• 2020 January 24 10:22

    MABUX: Bunker market this morning, Jan 24

    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 Jan.23:

    380 HSFO: USD/MT 380.18 (+0.70)
    VLSFO: USD/MT 615.00 (-9.00)
    MGO: USD/MT 659.61 (-7.82)


    Meantime, world oil indexes fell on Jan.23 on concern that the spread of a respiratory virus from China could lower fuel demand if it stunts economic growth.

    Brent for March settlement decreased by $1.17 to $62.04 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.15 to $55.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.45 to WTI. Gasoil for February delivery lost $6.75.

    Today morning global oil indexes turned into slight upward trend so far.

    China put on lockdown two cities that were at the epicentre of a new coronavirus outbreak that has killed 17 people and infected nearly 600, as health authorities around the world scrambled to prevent a global pandemic. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome outbreak in 2002-03, which also started in China and dented economic growth and caused a slump in travel. Cases have been detected as far as away as the United States and global stock markets were also down in part due to fears of the virus spreading further as millions of Chinese prepare to travel for the Lunar New Year.

    The Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17. This compared with forecast expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel.

    The Energy Information Administration also said that oil production in the seven most prolific shale plays in the United States is set to increase by 22,000 bpd in February to 9.2 million bpd. Oil and gas companies drilled a total of 1,036 wells in December and completed 1,086. The number of drilled but uncompleted wells has shrunk to just 7,573. This is down from 8,055 year over year, and the lowest number since October 2018. Overall, oil production in the United States continues to increase unchecked, reaching 13 million bpd for week ending January 10.

    Alexander Novak will continue to be the face of Russia’s energy diplomacy at OPEC+ summits as he remains Russia’s Energy Minister in the new government that President Vladimir Putin appointed Jan.21. Novak, who has been leading the energy ministry since 2012, has been a key figure in the talks between OPEC and its leader and largest producer, Saudi Arabia, and the Russia-led alliance of non-OPEC producers in cutting deals to reduce oil production in recent years. After a week of speculation and uncertainty about who will hold which posts, including that of the energy minister, Putin signed the executive order to appoint the new government. Several key ministers, including Novak and Finance Minister Anton Siluanov, will keep their posts. Russia’s position regarding the fate of the deeper production cuts in place until the end of March will be much less familiar, as Novak is known for keeping it ‘a secret’ until the day of the meeting.

    The European Union is eyeing long promised punitive measures against Turkey for its illegal military incursion into northern Syria, as well as its unauthorized natural gas drilling off Cyprus' coast. The EU has moved to cut pre-accession aid to Turkey by 75 percent (the Instrument for 'Pre-Accession Assistance' (IPA) is offered in support of reforms in countries in the process of joining the EU). The cut in aid, however, doesn't affect the €3.5 billion offered to Turkey as part of a larger EU deal to prevent refugees from reaching European shores. Meantime, the EU has already warned Turkey of possible repercussions over illegal gas drilling off the coast of Cyprus.

    General Khalifa Haftar has shut off more than half of Libya’s oil exports, and the National Oil Company (NOC) has declared force majeure, taking 800,000 barrels per day of crude offline for export, and costing the country some $55 million in lost revenues daily. Four key ports - Hariga, Brega, Sidra and Ras Lanuf - are closed and under force majeure as of 18 January. Once these ports reach their storage capacity, which is limited, the NOC will have to shut down crude oil production. Right now, the NOC is reducing crude oil production rates to avoid a total shutdown of production. A total shutdown would take all 1.2 million bpd offline and cost the country $77 million a day. However, even if Libya shutters its entire 1.2 million bpd, OPEC can offset the supply disruption with a spare 3 million bpd of capacity, so the impact would be limited.

    IBIA found that most shipping and bunkering companies had experienced a ‘surprisingly smooth transition’ for IMO 2020, but there was uncertainty on how to deal with sulphur test results marginally above the 0.50% limit. As per IBIA, the problem lies in the difference between commercial contract interpretation around test precision principles and the MARPOL Annex VI sulphur verification procedures approved by the IMO for authorities to use when obtaining samples from ships to check for compliance. It was also noted that majority of the companies have not had the operational problems that have been predicted due to fuels with serious stability issues or due to mixing incompatible fuels onboard the ship, although VLSFO testing off-spec for sediment, an indicator of poor fuel stability, has been reported in some ports during December and January.

    We expect bunker prices to fall slightly in a range of minus 3-6 USD.

