• 2020 January 3 11:54

    MABUX: Bunker market this morning, Jan 3, 2020

    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 irregular changes on January 2:

    380 HSFO: USD/MT – 378.42 (+0.41)
    VLS FO: USD/MT – 654.00 (-1.00)
    MGO LS: USD/MT – 712.77 (-0.24)


    Meantime, world oil indexes rose slightly on Jan. 02 amid concerns that U.S. crude production could rebound strongly

    Brent for March settlement increased by $0.25 to $66.25 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for February rose by $0.12 to $61.18 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.07 to WTI. Gasoil for January delivery increased by $1.50.

    Today morning oil indexes rise sharply underpinned by escalating tension in the Middle East.

    Reports that a U.S. air strike killed key Iranian and Iraqi military personnel escalated Middle East tensions and raised concerns of oil supplies disruption. An air strike at the Baghdad International Airport early on Friday killed Iranian Major-General Qassem Soleimani, head of the elite Quds Force, and Iraqi militia commander Abu Mahdi al-Muhandis. Soleimani's killing marks a dramatic escalation in the regional "shadow war" between Iran and the United States and its allies. Iranian Supreme Leader Ayatollah Ali Khamenei vowed harsh revenge.

    Iraq, the second largest producer among the Organization of the Petroleum Exporting Countries, exports about 3.4 million barrels per day of crude mostly from southern Basra port.

    Oil prices were also supported by China's central bank saying on Wednesday it was cutting the amount of cash that banks must hold in reserve, releasing around 800 billion yuan ($115 billion) in funds to shore up the slowing Chinese economy. This came shortly after data showed China's production continued to grow at a solid pace and business confidence shot up. Earlier this week, Trump said a phase one trade deal will be signed on Jan. 15 at the White House.

    In the market appear worries that U.S. oil drillers who had been restrained in their activity all through 2019 could turn the spigots back on full force this year. The big question this year is can or will U.S. producers be able to continue to add as much extra volume as they have been for the last seven - eight years. U.S. crude production hit a record high of 12.9 million barrels per day in 2019. Yet U.S. drillers cut the number of actively-operating oil rigs to 677 this year from 885 at the end of 2018, a 24% reduction. The main reason for such a cutback in actively-drilling U.S. oil rigs this year was the price uncertainty that persisted midyear.

    Oil’s 2019 rally was largely helped by production cuts carried out by OPEC. Right from January the Saudi-led OPEC, joined by its ally Russia under the OPEC+ alliance, tried to enforce a daily production cut of 1.2 million barrels. As that arrangement was about to expire in December, OPEC+ said it would deepen the cuts to 2.1 million barrels per day from the start of 2020.
    Despite its plan for stiffer reductions this year, OPEC+ could have a tougher time keeping oil prices up as U.S. shale oil output could rebound.

    Non-OPEC oil supply, led by the U.S. shale, is forecast to grow by 2.1 million barrels a day in 2020, according to the Paris-based International Energy Agency (IEA). Global demand for oil, meanwhile, is set to increase by 1.2 million barrels a day next year. That means the world will need 900,000 fewer barrels of oil every day from both OPEC and non-OPEC producers alike, a situation that could sharply offset OPEC+ production cuts.

    Also, Russia’s crude oil and condensate output hit a post-Soviet high last year even as it curbed production under an agreement with OPEC.

    We expect bunker prices will demonstrate upward changes today: 1-3 USD up.




2024 March 28

14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS
13:55 MEYER WERFT and Disney Cruise Line celebrate keel laying
12:19 HSL completes repair work on DEME's dredger TSHD Bonny River
10:53 Turkish shipbuilder delivers RAscal 1500 ASD tug to French port

2024 March 22

18:07 Lloyd's Register releases a report on the operational and safety issues of the use of ammonia as a marine fuel
17:17 RINA supports Mongolia's to develop a roadmap for long-term strategy according to Paris Agreement
16:47 MOL Coastal Shipping to start concept study on large coastal ammonia carrier