• 2019 December 5 12:17

    MABUX: Bunker market this morning, Dec 05

    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 irregular changes on December 04:

    380 HSFO: USD/MT – 335.42 (-0.20)
    180 HSFO: USD/MT – 380.04 (+0.62)
    MGO: USD/MT – 665.58 (-0.78)


    Meantime, world oil indexes jumped on Dec.04. on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles

    Brent for February settlement increased by $2.18 to $63.00 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery rose by $2.33 to $58.42 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.57 to WTI. Gasoil for December delivery added $13.23.

    Today morning oil indexes deep ahead of OPEC talks in Vienna later today.

    The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia could approve deeper crude output cuts when they meet in Vienna this week. Iraqi oil minister Thamer Ghadhban told that a deeper cut is being preferred by a number of key members. He added he would support at least extending existing cuts to end-2020 from March. However, some remained skeptical of whether OPEC+ will deepen cuts, though many expect an extension of the existing supply pact. OPEC members meet today, with the OPEC+ group meeting the following day. OPEC+ has been curbing supply since 2017 and is expected to keep the cuts in place to balance out record production in the United States. Prices briefly dipped after a report that Saudi Arabia is threatening to boost oil production unilaterally if some OPEC nations continue to defy the group’s output curbs. Saudi Arabia has been bearing the brunt of the cuts, while some members, like Russia, Nigeria and Iraq, are still not in complete compliance

    The J.P. Morgan forecasts that the deal will be for cuts of 1.5 million barrels a day, extended through June. The ongoing agreement between OPEC, Russia and other non-OPEC producers is for a 1.2 million barrel a day reduction. Larger cuts should make the market tighter and help boost prices. U.S. shale production has surged to 12.9 million barrels a day, while OPEC and its partners have held oil off the market. Goldman Sachs oil analysts expect OPEC plus to keep its production cut at current levels and to extend them through June, when the OPEC plus group is next scheduled to meet. The Goldman analysts expect oil prices to be choppy around this week’s meeting because there is so much uncertainty about what the producers will do. At the same time, Fitch Solutions said oil prices are likely to fall next year as oil supplies keep rising, outweighing any pickup in growth. It predicted Brent crude will drop to an average of $62 a barrel in 2020 and $58 in 2021, from a $64 average this year.

    According to the Energy Information Administration said U.S. crude stocks fell by 4.9 million barrels in the week to Nov. 29 as refineries hiked output. It was expected a decrease of 1.7 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 302,000 barrels, EIA said.

    AT the same time refinery crude runs rose by 464,000 barrels per day, EIA data showed. Refinery utilization rates rose by 2.6 percentage points. Gasoline stocks rose by 3.4 million barrels, compared with expectations for a 1.8 million-barrel gain. Distillate stockpiles, which include diesel and heating oil, rose by 3.1 million barrels, versus expectations for a 1.1 million-barrel increase. Net U.S. crude imports rose last week by 144,000 barrels per day. The U.S. four-week average for commercial crude oil imports fell to its lowest since 1992.

    The uncertainty over prospects for a trade deal between the United States and China still remain. The dispute between the world’s two biggest economies has weakened the global economy and limited oil demand growth. U.S. President Donald Trump said on Dec.04 that trade talks with China were going “very well,” sounding more positive than he did a day earlier when he said a deal may have to wait until after the 2020 election.

    We expect bunker prices may demonstrate upward changes today: 6-8 USD up for IFO, 6-9 USD up for MGO.




2024 July 16

10:47 Maersk signs an MoU for ship recycling in Bahrain

2024 July 15

18:06 European Shipowners and Maritime Transport Unions launch initiative to support shipping and seafarers in the digital transition
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16:26 FMC issues request for additional information regarding Gemini Agreement
16:24 Saipem awarded two offshore projects in Saudi Arabia worth approximately 500 million USD
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15:43 Singapore's bunker sales rise 8.5% in the first half of 2024
15:27 TORM purchases eight and sells one second-hand MR vessel
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13:35 Regulator gives conditional nod to HD Korea Shipping's purchase of stake in STX Heavy
13:02 HD Korea Shipbuilding wins US$2.67 billion order to build 12 container carriers
12:51 Maersk introduces SH3 ocean service between China and Bangladesh
12:24 ABS to сlass two new Seatrium FPSOs for Petrobras
11:42 CSP Abu Dhabi Terminal surpasses throughput of 5 mln TEUs
11:11 Fincantieri launches the seventh PPA “Domenico Millelire” in Riva Trigoso
10:51 India's first transshipment port receives its first container ship
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2024 July 14

