• 2020 January 30 10:28

    MABUX: Bunker market this morning, Jan 30

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) changed insignificant and irregular on January 29:

    380 HSFO: USD/MT 373.42 (+0.34)
    VLSFO: USD/MT 585.00 (-4.00)
    MGO: USD/MT 634.32 (+0.46)


    Meantime, world oil indexes rose for a second day on Jan.29 as worries about the impact of the coronavirus outbreak and swelling crude inventories in the United States weighed on prices, while talk that OPEC could extend oil output cuts provided support.

    Brent for March settlement rose by $0.30 to $59.81 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $0.15 to $53.33 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.48 to WTI. Gasoil for February delivery lost $1.75.

    Today morning global oil indexes demonstrate slight downward trend.

    Fuel markets that have been hit by the spread of the new virus out of China and its rising death toll are taking stock of the economic fallout, helped by comments from the head of the World Health Organization supporting Beijing's efforts to beat the outbreak. It is expected, that any effect of the China virus on oil demand is likely to be clearer over the coming week.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.5 million barrels from the previous week. At 431.7 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Forecasts had expected a draw of 460,000 bpd, after last week the EIA reported a draw of 400,000 bpd for the seven days to January 17. Distillate fuel inventories fell by 1.3 million barrels last week. This compared with a 1.2-million-barrel decline a week earlier. Distillate fuel production averaged 5 million bpd in the week to January 24, unchanged from the previous week.

    Barclays predicts, a slump in oil demand caused by the outbreak of the coronavirus in China could pressure oil prices by $2 per barrel, revising its full-year Brent crude forecast to $62 a barrel and its West Texas Intermediate forecast to $57 a barrel. The downward revision from Barclays comes just a week after the bank said that it expects global crude demand growth to pick up in 2020 thanks to an improving global economic outlook.

    OPEC wants to extend oil production cuts until at least June from March, and may deepen the reductions should demand for oil in China be significantly reduced by the spread of the virus. The Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, have been trying to stabilize prices amid questions over the global demand outlook and rising supplies, particularly out of the United States. OPEC and its allies will next be meeting in Vienna in March to decide on any further action on its output reduction agreement. Meantime, Russia had insisted it wanted the current deal to last only until March, while Saudi Arabia has been keener for the deal to last longer.

    China is set to further expand its massive oil refining capacity this year, offering support to global oil and fuel prices, and U.S. producers in particular. Already the world's No.2 oil refiner after the United States, China added 800,000 barrels per day (bpd) of capacity last year - 80% of the United Kingdom's refinery throughput - and forecasts expect a further 460,000 bpd to become operational in 2020. Domestic demand, however, has failed to keep pace. Chinese exports of diesel, gasoline and jet fuel combined jumped 20% in 2019, reaching as far as Mexico, Nigeria and Italy, and weighing on global refining margins. Exports of diesel and gasoline, however, will be capped as refiners shift production to make cleaner marine fuels to meet new international emission standards.

    A new report from the International Council on Clean Transportation (ICCT) has found that the most popular Liquefied Natural Gas (LNG) ship engine, particularly for cruise ships, emits between 70% and 82% more life-cycle greenhouse gas (GHG) emissions over the short-term compared to clean distillate fuels. The authors found that using LNG could actually worsen the shipping industry’s climate impacts compared to marine gas oil (MGO) when considering the amount of heat these emissions will trap over a 20-year period. LNG is being hailed as a climate solution by many in the shipping industry — a sector that is responsible for more global GHG emissions than major climate polluting nations, including Germany, Iran, South Korea, and Canada. As per report, if left unchecked in a business-as-usual scenario, international shipping GHG emissions could rise from its current 3% share of emissions to a staggering 17% of global GHG emissions by 2050. If ships were to continue to uptake LNG as a marine fuel, emissions could be even worse.

    SEA\LNG and the Society for Gas as a Marine Fuel (SGMF) in respond pointed out that they were not contacted prior to the release - and therefore need some time to review the report in depth - but their ‘immediate comments are related to the assumptions and methodologies used and the lack of direct input from the engine manufacturers’.

    Libya’s National Oil Corporation said earlier this week production had slumped by more than two-thirds over the last week, from over 1.2 million bpd to about 300,000 bpd. The drop followed the blockade of oil export terminals and the consequent shutdown of several oil fields. The situation could deteriorate further, with production falling to as little as 72,000 bpd: the potential upward driver in a short-term.

    Yemen’s Iran-aligned Houthi movement said on Jan.29 it had carried out an unspecified military operation on Saudi Aramco sites in the kingdom’s south, but there was no immediate confirmation from Saudi authorities of any attack.

    We expect bunker prices may change insignificant and irregular today in a range of plus-minus 1-3 USD.




