• 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 May 31

16:57 RINA: shareholders’ meeting approves the financial statement for 31 December 2019 and appoints a new Board of Directors
15:31 Board appoints non-executive director at V.Group
14:48 MM&P seeks help from Congress in battle to repatriate offshore crews
13:24 Svitzer A/S names new CEO
12:31 Subsea 7 announces cost reduction measures
10:52 Drydocks World begins second project for the Hollandse Kust Zuid Windfarm

2020 May 30

16:23 APL England master faces charges over shipping container loss
15:27 Xeneta Container Rates alert: continued global uncertainty hits rates, but worst fears yet to be realised
14:32 EC approves €600 million Finnish guarantee scheme to support maritime companies affected by the coronavirus outbreak
13:12 Bollinger Quick Repair takes delivery of new dry-dock “Mr. Eddie”
11:47 Sanmar and Svitzer deliver power and performance to Port of Sohar
10:58 Coast Guard Cutter James seizes 3,350 lbs of marijuana off Central American

2020 May 29

18:36 Port of Marseille Fos to constuct a new international ferry terminal
18:20 Sea Port of Saint-Petersburg boosts its infrastructure investments by 40%
18:06 PIL starts a new India Service - China India Express (CIX)
17:51 Petrotrans takes delivery of lead ship of Project RSD59
17:36 Rolls-Royce seals major contract covering complete MTU propulsion systems for Royal Navy Type 31 frigates
17:14 United Shipbuilding Corporation developed its own cargo ship design
17:06 ECSA welcomes TRAN opinion on future EU-UK partnership and urges rapid advancement of the talks in view of the looming deadline
16:15 Port Authorities pledging support to keep ports open during COVID-19 more than doubles within a month
15:52 Market of seaborne cargo transportation for wind farms is stable and expected to grow
15:46 Viking Line starts a passenger service from June 1
15:05 KiwiRail orders two new ferries
14:49 Admiral Makarov University introduced new GMDSS simulator class
14:05 Bollinger Shipyards delivers the USCGC MYRTLE HAZARD to the U.S. Coast Guard
13:41 Smart Delta Resources launches project to substantially reduce CO2 emissions in Scheldt-Delta region
13:09 Record engine powers world’s largest containership
12:48 Large amphibious ships of RF Navy's Black Sea Fleet conducted comprehensive exercise in sea training ground
12:30 Navigation season opens on Upper Lena and Lower Lena rivers
12:09 Global shipping body addresses the health concerns of seafarers during the COVID-19 pandemic
11:26 Vimpel Shipyard launches coast guard boat Lamantin of river-going design
11:03 LNG STS bunkering – ‚First-off‘ operations in France, Germany and Norway
10:28 Oil prices fall by over $1
10:09 DP World joins with TradeLens to digitize global supply chains
09:53 Bunker prices are stable at the port of Saint-Petersburg, Russia
09:35 Baltic Dry Index on May 28
09:20 Konecranes to deliver third mobile harbor crane to South Australia
09:17 MABUX: Bunker market this morning, May 29
08:46 CMA CGM announces FAK rates from Asia to North Africa, Mediterranean and North Europe

2020 May 28

18:37 CMA CGM ends ESS from North Europe, Scandinavia & Poland to West Med, East Med, Adriatic & North Africa
18:07 PortXchange results in shorter idle times on departure at APM Terminals Rotterdam
17:24 Independent Container Line starts new service from Cork to USA
17:20 Antwerp@C investigates potential for halving CO2 emissions in Port of Antwerp by 2030
16:49 Nevsky Shipyard launches lead ferry of Project PV22, Admiral Gennady Nevelskoy
16:17 Finland's new Water Traffic Act enters into force in June
16:05 Lubrizol joins the Getting to Zero Coalition
15:56 Wärtsilä high-efficiency propulsion solutions selected for special high-speed ferry
15:46 ABP keeps Britain trading in the safest way possible
15:02 Bunker prices show no considerable changes at the Far East ports of Russia (graph)
14:38 Bunkering tanker intended for Baikal lake delivered to the customer
14:00 WinGD wins type approval for biggest and most powerful ever dual-fuel engines
13:00 Gasum partners up with the sustainable transport solution provider company Samskip
12:30 More Konecranes BOXHUNTER RTGs to Vietnam
12:00 Konecranes and Fluidmesh join forces to deliver world-first 100% wireless Automated Rubber Tired Gantry crane system
11:30 EPS and Equinor set sights on a trio of newbuild LPG dual-fuel vessels
11:09 Boskalis awarded two dredging contracts in Finland
10:51 Oil prices continue going down
10:30 DNV GL releases first ever traceability standard for reclaimed plastic
10:09 Port of Stockholm announces arrival of the first container ship at Norvik Port
09:44 CMA CGM announces Overweight Surcharge (OWS) from Asia to North Europe