• 2019 October 14 08:23

    MABUX: Bunker Market this morning, Oct 14

    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 irregular changes on Oct.11

    380 HSFO - USD/MT 391.90 (+1.58)
    180 HSFO - USD/MT 430.86 (+1.98)
    MGO - USD/MT 660.77 (-2.04)


    Meantime, world oil indexes also demonstrated upward changes on Oct.11. after Iranian state media said that two rockets had struck an Iranian tanker traveling through the Red Sea.

    Brent for December settlement increased by $1.41 to $60.51 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery rose by $1.15 to $54.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.81 to WTI. Gasoil for November delivery increased by $16.25.

    Today indexes slight down amid uncertainties for global economic growth and oil demand.

    On Oct.11, the Iranian tanker Sabiti, sailing through the Red Sea, had been struck by two unidentified objects believed to be missiles, causing a fire and oil leakage into the sea. However, the Iranian government later undermined the credibility of the report by saying later that the ship had not been set on fire. The consultancy Tankertrackers.com noted that Sabiti was still making surprisingly good speed after the attack. Oil indexes rose sharply on fears that the incident might cause new tensions between the Gulf’s two biggest political rivals. An Iranian government spokesman on Oct.12 said Iran would respond after the facts had been studied. Separately, a senior security official said video evidence had provided leads about the incident. Moreover, a special committee has been set up to investigate the attack on Sabiti. Its report will soon be submitted to the authorities for decision.

    Saudi Arabia said it received a distress message from the damaged tanker but the vessel kept moving and switched off its transponder before it could provide assistance.

    The US oil and gas rig count fell by 12 rigs to 919 last week, continuing a downward trend since late 2018 as drilling activity gradually slowed in most of the domestic large unconventional basins. Some believe the rig count could continue ticking down, even though operators have increasingly been able to produce more oil with fewer rigs.

    Oil prices were also supported by hopes that talks between President Donald Trump and Chinese Vice Premier Liu He in Washington would culminate in a partial trade deal and delay planned U.S. tariff increases against Beijing. Trump met Liu in the White House after two days of top-level discussions between the two sides. Trump himself tweeted: “Good things are happening at China Trade Talk Meeting. Warmer feelings than in recent past, more like the Old Days. I will be meeting with the Vice Premier today. All would like to see something significant happen!”.

    The International Energy Agency (IEA) cut its oil demand forecast yet again, citing the weakening global economy. In its latest Oil Market Report, the agency predicts that demand will grow by 1 million barrels per day (mb/d) in 2019 and 1.2 mb/d in 2020, both of which are downward revisions by 100,000 bpd from previous estimates. It is the latest in a series of downgrades to demand forecasts, as the weakening economy continues to slow consumption growth. The downgrade for 2019 came as the result of revisions to its 2018 data than anything else, and it sees demand on the upswing, at least relative to earlier this year.

    Inventories remain large. OECD inventories rose once again, the fifth consecutive monthly increase. Stocks are now back close to the 3-billion-barrel level, a large stockpile that was common during the 2016 bust.

    The problem for the oil market is not only weak demand and a slowing economy - supply also continues to grow. According to IEA non-OPEC supply could expand by 1.8 mb/d in 2018 and 2.2 mb/d in 2020. Both figures significantly outpace demand growth. That raises the pressure on OPEC+ to extend the production cuts or even deepen them. That will likely to be discussed on the next OPEC+ meeting that will take place in December.

    We expect bunker prices to demonstrate upward changes today: 6-8 USD up for IFO, 10-14 USD up for MGO.




2020 September 28

12:11 Abu Dhabi Ports acquires MICCO to become a leading provider of fully integrated supply chain logistics solutions
11:36 RF Government approves National Programme for Far East Development
11:13 Aker Solutions awarded subsea contract for Breidablikk
10:51 Hornsea Two monopile installation scheduled to start next month
10:21 Shipbuilding, Ship Repair Corporation launches non-self-propelled suction hopper dredger of Project 4395
09:52 Tallink suspends operation of Helsinki-Riga route until end of October
09:30 Tallink changes weekend operating schedule of Tallinn-Helsinki route shuttle vessel Star
09:14 Baltic Dry Index as of September 25
08:48 MABUX: Bunker market this morning, Sept 28

