• 2020 June 4 09:36

    MABUX: Bunker market this morning, June 04

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) continued firm upward trend on Jun.03:

    380 HSFO: USD/MT 273.68 (+7.94)
    VLSFO: USD/MT 314.00 (+5.00)
    MGO: USD/MT 388.31 (+8.04)


    Meantime, world oil indexes changed irregular on Jun.03, as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.

    Brent for August settlement increased by $0.22 to $39.79 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery rose by $0.48 to $37.29 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.50 to WTI. Gasoil for June delivery lost $6.75.

    Today morning global oil indexes have turned into moderate downward trend.

    The Organization of the Petroleum Exporting Countries and others including Russia may extend production cuts of 9.7 million barrels per day (bpd), or about 10% of global output, into July or August. Some unofficial reports said, that Saudi Arabia and Russia have already agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts. A meeting of the grouping known as OPEC+ is expected to be held online on Jun.04. The cuts are currently due to run through May and June, scaling back to a reduction of 7.7 million bpd from July to December, but Saudi Arabia has been pushing to keep the deeper cuts in place for longer.

    Iraq said, it will further reduce production and remains committed to the OPEC+ pact. Iraq, which was the least compliant member of the OPEC+ pact in the previous agreements, was slow to begin the new round of cuts, too. A week after the new agreement entered into force on May 1, Iraq was still negotiating with oil majors about which oilfields would need to cut production. As part of the OPEC+ deal, Iraq needs to cut around 1 million barrels per day (bpd) of its production, which stood at 4.585 million bpd in March 2020.

    The Trump administration believes ahead of an expected OPEC+ meeting this week that major oil producers such as Saudi Arabia and Russia will honor their pledges to cut crude production and will not damage the global economy by changing course. In early April, when Saudi Arabia and Russia boosted oil output in a war for market share during the height of the coronavirus pandemic, the U.S. administration took an aggressive stance. At the moment president Trump is in contact with both Saudi Arabia and Russia in the attempt to coordinate the balance on the market. Trump and Russian President Vladimir Putin discussed the OPEC+ oil output cuts and other issues including arms control in a call on Jun.01.

    China's oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year. Easing travel restrictions and stimulus packages aimed at resuscitating economies could accelerate global oil demand in the second half of 2020. Wood Mackenzie expects China's oil consumption in the second half to grow 2.3% to 13.6 million barrels per day (bpd) from the same period last year, driven by increased transportation and industrial use. In contrast, the International Energy Agency (IEA) said in its May report that China's demand will fall 5% on year to 13.2 million bpd in the second half. Even so, there is strong consensus that both gasoline and diesel use are expected to accelerate as more people and businesses boost movement.

    In Europe gas suppliers may have to cut flows to prevent natural gas prices from plunging further. Demand for natural gas is still very weak as major economies in Europe are emerging from lockdowns while gas in storage across the continent is at a record high for this time of the year. The natural gas glut has depressed the prices at key European hubs such as the Dutch TTF benchmark. Prices didn’t move much even after the biggest gas exporter to the continent, Gazprom, saw its flows on a key pipeline fall to zero last week.

    A day after the American Petroleum Institute surprised market yet again with a crude oil inventory draw, pushing prices up, the Energy Information Administration also reported an inventory decline, at 2.1 million barrels for the week to May 29. At 532.3 million barrels crude oil inventories were 12 percent above the five-year average for this time of the year. Forecasts had expected an inventory build of 3.3 million barrels, after last week the EIA reported a substantial inventory increase, at 7.9 million barrels, for the third week of May. Last week, gasoline inventories rose, however, by 2.8 million barrels.

    We expect IFO bunker prices may gain 1-3 USD today while MGO prices may fall by 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