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  • MABUX: Bunker market this morning, June 30
  • 2020 June 30 09:15

    MABUX: Bunker market this morning, June 30

    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) dropped on June 29:

    380 HSFO: USD/MT 285.00 (-2.99)
    VLSFO: USD/MT 339.00 (-5.00)
    MGO: USD/MT 411.33 (-7.79)


    Meantime, world oil indexes rose slightly on Jun.29, supported by improving economic data and supply cuts by major producers, but held in check by sharp spikes in new coronavirus infections around the world.

    Brent for August settlement increased by $0.69 to $41.71 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $1.21 to $39.70 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.01 to WTI. Gasoil for July delivery gained $9.00 – $348.00.

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

    It is expected, that global oil prices could continue to chop higher in the coming months as COVID-19 shelter-in-place restrictions begin to lift. Forecasts pointed to reduced global supply and the faster-than-expected return of demand keeping both Brent and West Texas Intermediate crude prices on an upward trajectory. Most analysts see prices stabilizing between $50 per barrel and $60 per barrel by year’s end, still shy of pre-pandemic levels. It is also expected, that global oil supply is anticipated to decline by a record 7 million bpd in 2020 on the back of the organized cuts from OPEC+, which were supplemented by economically driven reductions by the U.S. and other producers.

    U.S. trade deficit in goods unexpectedly widened in May versus forecasts for a narrower deficit, due to a slide in exports mostly driven by oil. The U.S. international trade deficit in goods was US$74.3 billion in May, up by US$3.6 billion from US$70.7 billion in April. Forecasts had expected that the deficit in May would shrink from April. Economists had predicted a deficit of US$66.5 billion, while the median forecasts from the consensus were for a US$68.3 billion deficit. Meantime, U.S. exports of crude oil in April – when oil prices hit their lowest in years – plunged to US$3.205 billion from US$5.185 billion in March.

    As per different analyses, as much as 30 percent of the U.S. shale drillers could go under if oil prices fail to move substantially higher. These 30 percent are technically insolvent at oil prices of $35 a barrel. Oil is now trading closer to $35 than to $50—the level at which most shale drillers will be making money. At the same time, banks have started cutting credit lines for industry players as they reassess their assets and the production that they promised would be realized from these assets. Banks could reduce asset-backed loan availability for the industry by as much as 30 percent, which translates into tens of billions of dollars.

    European refiners are shunning Russia’s flagship crude grade Urals, which is now more expensive than Brent Crude after Russia cut its exports as part of the OPEC+ agreement. Over the past few weeks, the price of Urals, a blend of heavy sour oil from the Urals mountains and light oil from Western Siberia, has risen to a premium to dated Brent prices after Russia has significantly reduced its exports of the grade. As the price of Urals has increased, European refiners are looking into alternatives and are considering a shift to West Texas Intermediate from the United States or light oil from West Africa.

    China’s low-sulphur marine fuel exports fell 20% last month to 1.14 million tonnes compared with April, reflecting a monthly dip in demand from international shipping. Chinese refiners began exporting very low sulphur fuel oil (VLSFO) in January, with a maximum sulphur content of 0.5% to comply with emission rules set by the International Maritime Organization, after Beijing waived export taxes for domestic refiners to meet shipping demand. Exports for the first five months totalled about 5.2 million tonnes. China has been striving to reduce its reliance on bunker fuel imports and create its own marine fuel hub to supply northern Asia.

    The International Energy Agency said in its report, that natural gas is expected to experience its largest demand shock on record in 2020 as the Covid-19 pandemic hits an already weakened market. This shock will cause a 4-percent drop in global gas demand. The IEA also said the lost demand would start returning next year, but it added that the shock will still lead to lost demand of some 75 billion cu m of natural gas in the period to 2025. As per report, liquefied natural gas is expected to remain the main driver behind global gas trade growth, but it faces the risk of prolonged overcapacity as the build-up in new export capacity from past investment decisions outpaces slower than expected demand growth.

    We expect IFO bunker prices may slightly rise by 4-7 USD today, VLSFO – add 5-9 USD, MGO prices may gain 7-10 USD.




