• 2020 May 18 09:09

    MABUX: Bunker market this morning, May 18

    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 increased on May, 15:

    380 HSFO - USD/MT - 235.51 (+6.00)

    VLSFO - USD/MT – 269.00 (+9.00)

    MGO - USD/MT – 324.52 (+6.32)

    Meantime, world oil indexes also raised on May, 15 pushed up by signs of consumption recovering just as the major producers cut back on output.

    Brent for July settlement increased by $1.37 to $32.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June rose by $1.87 to $29.43 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.07 to WTI. Gasoil for June delivery added by $14.50.

    Today morning oil indexes continue to rise supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading.

    The June WTI contract expires tomorrow, but there was little sign of WTI repeating the historic plunge below zero seen last month on the eve of the May contract's expiry amid signs that demand for crude and derived fuels is recovering from its lowest level.

    The prospects of a modest but sustained oil price recovery in the coming months are growing as output curbs and a demand rebound from coronavirus lockdowns easing drains the world’s oil surplus faster than expected. On the demand side, signs that the global oil market is rebalancing ahead of expectations are being led by data showing fuel demand is recovering steadily after bottoming out in April when some lockdowns began to be lifted.

    China’s daily crude oil throughput rebounded in April from a 15-month low in March as refiners cranked up operations to meet renewed The data from the National Bureau of Statistics (NBS) showed May,15, that the country processed a total of 53.85 million tonnes of crude oil last month, equivalent to about 13.1 million barrels per day (bpd). That was some 11% higher than 11.78 million bpd in March. The industrial production increased by 3.9% in April from a year ago, that proves the improving from the coronavirus hit.

    The upward move also follows on from the International Energy Agency boosting its demand forecast for 2020 by 700,000 barrels a day on May,14, saying that the outlook for global oil markets has “improved somewhat.”

    At the same time, major producers have scaled back production sharply in the wake of the historic decision of OPEC and its allies, commonly known as OPEC+, to cut output by 9.7 million barrels a day for May and June.

    Data from the Energy Information Administration last week showed U.S. crude production dropped for a sixth straight week to the lowest in nearly a year, suggesting that the demand/supply balance is moving nearer to equilibrium and thus reducing the chance of negative prices at the next futures contract expiry. 

    Baker Hughes on May,15 reported that the number of active U.S. rigs drilling for oil dropped by 34 to 258 last week. The oil-rig count has now fallen for nine weeks in a row, implying upcoming declines in domestic crude output. The total active U.S. rig count, meanwhile, also fell by 35 to 339.

    Goldman Sachs on My,14 raised its May global oil demand estimate by 1.4 million b/d, citing a better than expected improvement in gasoline demand in key markets such as the US, China and Germany. Despite a faster than expected recovery in demand and steep output cuts by OPEC+ and US shale producers, oil price gains could remain limited in the near term due to huge global oil stock overhang and the potential for price-sensitive US shale producers to restart wells quickly.

    OPEC member Nigeria has reined in oil production to bring Africa’s top crude exporter into line with an agreement among producers to curb output. The cut for Nigeria is about 417,000 barrels per day (bpd), which is about 23% of country’s production. Under the deal, Nigeria should cap production at 1.41 million bpd in May and June.

    We expect bunker prices may demonstrate upward changes today: 5-8 USD up for IFO, 10-14 USD up 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