• 2019 November 6 10:42

    MABUX: Bunker market this morning, Nov 06

    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 insignificant and irregular on Nov.05:

    380 HSFO - USD/MT – 363.35 (-2.22)
    180 HSFO - USD/MT – 403.48 (-2.72)
    MGO - USD/MT – 670.76 (+3.03)


    Meantime, world oil indexes also changed sideways on Nov.05 on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some of the tariffs it has imposed on Chinese imports.

    Brent for January settlement increased by $0.83 to $62.96 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $0.69 to $57.23 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.73 to WTI. Gasoil for November delivery lost $4.50.

    Today morning oil indexes have turned into slight downward evolution.

    A potential U.S.-China trade deal continues to underpin global oil indexes while chasing out some of the weaker shorts. On Nov.01, China said that it had reached a consensus with the U.S. in principle after a phone call among high-level trade negotiators last week. Meanwhile, the White House added in a statement that the trade representatives made progress in a variety of areas and are in the process of resolving outstanding issues, while discussions will continue at the deputy level. China also said, Chinese President Xi Jinping and U.S. President Donald Trump have been in continuous touch through “various means. In fact, China continues pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal, which would help to ease the broad economic damage inflicted by the trade dispute between the world’s two biggest oil consumers.

    Iran says it will take a new step in reducing its commitment to a 2015 nuclear deal with world powers this week by injecting uranium gas into centrifuges at the Fordow facility. President Hassan Rohani said on November 5 that Iran will start injecting uranium gas into 1,044 centrifuges on November 6. Under the nuclear accord, the centrifuges are supposed to spin without gas injection. Enriched uranium can be used to make fuel for reactors, but also nuclear weapons. Iran insisted that all of the steps had been taken to reduce its commitments to the nuclear agreement were "reversible.": Tehran will uphold all of its commitments under the accord when the remaining signatories -- Britain, France, Germany, Russia, and China -- do the same.

    OPEC said it will supply a diminishing amount of oil in the next five years as output of U.S. shale and other rival sources expands. OPEC's production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024. That compares with 35 million bpd in 2019. Rising climate activism in the West and widening use of alternative fuels are putting the strength of long-term oil demand under more scrutiny. Anyway, OPEC still hopes to boost production in coming decades thanks to its abundant and cheap-to-extract reserves. It expects supply from non-OPEC producers to hit a high of 72.6 million bpd in 2026 and fall to 66.4 million bpd by 2040.

    OPEC also reported, that the oil market outlook for 2020 may have upside potential, appearing to downplay any need for deeper cuts to production. The cartel and its allies led by Russia meet in December to review output policy. The so-called OPEC+ alliance has since January implemented a deal to cut oil output by 1.2 million barrels per day to support the market. The pact runs to March 2020.

    The glut of oil inventory that Venezuela has been nearly choking on in recent months appears to be finally draining, as the crisis-stricken country managed to send off 800,000 bpd of oil for a second month in a row. Its list of oil buyers have decreased dramatically due to US pressure in the form of sanctions. The list includes China, Russia, and Cuba for the most part, although India’s Reliance has recently resumed Venezuela oil imports as well. For now, it seems, this has been enough to lift the Latin America’s oil exports to 812,775 bpd, and enough to drain some of its excess inventory that have filled its storage to the brim and caused a blending unit, Petrosinovensa, to shutter as it had nowhere to put more product. Venezuela’s October exports were still 3.7% below September’s, and well below June’s exports of 1.13 million bpd.

    The source of the leak in the Keystone pipeline has still not been identified. There is no estimated timeline for a restart of the damaged pipeline. More than 9,000 barrels of oil spilled last week. Prices for Western Canada Select (WCS), a heavy blend of oil in Canada, fell sharply, dropping to a $22-per-barrel discount relative to WTI, the highest in nearly a year.

    The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.26-million barrels for the week ending October 31, compared to analyst expectations of a 1.515-million-barrel build. Last week saw a draw in crude oil inventories of 1.7 million barrels, according to API data. The EIA’s estimates, however, reported a build of 5.7-million-barrels for that week. After yesterday’s inventory move, the net draw for the year has now shrunk to 8.26 million barrels for the 45-week reporting period so far, using API data. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending October 25 stayed at 12.6 million bpd for the fourth week in a row—the highest production level that the United States has seen.

    We expect bunker prices may demonstrate irregular changes today in a range of plus-minus 3-5 USD.




