• 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 April 18

15:50 Kongsberg Maritime secures contract to supply propeller systems to Damen Naval for four Anti-Submarine Warfare frigates
15:24 LR to class Torghatten Nord’s hydrogen-powered ferry duo for Arctic sailings
14:04 CMA CGM sells part of the foreign activities of Bolloré Logistics to the Balguerie Group
13:40 Methanol Institute and SEA-LNG unite against EU trade barriers to biomethane and biomethanol fuels
13:23 DP World launches a new Air Tracking feature to its SeaRates platform
12:31 Port of Los Angeles container volume increases 19% to 743,417 TEU in March 2024
12:16 MABUX: Bunker Outlook, Week 16, 2024
12:11 Coastal Sustainability Alliance boosts development and adoption of maritime biofuel in Singapore
11:43 Ocean Network Express launches reduced emissions shipping service
11:23 Wartsila cargo handling and fuel gas supply systems selected for three new Very Large Ethane Gas Carriers
10:45 Singapore plans production of biofuel blends up to B50 in grade
10:25 Maritime and Port Authority of Singapore and International Energy Agency сollaborate on maritime energy transition

2024 April 17

18:03 Australia and Singapore partner in a $20 million initiative to help reduce emissions in the maritime sector
17:38 EPS strengthens green collaboration with MPA with six Singapore-registered ammonia dual-fuel newbuilds
17:03 HD Hyundai, Scottish firms to cooperate on offshore wind power
16:16 Hanwha Ocean wins 176.4 bln-won order for 1 LPG carrier
15:46 Maritime Book and Claim System advances pilot study to support first movers in zero-emissions shipping
15:00 Port of Antwerp-Bruges cargo volumes up 2.4% to 70.4 million tonnes in Q1 2023
14:47 DOF Rederi AS sells PSV Skandi Gamma
14:24 PIL, CCS partner on alternative fuels and onboard carbon capture and storage
13:44 Total volume of bunker fuel sales at the port of Fujairah increases by 25.2% to 700,918 m3 in March 2023
12:11 Eureka Shipping announces construction of new cement carrier for Great Lakes trade
11:32 MOL to adopt new system to increase capacity and improve operational efficiency of car carriers
11:12 GTT receives an order for the tank design of eight new LNG carriers
10:43 Thailand's Department of Marine and Coastal Resources takes delivery of a new research vessel
10:27 The United States exported a record volume of natural gas in 2023
09:58 TECO 2030 raises NOK 43 million and partners up with Advait in India

2024 April 16

18:04 HD KSOE attains 73% of annual order target in 100 days
17:31 Anglo-Eastern buys Euronav ship manager
17:06 Navig8 takes delivery of the second of six newbuild MRs with emission reducing technology
16:38 IMO’s Facilitation Committee tackles digitalization and autonomous shipping
16:12 World’s largest car carriers ordered with MAN Energy Solutions propulsion package
15:46 Hapag-Lloyd and Seaspan to retrofit five vessels to methanol propulsion
14:13 Asyad Shipping and OQ8 successfully complete first-of-its-kind blended crude oil delivery from Mina Al Fahal to Duqm Refinery
13:54 Hapag-Lloyd unveils its new Strategy 2030
13:14 Singapore aims for over 1 mln tons of low-carbon methanol bunker supply by 2030
12:43 Trafigura to commercially deploy Daphne Technology’s PureMetrics on LNG carrier for precise MRV and optimisation of GHG emissions
12:15 All 12 people rescued from fire on board Tanzanian-flagged cargo ship in Singapore waters
11:49 Drydocks World steel cutting ceremony marks start of UK Norfolk Vanguard Offshore Wind Platforms project
11:23 North Pacific Green Corridor Consortium aims to decarbonize transportation corridor between Canada, Japan and South Korea
10:48 Wartsila offers new high-performance thruster and propulsion control solution package
10:25 Port of Long Beach container volume up 8.3% to 654,082 TEUs in March 2024
09:58 Kalypso Offshore Energy signs LOI with Royal IHC

2024 April 15

18:04 Container shipping costs of S. Korea-EU route surge 40 pct amid Red Sea crisis
17:21 HMM to expand container ship fleet by 2030
17:09 Singapore retains its position as the world's leading maritime city
16:47 Iran says MSC Aries vessel seized for 'violating maritime laws'
16:24 ICTSI gets PPA OK to operate Iloilo Port
15:21 DEME’s offshore installation vessel ‘Orion’ successfully completes the near 15 MW turbine foundation installation project in Scotland and heads to US
14:55 Meriaura orders two biofuel powered 6750 DWT cargo vessels from Royal Bodewes shipyard
14:35 Methanol-fuelled MAN 21/31DF-M GenSet secures first propulsion order
13:32 Port of Valencia export freights grow by 2.13% in March 2024
12:48 Seatrium and Shell inks MOU to further collaborate on floating production systems
12:24 Seaspan launches second LNG bunkering vessel to deliver low-carbon energy solutions to the West Coast
11:57 Japan's 1st coastal module carrier to transport offshore wind turbine foundation components
10:36 EST-Floattech to provide the battery system for the purpose-built electric-landing utility vessel

2024 April 14

16:02 Shanghai's ship exports see considerable growth in Jan-Feb
14:13 Stena Drilling secures 1-well firm programme with Energean for Stena Forth in Morocco
12:07 GSBN: Lack of digital processes in shipping complicates decarbonization game
10:22 Panama Canal expects return to normal transit capacity by 2025

2024 April 13

15:04 Subsea7 awarded contract in the Gulf of Mexico
13:51 Shanghai Electric’s 'ZHI ZHEN 100' excels thorough offshore equipment test
11:18 WSC: Updated version released of “Prevention of Pest Contamination of Containers: Joint Industry Guidelines for the Cleaning of Containers”
09:43 Financiers and insurers ready to support electrification of the domestic harbour craft sector

2024 April 12

18:02 The first LNG bunkering operation performed at Klaipeda Port
17:32 Nexans announces keel laying ceremony for the CLV vessel
17:19 Arctia to map offshore wind farm area in Norway
17:17 SBM Offshore to construct and install FPSO Jaguar
16:46 OOIL's revenue decreases by 9% in Q1 2024
16:13 Wan Hai Lines holds ship naming ceremony for new vessels