• 2019 October 31 10:25

    MABUX: Bunker market this morning, Oct 31

    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 downward trend on Oct.30:

    380 HSFO - USD/MT – 356.94 (-3.99)
    180 HSFO - USD/MT – 399.07 (-3.67)
    MGO - USD/MT – 667.73 (-1.02)


    Meantime, world oil indexes fell on Oct.30 after a steep U.S. crude inventory build added to worries about a possible delay in resolving the U.S.-China trade war.

    Brent for December settlement decreased by $0.98 to $60.61 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery fell by $0.48 to $55.06 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.55 to WTI. Gasoil for November delivery lost $9.25.

    Today morning oil indexes do not have any firm trend so far.

    The Energy Information Administration reported a crude oil inventory build of 5.7 million barrels for the week to October 25, pressuring oil prices a day after the American Petroleum Institute reported an estimated fourth consecutive inventory build, of 592,000 barrels. Forecasts expected a build of 729,000 barrels for last week after a 1.7-million-barrel draw interrupted a string of five weekly inventory builds, which added more than 19 million barrels to U.S. commercial crude oil inventories.

    According to the International Energy Agency (IEA), if global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year. The IEA cut its demand growth forecast by 100,000 bpd for both 2019 and 2020, to 1 million bpd and 1.2 million bpd, respectively. For the second quarter of this year, the IEA expects oil demand growth to quicken to 1.6 million bpd, thanks to a lower base for comparison in the same period of 2018 and to oil prices that are currently some 30 percent lower compared to a year ago. Other organizations, have been also revising down their oil demand growth estimates for this year and next, citing increased uncertainties over the pace of the global economic growth amid the U.S.-China trade war, Brexit, and slowing growth in major economies including China, India, and Germany.

    Meantime, the market attention turns again on OPEC and its non-OPEC allies led by Russia, who need to decide in early December how to proceed with their production cut pact expiring in March 2020. There is a growing consensus among experts and observers that the OPEC+ coalition may need to cut even deeper if it wants to prevent a large oversupply building in 2020 and sending oil prices even more uncomfortably low for major oil-producing nations.

    The United States and China were expected to sign "phase one" of the trade agreement at next month's Asia-Pacific Economic Cooperation summit in Chile. However, the summit where they were supposed to meet was cancelled because of violent protests. The White House said afterwards the United States still expects to sign an initial trade agreement with China next month, but no alternate location had yet been set for Xi and Trump to meet. China in turn said the bilateral talks will continue to proceed as previously planned and the lead trade negotiators from both countries will speak by telephone on Nov.01. A critical date is Dec. 15, when new U.S. tariffs on Chinese imports such as laptops, toys and electronics kick in. Both the United States and China have an interest in reaching a deal and averting those tariffs.

    Saudi Arabia informally invited Brazil to join OPEC. Now the president of Brazil has to consult with Brazil’s economic team and energy ministry before agreeing to join. If it joined, Brazil could become the third-biggest producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq. Brazil’s burgeoning production is complicating OPEC’s effort to prop up crude prices in the face of booming supply from U.S. shale fields and weakening global demand. Brazil produced 2.71 million barrels a day 2018, according to the International Energy Agency, which forecasts the country’s average output to reach 2.9 million this year and 3.22 million in 2020.

    A nationwide poll from The Washington Post and the Kaiser Family Foundation finds that 8 in 10 Americans say the U.S. should “decrease” drilling or “stay as is.” 51 percent said oil and gas exploration on federal lands should be reduced, and 53 percent say the same thing about offshore. Less than 15 percent say drilling should expand on public lands or offshore.

    We expect bunker prices may continue downward evolution today in a range of minus 4-10 USD.




2021 April 20

16:15 ONE launches Green Strategy Department
15:43 Solstad Offshore signs long-term contract for PSV in UK
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