• Home
  • News
  • MABUX: Bunker market this morning, Mar 31
  • 2020 March 31 09:46

    MABUX: Bunker market this morning, Mar 31

    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 slight downward movement on March 30:

    380 HSFO: USD/MT 248.96 (-4.39)
    VLSFO: USD/MT 314.00 (-2.00)
    MGO: USD/MT 404.57 (-2.39)

    Meantime, world oil indexes also fell on Mar.30 on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further.

    Brent for May settlement decreased by $2.17 to $22.76 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $1.42 to $20.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.67 to WTI. Gasoil for April delivery lost $15.00.

    Today morning global oil indexes do not have any firm trend so far.
     
    The price of oil is now so low that it is becoming unprofitable for many oil firms to remain active, analysts said, and higher cost producers will have no choice but to shut production, especially since storage capacities are almost full. As per Rystad Energy, the oil market supply chains are broken due to the unbelievably large losses in oil demand, forcing all available alternatives of supply chain adjustments to take place during April and May, including cutting refineries runs and increasing storage. Besides demand destruction, oil markets have also been slammed by the Saudi Arabia-Russia price war that is flooding markets with extra supply.

    Russia considers, the global oil market could return to balance in at least one year, all things being equal as-is. Any timeline on rebalancing would depend on how long major economies remain in lockdown. At $30-35 oil, U.S. oil production could drop by around 1.5 million barrels per day (bpd). Russia’s position of not to support deeper cuts at the OPEC+ meeting  was that the coronavirus outbreak was already hitting oil demand in February and was increasing the uncertainty about how far and how severe the pandemic would spread outside China. According to Russia, the ‘fair price of oil’ currently would be $45-55 a barrel. Such a price range would discourage costly projects and, at the same time, allow demand to grow.

    Several OPEC members, largely bystanders suffering amid the Saudi-Russia oil price war, continue to press for a new production accord. Algeria, who holds OPEC’s rotating presidency this year, has been extremely active in attempting to round up enough support to try and convince Saudi Arabia to consider an alternative tack. But with the kingdom so far standing firm in its plans to ratchet up its production starting next month, the prospects of any new deal seem scant.

    The United States says it has imposed sanctions against 20 companies based in Iran and Iraq, along with officials and other individuals there who are accused of supporting terrorist groups. The individuals and entities are also accused of “transferring lethal aid to Iranian-backed terrorist militias in Iraq such as Kata’ib Hizballah (KH) and Asa’ib Ahl al-Haq (AAH). Among other activities, the companies and individuals were said to be involved in smuggling weapons to Yemen, selling U.S.-blacklisted Iranian oil to the Syrian government, promoting propaganda efforts in Iraq, and intimidating Iraqi politicians. The sanctions freeze any U.S.-held assets of those designated and bar Americans from doing business with them.

    China's central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Mar.30, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pandemic.

    Global oil storage is filling up rapidly as the coronavirus pandemic reduces consumption by tens of millions of barrels per day (bpd) while leading oil producers have yet to rein in their crude output. No comprehensive data exists on total storage volumes available in the petroleum supply chain or the amount unfilled at the start of the year, but the International Energy Agency (IEA) has said consumption could have shrunk by 20 million barrels per day because of the pandemic and national lockdowns. If that is roughly accurate, storage will be filling at the rate of 600 million barrels per month.

    We expect bunker prices may go downward today in a range minus 8-15 USD. A moderate upward correction is possible at the end of the session.




2021 October 19

14:30 Port of Rotterdam throughput rises substantially again in Q3 2021
14:03 Valenciaport throughput up 8.33% to 63.46 mln tonnes in Jan-Sept 2021
14:02 Ice restrictions in Port of Sabetta basin to be effective as of Oct 25
13:39 TGE Marine announces the successful gas trail of LNG bunker vessel ´Dmitry Mendeleev´
13:08 Port of Antwerp throughput up by 4.8% to 179.1% mln tonnes in Jan-Sept 2021
12:54 Cargo traffic via Khabarovsk Territory ports rose by 3% in 9M’21
12:33 Vitol’s V-Bunkers receives green ship awards from Maritime Port Authority of Singapore
12:15 The Methanol Institute welcomes the European Union’s package of proposals Fit for 55
11:36 Volga Shipping announces completion of three tankers conversion project
10:46 MABUX: Bunker prices may demonstrate multidirectional changes on Oct 19
10:11 Russian Gas Society supports 5th LNG Fleet, LNG Bunkering and Alternatives conference
10:09 Berenberg expands debt fund portfolio with two new multi-investor funds
09:46 Baltic Dry Index as of October 18
09:25 Crude oil prices rise on crisis anticipation
09:13 Roxtec selects Sustainable Marine Fuels

2021 October 18

18:07 OneOcean Group brings voyage optimisation solutions to Marlink Partner Programme
17:53 NOVATEK held its first Arctic LNG Projects Shipowners Conference
17:49 MOL tabletop drill prepares for serious marine accident
17:29 Over 40 ships and boats of RF Navy's Black Sea Fleet took part in large-scale exercise at Opuk training ground in Crimea
16:52 Icebreaker Kapitan Khlebnikov to help deliver new components for the Vostok Station in the Antarctic
16:16 Throughput of Russian seaports in 9M’2021 climbed by 1.7% (detalization)
15:48 Four industry focused educational institutions to take part in 5th LNG Fleet, LNG Bunkering and Alternatives conference
15:25 Baltiysky Zavod shipyard casts forth one-piece propeller for Project MR-50 product tanker
15:03 Nemport orders fleet of Konecranes Noell RTGs
14:13 Average spot market price for Russian M100 product rose to RUB 29,186 pmt
13:51 MOL, MAN ES and MES-M sign MoU aiming to order ammonia fueled main engine for ships
13:42 National Chamber of Engineers supports 5th LNG Fleet, LNG Bunkering and Alternatives conference as its Media Partner
13:00 Port of Ventspils throughput in January-September 2021 fell by 14% YoY
12:40 The Port of València will install a hydrogen supply station in January
12:36 Port of Helsinki throughput in January-September 2021 rose by 7.9% YoY
12:14 Port of HaminaKotka cargo turnover in 9M’2021 fell by 2.1%
11:29 Container throughput of Hong Kong port (China) in January-September 2021 rose by 0.1%
10:57 APM Terminals appoints new Head of Decarbonisation
10:48 Port of Liepaja throughput in 9M’2021 climbed by 8% Y-o-Y
10:25 Global Ports’ Consolidated Marine Container Throughput increased by 4.0% y-o-y in 9m 2021
09:53 MABUX: Bunker prices may rise on Oct 18
09:46 Northern Sea Route cargo traffic rose by 4.5%
09:29 Crude oil prices rise driven by roaring demand
09:13 Baltic Dry Index as of October 15

2021 October 17

16:28 Revenue Cutter Bear located, ending decades-long mystery
15:19 Port Everglades new Heron Garage touts solar power, moving walkway
14:38 JAXPORT welcomes passenger vessel Ocean Explorer for port-of-call visit
13:27 Canadian fishing company chooses Skipsteknisk design
12:11 Mayflower Wind signs agreement with Gladding-Hearn for design/build of hybrid electric offshore wind crew transfer vessel
11:03 USCG commissions fast response cutter Emlen Tunnell

2021 October 16

12:38 MYCRANE signs MoU with Swiss-based EPCM, PESCO Switzerland AG
10:19 Star Pride delivered at the Fincantieri shipyard in Palermo
09:37 Three zero-emission harbour tugs mark Corvus Energy’s 500th project order
08:16 Rolls-Royce launches mtu hydrogen solutions for power generation

2021 October 15

18:27 Sea Machines uses biofuel to power tug Nellie Bly on long-haul autonomous journey
18:07 Dublin Port Company to open €48m Dublin Inland Port
17:53 Danfoss Editron powering the first fast crew supply vessel able to compete with helicopter transfers
17:33 Tsawwassen First Nation and the Vancouver Fraser Port Authority sign renewed Relationship Agreement
17:09 Sevmash completed manufacturing of sections for offshore ice-resistant fixed platform LSP "A"
16:40 Global Ports Holding positions Kalundborg as an alternative to Copenhagen
16:33 Duisburg Rail Terminal welcomed the one millionth unit since it started the operations in 2013
15:13 Klaveness Combination Carriers signs a Letter of Intent with Shipshave AS to implement its semi-autonomous hull cleaning solution across its fleet
14:31 Wärtsilä next generation navigation simulator to power the Centre of Excellence in Maritime Safety in Singapore
14:09 Coral Consortium working on a water drone to regularly monitor water quality in the basins of the Port of Gdańsk
13:53 Port of San Diego adopts most ambitious maritime clean air strategy of its kind in California