2020 July 8

18:11 Carnival Cruise Line sets ship delivery changes and related deployment plans
17:50 POWERGLOBE seeks for 10 years LNG vessel charter-agreement
17:27 Maritime partners unveil Autonomous Guard Vessel
17:03 THE Alliance announces COVID-19 response measures for August 2020
16:48 SaR operation in Singapore: man overboard incident
16:20 Throughput of Rostov-on-Don port in 6M’2020 grew by 10% Y-o-Y
16:13 Maritime industry calls for EU political leadership on seafarers
15:23 Port of Antwerp total throughput down by 4.9% in H1 2020
14:03 Wärtsilä introduces the system, designed to reliquefy boil-off gas onboard gas carriers and LNG bunker vessels
13:45 RF State Duna adopts a package of laws on privileges in the Arctic
13:12 PD Ports wins major pipeline contract with Global Manufacturer at Hartlepool
12:44 DCSA publishes standards for digital exchange of operational vessel schedules
12:18 Germany takes over HELCOM chairmanship
12:11 Seanergy Maritime announces agreement to acquire a Capesize vessel with prompt delivery
11:55 Russian Fishery Company fleet renewal to reduce carbon footprint by 50%
11:29 Pella Shipyard delivers patrol boat of Project 03160
11:04 Austal delivers first of two 118 metre trimarans to Fred. Olsen Express
10:43 Barcelona Cruise Port obtains the 'Safe Travels' Stamp, as safe infrastructures preventing COVID-19
10:32 Throughput of Rosterminalugol in HI’2020 grew by 10% YoY
10:04 ESPO says EU Taxonomy should align with already defined sectoral sustainability criteria
09:40 Oil prices continue decreasing
09:37 MABUX: Bunker market this morning, July 08
09:23 Bunker prices rose at the Port of Saint-Petersburg, Russia (graph)
09:08 Baltic Dry Index as of July 7

2020 July 7

18:06 ZIM unveils new digital services
17:49 Great Arctic Regatta started in Saint Petersburg
17:27 Crude exports via Kozmino in HI’2020 grew by 5% YoY
17:02 Deepsea Atlantic drilling rig returning to Johan Sverdrup
16:35 Optimarin successfully completes IMO G8 and USCG test programme
16:12 Alfa Laval takes its service offer to the next level through remote service guidance
15:56 New ferry line Baltic Link launched at the port of Riga
15:28 RF Government allocates RUB 320 million to subsidize shipping companies
15:02 ABP delivers project cargo using North Lincolnshire’s waterways
14:32 Air Liquide and the Port of Rotterdam Authority launch initiative for hydrogen road transport
14:02 Konecranes to deliver mobile harbor crane to new terminal in Trieste
13:46 Bunker prices rise at the Far East ports of Russia (graph)
13:32 KNOT concludes long-term charter contract with PetroChina for shuttle tanker
13:11 CMA CGM announces GRR from Asia to West Africa
12:49 Throughput of Vostochny Port in HI’2020 grew by 6% YoY
12:30 GTT Training and Wavelink Maritime Institute in collaboration to deliver LNG training in Singapore
12:23 Tom Hautekiet becomes new CEO Port of Zeebrugge
12:01 IMO endorses guidance on ensuring seafarers’ access to medical care onshore
11:58 NRP facilitates long-term financing for a newbuilt arctic container vessel
11:00 The CMA CGM Group simplifies its trade network on the Transpacific trade
10:52 First jacket successfully installed at Moray East, Scotland’s largest offshore wind farm
10:52 Aker Arctic joins ePIcenter project
10:14 MABUX: Bunker market this morning, July 07
10:08 Zvezda shipyard starts steel cutting for nuclear-powered icebreaker Rossiya, Project 10510
09:31 Oil prices are decreasing
09:13 Baltic Dry Index as of July 6
08:40 Klaveness Combination Carriers secures the first sustainability linked bank financing in Norwegian shipping

2020 July 6

19:07 Equinor awarded framework contract for engineering and installation services on Statfjord
18:27 CMA CGM to launch Round the Africa service
18:07 APM Terminals Buenos Aires facilitates first ever export of lemons from Argentina to China
17:31 Northern Sea Route cargo traffic in 6M’2020 reached 14.8 million tonnes
17:30 Kloosterboer starts construction of Cool Port II at City Terminal Rotterdam
17:06 ArcelorMittal issues invitation to tender for heat network in North Sea Port
16:45 Damen delivers five zero emissions propulsion ferries to Arriva in Copenhagen
16:12 Kvaerner improves financial results and outlook
15:32 Average wholesale prices for М-100 HFO fell to RUB 9,623 in RF spot market