the strategic cooperation framework agreement
09:53 TS Lines prepares to go public

2024 October 18

18:00 MAWANI, HPA and HPC form new collaboration at IAPH World Port Conference
17:39 Greek Piraeus port dockers block ammunition cargo destined for Israel
17:02 Cargo volume at India's top 12 ports rises 5% to 413.747 million tonnes in September 2024
16:39 China Gas and Vitol enter into a long-term swap arrangement
16:09 A joint project between Dublin and Holyhead ports and ferry operators Irish Ferries and Stena Line receives a €143,621 grant from the International Green Corridor Fund
15:44 Hafnia welcomes two new Vietnamese pool partners
14:52 Cido Shipping has placed orders for up to 40 ships
14:12 Mawani, еhe Ministry of Transport and Logistics Services and the Zakat, Tax, and Customs Authority sign a cooperation agreement to develop ports in Saudi Arabia
13:42 Armada Technologies signs MoU with Gibdock for hull air lubrication installations
13:22 Bahri signs Murabaha financing agreement with Alinma Bank
12:42 Al Seer Marine secures USD 80 mln financing from BOCOM Leasing for MR tankers
12:11 Power2X and Advario to develop world-scale e-SAF hub in the Port of Rotterdam
11:41 St. Johns Ship Building signs contract with Mobro Marine for two Spud Barges
11:09 Goldbelt signs agreement with Royal Caribbean to build a cruise port in Juneau, Alaska
10:31 PaxOcean Group delivers Indonesia's 1st FPSO conversion
10:00 ABS to lead digital twin, condition monitoring project for Petrobras FPSOs
09:55 TecPlata handles Argentina’s 1st carbon-neutral container

2024 October 17

18:00 Austal Australia delivers 21st Guardian-class Patrol Boat
17:35 Port of Newcastle Clean Energy Precinct reaches major milestone
17:13 NS United to install Anemoi rotor sails on Valemax VLOC
16:47 Ammonia and ethane vessel order book hits record in 2024 - Drewry
16:25 “K” Line takes delivery of LNG-fueled car carrier “POSEIDON HIGHWAY” with a 7,000-vehicle capacity
15:33 Iberdrola and Masdar complete wind turbine installation at Baltic Eagle offshore wind farm
14:43 Yang Ming to launch two Europe-East Med express services
14:23 ClassNK awards world's first notation for ships using green steel - for NYK Bulk & Projects’ bulk carrier "BRIGHT QUEEN"
13:50 GTT receives an order from HD Hyundai Samho for the tank design of two new Ultra Large Ethane Carriers
13:22 Wartsila continues to strengthen its market leadership in cargo handling and fuel gas supply systems