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  • MABUX: Bunker market this morning, Oct 11
  • 2019 October 11 09:19

    MABUX: Bunker market this morning, Oct 11

    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) changed insignificant and irregular on Oct.10:

    380 HSFO - USD/MT – 390.32 (+1.62)
    180 HSFO - USD/MT – 428.88 (+0.48)
    MGO - USD/MT – 662.81 (+2.69)


    Meantime, world oil indexes changed irregular on Oct.10, amid comments by the OPEC that the organization could take action to balance oil markets and that it will decide in December on supply for next year.

    Brent for December settlement increased by $0.78 to $59.10 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery rose by $0.96 to $53.55 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.55 to WTI. Gasoil for November lost $11.75.

    Today morning oil indexes turned into slight upward evolution.

    Mohammad Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries, did not specify if the move would mean extending a pact to rein in production to stabilize prices, but the comments appeared to nudge the market out of pessimism over U.S.-China trade talks. Separately, Saudi Arabia told OPEC its monthly oil output fell by 660,000 bpd in September after major attacks on its energy facilities, while OPEC lowered its 2020 forecast for non-OPEC supply growth.

    Minutes from the Federal Reserve’s September meeting, published on Oct.10, showed market may be anticipating more rate cuts than the central bank deemed necessary to stimulate the economy. So far this year, the Fed has conducted two quarter-point rate cuts back to back in July and September, to try and preserve the U.S. economy's record decade-long growth. Market participants expect the Fed to agree on another quarter point cut when it meets Oct 29-30.

    The EIA said that the largest monthly drop in U.S. crude oil production in more than a decade in July is likely a temporary, geographically isolated glitch largely due to Gulf of Mexico shut-ins due to Hurricane Barry. The EIA also expects expecting that U.S. crude oil production will return to grow month on month throughout the rest of this year. U.S. crude oil production dipped in July by 276,000 barrels per day (bpd) from June. This was the largest decline in monthly crude oil production in more than a decade. In the October Outlook, EIA expects that U.S. crude oil production will increase in each of the remaining months of 2019, and reach 13.0 million bpd in December 2019. This year’s U.S. crude oil production is forecast to average 12.3 million bpd, while the 2020 production is seen averaging 13.2 million bpd.

    Iran’s priority in continuing to optimise its oil industry exports despite ongoing U.S. sanctions is to push the pace of development firstly of the multiple fields that constitute the West Karoun area and secondly of the fields it shares with Iraq. A third priority is to ensure that it build-outs export routes for its oil that do not have to go through the ultra-politically-sensitive Strait of Hormuz. The Strait is the world’s most important oil transit chokepoint – and the key transit route from the Arabian Gulf to the Indian Ocean and the Far East - with roughly 35% of all seaborne oil and about a third of global liquefied natural gas supplies passing through it.

    The U.S. slapped the sanctions on September 25 on a number of Chinese tanker-owning firms and executives for transporting Iranian oil in violation of the U.S. sanctions on the Islamic Republic. As a result, China’s tanker owning company Cosco Dalian, has seen one third of its oil tankers turn off their automatic identification system (AIS) transponders in the past week. 14 ships owned by Cosco Dalian, including nine VLCCs, switched off their AIS transponders between September 30 and October 7. Six of the ships offline carry some oil on board.

    Nigeria may face an easier task to finally fall in line with its share of the OPEC+ production cuts after OPEC has recently raised the African producer’s oil output ceiling.  OPEC has raised the quota for Nigeria to 1.774 million bpd from 1.685 million bpd. The higher quota given to Nigeria is due to the fact that the cartel had not factored in the newly launched production from the Egina ultra deepwater field which Total started up at the beginning of the year, expecting to pump 200,000 bpd at peak output.

    India is set to resume oil imports from sanctioned Venezuela. It had stopped its imports of Venezuelan oil months ago after the United States sanctioned Venezuela. However, now the country feels secure in its decision to resume the imports, because it will be taking the crude oil in exchange for supplying Venezuela with fuels including diesel, a scenario that is allowed under the sanctions.  Venezuela’s oil industry has suffered under the weight of those sanctions that have caused inventories to build up, causing its last running blending unit, Petrosinovensa, to shut late last week. Other blending units had already been shuttered earlier in the year. For India, the resumption of Venezuelan crude oil imports will come as welcome relief, after it had to stop crude oil imports from Iran due to sanctions as well.

    We expect bunker prices may change irregular today in a range of plus-minus 3-6 USD.