2021 January 16

15:39 New ship Silver Dawn floats out in Ancona.
14:31 Signing of MoU in relation to 2 units of 250 feet crane barges
13:28 CMA CGM to apply FAK rates for North Europe to Gulf and Red Sea trade
12:49 DuPont Clean Technologies to develop scrubbing project with BELCO® technology to control the emissions of Empresa Nacional de Petróleo (ENAP)
10:35 Hapag-Lloyd announces blank sailings on Europe - Asia trade
09:11 Golar LNG and Stonepeak Infrastructure Partners to sell 100% of Hygo Energy Transition Ltd. to New Fortress Energy

2021 January 15

18:15 Organic fertilizers and biogas from biowaste in the Helsinki region – commercial use of the Lohja biogas plant started up
18:04 New Speakers and Sponsors announced for Unmanned Maritime Systems Technology virtual conference
17:51 High reliability of Limburg Express requires expansion
17:41 Gulf of Guinea records highest ever number of crew kidnapped in 2020, according to IMB’s annual piracy report
17:38 Diana Shipping announces increase in tender offer price for its shares of common stock and extension of expiration date
17:29 OCEAN Alliance Day 5 Product signing ceremony
17:08 i4 Insight partner with FNT to integrate Condition Monitoring service
17:06 Throughput of Rostov-on-Don port in 2020 grew by 13% Y-o-Y
17:03 The effects of the coronavirus epidemic prevention regulations on Finnlines passenger traffic
16:42 Launching of Viking Glory slated for Jan 26
16:28 Carisbrooke Shipping and SMT Shipping partner with Nautilus Labs for collaboration to optimize fleet performance
16:01 Tallink Grupp appoints new Managing Director for Swedish subsidiary Tallink Silja AB
15:17 USCG cutter Joseph Gerczak to increase maritime presence in Pacific
14:47 First steel cut for new Carnival Celebration, next Excel-class ship set to debut from PortMiami in 2022
14:22 Zvezda Shipyard starts cutting steel for third MR product carrier
13:57 Bunkering of a new-generation LNG-powered container ships begins in Rotterdam
13:26 Holland America Line opens bookings for Europe 2022 cruises - four ships span the region on itineraries ranging from 7 to 21 days
13:08 SCF takes delivery of new LNG carrier to expand long-standing partnership with Shell
12:49 Anatoly Meshcheryakov appointed as Director of Transport Department
12:34 BW Offshore: Incident on FPSO Espoir Ivoirien
11:21 Sakura Kuma named as new managing director of APM Terminals Japan
10:56 Turnover of DeloPorts terminals grew by 36% in 2020
10:32 MABUX: Bunker market this morning, Jan 15, 2021
10:04 Jinling hands over Grimaldi Group’s second GG5G Class hybrid ro-ro
09:57 Biggest Dutch project for CO2 reduction, Porthos, is on schedule
09:55 Bunker prices show no significant changes at the Port of Saint-Petersburg, Russia (graph)
09:34 Crude oil prices continue decreasing in expectation of COVID-19 related lockdowns to affect the demand
09:19 Baltic Dry Index as of January 14

2021 January 14

18:25 Throughput of Russian seaports in 2020 fell by 2.3% Y-o-Y
18:03 Torvald Klaveness First Steamship joins Baumarine by MaruKlav
17:48 Exports of Transneft oil via seaports fell by 21.3%
17:31 Wärtsilä SmartMove Suite sets sail with the American Steamship Company
16:47 Marine Administration of the Russian Federation extends validity of seafarers’ documents
16:23 CMA CGM announces Empty Equipment Imbalance Surcharge for cargo from North Europe, United Kingdom, Baltic States, Scandinavia & Russia to Nigeria
16:18 Bunker Outlook, Jan 14, 2020
16:03 Contecon Manzanillo caps off 2020 with 1M TEU milestone
15:55 Enhanced requirements for shore-based personnel boarding vessels in the Port of Singapore
15:41 Dredging fleet of Rosmorport’s Astrakhan branch expanded with dredging convoy
15:23 Equinor selected for largest-ever US offshore wind award
15:03 Konecranes makes first UK installation of S-series crane
14:44 Bunker prices increased in the Far East ports of Russia (graph)
14:22 Abu Dhabi Ports to provide container transportation services between Musaffah-based facility and Khalifa Port
14:03 North Sea Port feels reports 63.5 million tons of cargo transhipment from maritime shipping in 2020
13:40 Port of Riga saw cargo structure changes in 2020
13:23 Kalmar’s straddle carrier technology to enhance operational capabilities at Iles de la Réunion
13:21 Port Houston annual container volumes near record in December 2020
12:48 Throughput of Sovetskaya Gavan port surged by 83% in 2020
12:04 Portuguese and Greek Prime Ministers visit European Maritime Safety Agency
11:59 Port of Oakland loaded imports up 11 percent in Dec. 2020
10:47 Year 2020 ended with 6.6 million tons of various cargo handled by Port of Liepaya
10:20 MABUX: Bunker market this morning, Jan 14, 2021
10:19 PGNiG received its fourth LNG delivery in Klaipėda
10:12 Neptune Energy awards $6.5M contracts for Cygnus gas facility
09:53 Hydrogen Council reaches 100+ members