• 2019 October 21 09:24

    MABUX: Bunker market this morning, Oct 21

    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) continued slight downward trend on Oct.18:

    380 HSFO - USD/MT – 361.02 (-3.77)
    180 HSFO - USD/MT – 404.08 (-3.62)
    MGO - USD/MT – 661.00 (-0.52)


    Meantime, world oil indexes changed insignificant and irregular on Oct.18: concerns about China’s economy outweighed bullish signals from its refining sector.

    Brent for December settlement decreased by $0.49 to $59.42 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery dropped by $0.15 to $53.78 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.64 to WTI. Gasoil for November gained $5.25.

    Today morning oil indexes demonstrate slight downward evolution.

    U.S. oil inventories soared for the latest week, rising much more than the market expected. Crude stockpiles jumped 9.3 million barrels last week compared to expectations for a rise of about 2.9 million barrels. The buildup in U.S. stockpiles comes amid broader concerns of slowing global demand, as U.S.-China trade tensions continue to take a toll on the world-wide economy. At the same time this can pressure OPEC+ members to trigger deeper supply cuts.

    The joint technical committee monitoring a global oil production pact between the Organization of the Petroleum Exporting Countries (OPEC) and partners found that compliance is being exceeded, with cuts for September representing 236% of agreed quotas.  OPEC and its allies, including Russia, have agreed to limit oil output by 1.2 million barrels per day (bpd) until March 2020. OPEC lowered its 2019 global oil demand growth forecast to 0.98 million bpd while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd.

    China’s economic growth slowed to 6% year on year in the third quarter, its weakest for 27-1/2 years and below expectations, dogged by soft factory production and continuing trade tensions with the United States. China’s September refinery throughput, however, was up 9.4% year on year at 56.49 million tonnes, boosted by new refineries and some independent refiners resuming operations after maintenance. Meantime, U.S. and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

    Russian Company Rosneft has temporarily suspended works at one block in Iraq’s semi-autonomous region of Kurdistan due to security concerns because of the blocks’ proximity to the Syrian border. It was reported, that in view of the current unrest in Syria, with the Turkish offensive against the Kurds in northern Syria, Rosneft has decided to temporarily halt works on block 8 because it is close to the Iraqi Kurdistan’s border with Syria. Rosneft continues works on block 11 in Kurdistan. This year the Russian company launched exploration works in Kurdistan. The exploration work is set to continue next year and could take several years to complete.

    The British government insisted on Oct.18 the country will leave the European Union on Oct. 31 despite a letter that Prime Minister Boris Johnson was forced by parliament to send to the bloc requesting a Brexit delay. Johnson’s defeat in the British parliament over the sequencing of the ratification of his deal exposed the prime minister to a law passed by those opposed to a no deal departure, demanding he request a delay until Jan. 31. Johnson sent the request note as required, but unsigned, and added another signed letter arguing against what he cast as a deeply corrosive delay. One of his most senior ministers said Britain would still leave the bloc on Oct. 31.

    More than 30 oil tankers have anchored in the Malacca Strait off Singapore and Malaysia. The flotilla has been expanding for months as traders amass supplies of fuel that comply with new shipping standards IMO 2020. In April, at least five vessels laden with low-sulfur fuel oil and blending components were sitting off Singapore. Traders and bunker oil suppliers have secured fuels that can meet the new specifications, or create a blend comprising oil such as gasoil, low-sulfur fuel oil, low-sulfur crude oil, high-sulfur fuel oil and other components. Crude oil grades such as Australia’s Pyrenees, Vincent, Stag and Barrow Island, Brazil’s Atlanta and Ostra Blend, Congo’s Emeraude Blend, North Sea’s Clair and Thailand’s Wassana are also being hoarded on tankers in the Strait. Lack of storage capacity for 380 HSFO in the region pushed prices for this type of fuel further up in recent weeks.

    Tankers that had been scheduled to install emissions-cutting equipment ahead of stricter pollution standards starting in 2020 have deferred their visits to the dry docks to capitalize on an unexpected surge in freight rates. U.S. sanctions on subsidiaries of vast Chinese shipping fleet Cosco in September sparked a surge in global oil shipping rates as traders scrambled to find non-blacklisted vessels to get their oil to market. The rates for chartering a supertanker from the U.S. Gulf Coast to Singapore hit record highs of more than $17 million and a record $22 million to China earlier this week. The extraordinary spike in freight rates proved too good to miss for some shipowners who were due to send vessels to the dry docks for lengthy retrofitting and maintenance work. The shortage of ships to move crude oil was so acute that some shipowners also switched from carrying so-called 'clean' or refined fuels like gasoline to 'dirty' cargoes that include crude oil, despite the costs of having to clean them later. For scrubbers to be fitted, ships must be sidelined between 30 to 60 days.

