• 2020 May 22 10:27

    MABUX: Bunker market this morning, May, 22

    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 upward trend on May, 21:

    380 HSFO - USD/MT - 256.20 (+7.12)

    VLSFO - USD/MT – 301.00 (+9.00)

    MGO - USD/MT – 368.79 (+7.66)

    Meantime, world oil indexes demonstrated slight irregular changes on May, 21.

    Brent for July settlement increased by $0.31 to $36.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $0.43 to $33.92 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.14 to WTI. Gasoil for June delivery declined by $3.00.

    Today morning oil indexes decrease after China's decision to omit an economic growth target for 2020 renewed concerns that the fallout from the coronavirus pandemic will continue to depress fuel demand in the world's second-largest oil user.

    China's National People's Congress (NPC) kicked off a week-long meeting on May,22 with the government saying it omitted the 2020 target, while pledging to issue 1 trillion yuan ($140 billion) of special treasury bonds to support companies and regions hit by the pandemic. Abandoning the growth target can point to putting less focus on infrastructure investment and could be viewed as negative for oil.

    At the same time, the fuel demand is recovering as countries ease business and social restrictions imposed to counter the coronavirus pandemic. Gasoline demand is returning with traffic congestion in some of the world's capitals recovering to year-earlier levels after the lifting of coronavirus. Traffic flows in Berlin and Tokyo have rebounded, according to the data, while in the United States the easing of restrictions in many states has supported demand for gasoline. The upcoming Memorial Day holiday weekend typically kicks off the U.S. summer driving season.

    U.S. drillers are in the process of cutting 1.75 million barrels a day of existing production by early June. That’s on top of OPEC+’s agreement to curb almost 10 million barrels a day of output, which is being strictly adhered to after taking effect at the start of May. The cuts are eroding the stockpiles built up amid coronavirus lockdowns and the price war, with inventories at the U.S. storage hub at Cushing, Oklahoma, shrinking by the most on record last week. Meanwhile, demand in China, the world’s biggest crude importer, is almost back to pre-virus levels, while economic activity is starting to recover in parts of Europe and North America.

    However, crude oil demand in India will take longer to recover than many hope for as the country braces for the worst recession in its history after a two-month lockdown. The demand for the commodity might take until the end of the year to return to pre-crisis levels after last month, fuel demand at one point dropped by as much as 70 percent. Still, most of the demand will return before the end of the year.

    At the same time, despite the low oil demand during the COVID-19 outbreak in China, the world’s top oil importer is set to increase its crude oil imports by 2 percent in 2020. China’s apparent crude oil consumption is expected to increase by between 1 percent and 2 percent year on year. However, demand for refined oil products in China is forecast to record its first drop in two decades, as it is expected to fall by 5 percent this year compared to last year.

    According to Goldman Sachs Group Inc, The oil industry will enter a structural phase of no production growth outside of OPEC starting next year. OPEC may be required to supply as much as an additional 7 million barrels a day through to 2025 from pre-virus levels, while U.S. shale will emerge from the current slump as a lower growth and more cash generative industry.

    We expect bunker prices may demonstrate irregular changes today: 1-3 USD up for IFO, 1-3 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