15:17 FMC issues request for additional information regarding Gemini agreement
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2024 July 13

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12:23 NREL: Offshore wind turbines offer path for clean hydrogen production
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2024 July 12

18:00 Qingdao Port International to buy oil terminal assets for $1.30 billion
17:36 Saipem signs framework agreement with bp for offshore activities in Azerbaijan
17:06 AG&P LNG and BK LNG Solution signs an agreement to bring BKLS's first LNG spot cargo into China
16:31 Allseas removes final Brent platform with historic lift
15:58 ZPMC Qidong Marine Engineering launches the world’s largest FPSO bow section for Petrobras
15:25 MSC acquires Gram Car Carriers
14:58 ABP boosts marine capability through pilot launch upgrades
14:34 Fincantieri receives ISO 31030 attestation from RINA
13:52 Second new dual-fuel fast Ro-Pax ferry to enter service for Balearia after successful sea trials
13:24 ADNOC deploys AIQ’s world-first RoboWell AI solution in offshore operations
12:59 ABS issues AIP for new gangway design from Pengrui and COSCO
11:38 Port of Long Beach data project receives $7.875 mln to speed goods delivery
11:15 ZeroNorth to provide its eBDN solution on 12 barges operated by Vitol Bunkers in Singapore
10:46 Seatrium secures customer contract agreement from Teekay Shipping for the repairs and upgrades of a fleet of vessels
10:14 Liquid Wind and Uniper enter into strategic partnership to accelerate the development of eFuels

2024 July 11

18:06 Yanmar and Amogy to explore ammonia-to-hydrogen integration for decarbonized marine power
17:36 COSCO Shipping receives first 7500 CEU LNG dual-fuel PCTC
17:06 Monjasa adds two tankers and targeting West Africa’s offshore industry
16:34 Biden administration announces funding for 15 small shipyards in 12 states
16:10 Iran's Ports and Maritime Organization attracts nearly $1.7bln of investment in ports, maritime sector
15:52 The added value of Chinese port cities up to US$869.05 bln in 2023
15:25 HD Hyundai becomes first Korean shipbuilder to sign MSRA with US Navy
13:41 NovaAlgoma orders the world’s largest cement carrier
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11:16 Iraq to establish maritime single window for major ports
10:46 James Fisher completes its largest decommissioning project to date

2024 July 10

18:00 MET Group secures long-term US LNG source from Shell
17:36 bp, Mitsui, Shell and TotalEnergies join to ADNOC’s Ruwais LNG project
17:06 HD Hyundai Samho extends a pier at its shipyard in Yeongam, South Jeolla
16:45 Panama Canal plans new $1.6bn reservoir to address water shortages
16:25 Ocean Power Technologies signs agreement with AltaSea to advance wave power projects
15:52 WinGD completes type approval testing for new short-stroke engine size
15:32 PIL has the most reliable schedule among the top 12 container lines in Q2 2024
14:56 Fincantieri celebrates the keel laying of the first ultra-luxury vessel for Four Seasons Yachts at the shipyard in Ancona
14:20 Ningbo-Zhoushan port sees 8.4% container volume growth in H1
13:43 MOL announces delivery of bulk carrier Green Winds, 2nd vessel equipped with wind challenger hard sail propulsion system
13:23 BHP, Pan Pacific Copper and Norsepower deploy wind-assisted propulsion technology on vessel that set sail this month
12:43 MEYER WERFT to build Disney Wish-сlass сruise ship for Oriental Land Company to operate in Japan
12:25 South African Maritime Safety Authority try to rescue a cargo ship that ran aground on Cape west coast