• 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.




2020 June 6

15:31 USCG, President Eisenhower rescue mariner 500 miles offshore
14:08 First contract for subsea innovation from Kongsberg
12:37 Eidesvik secures extention of time charter for PSV Viking Lady
11:47 Wärtsilä’s Data-Driven Dynamic Maintenance Planning solution optimises engine maintenance
10:52 CMA CGM announces first quarter 2020 results

2020 June 5

18:21 Mezhregiontruboprovodstroy appointed as sole contractor for construction of Utrenny terminal
18:05 CMA CGM announces FAK rates from Europe to Indian Ocean Islands
17:35 Teesport welcomes largest containership
17:05 EUROGATE Intermodal appoints Christopher Beplat as a new managing director
16:50 Russian Railways: Loading of export cargo bound for domestic ports up 6.4% in May 2020
16:35 DNV GL performs over twenty remote wind turbine inspections globally in times of COVID-19 related-travel restrictions
16:05 Gasum performs first LNG bunkering to Heerema’s Sleipnir
15:28 Acquisition and recapitalisation of Royal IHC finalised
14:18 First of two Austal's 118 metre trimarans for Fred. Olsen completes sea trials in Australia
13:56 Rosmorrechflot announces new competition for construction of Bagayevsky hydrosystem
13:29 Zvezda Shipyard stars cutting steel for yet another Aframax tanker
13:01 Keppel enters into framework deed with Borr Drilling to defer scheduled delivery of rigs
12:01 Port of Rotterdam Authority decides to hold RFT for transport service along Container Exchange Route
11:47 Yevgeny Ditrikh takes helm of STLC Board of Directors
11:04 The second largest container vessels in the world, now has its “Socarrat”
10:41 Oil prices rise within $1
10:28 Marseille Maersk sets up new record for the port of Rotterdam
10:23 Training exercise held with rescuers of RF Navy’s Northern fleet to assist emergency ship in the Arctic
10:00 RF Navy's oceanographic research vessel Admiral Vladimirsky entered the North Sea
09:39 Bunker prices rise at the port of Saint-Petersburg, Russia
09:18 Baltic Dry Index on June 4
08:46 MABUX: Bunker market this morning, June 05

2020 June 4

18:20 Wärtsilä to supply Europe's most modern simulator for inland shipping training
18:02 Dutch innovative app trains 10,000 process industry workers in Singapore during Covid-19 lockdown
17:47 Singapore Maritime and Ports Authority issues guidelines for crew change
17:25 Gasum performs first LNG bunkering to Heerema’s Sleipnir
17:02 China Merchants Group's emergency working group of the prevention and control of COVID-19 holds 20th meeting
16:34 Throughput of port Vysotsk in 5M’2020 fell by 24.2% Y-o-Y
16:02 Diana Shipping announces time charter contract for m/v G. P. Zafirakis with Koch
15:41 NS Power's crew rescues two people in the Andaman Sea
15:23 RS Rules update: hybrid propulsion
15:02 Grimaldi boosts its Italy-Greece connections
14:32 DNV GL and ABB launch new MOU to advance marine digitalization with a remote signing ceremony
14:02 150 trapped eels rescued at the Port of Gothenburg
13:48 Bunker price are stable at the Far East ports of Russia (graph)
13:31 MSC Mediterranean Shipping Company extends the seasonal blanking programme on its Asia–Europe network
13:01 Wärtsilä offers new remote service to overcome Covid-19 travel restrictions
12:31 DEME to build the Scheldt tunnel
12:03 Havyard presents new design concept for zero-emission sightseeing vessels
11:45 Annual throughput of Murmansk Transport Hub to be raised to 100 million tonnes
11:23 Construction of automated gate complex commences at APM Terminals Aarhus
11:10 Port of Zeebrugge joins the International Port Community Systems Association
10:58 Jiangnan Shipyard and Gabadi teams complete construction of the first LNG tank as part of an LNG-fuelled container ship project
10:57 AS Tallink Grupp Statistics for May 2020
10:33 More departures added for Helsinki-Tallinn route vessel Star from 4 June 2020
10:11 Oil prices go down by 1.48%-2.06%
10:00 CMA CGM cancels Low Sulphur Surcharge from July 1st, 2020
09:52 Russia’s leading shipping companies suggest development of ATB services by the USA example
09:40 PIER71 launches Smart Port Challenge 2020 with New Venture Capital Partners for maritime tech start-ups investments
09:36 MABUX: Bunker market this morning, June 04
09:14 Baltic Dry Index on June 3

2020 June 3

18:25 Russia's Main Department of State Expertise approves construction of operational water area under Obskiy LNG project
18:03 Cargotec’s Kalmar and MacGregor to help drive development of connected automated waterborne transport through participation in AEGIS project
17:46 Rosmorport announced tender to reconstruct coastal facilities of Vanino-Kholmsk ferry service
17:24 RF Government approved allocation of RUB 60.5 billion for Russian Railways’ BAM and Transsib projects in 2020