• 2020 March 17 09:31

    MABUX: Bunker market this morning, Mar 17

    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) continued firm downward trend on March 16:

    380 HSFO: USD/MT 277.26 (-11.53)
    VLSFO: USD/MT 367.00 (-15.00)
    MGO: USD/MT 451.02 (-16.83)


    Meantime, world oil indexes fell on Mar.16 as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.
     
    Brent for May settlement decreased by $3.80 to $30.05 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April fell by $3.03 to $28.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.35 to WTI. Gasoil for April delivery lost $30.25.

    Today morning global oil indexes have turned into slight upward correction.
     
    The U.S. Federal Reserve took yet another action on Mar.15 evening, announcing that the central bank would be slashing interest rates to zero percent and reactivating the crisis-era program of bond purchases known as "quantitative easing," in which the Fed buys billions of dollars in bonds to cut prices and keep markets flowing. The move comes following another announcement last week stating that the Federal Reserve pledged to inject as much as $1.5 trillion into U.S. markets to cull the growing panic sparked by the Coronavirus pandemic. Despite the supposedly rather good news, oil markets failed to react positively and continued downward evolution.

    China’s industrial output fell by a much larger than expected 13.5% in January-February from the same period a year earlier, the weakest reading since January 1990.

    An OPEC and non-OPEC technical meeting planned for Mar.18 in Vienna has been called off. A deal to cut oil output struck by the Organization of the Petroleum Exporting Countries and allies led by Russia - a grouping known as OPEC+ - is due to expire at the end of this month. On March 6, OPEC+ failed to reach a deal to deepen oil supply cuts or to extend existing curbs, deepening a slide in oil prices.

    Venezuela is in discussions with OPEC and Russia about the current oil price collapse saying it reached out to its “partners” to take steps toward opening up a new dialogue between OPEC and non-OPEC nations. Meantime, Venezuela continues to suffer under the weight of US sanctions and last week the United States added another subsidiary of Rosneft—TNK Trading International SA (TTI)—for supporting Maduro’s regime. The sanctions block all property and interests in property of TTI that are in the US or in the possession or control of US persons, as well as any entities that are owned, directly or indirectly, 50 percent or more by the designated individuals and entity.

    IHS Markit estimates that oversupply of oil could come to 800 million to 1.3 billion barrels. The projection is two to three times what existed in late 2015 to early 2016, when the Organization of the Petroleum Exporting Countries pumped more oil to combat the growing U.S. shale industry.

    Saudi Arabia’s national shipping firm, Bahri, has provisionally chartered up to 31 supertankers, up from 19 vessels sought earlier last week. The Kingdom had said on Mar. 11 it would launch a programme to boost production capacity for the first time in more than a decade, signalling to Russia and other rivals it was ready for a long battle over production levels and market share. The number of supertankers Bahri was seeking to conclude charters for had risen to up to 31 from 19 on Mar.11. Each of these vessels, known as very large crude carriers, can carry a maximum of 2 million barrels of oil.

    The shipping industry is drawing some comfort from the collapse of OPEC+ and coronavirus-led demand weakness thanks to cheaper marine fuel costs, with prices for VLSFO in Europe having experienced a greater-than-expected drop, plunging by half since the start of the year. Prices for VLSFO in Rotterdam plummeted approximately one fifth in January alone, as market participants cited softening demand as well as growing availability. Initial pockets of tight availability at Europe’s bunkering hub in Rotterdam did not appear to persist for long, partly due softened demand-related conditions from IMO 2020 which were further exacerbated by the COVID-19 outbreak.

    The International Bunker Industry Association (IBIA) has issued advice on how to mitigate the risk of COVID-19 infection during bunkering operations. In a statement issued on 16 March, IBIA said that the key issues for any personnel involved in a bunker delivery – barge crew, ship crew, surveyors or agents – are to minimize touching surfaces which may be contaminated. The virus is unlikely to persist on bunker hoses, flanges, valve wheels etc. and in any case, gloves should always be worn in these circumstances.

    We expect bunker prices may continue to decline in a range of minus 10-20 USD during the day, followed by a possible upward correction at the end of the session.




2024 March 29

16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

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