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  • MABUX: Bunker market this morning, Feb 21
  • 2020 February 21 10:44

    MABUX: Bunker market this morning, Feb 21

    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 20:

    380 HSFO: USD/MT 367.67 (+3.06)
    VLSFO: USD/MT 538.00 (+5.00)
    MGO: USD/MT 600.24 (+5.50)


    Meantime, world oil indexes rose slightly on Feb.20 after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China.

    Brent for April settlement increased by $0.19 to $59.31 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April rose by $0.59 to $53.88 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.43 to WTI. Gasoil for March delivery gained $2.00.

    Today morning global oil indexes fell amid concerns over fuel demand as the coronavirus epidemic spread further beyond China.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 400 thousand barrels from the previous week. At 442.9 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. A day before its weekly petroleum status report, the EIA revised down its forecast for global oil demand for this year, adding pressure to prices. It was not a small revision, either: at 378,000 bpd it beats both OPEC’s and the International Energy Agency’s downward demand outlook revisions.

    The coronavirus outbreak pressured international oil prices significantly and the pressure is yet to start going away despite tentative suggestions that the rate of infection may have peaked and quarantines were ending. This could lead to more travel and some improvement in fuel demand, but the improvement will be slow in coming as market is extra cautious, with millions of people working from home. Meantime, on Feb.20 South Korean authorities confirmed 52 new coronavirus infections. The streets of Daegu, the country’s fourth-largest city, were deserted on Feb.20 after dozens of people there went down with the pathogen in what authorities described as a “super-spreading” event.

    Chinese oil refiners have cut their daily run rates further, to around 10 million bpd, which is the lowest since 2014. Refiners began lowering their run runs in response to the slump in demand for oil products because of the coronavirus outbreak. State refiners had cut their processing rates by some 10 percent or 940,000 bpd but independent refiners had cut even deeper, at around 25 percent of what they processed before the outbreak.

    Russia’s biggest oil producer and largest taxpayer, Rosneft, reported a net income for 2019 that was 29 percent higher on the year, despite market uncertainties and negative factors such as the continued production cuts of the OPEC+ coalition and the oil contamination crisis last spring. Positive results is possible due to higher operating income and lower financial and other expenses. Rosneft’s 2019 results release came a day after the United States slapped sanctions on one of its subsidiaries, Rosneft Trading, for helping Venezuela’s Nicolas Maduro to sell crude oil.

    Turkey said Kurdish fighters in Syria are smuggling oil out of the war-torn country in partnership with the U.S. As per statement, oil from Syria’s oil-rich Deir Ezzor region is being smuggled out of the country onto Iraq and from Iraq’s port of Basra it is being shipped to the United States. Authorities from Sweden, Denmark, the Netherlands, and Egypt have also taken samples of that oil. After a surprise announcement of pulling the U.S. troops out of Syria in October last year, U.S. President Donald Trump said that the United States would protect Syrian oil fields from ISIS. At the end of last year, it was reported that the United States had moved more equipment from Iraq into Syria to boost the protection of the oil and gas fields in eastern Syria.  

    Conflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution. The head of Libya’s internationally recognised government Fayez al-Serraj dashed hopes of reviving peace negotiations after the Libyan National Army of Khalifa Haftar shelled the port in the capital Tripoli, held by al-Serraj’s government. The shutdowns in Libya, ongoing for over a month, have slashed the OPEC member’s crude production by over 1 million barrels per day.

    We expect bunker prices may change insignificant and irregular today in a range of plus-minus 1-4 USD.




2022 January 29

12:51 IJmuiden sea lock officially put into operation
11:29 New product partnership formed between COACH Solutions and Veson Nautical
10:41 MPA launches regular guided tours to Raffles Lighthouse

