• 2020 May 8 09:30

    MABUX: Bunker market this morning, May 08

    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 decreased on May 07:

    380 HSFO: USD/MT 224.58 (-1.43)
    VLSFO: USD/MT 256.00 (-3.00)
    MGO: USD/MT 329.00 (-9.08)


    Meantime, world oil indexes demonstrated irregular changes on May, 07.

    Brent for July settlement decreased by $0.26 to $29.46 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June declined by $0.44 to $23.55 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.91 to WTI. Gasoil for May delivery increased by $9.75.

    Today morning oil indexes increase supported by Saudi Arabia's decision to lift prices to help stabilize values and a monthly climb in China's oil imports.

    Oil indexes gained some support after the state oil giant of Saudi Arabia, Saudi Aramco, has raised the official selling price by $1.40 a barrel, of its June Arab light crude to Asia. While the Arab crude grade remains at a significant discount of $5.90 per barrel to the competing Oman/Dubai average, the price hike wasn’t in line with market expectations. This increase in the price for Saudi crude for June – which generally sets the trend for the pricing for Asia of other Gulf producers such as Kuwait, Iraq, and Iran – was interpreted as a sign that oil demand may have started to pick up.

    Oil prices rebound from the lows of last week, powered by optimism over the reopening of business in most of America’s 50 states after a six-week lockdown imposed over the Covid-19. Yet, there are still doubts in the market amid the existential oversupply of tens of millions of barrels at sea, as well as in land-based storage facilities for oil.

    The Plains all-American Pipeline, a reference source for physical oil, quotes physical WTI at $20 per barrel, versus its April 28 quote of $8.25. That indicates that the physical market is broadly keeping up with the action in futures. Even so, June WTI remains at a discount of at least 20% to physical barrels. While that may be typical, it’s a worry under the present circumstance, given both have to converge when June WTI expires in less than two weeks. Massive difference between the physical and futures markets was what accelerated WTI’s plunge into historic sub-zero prices when the May WTI expired two weeks ago.

    The latest data from the Energy Information Administration showed that U.S. crude oil inventory increased by 4.59 million barrels over the past week, the slowest weekly build since mid-March as domestic output fell further. While crude oil inventory at Cushing, Oklahoma increased by 2.07 million barrels, again the smallest build since late March.

    That said, as the world starts to ease lockdowns, oil demand recovery will likely be slow and timid. All after, the latest data showed the number of Americans applying for initial unemployment benefits totaled 3.17 million last week, remaining at historic levels even as many parts of the country start to reopen.

    Market will also be keeping a close watch on shipping numbers out of OPEC, the United States — and particularly Russia — to check their adherence to the so-called GLOPEC deal’s commitment to remove at least 9.7 million barrels daily from the market from this month.

    Chinese crude imports climbed to 10.42 million barrels a day in April from 9.68 million barrels in March, according to Reuters calculations based on customs data for the first four months of 2020. Overall exports from China also rose against expectations of a sharp drop.

    We expect bunker prices may demonstrate slight irregular changes today: 1-3 USD down for IFO, 7-9 USD up for MGO.




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
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat