• 2019 November 11 09:47

    MABUX: Bunker market this morning, Nov 11

    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) declined on Nov 08:

    380 HSFO - USD/MT - 351.58 (-4.98)
    180 HSFO - USD/MT – 393.61 (-4.76)
    MGO - USD/MT – 664.46 (-3.17)


    Meantime, world oil indexes continued irregular changes on Nov.08 following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China

    Brent for January settlement increased by $0.22 to $62.51 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $0.09 to $57.24 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.27 to WTI. Gasoil for November delivery lost $6.75.

    Today morning oil indexes demonstrate slight downward evolution.

    The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

    Donald Trump told reporters he has not agreed to roll back tariffs on China but that Beijing would like him to do so. The comments came after officials from both countries said China and the United States have agreed to roll back tariffs on each others’ goods in a “phase one” trade deal if it is completed. However, the plan faces stiff internal opposition in the U.S. administration, and U.S. officials have signaled opposing views on the status of talks.

    Moreover, Trump said on Saturday that trade talks with China were moving along "very nicely," but the United States would only make a deal with Beijing if it was the right one for America.
    Underlining the impact of the trade war, data over the weekend showed that China's producer prices fell the most in more than three years in October, as the manufacturing sector weakened, hit by the dispute and declining demand.

    Oil prices have also been under pressure since OPEC Secretary-General Mohammad Barkindo said that he was more optimistic about the outlook for 2020, appearing to downplay any need to cut output more deeply. A deal between the Organization of the Petroleum Exporting Countries and its allies, such as Russia, will limit supplies until March next year. The producers meet Dec. 5-6 in Vienna to review that policy.

    At the same time, it is forecasted, that even if a partial agreement between U.S. and China is reached, the impetus for demand will not be enough to avoid an oversupply next year, meaning that OPEC will still need to make bigger production cuts. From the other side, OPEC and its partners will probably keep output steady when they meet next month as markets are on track to re-balance

    OPEC’s crude oil production jumped by 1.26 million barrels per day from a decade-low in September to 29.71 million bpd in October, as Saudi Arabia restored its production to levels before the attacks on its oil facilities in mid-September Accoerding to Platts and REUTERS. Saudi Arabia’s oil production jumped by 1.35 million bpd to 9.8 million bpd in October, as it appears to have fully recovered output after the September 14 attacks on vital oil infrastructure that took 5.7 million bpd—or 5 percent of global daily supply—offline. Despite the production recovery, the Saudis continue to overcomply with the OPEC+ deal by more than 500,000 bpd. OPEC’s official production figures for October are due out in its monthly report on November 14.
    At the same time, U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row. Drillers cut 7 rigs in the week to Nov. 8, bringing the total count down to 684, the lowest since April 2017.

    According to the new rules by the International Maritime Organization (IMO), only 0.5-percent or lower sulfur fuel oil should be used on ships beginning January 1, 2020, unless said ships have installed the so-called scrubbers—systems that remove sulfur from exhaust gas emitted by bunkers—so they can continue to use high-sulfur fuel oil (HSFO). However, supply of compliant low-sulfur fuel could be just as sufficient, while demand may be subdued, due to the global economic and trade growth slowdown and at least some non-compliance from shippers, which analysts at Wood Mackenzie put at around 10 percent for 2020.Russia is one of the countries set to delay the IMO rules implementation, but only in its territorial waters including rivers, Energy Minister Alexander Novak said, responding to questions sent by Bloomberg. Russia will still comply with the rules in international waters. Due to its predominantly high-sulfur oil, Russia is set to be one of the biggest losers in the new marine fuel rules.

    We expect bunker prices may demonstrate irregular changes today:1-3 USD up for IFO, 4-6 USD down for MGO.




