• 2019 October 23 08:53

    MABUX: Bunker market this morning, Oct 23

    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.22:

    380 HSFO - USD/MT – 348.40 (-4.02)
    180 HSFO - USD/MT – 390.54 (-4.19)
    MGO - USD/MT – 660.52 (-1.27)


    Meantime, world oil indexes demonstrated slight upward movement on Oct.22 after China signaled progress in trade talks with the United States.

    Brent for December settlement increased by $0.74 to $59.70 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $1.17 to $54.48 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.22 to WTI. Gasoil for November gained $11.00.

    Today morning oil indexes turned into slight downward evolution again.

    As per reports from China, both China and the United States have achieved some progress in their trade talks, and any problem could be resolved as long as both sides respected each other. As the world wants China and the United States to end their trade war, it required openness rather than a "de-coupling" of countries or a new Cold War. Meantime, Beijing fears that the Trump administration wants a complete separation with China. The two countries have been working to resolve their trade dispute, with the United States announcing a "phase 1" deal with China on trade matters and suspending a scheduled tariff hike for October. The International Monetary Fund last week forecast that fallout from the U.S.-China trade war and trade disputes across the world would slow global growth in 2019 to 3.0%, the weakest in a decade.

    OPEC and its allies will consider whether to deepen cuts to crude supply when they next meet in December due to worries about weak demand growth in 2020. It was reported that Saudi Arabia wants to focus first on boosting adherence to the group’s production-reduction pact with Russia and other non-members before committing to more cuts. OPEC members Iraq and Nigeria are among the countries that have failed to comply properly with pledged output reductions. Next month the JTC committee, which monitors compliance with the pact, could start considering scenarios for deeper cuts and make its recommendations to the OPEC+ meeting for debate in December.

    Goldman Sachs wound back its forecast for growth in U.S. shale output in 2020, and slightly reduced its outlook for 2020 global oil demand growth. The brokerage expects shale oil production to grow by 0.7 million barrels per day (bpd) in 2020, down from its previous forecast of 1 million bpd, and below 1.1 million bpd in 2019. The brokerage decreased its 2020 outlook for global oil demand growth to 1.3 million bpd from 1.4 million bpd previously. It also forecast supply growth from major oil producing non-OPEC regions, outside of shale, of 1.4 million bpd in 2020, falling sharply to 0.2 million bpd in 2021 and 0.3 million bpd in 2022.

    China has issued more crude oil import quotas for mostly private refiners that will allow them to bring in a further 12.9 million tonnes for the rest of 2019. The third batch of quotas was allocated to 19 companies. China imported 369.04 million tonnes of crude oil in the first nine months of 2019, up 9.7% from the same period last year, boosted by the startup of new refineries as well as solid fuel demand in the country. Statistics supported fuel indexes in a short-term.

    Kuwait and Saudi Arabia are still negotiating the restart of oil production at jointly owned fields in the so-called Neutral Zone between the two countries. Joint oil production in the neutral zone was suspended in 2015. The neutral zone could be pumping half a million barrels daily in a few months, which would add to about 10 million bpd of Saudi production and around 3 million bpd on Kuwaiti production. Meantime, if production in the Neutral Zone is restored, this will necessitate cuts in both Saudi Arabia and Kuwait, as OPEC is still in a capped production mode to keep prices steady.

    Islamic State militants attacked checkpoints at a group of oil fields in northern Iraq, killing two members of the security force deployed there. The statement added that the attackers were being pursued by the Iraqi military along with the Popular Mobilization Forces, a group of Iran-backed Shiite paramilitary organizations. The Alaas oilfield, the largest in the group, used to be a major source of income for Islamic State while it controlled that part of Iraq.

    Since its defeat in 2017, Islamic State has adopted a hit-and-run strategy to try and destabilize the Iraqi government, with kidnappings, car bombings, assassinations of local community leaders and attacks on the grid among its preferred attack of choice. Yet oil infrastructure is a natural target for the group as a means of faster destabilization.

    The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build. Last week saw large build crude oil inventories of 10.45 million barrels, according to API data. The EIA’s estimates were similar, reporting a slightly smaller—but still huge—9.3-million-barrel build for that week. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 11 stayed at 12.6 million bpd for the second week in a row—the highest production level that the United States has seen.

    We expect bunker prices may slightly rise today in a range of plus 4-8 USD.




