• 2019 October 25 09:13

    MABUX: Bunker market this morning, Oct 25

    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 slight upward trend on Oct.24:

    380 HSFO - USD/MT – 358.90 (+3.66)
    180 HSFO - USD/MT – 399.89 (+2.91)
    MGO - USD/MT – 666.65 (+0.94)


    Meantime, world oil indexes also rose on Oct.24 amid a surprise drop in U.S. crude inventories and the prospect of further action by OPEC and its allies to support the market.

    Brent for December settlement added $0.50 to $61.67 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $0.26 to $56.23 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.44 to WTI. Gasoil for November gained $8.25.

    Today morning oil indexes turned into slight downward evolution again.

    Although trade talks over the first phase of a partial trade deal between the United States and China are progressing well, the market does not feel an agreement between the two economic powerhouses will have much of a positive impact on demand until the tariffs are lifted. Meantime, the market is currently being supported by the prospect of additional production cuts by OPEC and its allies. However, traders may not know for certain if this will happen until producers meet to review policy on December 5-6.

    Goldman lowered its forecast for U.S. oil production growth to 0.7 million barrels per day (bpd) in 2020, down sharply from its 1 million bpd forecast previously. Goldman attributed the downward revision not just to a slowdown in drilling, but also to “updated longer-term decline rates to be consistent with play-to-date results,” which could be interpreted as shale wells are not performing as well as previously anticipated. In the short run, Goldman predicts oil prices are languishing below $60 per barrel, and little will change.

    The U.S. Energy Information Administration reported a 1.7-million-barrel crude inventory drop last week, versus expectations for a build of 2.2 million barrels. The surprise draw was caused by a significant drop in crude imports. Despite being the world’s largest producer of light crude, the United States still buys significant volumes of heavy grade crude each week from Middle East and other producers.

    A report from Germany reinforced the view of a global slowdown after the IHS Markit flash German manufacturing PMI inched up to 41.9 in October from September’s decade-worst 41.7, which is still a reading that shows the factory segment of the country’s economy in dire straits. Readings below 50 indicate contraction.

    Sweden, the leader in the share of renewable energy use in the European Union (EU), targets to eliminate subsidies for onshore wind farms by the end of 2021, at around the same time as neighboring Norway. Sweden generates more than 54 percent of its electricity from renewable sources on a sustainable basis. As early as in 2012, the Scandinavian country reached its 2020 target to have 50 percent of energy use from renewables. The country is targeting 100 percent renewable electricity generation by 2040. Hydropower and bioenergy are the top sources of renewable energy in Sweden, but wind generation has soared over the past decade and a half.

    Russia’s largest oil company Rosneft has already completed the switch away from the U.S. dollar to euros in its export contracts to minimize risks from potential new U.S. sanctions. Rosneft is the biggest oil exporter from Russia, selling around 2.4 million barrels per day (bpd) of oil. According to Rosneft, the Chinese yuan could become a much more important global currency in the future, because of Chinese economic growth. The share of the U.S. dollar in the global oil and oil products trade is around 90 percent currently,  but in ten years’ time, due to the Chinese economy, the yuan could raise its share from the current 2 to 5 percent.

    We expect bunker prices may rise today slightly in a range of plus 2-7 USD.




2021 April 20

15:20 ABS and Rainmaking to support Singapore’s decarbonization entrepreneurs
15:05 Icebreaker assistance period ends at the port of Vysotsk in the Leningrad Region
14:26 Budget allocations for construction of LNG terminal in Kamchatka Territory to exceed RUB 21 billion
14:02 Hiab to supply 37 loader cranes in Spain to maintain railway infrastructure
13:23 Alfa Laval starts testing methanol fuel cell systems for sustainable marine power supply
13:01 Bollinger Shipyards acquires Gulf Island Fabrication’s shipyard facilities
12:57 Icebreaker assistance period ends at Big Port St. Petersburg from April 21
12:30 Port of Helsinki cargo traffic up 3.6% in Q1 2021
12:11 Port of Antwerp expands its fleet with energy-efficient tugs
11:59 Investments at the Port of Gdynia – earlier than planned
11:18 Crowley completes first U.S. design for fully electric tug with autonomous technology
11:06 Admiralteiskie Verfi shipyard commences mooring trials of diesel-electric submarine named Magadan
10:35 Northern Dvina Basin Administration opens navigation season of 2021
10:07 SMW 2021: Maritime innovation in Singapore receives boost
09:48 KN and AFRY sign agreement on long-term capacity allocation and pricing model study of Lithuanian LNG terminal
09:29 Oil prices rise on OPEC+ expectations
09:12 Baltic Dry Index as of April 19

