• 2019 October 2 12:39

    MABUX: Bunker Market this morning, Oct 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 downward evolution on October 1.

    380 HSFO - USD/MT 407.81 (-9.92)
    180 HSFO - USD/MT 445.57 (-11.13)
    MGO - USD/MT 663.83 (-4.75)

    Meantime, world oil indexes also demonstrated irregular changes on Oct.1.

    Brent for December settlement decreased by $1.89 to $58.89 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $0.45 to $53.62 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 5.27 to WTI. Gasoil for October delivery decreased by 4.75.

    Today indexes are steady on a surprise drop in U.S. crude inventories.

    According to American Petroleum Institute U.S. crude stockpiles dropped sharply last week, by 5.9 million. It was expected a build of 1.57 million barrels. The Energy Information Administration's weekly oil inventories report is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

    Oil prices are now below levels from before the Sept. 14 attacks on Saudi oil facilities as the world's largest oil exporter has restored its full oil production and capacity.Despite the attack, Saudi Aramco has succeeded in making all of its shipments in the month of September. The company also managed to restore its oil-production capacity to pre-attack levels, meeting an accelerated two-week timeline announced by the firm earlier this month.

    Saudi oil output was cut in half by an attack on Aramco facilities, an attack that was allegedly orchestrated by Saudi Arabia's arch-rival Iran (though Yemen's Iran-backed Houthi rebels initially took credit for it). In the wake of the attack, oil prices soared, as the kingdom warned that the equivalent of 5.5% of global production had been temporarily taken offline.

    However, growing fears of stalling demand have proved more durable than concerns about supply squeezes due to tension between Iran and Saudi Arabia. A drop in U.S. manufacturing activity fed concerns over a slowdown in energy demand. The Institute of Supply Management’s purchasing managers index posted its lowest reading in 10 years, falling to 47.8 from 49.1 in September and disappointing consensus forecasts of a rebound above 50. The day earlier, similar surveys from Japan to the euro zone and U.K. had also painted a picture of a global manufacturing sector still suffering from the fallout of the U.S.-China trade conflict, Brexit and other concerns.

    Ecuador, meanwhile, announced plans to leave the Organization of the Petroleum Exporting Countries on Jan. 1, 2020 as its government seeks ways to boost revenue. At the same time, speaking at an event in Sochi, Russia, Barkindo, OPEC’s head, said that the OPEC+ alliance of OPEC and 10 non-OPEC producers led by Russia has served the interests of producers, consumers and the global economy over the past three years. The so-called ‘Charter of Cooperation’ of the 24 oil-producing countries could help the global oil market get through external shocks in the future, such as geopolitics, trade tensions, monetary policies, and natural disasters. He noticed that the United States, in its capacity of the world’s top oil producer, has a strategic stake in global supply and demand. The U.S., however, isn’t keen on market-managing policies, and President Trump has often called out OPEC for manipulating oil prices or for keeping them “artificially high.” Other major oil producers, including Canada, Brazil, and Norway, are not part and haven’t expressed desire to be part of the ‘Charter of Cooperation’ either. It’s growing oil supply from the U.S., Brazil, and Norway that has been offsetting OPEC’s efforts to rebalance the market and prop up oil prices.

    Expect bunker prices to demonstrate downward changes today: 8-10 USD down for IFO, 3-5 USD down for MGO.




2024 May 25

15:33 Bahri could be buyer of four VLCCs with $480 million
14:27 Panama Canal returns to normal operations
12:03 Equinor and partners to invest to maintain high gas production at Troll
11:41 Singapore carries out ship-to-ship bunkering of close to 1,340 metric tonnes of blended methanol
10:12 Australian operator renegotiates ferry deal with Finnish shipbuilder following delays

2024 May 24

18:00 MSC resumes Far East – Baltimore service
17:22 First LNG tugboat with hybrid system goes into operation in Singapore with mtu gas engines from Rolls-Royce
16:47 S. Korea slaps sanctions on 7 N. Koreans, 2 Russian ships for illegal trade with Russia
16:24 COSCO Shipping plans to build 120 ships worth $4.5 billion
15:46 LR award AiP to CMB.TECH and Damen for hydrogen tug solution
13:51 Kongsberg Maritime opens a new facility in Kochi, India
13:11 Wind Challenger to be installed on coal carrier for J-Power
12:41 India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April
12:21 Newbuilding contracts signed by Greek shipowners are up more than 50% this year to March
11:40 The port of Piraeus receives permission to continue dredging from the State Council
11:05 Eastern Shipbuilding Group awarded contract to construct Fisher Island Ferry
10:49 Huangpu Wenchong receives contract for up to eight methanol-fuelled bulkers
10:28 Cadeler signs installation vessel reservation agreement for upcoming wind farm installation projects
09:58 ScanOcean launches renewable biodiesel fuel
09:42 Uralkali fertilizer exports hit 7.6-million tonne mark by the end of 2023

