• 2020 March 27 10:35

    MABUX: Bunker market this morning, Mar 27

    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 irregular changes on March 26:

    380 HSFO: USD/MT 257.23 (+1.23)
    VLSFO: USD/MT 326.00 (-4.00)
    MGO: USD/MT 419.90 (+1.97)


    Meantime, world oil indexes decreased on Mar. 25 after the $2 trillion U.S. Covid-19 fiscal rescue left out the Trump administration’s plan to top up the country’s oil reserves in a bid to throw a lifeline to shale drillers.

    Brent for May settlement decreased by $1.05 to $26.34 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May declined by $1.89 to $22.60 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.74 to WTI. Gasoil for April delivery fell by $2.25.

    Today morning oil indexes increase as governments around the world pledged a huge injection of funds and other measures to limit the economic fallout from the coronavirus pandemic.

    The Senate unanimously reached agreement on a $2 trillion relief package late on Mar.25. The bill now moves on to the House of Representatives, with a vote expected today. At the same time, the $3 billion earmarked for filling the U.S. Strategic Petroleum Reserve, which promised to support domestic producers moderately as they struggle with the collapse in prices, were removed from the bill.

    Oil demand worldwide continues to take hits as the pandemic severely curtails travel and more countries order lockdowns to curb the spread of the disease. India, the second most populous country and the third largest oil consumer in the world, started a 21-day lockdown Mar.25. Vienna-based JBC Energy said it expected world oil demand to fall by an even larger 15.3 million bpd in the second quarter, likely pushing benchmark prices, at least temporarily, to around $10 per barrel. Goldman Sachs expects oil demand to fall by 10.5 million barrels per day in March and possibly by as much as 18.7 million bpd in April. According to EIA’s Executive Director, Fatih Birol, global oil demand could fall by about 20 million barrels per day.

    The weekly jobless claims report from the U.S. Labor Department offered the clearest evidence yet of the coronavirus' devastating impact on the economy. The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week, with initial claims coming in at a seasonally adjusted 3.28 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982.

    The U.S. is putting increased pressure on Saudi Arabia to take a step back from the ongoing price war with Russia. Secretary of State Michael Pompeo urged the Saudis to “rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty”. However, there was no indication of any change in Saudi policy in King Salman's opening remarks at an emergency G20 meeting. At the same time, the Kremlin spokesman Dmitry Peskov told, that the oil market will not be a topic of discussion at the G-20 video summit. He pointed, that the topic of the economic repercussions of the coronavirus on the global economy will not remain undiscussed.

    Due to the Saudi-Russian oil price war and the plunging demand as economies remain under lockdown, the situation on the oil market is such that no major oil-producing nation will exit unscarred. Oil at below $30 a barrel is unsustainable for the indebted U.S. shale industry, which cannot make any money at these prices. But the situation on the market is not forever sustainable, even for Saudi Arabia and Russia. They both will need to tap into their sovereign wealth funds to patch up budget shortfalls from lower revenues at $30 oil.

    At the same time, Saudi Arabia was struggling to find customers for its extra oil as demand plummets due to the coronavirus and as freight rates surge. Royal Dutch Shell and U.S. refiners were taking less Saudi crude. Finland’s Neste was not taking any in April. Indian refiners had sought delayed deliveries and Polish refiners were easing up on purchases.

    We expect bunker prices to decrease today: 3-5 USD down for IFO, 1-3 USD down for MGO.




