• 2020 May 29 09:17

    MABUX: Bunker market this morning, May 29

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) fell slightly on May 28:

    380 HSFO: USD/MT 254.08 (-6.34)
    VLSFO: USD/MT 295.00 (-5.00)
    MGO: USD/MT 371.18 (-1.26)


    Meantime, world oil indexes in turn changed irregular on May 28, on signs U.S. gasoline demand is rising despite a big surprise build in crude inventories.

    Brent for July settlement increased by $0.55 to $35.29 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery rose by $0.90 to $33.71 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.58 to WTI. Gasoil for June delivery lost $5.75.

    Today morning global oil indexes do not have any firm trend so far.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.9 million barrels from the previous week. At 534.4 million barrels, U.S. crude oil inventories are about 13% above the five-year average for this time of year. This compares with an inventory draw of 5 million barrels a week earlier and analyst expectations for a draw of 2.5 million barrels. Gasoline stockpiles fell unexpectedly, but refiners boosted output.

    Morgan Stanley expects Brent crude to trade at $40 a barrel by the end of the year thanks to the recovery in demand, which has taken off faster than the Bank expected. The Bank also expects that thanks to production cuts in OPEC and outside it, the oil market could swing into an undersupply in the last quarter of the year, to persist during the first quarter of 2021 as well. The size of the supply shortage would be about 4 to 6 million bpd.

    Prices have rebounded strongly this month, as the Organization of the Petroleum Exporting Countries and producers including Russia, a grouping referred to as OPEC+, cut their output by nearly 10 million barrels per day in May and then also June. Saudi Arabia and some other OPEC oil producers are also considering extending these record output cuts until the end of 2020, in the lead-up to its June 9 meeting, but doubts remain over Russia’s support given its desperate need for capital in the wake of the damage done to its economy in the wake of the coronavirus outbreak.

    According to the latest analysis, China’s oil demand will recover to 13 million barrels per day (b/d) in Q2 2020, a 16.3% jump compared to Q1 this year. However, comparing year-on-year (YoY), Q2 2020 demand is about 2.5% below Q2 2019. The pace of recovery differs among oil products. China’s demand for gasoline and diesel are expected to increase YoY from Q3 2020 onwards. Overall, China’s oil demand is expected to rise a modest 2.3% to 13.6 million b/d for H2 2020, compared to H2 2019.

    In the meantime, China’s low-sulphur marine fuel exports rose by a third in April compared with March to the highest level yet after it waived export taxes for domestic refiners to meet shipping demand. Chinese refiners began exporting in January very low sulphur fuel oil (VLSFO) with a maximum sulphur content of 0.5% to comply with emission rules for ships from the International Maritime Organization. April exports of the ship fuel reached nearly 1.43 million tonnes, up from 1.07 million tonnes in March and just below a combined 1.56 million tonnes for the first two months. Exports in the first four months reached just over 4 million tonnes, the data showed. Marine fuel export data has been collected by tracking Chinese refiners’ bunker sales from bonded storage at major Chinese ports, such as Zhoushan and Qingdao in east China and Dalian in the northeast.

    Two U.S. senators said they could draft further sanctions on Russia's Nord Stream 2 natural gas pipeline if Moscow finishes laying pipes for the project. U.S. sanctions legislation in December halted work by Swiss-Dutch company Allseas on the pipeline that aims to boost Russia's gas exports under the Baltic Sea to Germany. Now a Russian pipe-laying vessel aims to finish the remaining 100 miles (160 km) of the project, led by state gas company Gazprom. The pipeline, aimed at bypassing Ukraine, could be launched by the end of 2020 or early next year.

    The government of Ukraine approved on May 27 a plan to import liquefied natural gas (LNG) from the United States. Under the memorandum approved by the government, Ukraine will be importing at least 5.5 billion cubic meters of LNG annually, while the seller will be Louisiana Natural Gas Exports Inc. Besides, Ukraine and Poland, which also seeks diversified energy supplies, signed in August last year a trilateral memorandum of cooperation with the United States to enhance the regional security of natural gas supply.

    We expect IFO bunker prices may gain 3-7 USD today while MGO may lose 5-12 USD.




