• 2020 August 6 09:10

    MABUX: Bunker market this morning, Aug 06

    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) rose slightly on Aug.05:

    380 HSFO: USD/MT 304.25 (+3.45)
    VLSFO: USD/MT 361.00 (+4.00)
    MGO: USD/MT 440.69 (+3.52)

    Meantime, world oil indexes also rose on Aug.05 on a drop in U.S. crude inventories and the weak dollar, but mounting coronavirus infections weighed on the demand outlook.

    Brent for October settlement increased by $0.74 to $45.17 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery rose by $0.49 to $42.19 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.98 to WTI. Gasoil for August delivery gained $17.25 – $388.00.

    This morning, global oil indexes do not have any firm trend so far and change irregular, with the exception of Gasoil ARA, which is showing a sharp decline.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.4 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil inventories are about 16% above the five-year average for this time of year. A week earlier, the EIA said inventories had lost as much as 10.6 million barrels, after a build of 4.6 million barrels for the second week of July. Forecasts had expected an inventory decline of 3.267 million barrels for the week to July 31.

    A huge explosion at Lebanon’s main port Beirut on Aug.04 raised concerns about renewed instability in the Middle East, one of the largest oil producers. An investigation into the cause of the explosion is ongoing. Lebanon is reeling under its worst financial and economic crisis, with a sharp plunge in its local currency eroding purchasing power and throwing many into poverty and unemployment.

    The Fourth IMO Greenhouse Gas Study reported, the greenhouse gas emissions of shipping have increased from 977 million tonnes in 2012 to 1,076 million tonnes in 2018 (9.6% increase). The carbon intensity of shipping has improved by about 11% in this period, but the growth in activity was larger than the efficiency gains. In the next decades emissions are projected to increase by up to 50% until 2050, relative to 2018, despite further efficiency gains, as transport demand is expected to continue to grow. While the impacts of the Covid-19 pandemic will probably cause a decline in emissions in 2020, they are not expected to significantly affect the projections for the coming decades.

    Cuts by the OPEC+ combined with sanctions on Venezuela and Iran, hitting supplies of heavier crude and forcing processors from the U.S. to India to boost buying of high-sulfur fuel oil to use as an alternative feedstock in their refineries. While a large volumes of the fuel was previously used to power ships, consumption has waned after new regulations were implemented this year mandating vessels use cleaner burning fuels unless they are fitted with scrubbers. The recent demand surge also coincided with a seasonal boost from the Middle East, which imports fuel oil for use in electricity generation during the hotter summer months. Meantime, shipments typically bound for Singapore from Europe and Russia have been diverted to the U.S.

    The International Monetary Fund (IMF) said, the coronavirus crisis will lead to global oil demand dropping by around 8 percent this year compared to last year. This year, oil prices will be 41 percent lower than in 2019. The direct impact of the low oil prices on oil trade balances will vary across economies, reflecting their dependence on oil exports and imports. The fund’s estimates for this year’s global oil demand decline are in line with other forecasters such as the International Energy Agency (IEA) and OPEC.

    With Libya's conflict escalating, the country's crude oil exports are set to be just 1.2 million barrels in August, a 40-percent plunge from July. This month, two terminals in the country holding Africa's largest crude oil reserves are set to ship a cargo of 600,000 barrels each. Most of Libya's oil terminals and facilities are closed amid an ongoing civil war in the country, with violent clashes erupting between armed groups in Libya's Oil Crescent. Currently, oil production in the country is around 100,000 barrels per day (bpd). This figure is dramatically down from 1.2 million bpd at the start of the year, just before paramilitary formations affiliated with the Libyan National Army (LNA) occupied Libya's oil export terminals and oilfields.

    We expect IFO bunker prices may add 3-5 USD today, while MGO prices – to gain 3-15 USD.




2024 March 18

18:13 Brunvoll propulsion chosen for ESVAGT's growing fleet of SOVs
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17:02 APL updates on European Union’s Import Control System 2
16:03 MED Marine contracted to build MED-A2575 series tug for SVS Maritime
15:31 Hanwha Ocean and BV join hands to develop a 270K LNG carrier
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14:18 Port of Skagen and Stillstrom partner to decarbonise anchorage zone with offshore charging solutions
13:22 Sanmar delivers 6th battery electric power tugboat to Norwegian operator
13:16 COSCO SHIPPING Lines announces the launch of OCEAN Alliance DAY 8 product this year
12:21 Dutch offshore wind farm approved by LR
11:39 ClassNK awards first-ever notation for improvements in living and working environment to Fuyo Kaiun's bulk carrier "ELETTRA"
11:31 Davie strengthens Québec’s shipbuilding industry by supporting the reorientation of AFCDC
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2024 March 17

