• 2020 June 11 09:23

    MABUX: Bunker market this morning, June 11

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs increased on June 10:

    380 HSFO: USD/MT 287.08 (+2.75)
    VLSFO: USD/MT 333.00 (+4.00)
    MGO: USD/MT 406.90 (+3.77)


    Meantime, world oil indexes also demonstrated upward changes on June, 10.

    Brent for August settlement increased by $0.55 to $41.73 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $0.66 to $37    .41 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.13 to WTI. Gasoil for June delivery added $7.00.

    Today morning oil indexes decline after the Energy Information Administration reported a rise in U.S. crude oil inventories.

    According to the Energy Information Administration (EIA) stockpiles of U.S. crude rose sharply, confounding analyst expectations. Oil inventories jumped 5.7 million barrels for the week ended June 5. That compared to estimates for a draw of 1.7 million barrels. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after several days of gains. The gasoline inventories also increased by 900,000 barrels for the last week, down from a build of 2.8 million barrels a week earlier. Gasoline production last week averaged 8.1 million bpd, compared with 7.8 million bpd a week earlier.

    At the same time, there was downward pressure following news that U.S. producers were restarting production and worry that some Middle East producers, notably Iraq, will continue to produce more than their OPEC+ quota calls for.

    Meanwhile, Norwegian consultancy Rystad Energy warned that deep production cuts could lead to a lasting deficit of oil, beginning as soon as this month. This could provide some support for oil prices especially if it is coupled with more positive news on the demand side.

    Global growth will contract by 7.6% in 2020, the OECD said, assuming there is a second wave of Covid-19 infections, and even if a second wave is avoided there would still be a drop of 6%. This is even worse than the 5.2% contraction in 2020 the World Bank predicted on June,08.

    The World Health Organization stated earlier this week that new coronavirus cases have reached their highest ever level, pointing to key regions, such as the Americas and Southeast Asia. This suggests a second wave of the pandemic is not a distant possibility any more, and that would plunge oil demand right back down to lockdown levels.

    The U.S. Federal Reserve’s grim warming on June, 10 that U.S. recovery from the COVID-19 virus will be a long and tough road also soured market’s sentiment. The U.S. economy is predicted to shrink by 6.5% and the unemployment rate to 9.30% by the end of the year. Meanwhile, the U.S. recorded almost 2 million COVID-19 cases as of June 11, according to data from Johns Hopkins University.

    The oilfield Sharara in Libya was shut down again on June.09, after an armed force had told the workers on the field to stop working. NOC declared force majeure on Sharara oilfield crude exports two days after restarting production following months of blockade amid Libya’s civil. The El Feel oilfield in Libya is also shut down again. Libya’s oil industry has been in total disorder after a group of paramilitary formations affiliated with the Libyan National Army (LNA) of eastern Libyan strongman General Khalifa Haftar occupied Libya’s oil export terminals in January along with pipelines and fields. The blockade came amid continued fighting between the LNA, which is loyal to the eastern Libyan government, and the forces loyal to the Government of National Accord (GNA), which is recognized by the United Nations.  Last week, the GNA said it had taken full control of Tripoli from Haftar’s LNA.
     
    We expect bunker prices may demonstrate upward changes today: 2-4 USD up for IFO, 5-7 USD up for MGO.




2024 July 15

18:06 European Shipowners and Maritime Transport Unions launch initiative to support shipping and seafarers in the digital transition
17:35 APM Terminals Mumbai switches to 80% renewable electricity
17:05 Seaspan Shipyards welcomes the formation of the “ICE Pact”
16:41 World’s first entirely hydrogen-powered ferry welcomes passengers in San Francisco Bay
16:26 FMC issues request for additional information regarding Gemini Agreement
16:24 Saipem awarded two offshore projects in Saudi Arabia worth approximately 500 million USD
16:12 Pecém Complex selects Stolthaven Terminals and GES Consortium as H2V Hub green ammonia operator
15:43 Singapore's bunker sales rise 8.5% in the first half of 2024
15:27 TORM purchases eight and sells one second-hand MR vessel
14:55 Adani plans to build port in Vietnam
13:35 Regulator gives conditional nod to HD Korea Shipping's purchase of stake in STX Heavy
13:02 HD Korea Shipbuilding wins US$2.67 billion order to build 12 container carriers
12:51 Maersk introduces SH3 ocean service between China and Bangladesh
12:24 ABS to сlass two new Seatrium FPSOs for Petrobras
11:42 CSP Abu Dhabi Terminal surpasses throughput of 5 mln TEUs
11:11 Fincantieri launches the seventh PPA “Domenico Millelire” in Riva Trigoso
10:51 India's first transshipment port receives its first container ship
10:35 The “Egypt Green Hydrogen” project in SCZONE wins a contract worth € 397 million to export green fuel to Europe