    We expect bunker prices may change irregular today in a range of plus-minus 2-4 USD.




2020 September 30

18:06 Drone delivers package to inland vessel in port of Rotterdam
17:52 Investments into Astrakhan Region SEZ to exceed RUB 25 billion by 2026
17:36 Yang Ming announces new Chairman
17:20 Sredne-Nevsky Shipyard launches minesweeper of Project 12700, Georgy Kurbatov
17:06 Nexans to supply 46 kilometers of umbilicalsto Subsea 7 for Senegal’s first offshore oil development
16:57 LR awards Digital Safe Security certification to Evergreen for its 12k TEU container ship newbuilding
16:46 APM Terminals Poti reports record box throughput in Sept
16:28 Nikolai Artyomov appointed as General Director of Murmansk Shipping Company
16:19 Maersk despatches first train from Rotterdam to China
16:05 Austal Australia delivers 83 metre trimaran ferry to Jr Kyushu Jet Ferry
15:53 Krasnoye Sormovo shipyard launches dry cargo carrier Alfa Atlant
15:25 Acceptance/delivery certificate signed for Victor Chernomyrdin icebreaker
15:02 NYK Group RORO carrier rescues fishermen at the Strait of Malacca
14:17 Maersk launches its cold store in South Africa
14:12 Finnpilot to undergo reorganisation as of 1 October 2020
13:24 Port of San Diego celebrates completion of Tenth Avenue Marine Terminal modernization project
13:10 RS introduces new distinguishing marks for class notation
12:09 Detachment of RF Navy’s Pacific Fleet returned to Vladivostok after long range campaign in Asia-Pacific region
11:31 Russia’s seaborne cargo traffic turnover to rise by some 10% in 2020
11:04 Port of Los Angeles and Port of Long Beach to host Clean Air Action Plan update meeting
10:50 Rosmorport announces tender for dredging in Kavkaz port’s water area
10:23 Bunker prices decrease in the Port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Sept 30
09:35 Scorpio Bulkers announces the sale of a Kamsarmax vessel
09:27 Oil prices continue decreasing
09:12 Baltic Dry Index as of September 29
08:33 Keppel reaffirms Vision 2030 and rolls out next steps for implementation
07:29 ADNOC signs 25-year agreement to service all petroleum ports in Abu Dhabi

2020 September 29

19:01 Carnival Cruise Line’s Mardi Gras departs on sea trials
18:37 Great Lakes announces receipt of $105 mln Jacksonville deepening award
18:03 Kongsberg Digital wins contract to deliver cutting-edge engine room simulator to German training institute
17:55 Murmansk Commercial Seaport expands its fleet of equipment
17:31 Milaha signs deal with Schlumberger
17:16 Expansion of Aberdeen Harbour by Van Oord in full swing
17:08 HHLA invests in the Adriatic Port of Trieste
16:29 Record-high number of international cruise ships to arrive at the Port of HaminaKotka next year
16:05 Hamworthy Pumps makes strong re-entry to tanker market
15:44 New BIMCO Shipping KPI version offers improved benchmarking concept
15:32 Free energy scan for inland vessels is to stimulate the use of shore power
15:05 Mir sailing training ship accepts new shift of cadets
14:30 Admiral Essen frigate of RF Navy’s Black Sea Fleet passes Black Sea Straits towards Mediterranean Sea
13:58 Traficom surveyed Maritime professionals’ opinions regarding N2000 fairway and nautical chart reform
13:13 Victor Shitukhin is appointed as Acting Director of its Ship Repair Plant ‘Nerpa’
12:49 Lotos shipyard lays down two self-propelled dredgers
12:11 Bunker prices decrease in the Far East ports of Russia (graph)
11:47 Port of Antwerp focuses heavily on general cargo: search begun for breakbulk candidate for Churchill Dock
11:27 Joint oil spill exercise tests inter-agency response and cooperation amidst COVID-19 pandemic
10:46 New impetus for digitalization of shipping in the COVID-19 pandemic
10:09 IAPH presents guidelines for LNG-powered vessels during port calls
09:54 Oil prices are decreasing
09:35 Port Authority of Singapore holds joint oil spill exercise
09:15 Baltic Dry Index as of September 28
08:58 MABUX: Bunker market this morning, Sept 29

2020 September 28

18:57 Okeanis Eco Tankers announces one year VLCC time charter
18:27 Bumi Armada secures third FPSO project in India
18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
17:28 Port of Long Beach announces closure of traffic routes leading to the Gerald Desmond Bridge
17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020