• 2020 June 2 09:23

    MABUX: Bunker market this morning, June 02

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) rose slightly on June 01:

    380 HSFO: USD/MT 259.56 (+6.42)
    VLSFO: USD/MT 301.00 (+7.00)
    MGO: USD/MT 374.24 (+6.13)


    Meantime, world oil indexes changed irregular on Jun.01, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

    Brent for August settlement increased by $2.99 to $38.32 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery fell by $0.05 to $35.44 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.88 to WTI. Gasoil for June delivery gained $10.00.

    Today morning global oil indexes continue moderate upward trend.

    Algeria, which currently holds the OPEC presidency, has proposed that an OPEC+ meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. Russia has no objection to the meeting being brought forward to June 4.

    Meantime, the cartel failed to fully comply with its agreed-upon quotas in May. Nigeria and Iraq did not live up to their commitments under the massive production cut deal that promised to take 9.7 million barrels of oil production per day out of the oversupplied market. Overall, the group cut just 5.91 million bpd from April levels, producing 24.77 million bpd. This is 4.48 million bpd of the promised reduction, or 74% compliant. One of the reasons for OPEC’s failure to bring production down to promised levels is due to contractual obligations with buyers given the short timeframe between the date the agreement was made and its implementation. Besides, the sharp cuts in May, are watered down by the fact that several OPEC members, including Kuwait, the UAE, and Saudi Arabia, produced record-high volumes in April, which flooded the market with cheap oil.

    Rystad Energy published new forecast saying oil demand will decrease of 11.5% for 2020, or 11.4 million barrels per day (bpd) year-on-year. Total oil demand in 2019 was approximately 99.5 million bpd, which is now projected to fall to 88.1 million bpd in 2020.  June demand is forecast at 84 million bpd, down by 14.5% year-on-year. Further ahead, total oil demand in 2021 is expected to average at 96.3 million bpd.

    U.S. crude oil production fell 28,000 bpd, or 0.2%, in March to 12.716 million barrels per day, the lowest level since October. U.S. crude production is being throttled back in response to oversupply and low demand due to the coronavirus pandemic. Oil output fell in most states, and in federal waters in the Gulf of Mexico, but rose in Texas, the largest-producing state. Output in Texas climbed 1.2% to 5.42 million bpd in March.

    Iran said it will continue fuel shipments to Venezuela if Caracas requests more supplies, despite Washington's criticism of the trade between the two nations, which are both under U.S. sanctions. Defying U.S. threats, Iran has sent a flotilla of five tankers of fuel to the South American oil-producing nation, which is suffering from a gasoline shortage. Seeking to deter further shipments of Iranian fuel to Venezuela, Washington is monitoring the supply. It has warned governments, seaports, shippers and insurers that they could face measures if they aid the tankers.

    Global bunker fuel demand is likely to fall by 5%-10% year on year in 2020 as the coronavirus pandemic slows trade and impedes shipping and ship crew movements in many countries. Initial fears about the escalation of bunker fuel quality issues due to the widespread adoption of LSFOs and blended fuels have been mostly quelled. While there were some bunker fuel quality issues related to sedimentation as well as pour point at the start of the year, the impact has not been that significant. The HSFO-LSFO spread has narrowed, reflecting the drop in crude oil prices. Scrubber prospects have received a setback and installations are getting delayed as many shipyards in China and South Korea are still close.

    We expect IFO bunker prices may gain 4-10 USD today while MGO prices may change irregular in a range of plus-minus 5-8 USD.




