• 2020 May 14 09:01

    MABUX: Bunker market this morning, May 14

    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 demonstrated slight irregular changes on May 13:

    380 HSFO: USD/MT 228.89 (-0.57)
    VLSFO: USD/MT 260.00 (0.00)
    MGO: USD/MT 328.89 (+4.45)


    Meantime, world oil indexes declined on May, 13 amid worries that a potential second wave of the coronavirus pandemic might trigger fresh lockdowns and slam fuel demand once again.

    Brent for July settlement decreased by $0.79 to $29.19 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June declined by $0.49 to $25.29 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.90 to WTI. Gasoil for May delivery fell by $4.75.

    Today morning oil indexes continue to decline.

    The market ignored the U.S. Energy Information Administration's report of a surprise drop in crude stockpiles for last week and a larger-than-expected drawdown in gasoline to focus on Federal Reserve Chairman Jay Powell’s dour assessment of the coronavirus-struck economy.  Powell warned of a protracted road to recovery for the economy at a time when many are concerned that reopening too quickly could trigger a second wave of Covid-19 infections. Oil indexes were also pressured by the words of White House infectious diseases specialist Dr. Anthony Fauci, who said that U.S. states shouldn’t be rushing to reopen their economies from Covid-19 lockdowns without ticking enough boxes on the medical guidelines given to them.

    While the futures move up, physical surplus oil continues to flow into tanks and the path of demand recovery remains highly uncertain. New North Sea loadings, which help set the price of ICE Brent futures, still face a quiet market.

    At the same time, according to EIA, stockpiles of U.S. crude saw an unexpected drop last week, greatly easing worries that the United States will run out of space soon to store oil being produced within the country. Crude inventories fell by 745,000 barrels for the week ended May 8, the EIA said. That compared with expectations for a build of about 4.15 million barrels. That was the first decline in U.S. crude stockpiles since the end of January.

    Separately, crude stockpiles also fell 3 million barrels at the Cushing, holding center for oil delivered against expiring contracts of WTI. Cushing stockpiles were growing as fast as 5 million barrels per week in recent weeks, triggering speculation that the 76-million-barrel capacity hub would run out of space before the end of this month. Fears of a Cushing max-out were what drove WTI futures to their first ever negative pricing in late April.

    U.S. oil production fell by 300,000 barrels per day last week, bringing to 1.5 million bpd the total decline since output hit a record high of 13.1 million bpd in mid-March.

    OPEC slashed its forecast on May, 13 for global oil demand this year and predicted this quarter would see the steepest decline even as some countries ease lockdown measures designed to stem the coronavirus outbreak. The Organization now expects global demand to decline by 9.07 million barrels per day (bpd), or 9.1%, in 2020. Last month, OPEC expected a drop of 6.85 million bpd. OPEC expects this quarter to see the biggest drop in demand and lowered its demand forecast for the second quarter by 5.4 million bpd. Downside risks remain for consumption in the United States, Europe and South Korea.

    Oil prices have collapsed as government lockdowns curtailed travel and economic activity, tipping countries into recession. While some places in Europe and Asia have eased restrictions, concern of new virus outbreaks has kept a lid on oil prices. To tackle the drop in demand, OPEC and its allies agreed to a record supply cut that started on May 1, while the United States and other nations said they would pump less. OPEC said these curbs were already helping.

    We expect bunker prices may demonstrate slight downward changes today: 3-5 USD down for IFO, 2-4 USD down for MGO.




2024 November 2

18:06 Singapore’s first fully electric cargo vessel wins Green Ship Award at SRS Forum
17:20 VTTI looks to buy into LNG terminals in Asia
16:48 Hudong-Zhonghua Shipbuilding signs contracts for 12 large container ships in the past 10 days
16:32 CHIMBUSCO secures its first LNG refueling service in Europe
15:46 SLB OneSubsea awarded subsea boosting contract for bp’s Kaskida project in Gulf of Mexico
15:24 Wilson Sons to start construction of three new eco-friendly tugboats in 2025
14:57 Rem Offshore holds keel laying ceremony for REM Pioneer
12:30 World's first conversion of large container ship to run on methanol successfully completed
11:52 New offshore platform taps into potential of heavy-oil reserves in China
11:24 HRDD completes desulphurization tower system conversion for a PCTC
09:48 TOWT launches its first cargo sailing ship in Le Havre