2021 April 19

18:47 550 industry leaders discussed navigating maritime industry transformation through collaboration
18:30 Offshore International joins forces with Mammoet to deliver turnkey logistical solutions
18:16 Industry collaboration to develop guidance on the safe use of Ammonia as a fuel
17:57 RFC to provide personal scholarships to naval cadets
17:36 Milaha and Schlumberger commence well stimulation vessel operations in Qatar
17:16 CMA CGM launches SERENITY deductible guarantee
17:06 Dublin Port volumes down by 15% in Q1 2021
16:49 Rosmorport continues ensuring safe pilotage of gas tankers arriving from Russian Arctic to LNG handling facility
16:30 BAR Technologies and Yara Marine partner to bring WindWings to global shipping market
16:03 4th Advanced Maritime Leaders’ Programme to focus on leadership in times of global crisis
15:37 Average spot market price for Russian M100 product fell to RUB 22,219 pmt
15:36 Wärtsilä navigation systems to secure safe and efficient operation for 10 LNG gas carriers in Arctic operations
15:15 Throughput of Port Vanino in 3M’21 rose by 7%
14:48 Ten companies and one individual recognised for contributions to Maritime Singapore at Singapore International Maritime Awards 2021
14:22 BLRT Group builds unique Launch and Recovery System for Namibian offshore diamond recovery vessel
13:43 Economic effect of Sea Port of Saint-Petersburg’s production system project exceeded RUB 100 million
13:21 Equinor reveales the deviation in quality of welding and inspection of the Johan Castberg production vessel
12:46 Resilience, digitalisation, decarbonisation and talent take centre stage at Singapore Maritime Week 2021
12:12 DP World, UAE Region is the first in the region to explore the Quantum Computing technology
12:02 RF Government approves roadmap on implementation of Arctic Development Strategy
11:41 Samskip to participate in new Norwest Baltic Route
11:10 Klaveness Combination Carriers offers low-carbon freight to the growing Australian lithium industry
10:50 Freeport of Riga took part in international logistics exhibition “TRANSRUSSIA”
10:13 Container throughput of Hong Kong port (China) in January-March 2021 rose by 2.4%
09:45 Port of Helsinki throughput in January-March 2021 rose by 3.6% YoY
09:26 Oil prices are slightly down
09:09 Baltic Dry Index as of April 16

2021 April 18

16:18 USCG says two crewmembers recovered from capsized lift boat
14:27 Port Canaveral to host commercial vessels for U.S. reflag conversion process
13:48 ABP expands customer offer at Port of Garston
13:11 Suez Canal Authority permitted two personnel of the crew members of the Panamanian vessel to leave for urgent personal circumstances
12:34 IACS announces Incoming Council Chair
11:33 Maritime NZ welcomes new Chief Executive
11:03 RMC and TT-Line ink contract for car and passenger ferry duo
10:25 Local start-up Machine Eye wins £75k in funding from Techstart Ventures and Belfast Harbour
09:41 Logistics services in Dunkerque-Port are expanding with innovative solutions
09:17 USCG recovered one crew member Thursday night from missing lift boat crew

2021 April 17

15:41 BW LPG sells VLGC "BW Empress"
14:23 USCG continues search for missing people from capsized vessel
13:19 Silverstream Technologies and Shell successfully complete trials of the Silverstream® System onboard the LNG carrier Methane Patricia Camila
12:33 Contract for two new car and passenger ferries for TT-Line strengthens RMC's order book significantly
11:21 IACS has published its 2020 Annual Review
10:56 KR and HHI Group sign strategic partnership MOU For GHG issue