    MABUX: Bunker market this morning, Jan 24

     

    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 Jan.23:

     

    380 HSFO: USD/MT 380.18 (+0.70)

    VLSFO: USD/MT 615.00 (-9.00)

    MGO: USD/MT 659.61 (-7.82)

     

    Meantime, world oil indexes fell on Jan.23 on concern that the spread of a respiratory virus from China could lower fuel demand if it stunts economic growth.

     

    Brent for March settlement decreased by $1.17 to $62.04 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.15 to $55.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.45 to WTI. Gasoil for February delivery lost $6.75.

     

    Today morning global oil indexes turned into slight upward trend so far.

     

    China put on lockdown two cities that were at the epicentre of a new coronavirus outbreak that has killed 17 people and infected nearly 600, as health authorities around the world scrambled to prevent a global pandemic. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome outbreak in 2002-03, which also started in China and dented economic growth and caused a slump in travel. Cases have been detected as far as away as the United States and global stock markets were also down in part due to fears of the virus spreading further as millions of Chinese prepare to travel for the Lunar New Year.

     

    The Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17. This compared with forecast expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel.

     

    The Energy Information Administration also said that oil production in the seven most prolific shale plays in the United States is set to increase by 22,000 bpd in February to 9.2 million bpd. Oil and gas companies drilled a total of 1,036 wells in December and completed 1,086. The number of drilled but uncompleted wells has shrunk to just 7,573. This is down from 8,055 year over year, and the lowest number since October 2018. Overall, oil production in the United States continues to increase unchecked, reaching 13 million bpd for week ending January 10.

     

    Alexander Novak will continue to be the face of Russia’s energy diplomacy at OPEC+ summits as he remains Russia’s Energy Minister in the new government that President Vladimir Putin appointed Jan.21. Novak, who has been leading the energy ministry since 2012, has been a key figure in the talks between OPEC and its leader and largest producer, Saudi Arabia, and the Russia-led alliance of non-OPEC producers in cutting deals to reduce oil production in recent years. After a week of speculation and uncertainty about who will hold which posts, including that of the energy minister, Putin signed the executive order to appoint the new government. Several key ministers, including Novak and Finance Minister Anton Siluanov, will keep their posts. Russia’s position regarding the fate of the deeper production cuts in place until the end of March will be much less familiar, as Novak is known for keeping it ‘a secret’ until the day of the meeting.

     

    The European Union is eyeing long promised punitive measures against Turkey for its illegal military incursion into northern Syria, as well as its unauthorized natural gas drilling off Cyprus' coast. The EU has moved to cut pre-accession aid to Turkey by 75 percent (the Instrument for 'Pre-Accession Assistance' (IPA) is offered in support of reforms in countries in the process of joining the EU). The cut in aid, however, doesn't affect the €3.5 billion offered to Turkey as part of a larger EU deal to prevent refugees from reaching European shores. Meantime, the EU has already warned Turkey of possible repercussions over illegal gas drilling off the coast of Cyprus.

     

    General Khalifa Haftar has shut off more than half of Libya’s oil exports, and the National Oil Company (NOC) has declared force majeure, taking 800,000 barrels per day of crude offline for export, and costing the country some $55 million in lost revenues daily. Four key ports - Hariga, Brega, Sidra and Ras Lanuf - are closed and under force majeure as of 18 January. Once these ports reach their storage capacity, which is limited, the NOC will have to shut down crude oil production. Right now, the NOC is reducing crude oil production rates to avoid a total shutdown of production. A total shutdown would take all 1.2 million bpd offline and cost the country $77 million a day. However, even if Libya shutters its entire 1.2 million bpd, OPEC can offset the supply disruption with a spare 3 million bpd of capacity, so the impact would be limited.

     

    IBIA found that most shipping and bunkering companies had experienced a ‘surprisingly smooth transition’ for IMO 2020, but there was uncertainty on how to deal with sulphur test results marginally above the 0.50% limit. As per IBIA, the problem lies in the difference between commercial contract interpretation around test precision principles and the MARPOL Annex VI sulphur verification procedures approved by the IMO for authorities to use when obtaining samples from ships to check for compliance. It was also noted that majority of the companies have not had the operational problems that have been predicted due to fuels with serious stability issues or due to mixing incompatible fuels onboard the ship, although VLSFO testing off-spec for sediment, an indicator of poor fuel stability, has been reported in some ports during December and January.

     

    We expect bunker prices to fall slightly in a range of minus 3-6 USD.