2021 July 31

11:47 Tiel-Waardenburg dyke reinforcement awarded to Van Oord, Dura Vermeer and Ploegam
11:12 Holland America Line takes delivery of new cruise ship at Fincantieri's Marghera shipyard
10:56 IMI and CSM sign agreement for cooperation in various business areas

2021 July 30

18:22 MEYER WERFT gets new order for a residential yacht
18:10 NYK Line announces delivery of the new LNG carrier Diamond Gas Victoria
17:59 Nutrien and EXMAR partner in building a vessel powered by low-carbon ammonia
17:06 Port of Rotterdam with partners sign an agreement to a joint study for commercial-scale hydrogen imports
16:21 Rhenus plans to acquire the Polish freight forwarding and logistics company C. Hartwig
15:42 Free-to-download report on the status of O&G storage and transshipment industry in Russia
15:21 Half of Dutch hydrogen projects are located in Rotterdam
14:49 Sredne Nevsky Shipyard lays down passenger ship of Project A45-90.2 named Victor Astafyev
14:20 Bollinger Shipyards celebrates commissioning of fast response cutters Henry, Hazard and Hatch in Apra Harbor, Guam
13:58 Balakovsky Shipyard launches hydrographic boat of Project Е35.Г, Yury Osokin, for Northern Sea Route
13:15 Maersk pioneers first block train for Decathlon from Vietnam to France
12:53 Warships of Iran, India and Pakistan navies left Kronstadt after participating in the Main Naval Parade
12:34 12th Dredging & Land Reclamation Asia Summit to be held on September 27-30
12:15 Konecranes wins first customer for EPA-approved new diesel-to-hybrid conversion technology
11:49 Changes in Finnlines’ Management: Marco Palmu appointed as Head of Passenger Services
11:26 Handling of dry bulk cargo in Azov-Black Sea Basin expected to grow by 2035
11:20 MAN Energy Solutions and ANDRITZ Hydro agree on hydrogen cooperation
11:03 Broad scope of Wärtsilä solutions selected for OHT’s next-generation wind turbine installation vessel
10:57 Russian cargoes leave neighboring countries’ ports for domestic terminals
10:21 ONE launches Marine Safety and Quality Campaign 2021
10:15 New container terminal for 2,000 TEU put into operation in Novorossiysk
09:38 Nevsky Shipyard welcomes students for summer internship
09:20 Baltic Dry Index as of July 29
09:09 Crude oil market sees downward price correction after a two-day long growth

2021 July 29

18:26 GTT appoints its new Chief Financial Officer
18:06 PGNiG terminates Port Arthur LNG agreement
17:54 FESCO, RZD Logistics and Nurminen Logistics launch regular intermodal service from Asia-Pacific countries to Finland via CPV
17:36 PGNiG Group expands its fleet of gas tankers
17:16 The Hebridean Princess returns to ABP’s Port of Cardiff
16:58 Okskaya Shipyard to build five tugboats of Project NE025 for Marine Rescue Service
16:42 Ever Given arrives to the port of Rotterdam
16:34 PGNiG to purchase more LNG from Venture Global LNG
16:17 Kalmar to deliver 12 straddle carriers to long-term partner Medcenter Container Terminal in Italy
15:56 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
15:11 Railway traffic launched through the second Baikal tunnel
14:48 Rosmorport's Petropavlovsk Branch takes part in exercises on maritime search and rescue of people
13:59 The Maritime and Port Authority of Singapore forms Global Centre for Maritime Decarbonisation
13:15 Hydrographic Company to hold auction for construction of Arc7 hydrographic ship
12:37 Baltiysk ferry meets ISM Code requirements
12:13 Sembcorp Marine bags 24 Workplace Safety and Health Awards
11:46 Ongoing travel restrictions continue to impact Tallink Grupp financial results in Q2 2021
11:08 MARAD awards vessel acquisition management contract to Crowley
10:43 Rosmorport’s tugboats assisted sailing boat Pallada mooring in Egvekinot and Provideniya ports
10:08 Thun Tankers announces the launching of product tanker Thun Empower
10:00 British Ports Association welcomes the resumption of international cruise in England
09:35 Baltic Dry Index as of July 28
09:18 SCHOTTEL to deliver a total of ten rudder propellers and two transverse thrusters to Sanmar Shipyards
09:09 Crude oil prices rise on reduction of US reserves
08:00 Verifavia shipping highlights widespread confusion over EEXI technical parameters
07:55 Drewry launches shipmanager Steering Group to power vessel opex benchmarking

2021 July 28

18:20 NOVATEK announces consolidated IFRS results for Q2 and H1 of 2021
18:01 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
17:09 PSA & ONE team up to enhance sustainability and reduce maritime environmental footprint
16:28 ECSA and ETF welcome WHO decision to prioritise seafarers’ vaccination
16:03 Rosmorrechflot supports the International Conference “Development of Icebreaking and Support Fleet”
15:42 ERMA FIRST adds world’s smallest ballast water treatment system to product range
15:18 DCT Gdańsk and the Port of Gdańsk enter a new era of container handling on the Baltic Sea