• 2020 April 9 09:47

    MABUX: Bunker market this morning, Apr 09

    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) changed irregular on April 08:

    380 HSFO: USD/MT 253.49 (+1.34)
    VLSFO: USD/MT 299.00 (-5.00)
    MGO: USD/MT 391.82 (-0.98)


    Meantime, world oil indexes also ended a trading session on Apr.08 with no firm trend amid hopes that a meeting between OPEC members and allied producers later today will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.

    Brent for June settlement increased by $0.97 to $32.84 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May rose by $1.46 to $25.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $7.75 to WTI. Gasoil for May delivery lost $0.25.

    Today morning global oil indexes do not have any firm trend so far.
     
    Videoconference meeting between members of the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts, and a price war between Saudi Arabia and Russia amid slumping demand. But doubts remain over the role of the United States in any production curbs. While Saudi Arabia, OPEC member countries and Russia are likely to agree to cut output, that accord could be dependent on whether the United States would go along with cuts. The U.S. Department of Energy said on Apr. 07 that U.S. output is already declining without government action.

    The U.S. Energy Department (EIA) said, U.S. oil companies are expected to temporarily reduce oil output by about 2 million barrels per day as lower crude prices force companies to cut back operations. According to the EIA, the United States pumped a record of more than 12 million barrels per day (bpd) in 2019. Now the EIA projected that U.S. oil output in the fourth quarter would average about 11.04 million bpd, down about 1.74 million bpd from the year-ago quarter. The Energy Department did not immediately respond to a query about whether the projection of a temporary 2 million bpd drop was based on this figure.

    Traders seeking to store oil have put their plans on hold this week after prompt Brent crude futures surged against future months and made storage uneconomical, despite overwhelming supplies in the market. Crude supplies have started building in Asia since February when China went into lockdown to curb the coronavirus outbreak. Since then, a decline in demand accelerated with more countries locking down globally, while traders from all over the world have shipped more crude to Asia for China, a rare spot where demand is recovering. Some companies will have to store oil at a loss as they’re unable to sell their cargoes even at depressed prices.

    Saudi Arabia sends a number of supertankers to the U.S. ahead of oil meeting. Last month, when Saudi Arabia pledged to flood the markets with oil, the Kingdom’s crude oil exports to the U.S. hit a one-year-high of 516,000 barrels per day (bpd). This month, at least seven supertankers carrying a total of 14 million barrels of oil are currently traveling to the U.S. Gulf Coast. This compares to just 2 million barrels of Saudi oil en route to America in the same period in March. Almost all tankers are chartered by the Saudi state-run shipping firm Bahri.

    Meantime, U.S. exports of liquefied natural gas (LNG) have resumed flowing to China for the first time since March 2019, after the Chinese authorities have granted tax waivers to several Chinese LNG importers. Four tankers that have loaded LNG at U.S. LNG export facilities are planning to dock in China. Earlier this year, Rystad Energy estimated that China’s LNG imports from the U.S. would restart only once the tariffs are lifted or if political support is offered by the Chinese government.

    Rystad Energy also predicts, the American oil and gas industry is reducing drilling at record speed, putting the horizontal oil rig count on track to fall by about 65% from mid-March levels. From a peak of about 620 rigs in mid-March 2020, the oil rig count is forecast to free-fall to a potential bottom of around 200. Most of the anticipated decline will come already by the end of April. The horizontal rig count has so far dropped to roughly 500, falling by 19% from the recent apogee just three weeks ago. The rig count not only represents the actual drilling activity in the market but is also a key metric of consumer confidence, closely related to price developments.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.2 million barrels from the previous week. At 484.4 million barrels, U.S. crude oil inventories are about 2% above the five-year average for this time of year. The EIA also reported gasoline inventories had increased by 10.5 million barrels and distillate fuel inventories had added 476,000 barrels. This compared with a gasoline inventory increase of 7.5 million barrels for the previous week and a distillate fuel inventory fall of 2.2 million barrels.

    We expect bunker prices may change irregular today in a range of plus-minus $ 3-7.