2020 October 19

18:11 CMA CGM to launch the East Med - Black Sea Express
18:01 Taganrog coastal station of NAVTEX service obtains certificate of conformity
17:48 BPA to host 5G workshop
17:27 FESCO to supply India's research stations in Antarctica for the third year in a row
17:06 Valenciaport registers the record with 477,194 containers handled in September 2020
16:46 4th “LNG Fleet, LNG Bunkering and Alternatives” conference to be held online on 28 October 2020
16:05 Milaha obtains “ISO 27001” certification for Information Security Management System
15:49 Rosmorport's sailing ship “Mir” to sail around the world in 2022-2023
15:12 Mitsubishi Shipbuilding receives approval in principle for LNG fuel gas supply system from Bureau Veritas
15:04 A.P. Moller - Maersk integrates the European customs services specialist KGH Customs Services
14:35 Harvey Gulf orders Wärtsilä Energy Storage for another four LNG-powered Supply Vessels
14:30 Average spot market price for Russian M100 product rose to RUB 11,894 pmt
14:11 GTT announces the acquisition of Areva H2Gen
13:58 Project on construction of fish terminal “Udarnik” registered as second resident of Arctic Capital PDA
13:17 Ukraine's January-September 2020 coal imports down 15%
13:11 ZIM and Alibaba.com sign strategic cooperation agreement
12:52 Port of Riga sets itself new goal to become region's leader in grain handling
12:33 TransContainer increased container transportation volumes by 15.1% YoY
12:04 Port of Oakland names Acting Communications Director
11:47 Blagoverf shipyard lays down buoy tender of project 3052 for Rechvodput
11:06 EPS collaborates with GoodFuels for marine biofuel bunker trial
10:42 Ocean Yield ASA acquires two suezmax newbuildings with long-term charters
10:40 First sections for ice-resistant platform LSP “A” shipped to outfitting yard
09:58 North Carolina Ports awarded $16 million grant for infrastructure improvements
09:39 MABUX: Bunker market this morning, October 19
09:25 Week beginning is marked by oil prices decrease
09:12 Baltic Dry Index as of October 16

2020 October 18

16:05 Inmarsat and Cobham SATCOM enable Maldives fisheries sustainability with Fleet One
15:58 JAXPORT now offers expanded service to the West Coast of South America through ONE
14:11 Nordic American Tankers says full financing of Suezmax duo is in place
13:14 Bright outlook at Gibdock as bookings remain solid
12:27 Supply contracts signed for main equipment for Squadron 2020 project
11:09 Port of Gdansk inks LoI with Ukrainian Sea Ports Authority

2020 October 17

12:54 CMA CGM announces FAK rates from West Med, Adriatic, Black Sea & East Med to Far East
11:51 CMA CGM extends PSS from Asia to North Europe
10:42 THE Alliance announces updated service adjustments for November 2020
09:34 The largest LNG-powered container ship ever built features Wärtsilä solutions
08:37 CMA CGM and MSC share information through the blockchain-based data platform TradeLens

2020 October 16

18:43 Taiwanese dredging project awarded to Van Oord
18:33 Yair Seroussi appointed as ZIM’s Chairman of the Board of Directors
18:00 Сargo turnover of DeloPorts terminals in 9M'2020 increased by 40% YoY
17:36 Krylov Center scientists developed 6.5 MW electric propulsion/steering unit
15:59 Throughput of Kaliningrad port in 9M’2020 fell by 6% Y-o-Y
15:01 CMA CGM announces FAK rates from the Middle East Gulf to North Europe and the Mediterranean
14:37 Throughput of port Vyborg in 9M’2020 fell by 46% Y-o-Y
14:14 Scorpio Bulkers announces the sale of an Ultramax vessel
13:55 Oboronlogistics completes summer navigation 2020 with cargo delivery to Tiksi
13:13 CMA CGM announces FAK rates from North Europe to Gulf and Red Sea
12:51 Throughput of port Vysotsk in 9M’2020 fell by 6% Y-o-Y
12:49 Damen hands over MV Swift to Windermere Lake Cruises
12:34 Throughput of Ust-Luga port in 9M’2020 decreased by 1% Y-o-Y
12:12 CMA CGM to launch BRAZEX 2 service, a new milestone for CMA CGM in Latin America
12:06 Belgian and Dutch inland ports plan to establish a single shore-based power system
11:51 Bunker prices started decreasing in the Port of Saint-Petersburg, Russia (graph)
11:33 Throughput of Port St. Petersburg fell by 2% in 9M’2020
11:12 PrimeServ upgrade delivers massive emission and fuel savings to Norwegian trawler
10:58 Global Ports' 9M 2020 consolidated marine container throughput increased by 7.1%
10:14 Container throughput of Hong Kong port (China) in 9M’2020 fell by 3.2%
09:53 MABUX: Bunker market this morning, Oct.16
09:36 Throughput of Chinese sea and river ports in 9M’2020 climbed by 3% YoY