2021 December 9

16:57 Dredging & Reclamation Masterclass 2022 to be held live online on April 4-8
16:55 WinGD outlines simple steps to decarbonize deep-sea shipping
16:35 ABP and Tarmac sign new long-term agreement in Port Talbot
16:12 Trafigura and Nyrstar announce a joint investment in new green hydrogen project at Port Pirie, South Australia
15:55 8th Port Planning & Development Asia Summit 2022 to be held live online on 21-24 March 2022
15:54 Port of Melbourne breaks new ground on rail project
15:42 Port of Antwerp, Indaver, Fluvius and Woonhaven work together on the first open access heat network in Belgium
15:21 LR launches ‘First movers in Shipping’s Decarbonisation – a framework for getting started’
14:54 Intense operation of nuclear-powered icebreakers over complete cycle is cheaper compared to diesel and gas fueled ones
14:50 Aker Solutions to deliver subsea compression module for Åsgard
14:30 Volvo Penta and Danfoss Power Solutions partner to boost electrification in the marine sector
13:58 Four new ports to be built in Perm Territory by 2030
13:35 MABUX: Bunker Weekly Outlook, Week 49, 2021
13:31 Rotterdam port agrees tariffs through 2024
13:13 Electric watercraft maker Candela secures €24M investment from EQT Ventures to scale production of foiling vessels
13:02 Xeneta and Compass Financial Technologies partner to launch the industry’s most in-depth daily container freight index
12:44 NUTEP Container terminal set a record for simultaneous processing of vessels
12:12 CMA CGM acquires Ingram Micro’s Commerce & Lifecycle Services business
11:13 Samus Shipbuilding and Repair Yard lays down 10 barges for Yenisey River Shipping Company
10:42 FESCO launches a regular intermodal service from countries of the Asia-Pacific region to Europe via Vladivostok and Kaliningrad
10:19 MABUX: Bunker prices may slightly increase on Dec.9
09:50 FESCO acquires a universal marine terminal in the Far East
09:28 Crude oil prices rise as concerns over omicron decrease
09:11 Baltic Dry Index as of December 8
08:07 Topeka’s hydrogen vessels one step closer to reality
07:56 BIMCO publishes EEXI Transition Clause ahead of IMO efficiency regulation

2021 December 8

18:39 A robotic system intended to clean litter from the seafloor has passed its first real-life tests in Croatia
18:10 Arctic LNG 2 signs loan agreements with international banks
17:55 Eagle Bulk Shipping partners with sustainability pioneer GoodFuels to take on first biofuels
17:49 Russian Railways: Loading of export cargo bound for domestic ports grew by 7% in 11M’21
17:26 European shipowners call on Transport ministers to fix enforcement loopholes in FuelEU Maritime
17:06 Sewage from cargo ships may be legally discharged into the Baltic Sea - Gasum
16:42 Nordic Engineering supports Ship Repair, Modernization and Components Conference as its Partner
16:25 Wärtsilä thrusters to provide optimal propulsion performance for new Wind Turbine Installation Vessel
15:43 Zelenodolsk Shipyard named after A.M. Gorky lays down three sea-going tugboats of Project Т3150-ZD
15:14 Crowley announces 2050 net-zero commitment and activates key partnerships
14:55 Results of Atomflot’s summer-autumn navigation season rose from 66 to 111 icebreaker escort operations YoY
14:31 ICTSI continues to invest in Manila flagship
14:22 Parker altair® Neptune filtration system selected to provide reliable operation of Italian and US Navy vessels
13:47 Single-window concept applied at Ust-Luga – Baltiysk ferry line
13:21 Port of Long Beach opens survey on multimillion-dollar community grants
12:56 AS Tallink Grupp published its statistics for November 2021
12:32 Rosatomflot completed operation to escort ships out of the Northern Sea Route area
12:30 "K" Line and Shin Kurushima Dock get joint AIP for the concept design of Ammonia Fueled Car Carrier from ClassNK
12:09 APM Terminals Elizabeth targeting intermodal cargo
11:03 VRT Finland acquires Satamatieto Oy
10:29 ABP opens Vancouver Timber Terminal at the Port of Kings Lynn
10:10 Sea Port of Saint-Petersburg introduced unified digital system of production control
09:59 The Georgia Ports Authority to expedite 1.6M TEUs of on-terminal capacity by June
09:46 MABUX: Bunker prices may continue upward changes on Dec.8
09:28 Baltic Dry Index as of December 7
09:11 Crude oil market sees downward price correction

2021 December 7

18:15 Ernst Russ AG to acquire further shares in a Fleet Holding Company
17:59 Kuzey Star Shipyard holds steel cutting ceremony for Atomflot’s new floating dock
17:36 Stena Line expands and launches new route between Stockholm Norvik and Hanko
17:15 Boskalis consortium secures EUR 24 million research grant to advance emission-free shipping
16:45 New report highlights regional economic importance of Ports of Stockholm
16:33 LAS Admiral Panteleev of RF Navy’s Pacific Fleet started transition to Vladivostok from Indonesia after participation in ARNEX-2021
16:15 Angola starts CLOV Phase 2 project
15:50 Rosneft signed contract with Indian Oil for supplying up to 2 mln tons of crude oil to India