16:31 Norwegian Shipowners' Association names Harald Fotland as its President
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13:03 US sanctions shipping company, targeting Iran and Houthi rebels
11:01 The first hybrid electric vessel built in South America will use a Corvus battery system
09:47 Kalmar and Forterra sign JDA for autonomous terminal tractor

2024 March 16

16:24 The Netherlands selects Naval Group for its submarine replacement program
15:41 Equinor exercises options to extend four-year drilling contracts
14:17 GONDAN Shipbuilders hosts launching ceremony for Edda Wind's CSOV C503
13:47 Van Oord, Van Aalsburg partner to further develop circular fascine mattresses
12:13 Snam wins "A" raing in CDP's Suppliers Engagement Rating for efforts against climate change
10:54 ULSTEIN unveils new subsea vessel for offshore energy tasks

2024 March 15

18:07 DNV gives nod to Friede & Goldman BargeRack solution
18:02 New partnership enables faster offshore wind installations in the U.S.
17:53 First production line at ‘World’s Largest Monopile Factory’ to go live in July
17:21 Brunvoll DP2 upgrades for more Mokster vessels
16:55 CMA CGM to suspend its calls at Port au Prince, Haiti
16:03 GEFO's LNG DF chemical tanker Tosca gets Green Award
15:19 CEVA Logistics develops new vehicle logistics business at the Port of Dunkirk
14:11 MPA: SaR operation continues for a missing crew member of the Liberia-flagged UTOPIA
13:07 To develop the Far East it makes sense to build a new shipyard in the country’s eastern regions, President Putin said
12:48 World’s first use of ammonia as a marine fuel in a dual-fuelled ammonia-powered vessel in the Port of Singapore
11:39 COSCO Shipping calls Port of Genoa, Italy with 20,000 TEU vessels on regular basis
10:03 DMC contracted to supply rudder systems for the world’s largest PCTCs

2024 March 14

18:04 Shearwater awarded seismic survey for UK carbon capture and storage project
17:15 UAE, world leaders discuss maritime corridor for aid to Gaza
16:05 Marine fuel sales at Singapore drop to a three-month low in February
15:43 World Shipping Council selects NCB for liner shipping Cargo Safety Program
15:00 ZIM reports results for 2023
14:57 DP World announces 2023 results
14:29 HaiSea unveils new operations facility for the world’s greenest tugboat fleet
13:44 DEME awards KENC with engineering and fabrication scope on multiple offshore wind installation projects
13:25 MABUX: Bunker Outlook, Week 11, 2024
12:43 Wartsila Lifecycle Agreement to support optimised low-emission operations for two P&O Ferries vessels
11:35 Hapag-Lloyd transport volumes up by 0.5% to 11.9 million TEU in 2023
10:51 NYK and Astomos Energy christen new dual-fuel LPG carrier
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2024 March 13

18:02 Lebanese, French officials float a plan to rebuild Beirut port nearly 4 years after huge explosion
17:23 Ascenz Marorka obtains type approval for cyber-security from Bureau Veritas for its digital solutions
16:58 USDOT announces $500 mln for ports available through the Port Infrastructure Development Program
15:44 RINA wins contract to create global investment plan for cruise sector
15:23 Hede International Shipping enters the Transpacific container trade
14:43 Concordia Damen wins contract to deliver a CDS2410 River Pusher to Transporte Fluviales Frey Bentos
14:13 CMA CGM Group launches its first loyalty program SEA REWARD
13:13 Cargill posts results of the six-month test period of the world’s first wind-powered ocean vessel
12:24 Rotterdam's Gate Terminal sees need for more LNG bunkering capacity at Rotterdam
11:58 MOL announces delivery of LNG-fueled car carrier CERULEAN ACE
11:24 Panama Canal announces increase in daily slots at Panamax locks
10:25 thyssenkrupp Veerhaven plans the climate-friendly pusher tug

2024 March 12

18:04 Cosco Shipping installs Iridium Global Maritime Distress and Safety System on PCTC Cosco Tengfei
17:30 LR issues Project Certificate for CrossWind Hollandse Kust Noord wind farm
17:16 The shipping industry to need €3.7 trillion by 2050 to move towards a zero-pollution era
16:25 China Classification Society and MAN ES sign dual-fuel methanol engine agreement