• 2020 June 3 08:45

    MABUX: Bunker market this morning, June 03

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs continued to increase on June 02:

    380 HSFO: USD/MT 265.74 (+6.18)
    VLSFO: USD/MT 309.00 (+8.00)
    MGO: USD/MT 380.27 (+6.03)


    Meantime, world oil indexes also demonstrated upward changes on June, 02 as OPEC and key ally Russia moved a conference call to discuss future output cuts to Thursday, June 4, from an original June 9 schedule.

    Brent for August settlement increased by $1.25 to $39.57 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $1.37 to $36.81 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.76 to WTI. Gasoil for June delivery added $20.25.

    Today morning oil indexes continue to rise amid optimism that major producers will extend production cuts as the world recovers from the coronavirus.

    Oil prices have soared over the past six weeks, thanks to record supply cuts by OPEC+. However, prices are still down about 40% for the year so far. These supply cuts are set to be scaled back at the end of June, according to the agreement hammered out in April, but OPEC+ producers are now said to be considering extending their production cuts into July or August, at an online meeting likely on June 4.

    The U.S. Treasury Department on June, 2 had sanctioned four shipping firms for transporting Venezuelan oil, the latest escalation in Washington's effort to oust socialist President Nicolas Maduro by cutting off the OPEC nation's crude exports. Marshall Islands-based Afranav Maritime Ltd, Adamant Maritime Ltd and Sanibel Shiptrade Ltd, as well as Greece-based Seacomber Ltd, all own tankers that lifted Venezuelan oil between February and April of this year. In response, Venezuelan Foreign Minister Jorge Arreaza said in a tweet that Pompeo had a "criminal obsession" with Venezuela and that U.S. moves to inhibit crude exports would complicate food and medicine imports. Washington sanctioned Venezuelan state-run oil company Petroleos de Venezuela last January, shortly after the United States and dozens of other countries declared Maduro a usurper who rigged his 2018 re-election. Tuesday's sanctions come after Washington in February and March sanctioned two units of Russia's Rosneft, which became the main intermediary of Venezuelan crude in 2019. The units stopped lifting Venezuelan crude in March.

    Meanwhile, Venezuela's oil exports plummeted in May to their lowest level since 2003 as U.S. sanctions choked exports and two Mexican firms that had acted as intermediaries for Venezuelan crude sales stopped receiving oil. May exports fell 50% from the average of January through April. PDVSA's schedule for June shows little change from May, with only three crude cargoes assigned to buyers so far and three more waiting for nominations. The measures have reduced exports and deepened the country's economic crisis.

    Early signs of a shale rebound are becoming evident as crude prices emerge from their dramatic collapse earlier this year. EOG Resources Inc., America’s largest shale-focused producer, plans to “accelerate” output in the second half after shutting in about a quarter of its crude in May. Permian producer Parsley Energy  Inc. is also turning wells back on just weeks after closing the taps, and producers in the Bakken formation in North Dakota are also easing the rate of shut-ins.

    The American Petroleum Institute (API) estimated June,02 a small crude oil inventory draw of 483,000 barrels for the last week. It was expected an inventory build of 3.038 million barrels.

    Oil production in the United States has now fallen from 13.1 million bpd on March 13 to 11.4 million bpd for May 22 —a drop of 1.7 million bpd—more than OPEC’s production cut agreement from last year.

    We expect bunker prices may continue to increase today: 6-9 USD up for IFO, 15-20 USD up for MGO.




2024 March 28

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17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
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14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
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12:26 Ocean Network Express announces Transpacific service
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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
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10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
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11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
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15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
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2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
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11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat