• 2020 April 23 09:08

    MABUX: Bunker market this morning, Apr 23

    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) continued firm downward trend on April 22:

    380 HSFO: USD/MT 209.13 (-12.00)
    VLSFO: USD/MT 239.00 (-18.00)
    MGO: USD/MT 329.92 (-13.60)


    Meantime, world oil indexes changed irregular on Apr.22 supported partly by voluntary as well as the prospect of forced production cuts to tackle a glut caused by the coronavirus crisis.

    Brent for June settlement increased by $1.04 to $25.57 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery rose by $2.21 to $13.78 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.59 to WTI. Gasoil for May delivery lost $4.00.

    Today morning global oil indexes continue slight upward evolution.
     
    U.S. President Donald Trump said on Apr.21 he has asked his cabinet to devise a plan to inject cash into the ailing U.S. oil-drilling industry to help it survive a historic collapse in crude prices. U.S. oil and gas companies from Texas to Wyoming have struggled to stave off bankruptcy amid worldwide stay-at-home orders and business stoppages spurred by the coronavirus outbreak that have obliterated global demand for fuel. Trump has also separately announced plans to fill up the U.S. Strategic Petroleum Reserve. Congress so far has declined to provide the funding due to opposition from Democrats who oppose aiding the oil industry when laid-off workers and other sectors also need help. In the meantime, the Department of Energy is in talks with oil companies to lease some of the available space.

    Meantime, a historic crash in crude prices is driving U.S. shale into full-on retreat with operators halting new drilling and shutting in old wells, moves that could cut output by 20% for the world’s biggest producer of oil. According to IHS Markit Ltd., for shale companies, the price of West Texas Intermediate crude went to crisis mode in just a few days, with many now unsure whether there will even be a market for their oil. Some 1.75 million barrels a day is at immediate risk of shutting down while the number of new wells is forecast to plunge almost 90% by the end of the year. As per evaluation made by Evercore, the potential for zero revenues in the second and third quarters this year may mean that large U.S. oil explorers burn through $7 billion in liquidity. By the end of it all, as many as 30% of publicly traded shale explorers could be forced to exit the market one way or another.

    Goldman Sachs predicts, the recovery in U.S. oil prices is still weeks away. The reason for the note of caution is because cutting oil production is not a simple matter. It takes time and costs money, and, perhaps more importantly, it could damage the well. There has been no change yet in demand for crude oil globally, and U.S. producers are running out of storage space for their product. Oil in floating storage had reached a record high at 160 million barrels last week, according to sources from the shipping industry. That was a 100-percent increase over the previous week as traders scrambled to store their unsold and currently unsellable oil.

    Saudi Arabia has hinted for a second time in two weeks that it is ready to take further measures with OPEC to restore oil market stability. As per statement made by Saudi cabinet on Apr.21, government discussed Saudi Arabia's willingness to achieve stability in the oil market, its affirmation with the Russian Federation of a firm commitment to implement agreed targeted cuts over the next two years, their continuing monitoring of oil market situations closely, and being prepared to take further measures jointly with OPEC+ and other producers. It seems, however, that the new deal is too little too late to make a meaningful impact on growing global inventories amid crashing demand.

    For the first time ever, Chinese refinery throughput has surpassed refinery crude processing in the United States as China emerges from the lockdown. At the same time, U.S. fuel demand continues to plummet amid lockdowns in many states. China’s independent refiners began to restore some curtailed production in March, taking advantage of the cheap oil amid the oil price war as the country started to lift lockdowns and ease travel restriction measures gradually. In the week to April 10, refineries in the U.S. processed an average of 12.7 million bpd of crude. This compares with 14.9 million bpd three weeks ago.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.0 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil inventories are about 9% above the five-year average for this time of year. This comes after a record-breaking 19.2-million-barrel build the EIA reported last week, and an API inventory build estimate of 13 million barrels, reported on Apr.21. Forecasts expected the EIA to report an inventory build of a little over 16 million barrels.

    We expect IFO bunker prices may rise in a range of plus 5-15 USD while MGO prices will change irregular in a range of plus-minus 3-5 USD




2024 March 29

16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung