• 2020 April 15 09:56

    MABUX: Bunker market this morning, Apr 15

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) slipped lower on April 14:

    380 HSFO: USD/MT 249.02 (-2.92)
    VLSFO: USD/MT 291.00 (-2.00)
    MGO: USD/MT 378.23 (-2.65)


    Meantime, world oil indexes also fell on Apr.14 as investors were unconvinced that record supply cuts could soon balance markets pummelled by the coronavirus pandemic.

    Brent for June settlement decreased by $2.14 to $29.60 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $2.30 to $20.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $9.49 to WTI. Gasoil for May delivery lost $19.00.

    Today morning global oil indexes have turned into slight upward correction so far.
     
    The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries (OPEC+) agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equal to about 10% of global supply before the viral outbreak. The United States is reducing output as well, and other countries are taking the estimated cut in production to about 19.5 million bpd. However, there are still doubts that the reduction will not be enough to match a contraction of around a third of global oil demand due to the outbreak. Oil prices are still down by over 50% so far this year.

    There are also questions about whether all parties will fulfil their commitments. Mexico objected to 400,000 bpd of cuts, instead agreeing to cut by only 100,000 bpd. Other countries may simply continue to overproduce. As per some evaluations, there are a number of commitments which appear highly unlikely to come to full fruition, with -23% cut pledges from the likes of Nigeria, Kazakhstan, and Iraq looking like a stretch by any historic compliance measure.

    The EIA expects U.S. shale oil production to drop next month to 8.526 million barrels per day in the seven most prolific shale basins in the United States. The forecast for May for a 182,673-average barrel per day drop in oil production is expected to be the second largest drop according to EIA data dating back to 2007. The largest drop in oil production, is expected to be this month, down 193,625 barrels per day from March.

    Saudi Arabia has said that even more production cuts could be done. US President Donald Trump also suggested that additional cuts could be under consideration, pointing out that 20 million bpd is closer to what OPEC had in mind for the production cuts. A 20-million-bpd production cut would come closer to matching the amount of demand that has been lost due to Covid-19. But other “effective production cut” figures suggest that OPEC’s cut may end up closer to 20 million bpd anyway, given the natural production declines that are bound to happen as a result of shrinking storage for crude oil and depressed prices.

    China’s oil imports may have declined in March, while experts expect China’s economy to have sharply contracted in the first quarter of the year due to the coronavirus pandemic. China went in lockdown at the end of January and February to try to stop the spreading of COVID-19. As a result, demand for energy for industrial activity and for fuel sharply dropped. In March and early April, China was said to have been building its crude reserves, thanks to the cheapest oil in years, but the rate of filling storage would be lower than in previous years because of limited storage capacity, lending less support to oil prices this time around than in previous years.

    India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then. India is moving the oil to the SPR to help refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19 has dented transportation and industrial fuel consumption in the country. India's fuel demand in March declined by 17.8%, the lowest in over two decades.

    The American Petroleum Institute (API) estimated on Apr.14 another large crude oil inventory build of 13.143 million barrels for the week ending April 10 as demand destruction stemming from the coronavirus wears on. Today’s inventory build was expected to be smaller, 11.676 million barrels. In the previous week, the API estimated a large build in crude oil inventories of 11.938 million barrels, while the EIA’s estimates painted an even scarier picture, reporting a build of 15.2 million barrels for the week. For a bit of perspective regarding the challenges that this amount of oil buildup poses for the industry, the last few weeks of inventory builds in the United States, which total 35.566 million barrels using API data, is enough to fill more than 17 VLCCs.

    We expect bunker prices may decline today in a range of minus $ 10-16.




2021 July 29

12:37 Baltiysk ferry meets of ISM Code requirements
12:13 Sembcorp Marine bags 24 Workplace Safety and Health Awards
11:46 Ongoing travel restrictions continue to impact Tallink Grupp financial results in Q2 2021
11:08 MARAD awards vessel acquisition management contract to Crowley
10:43 Rosmorport’s tugboats assisted sailing boat Pallada mooring in Egvekinot and Provideniya ports
10:08 Thun Tankers announces the launching of product tanker Thun Empower
10:00 British Ports Association welcomes the resumption of international cruise in England
09:35 Baltic Dry Index as of July 28
09:18 SCHOTTEL to deliver a total of ten rudder propellers and two transverse thrusters to Sanmar Shipyards
09:09 Crude oil prices rise on reduction of US reserves
08:00 Verifavia shipping highlights widespread confusion over EEXI technical parameters
07:55 Drewry launches shipmanager Steering Group to power vessel opex benchmarking

