• 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.




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