• 2020 July 1 10:33

    MABUX: Bunker market this morning, July 01

    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 30:

    380 HSFO: USD/MT 288.36 (+3.36)
    VLSFO: USD/MT 342.00 (+3.00)
    MGO: USD/MT 415.27 (+3.94)


    Meantime, world oil indexes demonstrated irregular changes on June 30.

    Brent for September settlement decreased by $0.56 to $41.15 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August fell by $0.43 to $39.27 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.88 to WTI. Gasoil for July delivery added $4.25.

    Today morning oil indexes increase after data showed crude inventories in the United States fell much more than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world.

    According to the American Petroleum Institute (API), crude inventories dropped by 8.2 million barrels to 537 million barrels, against forecasts for a draw of 710,000 barrels. Official inventory data from the U.S. government's Energy Information Administration is due out later today.

    Also supporting prices was a drop in output from OPEC to the lowest in two decades in June. The 13-member grouping produced an average of 22.62 million barrels per day (bpd) in June after they agreed to cut output. It is down 1.92 million bpd from May's revised figure. The fall in output means that OPEC over-complied with the deal in June, with compliance coming in at 107%. The over-compliance is the result of additional cuts by Saudi Arabia, the United Arab Emirates and Kuwait. Those producers agreed to more cuts during June than other OPEC members. It is likely that compliance will slip again in July, unless Iraq and Nigeria will demonstrate a significant improvement in compliance.

    At the same time, both Saudi Aramco and the UAE’s national oil company were looking at raising their official selling prices for August, something that reflects confidence that the physical market will have returned to balance by then.

    Prices for later this year are likely to be capped, as the world is awash with oil after the coronavirus caused demand for fuel to drop by around a third. Reuters indicated that oil prices will consolidate at around $40 a barrel this year, with a recovery potentially picking up in the fourth quarter. The coronavirus continues to spread around the world with ever increasing rates of infection. Cases now total more than 10 million with more than half a million people dying after catching COVID-19.

    The outlook for demand has been clouded further in the U.S. by the reintroduction of more restrictive public health measures in parts of the country. Various counties in California and Florida have closed their beaches for the July 4 weekend due to the sharp rise in new infections of Covid-19 over the last two weeks. The states of Kansas and Oregon, meanwhile, have imposed a requirement to wear masks in indoor public spaces.

    Oil prices were also pressured by reports that Libya may soon be able to resume crude exports, after a hiatus of six months caused by the country’s civil war. Libya’s national oil company had complained last week about Russian mercenaries blockading its biggest field.

    We expect bunker prices may demonstrate irregular changes today: 1-3 USD down for IFO, 2-4 USD up for MGO.




2020 July 10

19:08 CMA CGM announces FAK rates from Asia to the Mediterranean
18:30 CMA CGM announces FAK rates from Asia to North Europe
18:04 HHLA implements machine learning for the first time to increase productivity
18:01 Port of HaminaKotka throughput in 6M’2020 fell by 14.2% YoY
17:38 Information on the seaport of Murmansk changed in the Register of Russian Seaports
17:13 Thun Tankers takes delivery of the fifth L-class at China Merchants Jinling Shipyard
16:52 Russian Railways: Loading of export cargo bound for domestic ports up 3.3%
16:33 Valenciaport reaffirms its leadership as the first Spanish port at UNCTAD index
16:03 Port of Marseille to maintain €57 million in investments to stimulate the recovery
15:43 DNV GL launch support for new Dynamic Positioning system failure guideline enabling quicker and cost effective implementation
15:30 Volga Shipping Company delivered project cargo to the Caspian Sea
15:13 COVID-19 causes problems for implementing EU legislation - BIMCO
14:48 Throughput of Russian seaports in HI’2020 grew by 0.1% Y-o-Y
14:23 Wärtsilä simulator complex delivered to enhance operations at the Training and Education Office of the Indonesian National Police
14:03 Port of Oakland imports up 1.9 percent in June 2020
13:44 Onezhsky Shipyard delivers hybrid workboats Anatoly Klimov and Victor Vorotylo (video)
13:22 Governments of 12 countries pledge action for seafarers at crucial crew change summit
13:19 GTT receives an order from Hudong-Zhonghua Shipbuilding for the tank design of three new LNG carriers
13:01 Sredne-Nevsky Shipyard commenced making hull of yet another minesweeper of Project 12700, Aleksandrit
12:38 Throughput of Murmansk Sea Fishing Port fell by 12.7% in HI’2020
12:13 Nuclear-powered icebreakers of Rosatomflot assisted 462 ship calls in winter-spring navigation season
11:35 Construction commences on Austal's largest ever ferry
11:04 GIWACAF launches webinar series on oil spill preparedness and response
10:46 FSUE “Rosmorport” takes award-winning place in the annual sailing regatta
10:32 LR to develop structural digital twin for Bluewater FPSO Glas Dowr
10:22 Rosmorport changes tariffs on berth assignment services in Astrakhan and Olya seaports
09:59 Bunker prices are slightly up at the Port of Saint-Petersburg, Russia (graph)
09:37 Oil prices decrease amid concern over demand recovery rates
09:20 Baltic Dry Index as of July 9
09:11 MABUX: Bunker market this morning, July 10

2020 July 9

19:03 OOCL receives Gold Award from the HKAEE for the fourth time
18:10 Aquila Power Catamarans announce a luxuriously versatile new model
17:55 Tallink Grupp’s vessel Sailor to operate on Paldiski-Kapellskär Route from Sunday
17:31 Bunker prices are flat at the Far East ports of Russia (graph)
17:28 Port of Rotterdam to start trial with PIN-free container handling
17:18 Damen holds keel-laying for Port of Auckland’s fully electric RSD-E Tug 2513
17:12 Diana Shipping announces time charter contract for m/v Selina with ST Shipping
16:44 "K" Line participates in JV for FPSO owning and chartering business offshore Brazil
16:23 Jan De Nul Group has started offshore installation activities in Taiwan
16:06 Port of Liepaja throughput in 6M’2020 fell by 15.6% Y-o-Y
15:48 Russia remains in Paris MOU’s White List
15:24 PD Ports submit response to national Freeport consultation
15:03 Khabarovsk Territory Governor Sergey Furgal detained by officials of Russia’s Investigative Committee
14:39 Aibel awarded Oseberg portfolio agreement
13:47 Ukraine is still on Paris MOU’s Black List
13:22 MOL announces joint development of energy-saving rudder
12:50 Container shipments on Russian Railways’ network up 15% in 1H 2020
12:17 Cargo transhipment in North Sea Port falls by more than 11% in first half of year
12:07 ABB teams up with Yinson on offshore oil and gas project in Brazil
11:20 FPSO operators could save £15 million per asset on maintenance
10:42 The CMA CGM Group commits to fight illicit trafficking in protected species and tightens its shipment control procedures
10:10 Unifeeder contracts We4Sea for fleetwide vessel performance monitoring
09:38 MABUX: Bunker market this morning, July 09
09:29 Oil market sees mixed price movements
09:13 Baltic Dry Index as of July 8

2020 July 8

18:11 Carnival Cruise Line sets ship delivery changes and related deployment plans
17:50 POWERGLOBE seeks for 10 years LNG vessel charter-agreement
17:27 Maritime partners unveil Autonomous Guard Vessel
17:03 THE Alliance announces COVID-19 response measures for August 2020
16:48 SaR operation in Singapore: man overboard incident