2020 June 2

18:24 Consortium of Boskalis, Bouygues and Saipem selected for Fecamp Offshore Wind Farm foundations
18:07 Alfaport-Voka, Antwerp Port Authority and Maatschappij Linkerscheldeoever agree to extend payment period for concessions
17:39 About forty ships, boats and vessels of RF Navy's Black Sea Fleet went to sea for training
17:34 Stena Line is now ten years ahead of the international shipping targets for reducing emissions
17:17 Nuclear-powered container carrier Sevmorput returned to Murmansk, its port of registration
16:51 The world's second largest container ship begins operating in the Port of Barcelona
16:15 Rosmorport announced successful bidder for adjustment of Pionersky terminal project
15:36 Associations call for accelerating digitalisation of maritime trade and logistics
14:51 POT celebrates its 25th anniversary on 16 June 2020
14:28 Nakhodka Ship Repair Yard lays down a series of eight crab catching ships
14:02 Ole Martin Grimsrud to leave his position as CFO of Aker Solutions
13:53 Effects of coronavirus epidemic prevention regulations on Finnlines Passenger traffic
13:35 WMU joins On Shore Power Supply in the Nordic Region project
13:02 DCSA establishes IoT standards for container connectivity
12:48 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
12:26 Qatar Petroleum signs the largest LNG shipbuilding agreements in history to secure more than 100 ships valued in excess of QR 70 billion to cater for its LNG growth plans
12:00 Diana Shipping announces direct continuation of time charter contract for m/v Phaidra with Uniper
11:47 Research vessel of RF Navy's Baltic Fleet completed round-the-world route
11:22 Financial and operating results of FESCO Transportation Group for 2019
11:03 Ocean Network Express to extend the suspension of China-Australia service
10:29 “Zigh” Ship Repair and Construction Yard completes high-quality overhaul of “Nakhchivan” ferry vessel
09:58 Oil prices rise within $1
09:40 RS specifies requirements to roadster and harbor craft
09:23 MABUX: Bunker market this morning, June 02
09:12 Baltic Dry Index on June 1

2020 June 1

18:37 KIZAD breaks ground on largest rest, refuelling facility in region
18:21 Christophe de Margerie completes eastbound transit of NSR two months earlier than usual
18:13 Tallink Grupp to reroute its vessel Isabelle to operate on the Paldiski-Kapellskär route from 7 June 2020
18:07 ZIM starts eCommerce Xpress
17:52 Tallink to provide weekly sailings to Mariehamn in June and July 2020
17:29 Tallink adds more departures and additional vessel to Tallinn-Helsinki route
17:05 CMA CGM has announced FAK rates from North Europe to Mexico East Coast, USEC and USGULF & USWC
16:48 Throughput of port Azov in 5M’2020 fell by 9% YoY
16:30 Speakers announced for webinar “River fleet of the USA and Europe. What is useful for us or how do they make profit?”
16:05 MV Barracuda makes the first switch from dry cargo to jet fuel
15:26 Oil shipments via CPC Marine Terminal in 5M’20 climbed by 8.3% YoY
15:01 CMA CGM announces FAK rates from the Mediterranean to USEC, USGULF, Mexico East Coast and Canada East Coast
14:57 CANDEN Marine Fuel Services joins Glander International Bunkering Group
14:55 Average wholesale prices for М-100 HFO rose to RUB 6,641 in RF spot market
14:33 Northern Sea Route cargo traffic in 5M’2020 rose by 2.95%
14:10 Bollinger Quick Repair takes delivery of new dry-dock – “MR. Eddie”
13:52 Shuttle tanker Mikhail Ulyanov loads 200th crude oil cargo for Prirazlomnoye project
13:10 Neptune Energy welcomes DEME as a partner in the PosHYdon offshore green hydrogen pilot
12:46 Russian Railways' network loading fell by 4.5% in 5M’ 2020
12:10 Tanger Med partners with the initiative of the largest world ports to guarantee the continuity of international supply chains
11:57 Vladimir Putin approved a list of instructions following a meeting on transport sector development
11:31 CMA CGM ends PSS for exports from East Russia
11:05 Van Oord develops Green loan framework
10:30 CMA CGM announces PSS for Reefer Exports from Europe to West Africa (Nigeria excepted)
10:03 Oil prices decrease by about $1
09:46 Royal IHC to deliver design package and key components for new TSHD of Weeks Marine
09:42 Shipbuilding and Ship Repair Yard named after Lenin launched crane ship built for RF Navy
09:20 Baltic Dry Index on May 29
08:39 MABUX: Bunker market this morning, June 1

2020 May 31

16:57 RINA: shareholders’ meeting approves the financial statement for 31 December 2019 and appoints a new Board of Directors
15:31 Board appoints non-executive director at V.Group
14:48 MM&P seeks help from Congress in battle to repatriate offshore crews
13:24 Svitzer A/S names new CEO
12:31 Subsea 7 announces cost reduction measures
10:52 Drydocks World begins second project for the Hollandse Kust Zuid Windfarm