• 2020 January 27 09:37

    MABUX: Bunker market this morning, Jan 27

    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 January 24:

    380 HSFO: USD/MT – 380.26 (+0.08)
    VLSFO: USD/MT – 609.00 (-6.00)
    MGO: USD/MT – 656.06 (-3.55)


    Meantime, world oil indexes fell on Jan.24 as concerns that a coronavirus will spread farther in China, the world’s second-largest oil consumer, curbing travel and oil demand.

    Brent for March settlement decreased by $1.35 to $60.69 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.40 to $54.19 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.50 to WTI. Gasoil for February delivery declined by $9.50.

    Today morning oil indexes continue to decline as the rising number of cases of the new coronavirus in China and city lockdowns there deepened concerns over oil demand.

    The virus that has killed 80 people and infected more than 2,7 has prompted the suspension of public transport in 10 Chinese cities, while cases of infection have been found in several other Asian countries, France and the United States. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday, when millions of Chinese travel. Experience with previous outbreaks such as SARS in 2003 and MERS from 2012 suggests the economic impact of an epidemic is relatively small. However, the market remains vulnerable to any disappointing news about consumption.

    The Economist Intelligence Unit said in a report Jan.23 that the virus could shave between 0.5 to 1 percentage point off China’s gross domestic product growth this year against a baseline forecast of 5.9 per cent. On the energy front, the outbreak has already downed demand for 200,000 barrels of refined oil products. In China’s Hubei province, where the disease was first noted, the shutdown of transportation has probably eliminated about 50,000 to 70,000 barrels a day of demand. Separately, Goldman Sachs said that it anticipated a 260,000-barrels-per-day negative shock to global oil demand on average, including a 170,000-bpd loss of jet fuel demand, from the 2019-nCoV. Its analysis was based on comparison with the 2003 SARS health epidemic, which shook global markets, including oil.

    The latest U.S. rig count data, an indication of future supply from the world’s largest crude producer, did little to support oil prices as energy firms added oil rigs for a second consecutive week. Companies added three oil rigs in the week to Jan. 24, bringing the total count to 676. In the same week a year ago, there were 862 active rigs.

    Also the U.S. government’s latest supply report on Jan.23 showed gasoline stockpiles grew for an 11th consecutive week to a record high. At the same time, U.S. oil production from tight formations increased in 2019, accounting for 64% of total U.S. crude oil production. This share grew because of the increasing productivity of new wells that were brought online during 2019. The growing initial production rates have helped oil production from tight formations to increase despite the slowdowns in drilling activity when oil prices fell between 2015 and 2016. Since 2017, recovering oil prices and more efficient production from new wells have helped producers cover costs of drilling, production, and the development of new technologies.

    According to OPEC figures, oil inventories in the wider industrialized world are above the five-year average, which analysts say is limiting the impact of supply losses. The prospect of further steps by OPEC+, could offer support going forward. OPEC+ has been mostly limiting supply since 2017 and on Jan. 1 deepened a cut in output. Moreover, OPEC members are discussing a potential extension of the oil production cuts through the end of 2020. Talks are at early stages, but there is an understanding that after March, the cuts should be extended until the end of the year.

    A blockade of major Libyan oil ports is damaging the economy and must be quickly resolved, the Tripoli-based central bank governor told on Jan.24, adding that Libya could run a budget deficit in 2020 as a result. Libya's internationally recognized prime minister Fayez al-Serraj has warned of catastrophe if the week-long blockade by eastern-based commander Khalifa Haftar's forces, which has cut oil output to almost zero, is not lifted. Previously, oil production was 1.2 million barrels a day.

    U.S. President Donald Trump on Friday signed a proclamation increasing tariffs on derivative steel products by an additional 25 percent and boosting duties on derivative aluminum products by an additional 10 percent. He said Argentina, Australia, Brazil, Canada, Mexico and South Korea are exempt from the additional tariffs on derivative steel products, and Argentina, Australia, Canada and Mexico are exempt from the added duties on derivative aluminum articles.

    Trump has imposed tariffs on imported steel and aluminum to help boost U.S. production, which he says is a national security issue.

    We expect bunker prices will continue to fall: 5-7 USD down for IFO, 7-9 USD down for MGO.




2020 October 21

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

2020 October 18

16:05 Inmarsat and Cobham SATCOM enable Maldives fisheries sustainability with Fleet One