2024 May 23

18:00 Cadeler places order to build its third A-class vessel
17:34 Van Oord successfully installs first monopile using KENC’s flange mounted upending tool
17:12 The fire engulfed approximately 600 square meters of metal waste on industrial premises at the port of Hamburg
16:57 Hapag-Lloyd resumes CGX service between China, West Africa and Germany
16:38 The world's first methanol-powered container ship now on weekly service to the Port of Gothenburg
15:32 Inmarsat launches combined VSAT, LEO and LTE managed connectivity service
14:52 Dominican Republic, Oman and Saudi Arabia join the International Transport Forum
14:21 Canada’s TMX pipeline expansion to boost Asian crude oil trade
13:44 Norwegian Cruise Line expands its presence across Asia Pacific, Australia and New Zealand with over 30 new itineraries
13:21 Canadian Coast Guard issues $15,000 fine for a hazardous vessel
13:18 MABUX: Bunker Outlook, Week 21, 2024
12:51 Dunkerque LNG launches a request for interest for its Small Scale LNG services
12:11 SITC signs a strategic cooperation framework agreement with Fujian Port Group
11:40 Wartsila to convert two Scandlines ferries to plug-in hybrid operation
11:03 Hapag-Lloyd upgrades sea shuttle service between Ukraine and Romania
10:30 Japanese companies complete the early stages of a cross-industry project to create a secure data exchange system between shipyards and shipowners
10:02 GTT Strategic Ventures and Engie New Ventures jointly invest in CryoCollect to support the development of a unique CO2 capture technology for biogas
09:25 NatPower Marine and Peel Ports Group announce plans for first ‘green shipping corridor’ between UK and Ireland

2024 May 22

18:01 Sea-Intelligence: Avg. minimum transit time up 39% on Asia-MED
17:46 Kongsberg Maritime announces energy-efficient upgrade for Solstad’s Normand Sentinel
17:23 FMC launches investigation of the impact of Canadian regulations on U.S.-flag carriers
16:59 Dataloy Systems launches groundbreaking widgets at Breakbulk Rotterdam
15:34 Pyxis Tankers announces JV agreement to acquire modern dry-bulk vessel
15:32 Vympel unveils two concepts of a universal dry bulk / container carrier of Project 00111 Belomorets
14:25 LR awards Approval in Principle to Seaspan Corporation for next generation feeder ship design
13:59 HD KSOE, SHI faces 1trn won contract delays
13:22 HD Hyundai Marine Solution builds ship smartcare center in Busan
12:42 BBC Chartering takes delivery of first “LakerMax” newbuilding, MV BBC LEER
12:16 Copenhagen Port of Malmo and Green2x enter into a partnership to design and operate a biofuel production plant
11:58 Aker BP extends Deepsea Nordkapp firm contract to end 2026
11:20 Echandia secures an order for the delivery of battery systems to a Northern European ferry operator
10:43 Asso.subsea and Nexans join forces on historic Celtic Interconnector Project
09:59 EST-Floattech supplies Octopus battery systems to Wight Shipyard for river Thames

2024 May 21

18:02 MOL holds completion ceremony for newly completed operation and maintenance training facility for offshore wind power generation in Kitakyushu
17:37 SAFEEN Group trials first electric tug in Middle East for Marine Services fleet
17:13 First vessel in new fleet of next generation Parramatta River ferries enters service
16:59 Port Houston container volumes up 5% to 324,177 TEUs in April 2024
16:25 The first prototype trials of the Blue Visby solution demonstrate significant savings of CO2 emissions
15:40 New Times Shipbuilding launches LNG dual-fuel bulker for Eastern Pacific Shipping
15:24 New container service to connect the Chinese port of Qingdao with Mexico
14:52 Astrakhan SRZ launches the Project 22870 Rescue Tug Mikhail Chekov
14:47 TFG Marine’s dual-fuel bunker vessel wraps up first refueling in Singapore
14:12 New Zealand’s Kotahi and Maersk sign a second long term freight agreement to December 2034
13:24 TotalEnergies launches the Kaminho deepwater project in Angola
12:04 Headway Methanol Fuel Supply System supports the successful FAT of China's first methanol dual-fuel low-speed engine
11:17 Alfa Laval receives over 100 orders for its low-flashpoint fuel supply system FCM Methanol
10:45 Port of Los Angeles container volume increases 12% to 770,337 TEU in April 2024

2024 May 20

18:00 ADNOC secures equity position and LNG offtake agreement in NextDecades Rio Grande LNG Project
17:31 EDGE Group and Fincantieri formalise MAESTRAL shipbuilding JV and announce 400 mln euro order for 10 naval vessels
17:02 Genevos awarded European Commission funding for hydrogen fishing vessel demonstrator in ‘H2-SEAS’ consortium