2020 September 20

16:27 Innovative vacuum cleaner removes plastic from nature reserve in the port of Antwerp
15:33 Master and chief engineer plead guilty in MV Funing case
14:07 World’s largest LNG bunkering vessel arrives in Rotterdam
12:38 Austal Australia delivers 7th GCPB
11:14 ABS to class another four VLEC for Zhejiang Satellite Petrochemical
10:49 MBZ and Boluda Towage Europe ink the 5-year concession agreement for providing sustainable towage service in the Port of Zeebrugge

2020 September 19

15:04 Vroon to recycle three PSVs
14:11 Limited openings at Erasmus Bridge for tall vessels
13:46 The construction of Finnnline's second hybrid ro-ro vessel started
12:33 USCG offloads estimated $216 million of cocaine, marijuana at Port Everglades
11:17 New Maritime Minister visits Port of Southampton

2020 September 18

18:53 Russian ports switch to unified digital platform for daily scheduling of vessels layout and traffic
18:17 KR issues world’s first cyber security class notation to HHI for very large LPG carriers
17:59 Rosmorport takes part in TRANSTEC International Transport Corridors Forum
17:37 Land purchase in Saint Petersburg: new service center for SCHOTTEL in Russia
17:26 Start-ups invited to enter competition to win £75,000 grant to develop innovate port technology
17:11 New high-speed passenger ship put into operation in Yamal-Nenets Autonomous District
17:06 SEACOR Marine forms new Sustainability Council to lead enhanced ESG program
16:51 District awards $15.4 million contract to dredge Freeport Lower Stauffer Reach channel
16:48 DP World and Dubai Customs to assess opportunities to develop trade links between UAE and Israel
16:30 Gazprom Nedra and Marine Rescue Service test SeaDrone MG in Arctic conditions
16:09 SG-STAR Fund: First global tripartite initiative to support countries for crew change
16:02 IUMI raises concerns over increased accumulation risk for yachts and inland vessels
15:43 USCG releases new plan to protect global maritime security
15:08 CMA CGM informs of revised port charges in Ghana
14:51 Bunker prices are stable at the Port of Saint-Petersburg, Russia (graph)
14:24 Goods traffic between North Sea Port and hinterland by inland waterways continues to increase
14:07 Vostochny Port installs four more dust capturing units
13:10 Last jackets to leave Dubai and head for the Moray East offshore wind farm
12:53 Admiralteiskie Verfi shipyard starts assembling major equipment on two trawlers for RFC
12:22 Reconstruction of Klaipeda Seaport breakwaters to increase competitiveness of economy in Lithuania
12:01 Kalmar to support DP World’s continuing expansion at Caucedo with new terminal tractors and empty container handlers
11:03 Naming ceremony held for Japan’s first LNG bunkering vessel
10:48 BIMCO introduces new PIs and KPIs to help improve performance
10:16 ECSA publishes study on implications of EU ETS for shipping
10:10 Keel laying of Tallink’s newest vessel MyStar takes place in Rauma shipyard, Finland
09:54 Port of Oakland import volume up for third straight month
09:51 MABUX: Bunker market this morning, Sept 16
09:47 Tallink Grupp’s vessel Baltic Queen arrives in Riga for the first time
09:23 Oil prices rise after a recent decrease
09:09 Baltic Dry Index as of September 17

2020 September 17

18:05 Digital Twin Ready certification awarded to Furuno
17:54 Damen launches Marine Aggregate Dredger for Hanson
17:52 Verifavia launches industry’s first “3-Way Plug & Play” dashboard
17:41 Nord Star officially listed as first resident of RF Arctic Zone
17:30 ITF and IMEC contribute US$500,000 to the Singapore Shipping Tripartite Alliance Resilience
17:06 Azerbaijan State Marine Academy offers skills development and advanced training courses for ASCO employees
16:43 Ship banned in Australia for AUD $118,000 in unpaid crew wages
16:15 COVID-19 is negatively impacting the offshore energy insurance sector, but market is beginning to harden, says IUMI
16:00 Gasum secures contract with Celsa Armeringsstål AS including LNG deliveries and new terminal
15:42 Diana Shipping announces the sale of a Panamax dry bulk vessel
15:28 FESCO launches regular intermodal service for seafood delivery from Far East to China
15:18 MABUX releases Bunker Weekly Overview
15:09 IMO-Singapore webinar charts ways forward for decarbonisation of shipping
14:15 Bollinger awarded contract for state-of-the-art floating dry dock for the US new Columbia Class ballistic missile submarine
13:56 Bunker prices are going down in the Far East ports of Russia (graph)
13:32 LR accepted by MarinTrust as a new registered Certification Body
13:10 Rosmorport announces expansion of Onega seaport limits
12:33 Lead nuclear-powered icebreaker of Project 22220, Arktika, leaves for Murmansk on September 22
12:01 Konecranes wins order for two more mobile harbor cranes from ZHD Stevedores in the Netherlands