2020 September 27

16:43 Milaha signs key deal with major oilfield services firm
15:31 RINA and SDARI: an innovative step towards 3D ship classification
14:28 Belfast Harbour is hosting an innovative study which could help change the way ports and harbours manage air quality
13:48 ABP invests £10 million to repair Swansea West Pier
12:49 Huntington Ingalls Industries restores drinking water, conducts steam testing during USS George Washington (CVN 73) refueling and complex overhaul
12:03 The Manor Endurance sets sail for her first charter
11:29 NYK and JMU introduce shipbuilding contract that guarantees propulsion in actual sea conditions

2020 September 26

15:52 Port Freeport enters partnership with CEMEX Servicios Logisticos and Union Pacific Railroad
14:32 Coast Guard rescue two mariners from disabled catamaran near Oahu
13:43 NAT orders two -2- Suezmax newbuildings in South Korea
12:38 JAXPORT CEO Green named one of Florida’s top business leaders for third year in a row
12:06 Northwest to Midwest: New rail service builds on NWSA’s intermodal growth
11:02 IUMI: Loss prevention remains a vital element in ensuring the insurability of maritime risk
10:53 Huntington Ingalls Industries breaks ground on unmanned systems center of excellence

2020 September 25

18:07 Tripartite agreement signed on establishing the FSRU terminal in the Bay of Gdansk
17:55 Baltic Fuel Company shipped first batch of bitumen
17:39 Scorpio Bulkers announces purchase of shares by Scorpio Services
17:34 Vessel “Razul Rza” sent to outer waters after the repair works
17:12 Metal Shark debuts 48-meter catamaran expedition vessel and introduces "Metal Shark Yachts" portfolio
16:51 Ningbo Containerized Freight Index rises significantly in September
16:19 OOCL's service update for Trans-Pacific trade
16:16 Representative office of Marinet opened in China
15:27 GTT signs a contract with the U.S. Dep't of Defense for the Red Hill Bulk Fuel Storage Facility
14:59 RFC held the second stage of the ecological marathon
14:31 Bunker prices are flat in the Port of Saint-Petersburg, Russia (graph)
14:05 Zvezda shipyard to build 10 gas tankers for Arctic LNG 2
13:42 Wärtsilä solutions meet challenging needs of Canadian Coast Guard vessel
13:18 Nuclear-powered container carrier Sevmorput delivered Kamchatka fish to Saint-Petersburg
12:56 Competition for construction of two scientific research ships for Russian Federal Fisheries Agency to be announced in October
12:34 Royal Niestern Sander orders SCHOTTEL thrusters for world’s first shallow-draught ice-breaking W2W vessel
12:11 VEB.RF starts financing construction of ten gas tankers for Arctic LNG 2 project
11:29 LR awards Samsung Heavy Industries AiP for its ammonia-fuelled tanker
10:37 British Ports Association sets out spending review priorities
10:29 New state programme on Arctic development in 2021-2024 drafted by Russia’s ad hoc Ministry
09:53 Debt service guarantees on Yamal LNG removed from NOVATEK
09:30 Oil prices rise in hope of demand
09:12 Baltic Dry Index as of September 24
09:11 MABUX: Bunker market this morning, Sept 25

2020 September 24

18:37 Kongsberg Digital develops cloud-based simulators for maritime industry, with funds from Innovation Norway
18:07 Wärtsilä ranked first in UN challenge to fight climate change with big data
17:45 Alco Bio Fuel, Messer Benelux and IJsfabriek Strombeek once again invest in recycling CO2 in North Sea Port
17:20 World’s first subsea compression system passes five years in operation
17:12 Esben Poulsson reappointed as ICS Chairman for a new term
16:48 Okskaya Shipyard launches first multipurpose dry cargo carrier of Project RSD59 for Astrol
16:24 Severnaya Verf starts cutting steel for seventh trawler of Project 170701 for NOREBO Group
15:50 ASCO's vessel “Razul Rza” sent to outer waters after repairs
15:26 Russian Direct Investment Fund (RDIF) to invest in Sovcomflot, says RDIF CEO
15:02 Diana Shipping announces the sale of a Capesize Dry bulk vessel
14:39 Russian Railways launches regular multimodal service from China to Europe via the ports of Kaliningrad and Hamburg
14:17 MABUX releases its weekly review of bunker market
14:02 Fincantieri starts dry dock works for experimental vessel Zeus