2024 July 14

15:17 FMC issues request for additional information regarding Gemini agreement
13:06 Lummus and MOL Group begin engineering execution on advanced waste plastic recycling plant in Hungary
10:51 Chinese line launches new Arctic container service to Arkhangelsk
09:49 Malta PM tours Abela toured MSC World Europa officially inagurates Valletta shore power

2024 July 13

15:47 €11 million for 1-MW Dynamic Electrolyser Unit
14:11 PSA Group and Singapore mitigate impact of global supply chain disruptions
12:23 NREL: Offshore wind turbines offer path for clean hydrogen production
10:06 MMMCZCS releases a technical, environmental, and techno-economic analysis of the impacts of vessels preparation and conversion

2024 July 12

18:00 Qingdao Port International to buy oil terminal assets for $1.30 billion
17:36 Saipem signs framework agreement with bp for offshore activities in Azerbaijan
17:06 AG&P LNG and BK LNG Solution signs an agreement to bring BKLS's first LNG spot cargo into China
16:31 Allseas removes final Brent platform with historic lift
15:58 ZPMC Qidong Marine Engineering launches the world’s largest FPSO bow section for Petrobras
15:25 MSC acquires Gram Car Carriers
14:58 ABP boosts marine capability through pilot launch upgrades
14:34 Fincantieri receives ISO 31030 attestation from RINA
13:52 Second new dual-fuel fast Ro-Pax ferry to enter service for Balearia after successful sea trials
13:24 ADNOC deploys AIQ’s world-first RoboWell AI solution in offshore operations
12:59 ABS issues AIP for new gangway design from Pengrui and COSCO
11:38 Port of Long Beach data project receives $7.875 mln to speed goods delivery
11:15 ZeroNorth to provide its eBDN solution on 12 barges operated by Vitol Bunkers in Singapore
10:46 Seatrium secures customer contract agreement from Teekay Shipping for the repairs and upgrades of a fleet of vessels
10:14 Liquid Wind and Uniper enter into strategic partnership to accelerate the development of eFuels

2024 July 11

18:06 Yanmar and Amogy to explore ammonia-to-hydrogen integration for decarbonized marine power
17:36 COSCO Shipping receives first 7500 CEU LNG dual-fuel PCTC
17:06 Monjasa adds two tankers and targeting West Africa’s offshore industry
16:34 Biden administration announces funding for 15 small shipyards in 12 states
16:10 Iran's Ports and Maritime Organization attracts nearly $1.7bln of investment in ports, maritime sector
15:52 The added value of Chinese port cities up to US$869.05 bln in 2023
15:25 HD Hyundai becomes first Korean shipbuilder to sign MSRA with US Navy
13:41 NovaAlgoma orders the world’s largest cement carrier
13:21 Steerprop selected to provide comprehensive propulsion systems for world's largest cable-laying vessel
12:41 Integrated Wartsila propulsion package supports decarbonisation and efficiency goals for James Fisher tankers
12:36 MABUX: Bunker Outlook, Week 28, 2024
12:10 Valencia Port Authority signs an agreement with C.N.E. Hydrogen and Fuel Cells to promote hydrogen research
11:41 Long Beach, Los Angeles ports partner for zero-emissions future
11:16 Iraq to establish maritime single window for major ports
10:46 James Fisher completes its largest decommissioning project to date

2024 July 10

18:00 MET Group secures long-term US LNG source from Shell
17:36 bp, Mitsui, Shell and TotalEnergies join to ADNOC’s Ruwais LNG project
17:06 HD Hyundai Samho extends a pier at its shipyard in Yeongam, South Jeolla
16:45 Panama Canal plans new $1.6bn reservoir to address water shortages
16:25 Ocean Power Technologies signs agreement with AltaSea to advance wave power projects
15:52 WinGD completes type approval testing for new short-stroke engine size
15:32 PIL has the most reliable schedule among the top 12 container lines in Q2 2024
14:56 Fincantieri celebrates the keel laying of the first ultra-luxury vessel for Four Seasons Yachts at the shipyard in Ancona
14:20 Ningbo-Zhoushan port sees 8.4% container volume growth in H1
13:43 MOL announces delivery of bulk carrier Green Winds, 2nd vessel equipped with wind challenger hard sail propulsion system
13:23 BHP, Pan Pacific Copper and Norsepower deploy wind-assisted propulsion technology on vessel that set sail this month
12:43 MEYER WERFT to build Disney Wish-сlass сruise ship for Oriental Land Company to operate in Japan
12:25 South African Maritime Safety Authority try to rescue a cargo ship that ran aground on Cape west coast
11:50 SAAM Terminals partners with Next Port AI to boost digital solutions in ports