2020 November 24

09:46 Crude futures prices rise on vaccine hopes
09:22 Baltic Dry Index as of Nov 23
09:02 East Coast Australia JIP delivers a new interactive dashboard for LNG forecast

2020 November 23

18:24 North P&I Club pre-renewal report confirms corrective response to market challenges
18:00 RF Government is set to reorganize the structure of development institutions
17:13 4th International Congress “Hydraulic Engineering Structures and Dredging” slated for 25-26 February 2021
16:34 Damen completes Eidsvaag Opal conversion
16:28 STLC and VEB-Leasing to be consolidated into Unified Leasing Company
16:05 Aker Solutions wins maintenance and modifications contract in Brazil from Equinor
15:41 Vard secures contract for eight marine robotic vessels
15:17 RF Transport Ministry confirms its intention to introduce investment charges in seaports from 2021
14:53 Hydrographic boat of Project 19920 joins RF Navy’s Northern Fleet
14:31 Concordia Maritime CFO resigns from his position
14:09 Friendship 2020 joint exercise of the Egyptian Navy and the Russian Navy Bridge ends at the Black Sea Fleet
13:25 Ningbo Containerized Freight index rises by 19.8% in November 2020
12:34 Average spot market price for Russian M100 product climbed to RUB 13,184 pmt
12:12 The UK could increase its ambitions for renewable energy at a lower cost to consumers, new Wärtsilä analysis finds
12:02 Chinese ports container throughput down 0.03% to 217.2 million TEU from January to October 2020
11:53 Global Ports and TransContainer launch expedited delivery of pellets from Siberia to Europe via Saint Petersburg
11:11 Brodosplit lays keels for two coastal patrol vessels
10:19 HELCOM revamps its tool for tracking implementation progress
10:12 MacGregor supports China’s Lingshui 17-2 gas field development
09:57 MABUX: Bunker Market this morning, Nov 23
09:41 Container throughput of port Shanghai (China) in 10M’20 fell by 1.7%
09:25 Oil prices rise on hope for demand recovery
09:12 Baltic Dry Index as of November 20

2020 November 22

16:23 Ørsted and NABTU sign landmark MOU for U.S. offshore wind workforce transition
15:18 Port Canaveral cruise terminal parking to feature E-PASS® contactless transaction technology
14:21 USCG Cutter Stratton returns home after crewmembers test positive for COVID
13:26 New Wallenius SOL service delivers 200,000 extra tonnes of paper reels to PSA Zeebrugge terminal
12:18 Port NOLA's Brandy D. Christian receives 2020 C. Alvin Bertel Award
11:41 BPA announces the release of UK Ports industry magazine
10:42 Coast Guard Cutter Diligence returns to homeport from Caribbean patrol

2020 November 21

16:12 Impact assessment agency of Canada interim report an incomplete analysis omitting a number of important facts
15:49 Cummins introduces X15 Stage V solution for European inland waterways
15:18 Belfast Harbour supports launch of Maritime Belfast Trust
14:07 Remote repair helmet overcomes pandemic restrictions
13:39 Armstrong Marine USA of Port Angeles, Wa. launches new identity as BRIX MARINE
12:24 Mackay provides electronics package for two Vigor-built pilot boats commissioned by Los Angeles Pilot Service
11:38 Third quarter 2020 business activity strong CMA CGM Group operating performance

2020 November 20

18:00 CMA CGM to launch the FLAMINGO EXPRESS service
17:49 Senior Arctic Officials’ plenary meeting held in a virtual format
17:05 Australia to end crew contract extensions
16:52 Port of Algeciras was awarded the ESPO Award 2020
16:33 FSUE "Rosmorport" takes part in International Forum "Transport of Russia"
16:05 MOL's new app boosts efficiency with real-time processing of ship operational data
15:40 Novotrans ensured 100-pct loading of Baltiysk ferry on Ust-Luga-Baltiysk line
15:08 ABP invests around £2 million in new lock gates in Ipswich
14:22 PD Ports unveils plans for River Tees Digital Platform
14:05 Rosterminalugol handled over 23.4 million tonnes year-to-date, up 8% YoY
13:44 Tallink receives Finnish Government guarantee for additional loan
13:21 Golar and Black & Veatch announce collaboration in floating ammonia production, carbon capture, green LNG and other emerging technologies
13:03 Zvezda starts cutting steel for lead LNG tanker of new ARC 7 class series
12:10 The “ECO Valencia” arrives to València
11:37 Maersk works with the Long Beach Harbor Trucking Association
10:55 MABUX: Bunker Market this morning, Nov 20
10:46 Wärtsilä 14 EU Stage V compliant engines selected for Swiss Inland ferries
10:44 Sovcomflot expects revival of global trade in 2021
09:51 Bunker prices decrease at the Port of Saint-Petersburg, Russia (graph)
09:33 Oil prices are recovering