• 2019 October 10 09:02

    MABUX: Bunker market this morning, Oct 10

    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 downward movement on Oct.09:

    380 HSFO - USD/MT – 391.62 (-1.09)
    180 HSFO - USD/MT – 429.00 (-1.27)
    MGO - USD/MT – 659.04 (-2.46)


    Meantime, world oil indexes changed irregular on Oct.09, following media reports that China was open to agreeing a partial trade deal with the United States, while unrest in OPEC members Iraq and Ecuador also supported prices.

    Brent for December settlement increased by $0.08 to $58.32 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $0.04 to $52.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.73 to WTI. Gasoil for October gained $12.50.

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

    Negotiators from China and the United States will meet in Washington on Oct.10-11 in the latest effort to settle a deal aimed at ending a long-running trade dispute that has slowed global economic growth. But tensions between China and the U.S. rose this week after the United States imposed visa restrictions on Chinese officials for the detention or abuse of Muslim minorities, while a row escalated over comments by a leading U.S. National Basketball Association official in support of protests in Hong Kong.  The issues have set markets on a risk-aversion course, even though the global oil market remains in a supply deficit which should in theory support prices at above $60 a barrel.

    The EIA has revised downward again its oil price forecast in October’s Outlook (STEO), shaving another $5 per barrel off its forecast compared to last month’s STEO. The reason for the downward adjustment to oil predictions, which it now expects will be fall to $57 per barrel by the second quarter of 2020, is due to the rise of global oil inventories during the first half of 2020. Brent spot prices averaged $63 per barrel in September. While the EIA acknowledges the greater risk of oil supply disruptions as of late, it remarks that this risk is more than offset by “increasing uncertainty about economic and oil demand growth in the coming quarters.”

    Iran is upping its defenses around key oil and petrochemical facilities, as Iran prepares for a retaliatory act just weeks after Saudi Aramco’s oil facilities were struck by missiles. The areas that will be covered under this increased defense will be air traffic in the south, over the Persian Gulf as well as over the Strait of Hormuz and the Sea of Oman, and will cover area of critical importance to the gas and petrochemical industries such as Assaluyeh and Kharg island.

    Turkey said its forces would cross the Syrian border shortly, launching attacks that could impact the economy of the oil-producing Kurdistan region in Iraq, and energy prices. Anti-government protests also threatened oil production in Ecuador and Iraq, members of the Organization of the Petroleum Exporting Countries.

    The IMO 2020 sulphur regulation will force ocean carriers to use more expensive, cleaner fuel, or install expensive scrubbers: it means that their operating costs will be higher. To offset costs, shipping companies are going to deploy larger vessels, since an increase in ship size does not mean an equal increase in fuel consumption. As a result, it is expected a shift from the 10,000 TEU to the 14,000-18,000 TEU size. Currently, most cargo ships are in the 10,000 – 14,000 TEU (Twenty foot Equivalent Unit – corresponding to the size of a standard 20ft shipping container) range, with larger ships ranging from 18,000 to 23,500 TEU. One 20,000 TEU ship does not use as much fuel as two 10,000 TEU vessels. On the water side, most large U.S., European and Asian ports are ready to receive 14,000-plus TEU vessels. However, the question is how well they can handle these vessels on the land side.

    Russia’s liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia’s Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses. The United States imposed sanctions on Sept. 25 on state-owned COSCO for allegedly ferrying Iranian crude. Novatek had a deal with Norwegian shipping company Tschudi to reload Yamal cargoes in Norway’s Honningsvag between November 2018 and June 2019. This allowed the company to export the Yamal volumes that came from trains launched ahead of the schedule, while not all Arc7 ships designed to export those were as yet available.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week. At 425.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year. That comes after three weeks of inventory increases, with the latest, for the last week of September, at 3.1 million barrels. The authority also reported gasoline inventories had shed 1.2 million barrels last week, versus a 200,000-barrel draw in these a week earlier. In distillate fuels, the EIA reported a decline of 3.9 million barrels, after a week earlier it estimated these had gone down by 2.4 million barrels.

    We expect bunker prices for IFO may change irregular today in a range of plus-minus 1-3 USD. MGO prices may rise by 5-10 USD.




2024 March 29

12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

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
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
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
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

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
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
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
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
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
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
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
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
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
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

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