2021 July 28

18:20 NOVATEK announces consolidated IFRS results for Q2 and H1 of 2021
18:01 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
17:09 PSA & ONE team up to enhance sustainability and reduce maritime environmental footprint
16:28 ECSA and ETF welcome WHO decision to prioritise seafarers’ vaccination
16:03 Rosmorrechflot supports the International Conference “Development of Icebreaking and Support Fleet”
15:42 ERMA FIRST adds world’s smallest ballast water treatment system to product range
15:18 DCT Gdańsk and the Port of Gdańsk enter a new era of container handling on the Baltic Sea
14:51 Oleg Shakhmardanov appointed as head of FSBI Moscow Canal
14:10 MAN wins the world-first order for methanol engine within container segment
13:56 Amursky Shipyard should enter the APR markets – Prime Minister Mikhail Mishustin
13:14 Norcod finalizes transfer of 2.4 million fish into sea phase
12:55 Captain Guryev, rescue vessel of RF Navy's Black Sea Fleet passed the Suez Canal
12:32 Onezhsky Shipyard to get first federal tranche of RUB 1.3 billion for creation of ‘digital shipyard’ this year
12:13 DNV backs crew change programme in South East Asia
11:10 Firth of Forth proposed as Scotland’s Green Port
10:38 The Port of Gdansk welcoms the first cruise ship of the season
10:10 Andrey Severilov re-elected Chairman of the Board of Directors of FESCO
10:03 Haldor Topsoe and Yanchang form joint venture and build methanol catalyst facility in China
09:47 FESCO held repeated Annual General Meeting of Shareholders
09:28 Crude oil prices rise on reduction of US reserves
09:12 Baltic Dry Index as of July 28
09:05 Neal elected Long Beach Harbor Commission President
08:59 Seanergy announces delivery of one Capesize vessel and new bank loan facility

2021 July 27

18:34 Port of Kaohsiung wins International Association of Ports and Harbors (IAPH) 2021 Award
18:16 Port Houston launches business equity program
17:56 The UK’s most eastern port welcomes the maiden call of Noble Caledonia’s flagship vessel
17:36 ONE offers free transportation of oxygen tanks to India to fight the COVID-19
17:06 Pilbara Ports Authority launches its annual Recreational Vessel Safety Campaign
16:42 Carbon Trust to support BEIS in development and demonstration of innovative floating offshore wind technologies for the UK
16:14 Cargo Integrity Group calls for risk-based measures to prevent pest contamination
16:03 Passengers travelling via the Port of Helsinki should prepare for occasional congestion
15:33 APM Terminals Mobile targets Midwest supply chains
15:02 MOL jointly develops new energy-saving sail to boost ship propulsion
14:42 ICTSI South Pacific starts bulk coffee operations
14:24 GTT receives an order for the tank design of six new LNG carriers
14:11 IPEM and IAA PortNews launch their joint analytical project on cargo handling in Russian seaports
13:42 Port of Savannah moves 5mln TEUs in H1 2021
13:29 Launching of sea cruise between Aktau and Astrakhan under consideration
13:12 Port of Zeebrugge posts results for H1 2021
12:52 MSC takes delivery from Fincantieri of MSC Seashore
12:25 ABS leads EMSA consortium studying alternative fuels and technologies
12:12 IADC reveals the fifteen nominations in the running for the IADC Safety Awards 2021
11:44 FESCO performs its first intermodal shipment of containers with shoes from China to Krasnodar via CPV
11:26 MSC, Fincantieri and Snam to partner for world’s first oceangoing hydrogen-powered cruise ship
11:10 Yang Ming takes delivery of one more 11,000 TEU ship to upgrade Trans-Pacific service
10:45 The President of the European Council Charles Michel was briefed on the capabilities of the Port of Baku
10:39 Damen Marine Components awarded contract to provide rudders and steering gear for Navantia
10:23 DCT Gdańsk and the Port of Gdańsk enter a new era of container handling on the Baltic Sea