2020 October 21

10:25 Yet another batch of large-size equipment for new ethylene plant delivered to Nizhnekamsk
10:02 Yevgeny Norenko takes position of Managing Director at Nobel Brothers and Vimpel shipyards
09:43 Bunker prices rise in the Port of Saint-Petersburg, Russia (graph)
09:24 Oil prices continue decreasing in response to US reserves growth
09:06 Baltic Dry Index as of October 20
09:05 CMA CGM announces PSS from North Europe to Asia
08:21 MABUX: Bunker market this morning, Oct 21

2020 October 20

18:30 APM Terminals expands API offering and terminal coverage
18:17 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea & East Med to the Indian Subcontinent
18:00 Okskaya Shipyard launches second multipurpose dry cargo carrier of Project RSD59 for Astrol
17:36 Equinor signs contract with Skanska for building site preparation and the construction of jetty facilities for the CO2 receiving terminal
17:03 Van Oord becomes the shareholder in Saare Wind Energy
16:38 Wan Hai Lines to launch China – India Service VI (CI6) Service
16:28 Tiksi port expansion is expected as new fields can be discovered in the region
16:03 Jotun offers Superyachts unique lifecycle support with launch of JotunCare
15:44 Rosmorport collects applications for debut bonds in amount of RUB 4 billion
15:30 DCSA publishes standard data definitions to enable just-in-time port calls
15:12 ESPO congratulates Port of Valencia for renewing PERS certification
14:23 Samsung Heavy Industries again chooses Wärtsilä cargo handling system design for new VLEC vessels
13:41 Modernization of port Tiksi to build up throughput to 300,000 tonnes
13:25 Port of Antwerp participates in developing and testing a private 5G network
13:20 Bunker prices are slightly up in the Far East ports of Russia (graph)
13:02 Port Houston container volumes up 1% to 251,524 TEUs in September 2020
12:33 RF Ministry of Economic Development to allocate RUB 2.8 billion for creation of port SEZ in Astrakhan Region
12:19 DNG Energy receives a licence for LNG bunkering in Coega
11:00 KSS Line signs with Hyundai Global Services for smart ship solution powered by Inmarsat and Intellian
10:58 ASW ship Vice-Admiral Kulakov and support vessels of RF Navy’s Northern Fleet enter Greece
10:37 Admiral Makarov frigate of RF Navy’s Black Sea Fleet passes Black Sea straits
10:12 LUKOIL and Rostec sign cooperation agreement
10:02 MABUX: Bunker market this morning, Oct.20
09:49 Shipbuilding Corporation “Ak Bars” to tell about passenger ship Chaika at 4th “LNG Fleet, LNG Bunkering and Alternatives” conference
09:26 Oil prices decrease amid second COVID-19 wave concerns
09:14 Baltic Dry Index as of October 19

2020 October 19

18:11 CMA CGM to launch the East Med - Black Sea Express
18:01 Taganrog coastal station of NAVTEX service obtains certificate of conformity
17:48 BPA to host 5G workshop
17:27 FESCO to supply India's research stations in Antarctica for the third year in a row
17:06 Valenciaport registers the record with 477,194 containers handled in September 2020
16:46 4th “LNG Fleet, LNG Bunkering and Alternatives” conference to be held online on 28 October 2020
16:05 Milaha obtains “ISO 27001” certification for Information Security Management System
15:49 Rosmorport's sailing ship “Mir” to sail around the world in 2022-2023
15:12 Mitsubishi Shipbuilding receives approval in principle for LNG fuel gas supply system from Bureau Veritas
15:04 A.P. Moller - Maersk integrates the European customs services specialist KGH Customs Services
14:35 Harvey Gulf orders Wärtsilä Energy Storage for another four LNG-powered Supply Vessels
14:30 Average spot market price for Russian M100 product rose to RUB 11,894 pmt
14:11 GTT announces the acquisition of Areva H2Gen
13:58 Project on construction of fish terminal “Udarnik” registered as second resident of Arctic Capital PDA
13:17 Ukraine's January-September 2020 coal imports down 15%
13:11 ZIM and Alibaba.com sign strategic cooperation agreement
12:52 Port of Riga sets itself new goal to become region's leader in grain handling
12:33 TransContainer increased container transportation volumes by 15.1% YoY
12:04 Port of Oakland names Acting Communications Director
11:47 Blagoverf shipyard lays down buoy tender of project 3052 for Rechvodput
11:06 EPS collaborates with GoodFuels for marine biofuel bunker trial
10:42 Ocean Yield ASA acquires two suezmax newbuildings with long-term charters
10:40 First sections for ice-resistant platform LSP “A” shipped to outfitting yard
09:58 North Carolina Ports awarded $16 million grant for infrastructure improvements
09:39 MABUX: Bunker market this morning, October 19
09:25 Week beginning is marked by oil prices decrease
09:12 Baltic Dry Index as of October 16