• 2020 February 7 10:16

    MABUX: Bunker market this morning, Feb 07

    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) rose slightly on February 06:

    380 HSFO - USD/MT 363.39 (+8.12)
    VLSFO - USD/MT 559.00 (+6.00)
    MGO - USD/MT 610.42 (+3.78)


    Meantime, world oil indexes changed insignificant and irregular on Feb.06 as an OPEC+ committee agreed on a required level of output cuts, but didn’t reach a decision on an emergency meeting as Russia resisted.

    Brent for April settlement decreased by $0.35 to $54.93 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $0.20 to $50.95 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.98 to WTI. Gasoil for February delivery gained $1.50.

    Today morning global oil indexes have turned into slight upward evolution.

    The OPEC+ technical panel has recommended a production cut of 600,000 barrels a day to offset the demand impact from the coronavirus outbreak. Following three days of discussions in Vienna, there was no agreement on if ministers from OPEC and its allies should meet this month to ratify the Joint Technical Committee’s suggestion. Russia said it needs more time to assess the impact of the outbreak. Saudi Arabia in turn continues to push for an output cut. The dynamic between the two countries is not new. They have often disagreed about whether to curb production since the OPEC+ alliance was formed, but have ultimately found a way to compromise.

    The near-term impact of the coronavirus outbreak on oil demand remains uncertain as much depends upon when and how China’s manufacturing industry restarts after the currently extended Lunar New Year public holiday. Wood Mackenzie has lowered its oil demand forecast for Q1 2020 by nearly 900,000 barrels per day (b/d) to 98.8 million b/d. Much of the drop is attributable to efforts to contain the outbreak, including flight cancellations. It is expected, that the Q1 2020 fall in Chinese demand – a 200,000 b/d drop to 13 million b/d – is the first year-on-year decline in the country’s demand since 2009.

    Meantime, ship calls at or through major Chinese ports have fallen 20% since Jan. 20, as measures to control the coronavirus outbreak cut into international supply chains. It is projected that the impact of factory shutdowns and other restrictions hitting China’s economic output will reduce global ocean container volumes, a major piece of global trade, by about 0.7% over the full year, or about 6 million containers. China, acting to halt the spread of the disease, has extended until Feb. 9 the Lunar New Year holiday that traditionally curtails factory production. Travel restrictions remain in place, however, which may leave many factories short of workers to resume production if they try to reopen next week. Brokers in China said bookings for container ships, tankers and dry bulk vessels are falling rapidly and that the slowdown could extend until March. The reduction in shipping volumes is expected to ripple across supply chains in the U.S. and Europe, with rail and truck volumes likely sliding in the coming weeks on the reduced flow of international goods.

    Meantime, falling Chinese demand for crude oil and fuels amid the coronavirus outbreak will likely cut shipping rates globally. Charter rates for supertankers on key shipping routes from the United States and the Middle East to Asia have already dipped to their lowest levels since the middle of September, because the coronavirus outbreak has started to eat into oil demand in the world’s top oil importer, China. If demand continues to be depressed for months, tanker rates on the key oil shipping lanes in the world would dip, affecting the revenues of shipping firms.

    Venezuela’s oil exports fell 14% in January, exporting less than 1 million bpd of crude and refined products for the month. The 951,903 bpd that was shipped compares to 1.1 million bpd shipped in December, and 1.38 million bpd shipping a year ago January. Despite the falling off of crude exports for the troubled Latin American nation, its oil stocks in storage fell also—from 39.85 million barrels in September 2019 to 35.9 million barrels at the end of January. Most of the pre-January stock loss was due to extra crude shipments to India, who had previously stopped purchasing Venezuelan crude. Those shipments have since resumed.

    The results of the first month of IMO 2020 show that HSFO is largely being bought on contract or direct between large buyers and sellers. When there have been spot enquiries for HSFO, barge availability can be problematic as the vessels are fully booked for contract deliveries. In addition, HSFO avails seem to be concentrated in the large ports, and vessels tramping to smaller ports may encounter difficulty in sourcing the product.

    We expect bunker prices may change irregular today in a range of plus-minus 1-5 USD.




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