• 2019 October 15 09:32

    MABUX: Bunker market this morning, Oct 15

    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 irregular on Oct.14:

    380 HSFO - USD/MT – 384.80 (-7.10)
    180 HSFO - USD/MT – 423.11 (-7.75)
    MGO - USD/MT – 665.04 (+4.27)

    Meantime, world oil indexes were down on Oct.14, as the market is becoming more sceptical on whether the “phase one” trade deal the U.S. and China agreed on Oct.11 would lead to a quick recovery in oil demand.

    Brent for December settlement decreased by $1.16 to $59.35 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $1.11 to $53.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.76 to WTI. Gasoil for November lost $16.50.

    Today morning oil indexes continue slight downward evolution.

    Washington and Beijing reached a partial trade deal late last week. The U.S. will not be imposing more tariffs on Chinese goods this week as previously planned, while China promised it will buy more U.S.-made agricultural products. However, most of the tariffs set upon Chinese goods remain in place, raising concerns that tariffs will become the "new normal." At the moment chances are still high that Washington and Beijing will fail to agree on any specifics in time for a mid-November meeting between Trump and Chinese President Xi Jinping. Even if they do, China will be less motivated to make the concessions needed for a more difficult "Phase 2" of negotiations, choosing instead to live with substantial U.S. tariffs.

    OPEC and its non-OPEC allies in the production cut deal achieved a compliance rate of more than 200 percent with their cuts in September, mainly due to last month’s attacks on vital oil infrastructure in OPEC’s largest producer Saudi Arabia, which knocked 5.7 million bpd - or 5 percent of global oil supply - offline. Due to this attack, OPEC’s total production slumped by 1.318 million bpd from August to 28.491 million bpd in September. The largest non-OPEC producer part of the pact, Russia, saw its oil production inch down in September, to 11.25 million bpd from 11.29 million bpd in August, but still above Moscow’s cap under the deal. Russia has vowed that it is still looking to comply with its share of the cuts.

    According to Iranian media reports, the Iranian tanker Sabiti was hit by missiles off the Saudi Arabian coast on Oct.11. The National Iranian Tanker Company confirmed these reports but denied those of them that said the attacks had originated in Saudi Arabia. The Sabiti had sent a distress signal with a request for assistance, while the crew said the front of the tanker was damaged and the vessel was leaking oil. Iran’s President on Oct.13 warned the perpetrators of the attack that there will be a response. The attack on the Sabiti came as Pakistani Prime Minister Imran Khan was on a visit in Iran as mediator between Tehran and Riyadh.
    News have formed upward driver for fuel prices in the end of last week.

    The number of active oil rigs in the US has been in steady decline since late 2018, falling in early October to its lowest level since May 2017. These factors are behind the EIA’s surprising downward revision of US oil production, with the agency expecting domestic oil supply to decline by 0.4 million b/d year-on-year in 2021 in its latest international energy outlook. However, despite these concerns the prevailing view is still for a further growth beyond 2020. In recent years, there have been significant increases in rig productivity on the back of technological advancements.

    The Trump administration has been tightening the noose around Venezuela. The latest round of sanctions was signed in August and they spread to anyone doing business with the Maduro government, both U.S. and non-U.S. Following the signing of the order for the sanctions, the Shipowners’ Club told its members to “exercise caution” in their dealings with Venezuela.

    Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs. The move has taken roughly 3% of the global oil tanker fleet out of the market. Unipec, the trading arm of China’s Sinopec, Swiss trader Trafigura AG, oil firm Equinor ASA , Exxon Mobil Corp are shunning 250 crude and oil products tankers which have carried Venezuelan oil in the past year. Oil companies are also avoiding 43 oil tankers owned by COSCO Shipping Tanker (Dalian) after the United States last month imposed sanctions on two units of Chinese shipping giant COSCO for allegedly transporting Iranian crude.

    For Venezuela, there is also another problem coming up. Later this month, waivers will expire for the handful of U.S. companies still operating in the country. There has been no indication that Washington is willing to extend these, which means Venezuela’s oil production could drop by as much as half.

    We expect bunker prices may decline today in a range of minus 6-8 USD for IFO and minus 10-15 USD 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