2022 January 28

18:30 Smooth Ports completes the first project phase of the project
18:12 Two oil garbage disposal vessels put into operation in Novorossiysk
18:05 MOL and Mitsui sign time charter contract for LNG carrier
17:56 Finnlines upgrades its Finland–Sweden route
17:36 NRP Maritime Asset Management announces launching and first close of Premium Maritime Credit Fund
17:26 NYK and Uyeno Group form capital and business alliance
17:06 UPM sets its sights on Rotterdam for new biorefinery
16:51 New fairway drafts offer shipping greater flexibility on Lower and Outer Elbe
16:41 GCT Bayonne orders Konecranes Noell Sprinter Carriers
16:31 ZIM provides update on operational cooperation agreement with the 2M Partners
16:21 ENEA and Fincantieri team up for energy, environment, and circular economy
16:15 Furetank orders new climate friendly tanker for a green fleet
16:10 MAN Energy Solutions delivers engines to Chantiers de l’Atlantique
15:57 USCG intercepts 191 Haitians near Bahamas
15:55 Project cargo on the rise at Port of Antwerp thanks to EU Green Deal
14:26 Tenders for dredging and cleaning of Saint-Petersburg waterways to be announced by ad hoc municipal committee
14:03 Damen Shipyards to build four RoPax ferries for Penang Port, Malaysia
13:41 Nefteflot lays down survey ship of Project RDB 66.62
13:27 Ulstein awarded offshore wind ship design contract for Shanghai Electric and ZPMC
12:34 Universe Shipping opts for RMS 2000 V-rotor systems from Damen Marine Components
12:02 EST-Floattech delivers battery systems to 3 Damen Patrol Vessels 1304 Electric
11:30 KSK Grain Terminal handles grain vessel of 120,000 tons in capacity
11:01 MarineMax reports record fiscal 2022 first quarter results
09:59 RF Navy's frigate Admiral Gorshkov practiced artillery firing in the Barents Sea
09:34 Baltic Dry Index as of January 27
09:16 Crude oil market sees upwards price correction
08:57 MABUX: No firm trend expected on Global bunker market on Jan 28

2022 January 27

18:35 ABP launches the first of its new tranche of port-manufacturing sites at Port of Hull
18:05 Indian Register of Shipping classes first 100 pax hybrid catamaran (battery powered) ferry
17:52 Onezhsky Shipyard launches lead crab catching ship built for Russian Crab Group
17:35 Kawasaki Heavy Industries announces delivery of LPG-fueled LPG carrier CRYSTAL TRINITY
17:05 NAPA and MOL roll out digital Navigational Risk Monitoring Solution on over MOL’s 700+ ships
16:45 Port of Antwerp, North Sea Port Flanders and Port of Zeebrugge launch the stimulus programme ‘Accelerating modal shift’
16:36 Construction of digital shipyard commenced at Onezhsky Shipbuilding, Ship Repair Yard
16:17 Suez Canal Economic Zone signs local and foreign contracts for Sokhna port new berths works
15:35 Construction of support fleet base in Ust-Luga approved by Glavgosexpertiza
15:32 ABS grants AIP to a coordinated design for a wind turbine installation vessel
15:14 Tarragona Port Authority has awarded Global Ports Holding a 12-year concession to manage the services for cruise passengers
15:00 Marine Rescue Service removed all oil products from Chinese ship Xing Yuan
14:53 Cooperation Agreement signed between ThPA S.A. and Suez Canal Economic Zone
14:42 DP World joins forces with Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
14:32 A.P. Moller - Maersk shares millions of weather observations to aid climate science
14:22 IMB releases 2021 Piracy and Armed Robbery Report
14:04 FESCO launches regular container train from Vladivostok to Ulyanovsk
13:40 Swissterminal starts a new rail link between the port of Antwerp and Ottmarsheim
13:28 FESCO confirms compliance with standards for operation of vessels in US waters
13:03 Georgia Ports Authority tops 5.5M TEUs, 650K units in 2021
12:49 NYK delivers methanol-fueled chemical tanker
12:02 Throughput of Yeisk port in 2021 remained flat, year-on-year
11:30 Tallink Grupp’s vessel Baltic Queen heads to Naantali, Finland for regular dry-docking
10:56 Throughput of Temryuk port in 2021 rose by 10.3% YoY
10:37 MABUX: Bunker Weekly Outlook, Week 04, 2022
10:33 Haldor Topsoe becomes member of Hydrogen Council to promote green hydrogen solutions
09:48 Registration is underway for 5th Hydraulic Engineering and Dredging Congress
09:29 Baltic Dry Index as of January 26
09:12 Crude oil prices decrease on reduction of supply disruption risks
08:57 MABUX: Global bunker market to continue firm upward evolution on Jan 27