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  • MABUX: Bunker market this morning, Apr 07
  • 2020 April 7 08:46

    MABUX: Bunker market this morning, Apr 07

    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 April 06:

    380 HSFO: USD/MT 255.19 (+5.21)
    VLSFO: USD/MT 307.00 (+2.00)
    MGO: USD/MT 395.24 (+2.51)


    Meantime, world oil indexes fell on Mar.06 after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help to reduce global oversupply as the coronavirus pandemic pummels demand.

    Brent for June settlement decreased by $1.06 to $33.05 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $2.26 to $26.08 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.97 to WTI. Gasoil for April delivery lost $3.25.

    Today morning global oil indexes have turned into slight upward evolution.
     
    Global fuel market is waiting for the meeting where oil output cuts to be discussed. The meeting was postponed from Apr. 06 until April 9, as a dispute between Moscow and Saudi Arabia over who is to blame for plunging crude prices intensified. The delay came amid pressure from U.S. President Donald Trump for the OPEC+ to urgently stabilise global oil markets. OPEC+ is working on a deal to cut the production of oil equivalent by about 10% of world supply, or 10 million barrels per day, in what member states expect to be an unprecedented global effort including the United States. Washington, however, has yet to make a commitment to join the effort. Other oil producers that do not belong to OPEC+ have indicated a willingness to help. Canada's Alberta province is open to joining any potential global pact. Norway said it would consider cuts to its oil output if a wide global deal is agreed. Mexico called on Russia and Saudi Arabia to reach a deal soon to end their price war.

    International Energy Agency (IEA) in turn said, even if the OPEC+ group and other major oil producers in the world were to agree to deep production cuts, they would be unable to prevent what is sure to be an enormous global inventory build this quarter due to unprecedented demand destruction. As a result of restricted commuter travel, grounded flights, and economic slowdown, demand for oil in April is expected to drop by 20 million bpd year on year, and probably more. IEA predicts that even if OPEC+ plus other producers were to discuss, agree to, and implement a collective cut of 10 million bpd, global oil inventories would still rise by 15 million bpd in the second quarter.

    The market was also weighed down by a report from data provider Genscape that inventories at the Cushing storage hub in Oklahoma, the delivery point for WTI, rose by about 5.8 million barrels last week. If those figures are matched by official U.S. Energy Information Administration data on Apr.08, it would be the fifth straight weekly storage build at the hub and the biggest weekly increase on record dating to 2004.

    Markets were also alarmed when the National Health Commission of China said on Apr.06 that 78 new asymptomatic cases had been identified as of the end of the day on Apr.05, compared with 47 the day before. Asymptomatic patients, who show no symptoms but can still pass the virus to others, have become China’s chief concern after strict containment measures succeeded in cutting the overall infection rate.

    Demand for crude oil falls. Globally, storage is nearing capacity and is estimated to completely fill by the summer. Storage rates in the U.S. have doubled, and as of March 20, the U.S. Department of Energy says the Strategic Petroleum Reserve (SPR) is at 635 MMbbl out of a capacity 797MMbbl.

    Meantime, tanker freight rates are surging. Freight costs on super tankers (Very Large Crude Carriers (VLCCs), Ultra Large Crude Carriers (ULCCs) and Suezmax) have typically been around $30,000/day to $40,000/day. There are a limited number of these tankers available to charter and Saudi Aramco appears to have chartered 25 to 40 of them in an attempt to gain market share over Russia. This increased demand recently drove prices to $110,000/day for Suezmax vessels and nearly $400,000/day for VLCCs and ULCCs.

    We expect bunker prices may fall today in a range of minus $3-5 for IFO and minus $6-13 for MGO.




2021 October 20

18:51 Intellian and Inmarsat launch industry’s newest FleetBroadband terminals
18:31 Oceangate’s 2021 titanic survey expedition connected by Inmarsat satellite communications
18:11 P&O Ferries launches comprehensive Customs Clearance Service
17:46 Kongsberg launches new Kognifai Marketplace
17:06 Rolls-Royce plans to partner the Indian Navy for its ‘Fleet of the Future’
16:35 MAN Energy Solutions signs MoU with Mitsui E&S and Mitsui O.S.K.
16:23 “K” LINE successfully separates and captures CO2 from exhaust gas in world’s first CO2 capture plant on vessel
16:02 Seanergy Maritime announces acquisition of its 17th Capesize vessel
15:44 Rates for container transportation expected to decrease in 2022
15:25 ENI and Fincantieri sign an agreement for initiatives to support the energy transition
15:02 Wärtsilä and Solvang to collaborate on retrofitting carbon capture and storage system on Clipper Eos
14:20 Port of Rotterdam appoints Allard Castelein for a third term
13:52 Kawasaki Heavy Industries announces delivery of bulk carrier BBG GUILIN
13:20 Port of Oakland sees no backlog on docks, calls for cargo
12:52 Japanese company Kubota chooses port of Rotterdam for Northern European distribution
12:39 Crowley participates in Saildrone Inc’s $100M Series C round to advance ocean intelligence products
12:02 Global Ports terminal In Helsinki increases number of container services
11:54 Port Houston container volumes up 11% to 281,500 TEUs in September 2021
11:40 Sibanthracite Group acknowledged as best supplier of coal to China for second consecutive year
11:16 MPA and DMU signed MoU to drive talent and academic exchange in the maritime sector
10:51 Mitsubishi Shipbuilding successfully separates and captures CO2 from exhaust gas in world’s first marine-based CO2 capture system project
10:28 Modernization of border checkpoint completed in Kavkaz seaport
10:06 RF President gives instructions on permanent environmental monitoring in areas of handling dry bulk cargo and cargo emitting dust
09:45 MABUX: No firm price trend on Bunker market on Oct 20
09:35 Crude oil prices decrease on US reserves growth
09:19 Baltic Dry Index as of October 19

2021 October 19

18:24 Ocean Yield ASA sells two LR2 tankers
17:44 Klaveness Combination Carriers sells a 21-years old CABU vessel
17:22 Oboronlogistics delivers cargo for the construction of a cultural cluster in Kaliningrad
16:58 North Sea Port, Zeeland Regional Safety Board and Central Fire Response Zone join forces for cross-border incident response in the port area
16:35 European shipowners support the uptake of clean fuels but fear FuelEU may become missed opportunity due to enforcement loopholes - ECSA
16:20 9M’2020 throughput of Taganrog Sea Commercial Port grew by 6% Y-o-Y
16:05 Fuelling the Industry: LNG as a fuel and its infrastructure at the 8th International Congress
16:04 Empire Offshore Wind selects Vestas as its preferred supplier for wind turbine generators for Empire Wind I and Empire Wind II
15:41 The decarbonization strategy likely is now the best business strategy for shipowners - ABS
15:13 Bollinger celebrates commissioning of 45th Fast Response Cutter USCGC Emlen Tunnel
14:51 RF Government and Rosatom instructed to organize regular transportation of transit cargo by NSR
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