• 2020 April 20 08:57

    MABUX: Bunker market this morning, Apr 20

    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 slightly increased on April 17:

    380 HSFO: USD/MT 237.50 (+1.73)
    VLSFO: USD/MT 275.00 (+3.00)
    MGO: USD/MT 361.15 (+0.72)


    Meantime, world oil indexes demonstrated irregular changes on Apr. 17.

    Brent for June settlement increased by $0.26 to $28.08 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $1.60 to $18.27 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $9.81 to WTI. Gasoil for May delivery added $4.50.

    Today morning oil indexes continue to slide down as producers continue to grapple with a supply glut.

    The market remain unconvinced that OPEC+’s cut of nearly 10 million barrels agreed to in early April will ease oversupply as countries continue to extend lockdowns imposed to prevent the spread of the COVID-19 pandemic, and economies contract. The output cut that supposed to see coming, isn’t sufficient to cover the 25 million to 30 million barrels of daily demand that’s being destroyed by Covid-19. There were also concerns that countries’ storage capacity is rapidly running out.

    U.S. benchmark, West Texas Intermediate, has fallen to the $15 range as global economies remain on lockdown due to the COVID-19 pandemic, crushing crude demand. To add insult to injury, global oil storage is reaching its limits. The situation is so dire, in fact, that the Department of Energy is even considering paying domestic oil producers to keep crude in the ground.

    At the same time, White House guidelines on reopening the U.S. economy and talk on what else oil titans Saudi Arabia and Russia could do for production cuts. The White House unveiled late on Apr.16 guidelines that governors of the 50 U.S. states could use in reopening businesses locked down for four weeks now in an attempt to control the Covid-19 outbreak that has infected more than 670,000 Americans and killed nearly 34,000 of them

    Saudi Arabia and Russia, meanwhile, were ready to do more to help stabilize the global oil markets. Alexander Novak and Abdulaziz bin Salman, energy ministers for Riyadh and Moscow, said in a joint statement that they will "continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary”.

    According to Baker Hughes, the U.S. oil rig count fell by 66 last week, indicating the massive production cuts undertaken by domestic oil drillers as crude prices hit near-19-year lows. Baker Hughes data showed oil rigs down to 438 last week from 504 the previous week (down 13%). Oil rigs are down by a total 245 since the week ended March 13, when there were 638 rigs. That constitutes a drop of more than 35%. The oil rig count, an early indicator of future output, is down 47% from the same week a year ago when 825 oil rigs were active.

    Analysts at Raymond James projected total U.S. oil and natural gas rigs would collapse from around 800 at the end of 2019 to a record low of around 400 by the middle of the year and around 200 at the end of 2020. The investment bank forecast the rig count would average a mere 225 rigs in 2021. That compares with the current all-time low of 404 rigs during the week ended May 20, 2016, according to Baker Hughes data going back to 1940. In Canada, meanwhile, the total oil and gas rig count fell to 30, the lowest since at least 2000.

    We expect bunker prices to demonstrate irregular changes today: 3-5 USD down for IFO, 2-4 USD up for MGO.




2021 July 29

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
09:59 CMA CGM to launch a new RORO Short Sea Med service connecting Marseille & Barcelona with Casablanca