2020 July 14

18:11 Wärtsilä contracted to deliver a scope of integrated solutions for CDWE's MIV
17:57 More States need to act on crew changes, says IMO Secretary-General
17:33 Throughput of Russian seaports in 6M’2020 climbed by 0.1% (detalization)
17:11 Alewijnse completes electrical installation TSHD Anchorage
16:46 Vladimir Putin signs the package of federal laws on the system of privileges in the Arctic
16:21 Mark Sickles named Interim CEO & Executive Director of DCA
15:55 Reconstruction of hydraulic facility No 9 of Tushinsky District’s HES obtains state expert approval
15:32 Green Yard Group takes over Kleven Verft business
15:04 Engineering and geological survey began for construction of Port Dalny terminal in Khabarovsk Territory
14:39 LISCR hires former USCG LNG expert to boost its global team
14:20 Young Russian sturgeon released to Volga as compensatory measure for dredging on Volga Caspian Canal
13:57 Rosmorport releases young keta salmon as compensatory measure for dredging in Shakhtersk
13:36 Straatman BV built solar-powered mooring systems for Port of Hamburg
13:12 ABB to power the world’s largest diamond recovery vessel for De Beers
12:48 Bunker prices are stable at the Far East ports of Russia (graph)
12:23 COMSAT bolsters Inmarsat network with increased C-band and L-band capabilities
11:55 IMO's informal discussions focus on cutting shipping’s carbon intensity
11:31 G3 Terminal Vancouver opens on Canada’s West Coast and transforms Canada’s grain supply chain
11:13 Further progress towards greener and safer ship recycling in Bangladesh reported at SENSREC meeting
10:50 Polish Ministry of Climate signs letter of intent on cooperation in the development of offshore wind energy
10:32 USCG investigates uninspected passenger vessel allision
10:07 Gdynia to be the installation port of Polish wind farms on the Baltic Sea
09:42 More information needed on the impacts of emissions trading in maritime transport
09:26 Oil prices decrease amid demand concerns
09:21 MABUX: Bunker market this morning, July 14
09:08 Baltic Dry Index as of July 13

2020 July 13

18:24 Canada joins Global Ocean Alliance
18:00 Interim report and independent audit of KS1437 Multipass Port project approved by related authority
16:59 Port of Ventspils (Latvia) handled 6.8 million tonnes of cargo in 6M’2020
15:32 Oboronlogistics ensures Northern delivery
15:04 Ørsted and Van Oord have successfully installed all array cables of the Borssele I & II offshore wind farm
14:21 Dublin Port throughput declines by 10.9% in the six months to June
13:53 FSUE Rosmorport’s revenue in HI’2020 grew by 6% YoY
13:30 Average wholesale prices for М-100 HFO grew to RUB 10,425 in RF spot market
13:04 CMA CGM announces FAK rates from Asia to the Mediterranean
12:41 CMA CGM announces FAK rates from Asia to North Europe
12:19 Tallinks’s vessel Romantika to offer two direct sailings from Riga to Helsinki this July and August
12:18 ISO releases environmental report assurance standard
11:55 NOVATEK reports preliminary operating data for the second quarter and first half 2020
11:32 KN increases the volume of biofuel handling
11:02 XELLZ acquires additional 100.000sqm to develop a Free Zone at Rosslare Europort
10:14 Gibdock completes an extensive two-vessel drydocking and maintenance project for returning customer Shearwater GeoServices
10:13 Port of Helsinki throughput in 6M’2019 fell by 9.2% to 6.6 million tonnes
09:58 The Fjords takes delivery of second all-electric passenger ship
09:49 Oil prices continue going down
09:32 RF Government to allocate RUB 320 million as support of shipping companies
09:10 Baltic Dry Index as of July 10
09:05 MABUX: Bunker market this morning, July 13

2020 July 12

16:21 Carnival Corp announces change in leadership team
15:38 UMS Skeldar gets contract to supply mine countermeasures drones system
15:23 Samson introduces the latest in mooring line innovation
14:19 Coast Guard halts 2 illegal charters near Star Island
13:41 Carnival Corporation's AIDA Cruises to restart sailing vacations in August
13:18 New OCIMF Committee structure
12:51 American P&I Club and ABS Consulting join forces to drive cyber awareness for maritime insurance
11:49 Royal Caribbean Group acquires remaining interest in Silversea

2020 July 11

15:28 Cox Powertrain celebrates as first 300hp diesel outboards roll off the production line ready for delivery
14:51 WCI names Tracy R. Zea as President & CEO
13:45 NOS expands its fleet with two additional M-Class vessels
11:37 Huisman to deliver 250mt Knuckle Boom Crane and 500mt Towing Winch for Nanhai Rescue Bureau