• 2020 January 23 10:56

    MABUX: Bunker market this morning, Jan 23

    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 January 22:

    380 HSFO: USD/MT – 379.48 (-1.65)
    180 HSFO: USD/MT – 624.00 (-3.00)
    MGO: USD/MT – 667.43 (-6.52)


    Meantime, world oil indexes fell on Jan.22 as the International Energy Agency's (IEA) forecast of a market surplus in the first half of this year.

    Brent for March settlement decreased by $1.38 to $63.21 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.64 to $56.74 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.47 to WTI. Gasoil for February delivery declined by $16.75.

    Today morning oil indexes continue to decline as the American Petroleum Institute (API) reported that crude inventories rose last week.

    According to the API, oil inventories gained by 1.6 million for the week ended Jan. 17. The Energy Information Administration (EIA) will report its weekly inventory numbers today, one day later than usual due to the Martin Luther King Day Holiday on Monday. It is expected that crude stockpiles fell by 1 million barrels last week, extending the previous week’s drop of 2.5 million barrels.

    At the same time, the IEA expects the market to be in surplus by a million barrels per day (bpd) in the first half of this year. Supply worries were underlined by remarks Tuesday by International Energy Agency (IEA) on the sidelines of the World Economic Forum annual meeting in Davos, Switzerland. It sees “an abundance of energy supply in terms of oil and gas. It’s the reason that recent incidents we have seen — with the Iranian general killed, Libya unrest — didn’t boost international oil prices”.

    Libya's National Oil Corp on Jan.20 declared force majeure on the loading of oil from two major oil fields after the latest development in a long-running military conflict. Unless oil facilities quickly return to operation Libya's oil output will be reduced from about 1.2 million barrels per day (bpd) to just 72,000 bpd.

    Meanwhile the indexes were pressed down by the emergence from China of a new strain of a coronavirus, with concern focused on the impact a pandemic might have on economic growth. The outbreak has stirred memories of the SARS epidemic of 2002-2003. Should the new virus develop into SARS-like proportions, hitting travel and growth, demand for oil could fall by 260,000 bpd. The mysteries coronavirus killed at least 17 people and infected hundreds of people in China will continue to spread to other countries. It is already found in Hong Kong, one diagnosis in the U.S. and Macau, and patients under examination in Japan, Mexico and Russia. On Jan.23, China’ state broadcast CCTV reported that Beijing has issued a travel suspension in Wuhan, a city of 11 million. All outbound flights and rail service are banned, according to the report, which said “citizens should not leave the city without special reasons.” The halt also includes travel by bus, subway and ferry.

    Supply is still likely to rise, with U.S. crude production in large shale deposits expected to rise to record highs in February, although the pace of increase is likely to be the lowest in about year, the U.S. Energy Information Administration (EIA) said on Jan 21. Inventories of crude oil in the U.S. are likely to have fallen last week.

    U.S. President Donald Trump on Jan.22 vowed dramatic action with the World Trade Organization, saying the group's director general would visit Washington as soon as next week, but giving no other details. The WTO lost its ability to intervene in trade disputes after the United States effectively paralyzed it when two of three members exited, leaving the trade arbiter unable to issue rulings.

    South America’s largest oil producer, Brazil, will launch discussions on potentially joining OPEC in July. However, even if talks are successful, Brazil is not expected to become a member of OPEC this year. The idea that Brazil may join OPEC was first aired in October last year, when Brazilian President Jair Bolsonaro said that OPEC’s top producer and de facto leader Saudi Arabia had informally asked Brazil to join the organization.

    We expect bunker prices will continue to fall: 5-7 USD down for IFO, 14-16 USD down for MGO.




2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
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