• 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.




2020 June 5

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
17:02 THE Alliance announces COVID-19 response measures for July, August and September 2020
16:35 Russian Railways CEO says railway link with Murmansk to be restored by June 23
16:11 Transport route to link Quy Nhon Port with Northeast Asia
15:49 Rosatomflot completed escorting Vladimir Voronin gas carrier along the Northern Sea Route
15:33 Fincantieri and ENI extend an agreement in the field of circular economy and decarbonisation
15:01 Austal announces CEO transition
14:33 HHLA handles world’s largest container ship at Burchardkai
14:11 Key players develop emission-free navigation solution for barges
13:32 The CMA CGM Group heads towards carbon neutrality by 2050
13:26 Bunker sales at Vladivostok port in 5M’2020 fell by 27% YoY
13:01 APM Terminals Mobile gains another distribution center
12:31 CMA CGM announces GRR from Asia to East Africa
12:01 Savannah harbor deepening sets precedent with four dredges working simultaneously
11:30 Abu Dhabi Ports launches “SAFEEN FEEDERS” shipping service in response to growing regional and global trade
11:00 EIZO secures LR type approval for maritime monitors via remote survey
10:30 Cargotec completes the ownership change of joint venture in China
10:09 Associations call for accelerating digitalisation of maritime trade and logistics