2024 November 1

18:00 Marlink to deploy Sealink NextGen hybrid solution on 26 tankers for Transpetro
17:38 Austal Australia delivers 8th Evolved Cape-class Patrol Boat to Royal Australian Navy
17:23 Acteon and Applied Fiber enter MoU to collaborate on mooring solutions
16:54 KOTUG International and Maritalia S.A. secure major marine services contract for bp’s Greater Tortue Ahmeyim gas project
16:24 BW LPG takes delivery of vessel BW Chinook from Avance Gas
15:44 HD Hyundai may nearly double shipbuilding capacity in Vietnam
15:24 Samsung Heavy Industries secures $390 mln contract for four Suezmax tankers
14:36 EU imposes duties on unfairly subsidised electric vehicles from China
14:23 Port of Montreal workers at two terminals start new strike
13:41 Chinese ports container volume rises 7.7 % from January to September of 2024
13:22 MOL, COSCO Co-host 6th Shanghai International LNG Shipping Forum
12:43 Global schedule reliability drops to 51.4% in September 2024
12:22 GTT secures technical services contract with Maran Tankers for eight LNG Dual-Fuel Suezmax vessels
11:45 MSC inks up $2.1bn container ship at the reborn shipyard Rongsheng Heavy Industries
11:28 China's first 'smart factory' for offshore oil, gas equipment fully operational
10:43 Yanmar completes land-based demonstration testing of a hydrogen engine for power generation in coastal vessels
10:23 Samsung Heavy wins W358 bln LNG ship order in Asia
09:58 EU greenhouse gas emissions fell by over 8% in 2023

2024 October 31

18:00 MAN receives multiple orders for MAN B&W G95ME-LGIM Mk 10.5 methanol engines to power a series of VLCV
17:23 The Marechal Duque de Caxias platform ship starts producing in the pre-salt layer
17:06 IWS Seawalker CSOV makes it 1000 ship designs from Kongsberg Maritime
16:45 “K” Line Wind Service and Japan Marine United sign agreement for Phase 2 of NEDO’s Green Innovation Fund Project
16:04 Wärtsilä introduces its innovative NextDF feature for the Wärtsilä 25DF dual-fuel engine
15:45 MOL plans to change charter contract for vessels related to Russia business
15:44 MABUX: Bunker price trends in the world's four largest hubs, Oct 8 - Nov 1, 2024
15:23 HHLA raises expectations for fiscal year 2024
14:59 Major fire extinguished at UK nuclear submarine yard
14:16 AD Ports Group and Somali Ministry of Fisheries & Blue Economy sign MoU for maritime sector development
13:44 Maersk reports Q3 results
12:43 UECC orders four advanced multi-fuel battery hybrid pure car and truck carriers from China Merchants Jinling Shipyard Nanjing
11:39 Japanese сonsortium produces design concept for eco-friendly VLCC
11:12 TMC Compressors bags contract to supply four LNG carriers
10:46 Panama Canal operating costs down 5% in FY2024
09:29 HIF Global and Antarctica21 promote sustainable tourism with e-Fuels

2024 October 30

18:00 East Java Multipurpose Terminal partners with Sinarmas LDA Usaha Pelabuhan
17:22 Container traffic at Iranian ports up 5% in the first half of the current Iranian calendar year
17:06 CIMC SOE delivers second 7,600 cbm LNG bunkering vessel to Seaspan Energy
16:42 Klaveness Combination Carriers makes first move into wind with bound4blue eSAIL system on CABU III newbuild
16:23 Transport workers' strike in Argentina to affect port operations
15:59 South Korea's seaport container cargo up 3.5 pct in Q3
15:46 Stena Line marks significant milestones in build of NewMax ships, Stena Futura and Stena Connecta
14:55 DNV and LR grant AiP to HD Hyundai Heavy Industries for ammonia duel-fuel large container vessel
14:45 Jiaxing Port adds a new sea-river intermodal operation area
13:32 Maersk signs long-term methanol sourcing deal
13:08 MOL and Pyxis sign Collaboration Agreement for development and market expansion of electric vessels in Singapore and Japan
12:40 AD Ports Group and the General Department of Vietnam Customs sign MoU
12:21 TE H2, CIP, and A.P. Møller Capital Partner for a large-scale project in the Kingdom of Morocco
11:40 ClassNK issues AiP for Autonomous Navigation Assistance System developed by Samsung Heavy Industries
11:20 MacGregor launches Carbon Calculator
10:55 Russian seaports in Q3, 2024: Infographics and Analytics
10:30 World's first ammonia-fuel dual-fuel bulk carrier begins construction
10:09 Erik Thun launches the next-generation Lake Vanern Max vessel
09:03 SCHOTTEL receives an order to supply azimuth thrusters for four new escort tugs for Saltchuk Marine

2024 October 29

18:00 The U.S. Environmental Protection Agency announces selections for nearly $3 bln of investments in Clean Ports
17:34 Asyaport becomes first Turkish port to provide shore power to container ships
17:00 Port of Los Angeles awarded $412 million grant from U.S. EPA for zero-emission transformation
16:42 Oil spill occurred during bunkering operations at the Port of Singapore
16:10 World’s first electric hydrofoil ferry line takes off in Stockholm
15:46 Wallenius Wilhelmsen signs five-year, $766 million deal