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  • MABUX: Bunker market this morning, Feb 12
  • 2020 February 12 10:43

    MABUX: Bunker market this morning, Feb 12

    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 demonstrated  downward changes on February 11:

    380 HSFO - USD/MT 356.08 (-3.38)
    VLSFO - USD/MT 543.00 (-5.00)
    MGO - USD/MT 594.76 (-5.56)

    Meantime, world oil indexes increased on Feb. 11 reports that the outbreak of the coronavirus in China may be peaking. However, doubts still remain about the extent and timing of future output cuts from major producers.

    Brent for April settlement increased by $0.74 to $54.01 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March rose by $0.37 to $49.94 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.07 to WTI. Gasoil for February delivery added $1.75.

    Today morning oil indexes continue upward trend as China reported its lowest daily number of new coronavirus cases since late January, stoking hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

    The number of confirmed new cases on Feb.11 was down 19% from the previous day’s level and a senior Chinese epidemiologist told he expected the virus to have peaked by the end of the month. Even so, analysts at Oslo-based Rystad estimate global oil demand growth will fall by 900,000 barrels a day in the first quarter, with China accounting for one third of that.

    JPMorgan has slashed its forecasts for Chinese GDP growth this quarter to around a 1% annualized pace, on the assumption that contagion peaks in March and factories slowly resume opening this month. It then expects a rebound to an annualized 9.3% in the second quarter.

    OPEC+ still awaits a response from Russia on whether it would back deeper cuts and extend the current deal through until the end of the year. The larger OPEC+ meeting is still scheduled for 5 and 6 March, but many in the market see this as waiting too long to take action to offset the demand destruction. Oil prices indicated that global markets face a renewed surplus as Asia’s coronavirus hits demand, with discounts on prompt supplies emerging across the Brent futures curve.

    As the glut begins to accumulate, leading oil traders such as Vitoil SA, Royal Dutch Shell Plc and Litasco SA are seeking to hoard crude on vessels at sea. One Chinese energy company has invoked a legal clause to avoid taking delivery of liquefied natural gas. The North Sea crude market, priced using Brent, suffered an “immediate collapse” when shipments to Asia were disrupted. With Europe also receiving shipments from the U.S., “a surplus can quickly be created.”

    Yet the latest signals from the group have deflated those hopes. Azerbaijan’s Energy Minister said on Feb.10 that the alliance probably wouldn’t meet before it’s scheduled March meeting.

    And days after promising to announce Russia’s position, Energy Minister Alexander Novak would only say on Feb.11 that Moscow is considering the proposal. Russian President Vladimir Putin met Igor Sechin, chief executive of Russia’s largest oil producer Rosneft, but it gave no indication on whether Moscow is willing to accept an OPEC+ proposal to further curb oil production. No other details from the meeting were disclosed.

    Sechin, has openly criticized the existing deal, saying it helps the United States increase its dominance of the global oil market while countries taking part lose out. Yet Russian Energy Minister Alexander Novak said that Russia was still studying the deeper cuts by OPEC+.

    According to the American Petroleum Institute (API) U.S. crude oil inventories rose sharply last week - by 6 million barrels. The previous report showed a gain of 4.2 million barrels. The API snapshot serves as guide ahead of the official government inventories numbers, which come out later today. It is expected the Energy Information Administration to report a rise in inventories of about 3 million barrels.

    We expect bunker prices may increase today: USD 1-3 up for IFO and USD 1-3 up for MGO.

2022 January 21

14:02 TGE Marine announces completion of largest LNG Bi-Lobe Type C Tanks
13:23 Samskip adds 150 new sustainable reefer containers to its fleet
13:01 Icebreakers remain busy assisting shipping of the Gulf of Finland eastern part
12:13 Freight volumes increase at the Port of Gothenburg in 2021
12:12 Nippon Paint Marine’s new fastar antifouling earmarked for Cosco Shipping VLCC fleet
11:42 RZD invested heavily in its rolling stock upgrade in 2021
11:31 DP World launches a premium barge service between the Upper Rhine region and Rotterdam World Gateway
11:03 Israel orders three new submarines from thyssenkrupp Marine Systems
10:31 Port of Oakland import volume hit new record in 2021
10:11 Crude oil prices drop on US oil reserves growth
09:32 MABUX: Global bunker prices may slide down on Jan. 21
09:21 Baltic Dry Index as of Jan 20

2022 January 20

18:35 EuroDry announces agreement to acquire a 2014-built Supramax bulker
18:05 Valaris announces floater contract awards
17:43 Alfa Laval experiences increased demand for solutions related to LPG as fuel
17:26 Throughput of Chinese sea and river ports in 2021 climbed by 6.8% YoY
17:15 The U.S. Army gets $22.81 billion in supplemental funding of studies, projects and programs
17:05 Sanmar Shipyards delivers fourth powerful compact tug to SAAM Towage
16:50 Cargo traffic on IWW of Russia in 2021 rose by 1.2% to 110.3 million tonnes
16:35 Uber Boat by Thames Clippers builds the UK’s first hybrid high speed passenger ferries
16:15 American Cruise Lines unveils Project Blue
16:05 TGE Marine announces the completion of the tank building phase for two large LNG cargo tanks
15:31 Hafnia plans to acquire 12 modern LR1 tankers
15:25 Holland Shipyards Group develops new tug EDDY 24-50 E
15:05 ZIM announces new chartering agreement for three 7,000 TEU LNG dual-fuel container vessels
14:40 Exports of LNG and gas condensate from port Sabetta exceeded 19 million tonnes in 2021
14:11 Stena Line and Associated British Ports sign £100M deal for new ferry terminal at the Port of Immingham
13:45 Federal authorities asked to step into situation with coal transportation by Russian Railways
13:19 MABUX: Bunker Weekly Outlook, Week 03, 2022
13:12 Norside buys the platform supply vessel 'Farland' for offshore wind
12:46 New ICS guide helps seafarers navigate the digital bridge
12:08 The Harbour Master’s Division of the Port of Rotterdam Authority makes it through the second corona year unscathed
11:51 Port of Long Beach sets annual record with 9.38 million TEUs
10:46 Global Ports' consolidated marine container throughput increased by 2.8% y-o-y in 2021
10:10 Increase of cargo predicted for the Port of Riga this year
09:33 MABUX: Global bunker prices may turn over downward correction in the end of the day
09:25 Crude oil market sees downward price correction
09:08 Baltic Dry Index as of January 19

2022 January 19

18:20 New SGMF publication provides expansive and highly relevant guidelines on safe bunkering of LNG
18:03 ESL Shipping sells the barge Espa
17:52 High efficiency Wärtsilä power solutions to drive seven new Arctic Shuttle Tankers
17:50 Euroseas announces new charter for its 2,788 TEU, 2004-built vessel
17:33 Freeport of Riga Authority to invest almost EUR 1 million in implementation of port digital technology and IT solution projects this year
17:15 ABS, SDTR and SDARI develop methanol-fueled bulker
16:54 Thistle Wind Partners land 2 GW in ScotWind offshore wind leasing round
16:26 Results of Russian ports in 2021: infographics and analytics
16:05 Port of Blyth orders Konecranes Gottwald Generation 6 Mobile Harbor Crane
15:40 Equinor awarded 26 new production licences on the Norwegian continental shelf
14:56 Oboronlogistics’ Sparta IV to deliver project cargo to India
14:29 Sea Port of Saint-Petersburg increased its throughput in 2021 by 17% YoY
14:08 Growing orders for Alfa Laval FCM LPG fuel supply systems reflect strength in Alfa Laval’s broad LPG offering
13:45 Throughput of Novotrans at Ust-Luga port’s ferry terminal rose by 9.2% in 2021
13:24 ABB adds digital analytics feature to turbochargers, giving performance visibility to shipowners
12:51 Port of Corpus Christi finishes Fiscal Year 2021 with record tonnage
12:50 FESCO delivers equipment for NPP Akkuyu in Turkey
12:27 Helsinki City Board approves the Port of Helsinki Ltd development programme
12:13 METIS adds new functionality to cloud-based platform to enhance decarbonisation and compliance support
11:41 North makes key Fixed Premium P&I appointments to accelerate diversification drive
11:35 Jumbo-SAL-Alliance delivers comprehensive transportation solution for the transportation of offshore platform modules
11:23 Throughput of Murmansk Sea Fish Port in 2021 rose by 20.7% YoY