• 2020 May 25 09:00

    MABUX: Bunker market this morning, May 25

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) declined slightly on May 22:

    380 HSFO: USD/MT 254.50 (-1.70)
    VLSFO: USD/MT 295.00 (-6.00)
    MGO: USD/MT 362.90 (-6.35)


    Meantime, world oil indexes fell on May 22 as tensions rose between the United States and China, and doubts grew about the pace of demand recovery from the coronavirus crisis.

    Brent for July settlement decreased by $0.93 to $35.13 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery fell by $0.67 to $33.25 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.88 to WTI. Gasoil for June delivery lost $8.75.

    Today morning global oil indexes have turned into slight upward evolution.

    China said that it plans to impose a new national security law for Hong Kong, which drew a reaction from U.S. President Donald Trump. President Trump said on May 21 that if China were to impose a new security law in the former British colony, the United States would address that issue very strongly.

    China also said it has not set a specific target for economic growth this year because country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the COVID-19 pandemic and the world economic and trade environment. Although the government failed to set the 2020 target, it pledged to issue CNY 1 trillion ($140.67 billion) of special treasury bonds to support regions hard hit by the virus. China’s abandonment of the growth target could be interpreted as putting less focus on infrastructure investment and could be viewed as negative for global fuel market.

    In response to the industry downturn, national oil companies (NOCs) are set to slash their exploration budgets by 26 percent on average this year. Besides, although NOCs are axing exploration budgets in the near term, the measure is likely to be just a short-term move because exploration is an important part of NOCs business for the longer term, much more so than exploration is for the supermajors. NOCs invested on average 17 percent of their upstream budgets in exploration between 2015 and 2019, while the international oil majors spent an average 8 percent of upstream budgets on exploration in that period.

    At total of 318 US oil and natural gas drilling rigs were in operation on 22 May – the lowest level in the rig count data series that began back in 1987. The number of oil rigs decreased for the week by 21 rigs, bringing the total to 237—a 560-rig loss year over year. The US Energy Information Administration said that since 17 March, 71% (308 rigs) of the rigs taken out of service were in the top three US crude-producing regions: the Permian region in southeastern New Mexico and western Texas, the Eagle Ford region in southern Texas, and the Bakken region in Montana and North Dakota. The EIA noted that the current drop in rig count followed the recent decrease in the oil price much more rapidly than in the past. As per EIA, the quick reduction in active rigs reflects the sudden loss of petroleum demand related to coronavirus-related mitigation efforts that also resulted in recent increases in the amount of crude oil placed in storage.

    The Argentine government fixed domestic oil prices at $45 per barrel in an attempt to prevent a collapse of its oil industry. The price would be voided if Brent moves above $45 for 10 days. The policy will last until the end of 2020, but there are questions about its efficiency.

    The forces of the Government of National Accord (GNA) have overrun an air base near Tripoli, beating back the Libyan National Army. The move is a setback to the warlord Khalifa Haftar, and it could theoretically lead to the restart of some shuttered oil fields. However, the LNA still controls the main ports of the country. Libya is only exporting 90,000 bpd, down from 1.2 million bpd last year.

    Venezuela’s military will escort Iranian tankers bringing fuel to the gasoline-starved country as soon as they enter its exclusive economic zone. Comments came after Venezuelan opposition leader Juan Guaido said the shipment should “alarm” Latin America. Both OPEC members are U.S. adversaries whose oil industries are under U.S. sanctions. Trump administration officials say Washington is considering a response to the shipment. Five tankers are carrying around 1.5 million barrels of fuel, and passed the Suez Canal in the first two weeks of May. They are expected to arrive in Venezuela between late May and early June.

    We expect global bunker prices may slightly decline today in a range of minus 2-8 USD.




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