2022 January 28

18:30 Smooth Ports completes the first project phase of the project
18:12 Two oil garbage disposal vessels put into operation in Novorossiysk
18:05 MOL and Mitsui sign time charter contract for LNG carrier
17:56 Finnlines upgrades its Finland–Sweden route
17:36 NRP Maritime Asset Management announces launching and first close of Premium Maritime Credit Fund
17:26 NYK and Uyeno Group form capital and business alliance
17:06 UPM sets its sights on Rotterdam for new biorefinery
16:51 New fairway drafts offer shipping greater flexibility on Lower and Outer Elbe
16:41 GCT Bayonne orders Konecranes Noell Sprinter Carriers
16:31 ZIM provides update on operational cooperation agreement with the 2M Partners
16:21 ENEA and Fincantieri team up for energy, environment, and circular economy
16:15 Furetank orders new climate friendly tanker for a green fleet
16:10 MAN Energy Solutions delivers engines to Chantiers de l’Atlantique
15:57 USCG intercepts 191 Haitians near Bahamas
15:55 Project cargo on the rise at Port of Antwerp thanks to EU Green Deal
14:26 Tenders for dredging and cleaning of Saint-Petersburg waterways to be announced by ad hoc municipal committee
14:03 Damen Shipyards to build four RoPax ferries for Penang Port, Malaysia
13:41 Nefteflot lays down survey ship of Project RDB 66.62
13:27 Ulstein awarded offshore wind ship design contract for Shanghai Electric and ZPMC
12:34 Universe Shipping opts for RMS 2000 V-rotor systems from Damen Marine Components
12:02 EST-Floattech delivers battery systems to 3 Damen Patrol Vessels 1304 Electric
11:30 KSK Grain Terminal handles grain vessel of 120,000 tons in capacity
11:01 MarineMax reports record fiscal 2022 first quarter results
09:59 RF Navy's frigate Admiral Gorshkov practiced artillery firing in the Barents Sea
09:34 Baltic Dry Index as of January 27
09:16 Crude oil market sees upwards price correction
08:57 MABUX: No firm trend expected on Global bunker market on Jan 28

2022 January 27

18:35 ABP launches the first of its new tranche of port-manufacturing sites at Port of Hull
18:05 Indian Register of Shipping classes first 100 pax hybrid catamaran (battery powered) ferry
17:52 Onezhsky Shipyard launches lead crab catching ship built for Russian Crab Group
17:35 Kawasaki Heavy Industries announces delivery of LPG-fueled LPG carrier CRYSTAL TRINITY
17:05 NAPA and MOL roll out digital Navigational Risk Monitoring Solution on over MOL’s 700+ ships
16:45 Port of Antwerp, North Sea Port Flanders and Port of Zeebrugge launch the stimulus programme ‘Accelerating modal shift’
16:36 Construction of digital shipyard commenced at Onezhsky Shipbuilding, Ship Repair Yard
16:17 Suez Canal Economic Zone signs local and foreign contracts for Sokhna port new berths works
15:35 Construction of support fleet base in Ust-Luga approved by Glavgosexpertiza
15:32 ABS grants AIP to a coordinated design for a wind turbine installation vessel
15:14 Tarragona Port Authority has awarded Global Ports Holding a 12-year concession to manage the services for cruise passengers
15:00 Marine Rescue Service removed all oil products from Chinese ship Xing Yuan
14:53 Cooperation Agreement signed between ThPA S.A. and Suez Canal Economic Zone
14:42 DP World joins forces with Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
14:32 A.P. Moller - Maersk shares millions of weather observations to aid climate science
14:22 IMB releases 2021 Piracy and Armed Robbery Report
14:04 FESCO launches regular container train from Vladivostok to Ulyanovsk
13:40 Swissterminal starts a new rail link between the port of Antwerp and Ottmarsheim
13:28 FESCO confirms compliance with standards for operation of vessels in US waters
13:03 Georgia Ports Authority tops 5.5M TEUs, 650K units in 2021
12:49 NYK delivers methanol-fueled chemical tanker
12:02 Throughput of Yeisk port in 2021 remained flat, year-on-year
11:30 Tallink Grupp’s vessel Baltic Queen heads to Naantali, Finland for regular dry-docking
10:56 Throughput of Temryuk port in 2021 rose by 10.3% YoY
10:37 MABUX: Bunker Weekly Outlook, Week 04, 2022
10:33 Haldor Topsoe becomes member of Hydrogen Council to promote green hydrogen solutions
09:48 Registration is underway for 5th Hydraulic Engineering and Dredging Congress
09:29 Baltic Dry Index as of January 26
09:12 Crude oil prices decrease on reduction of supply disruption risks
08:57 MABUX: Global bunker market to continue firm upward evolution on Jan 27

2022 January 26

18:06 Safe Bulkers announces agreement for the acquisition of one Capesize class dry-bulk Japanese vessel
17:54 Olga Naumova takes helm of Russian Fishery Company
17:41 Shearwater GeoServices awarded Western Australia multicomponent surveys by Santos