• 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.




2020 September 21

12:22 Towing of seagoing tugboat Andrey Stepanov along Northern Sea Route completed
12:01 Fincantieri launches the first patrol vessel for Qatar
11:00 BeHydro dual-fuel hydrogen engine awarded Approval in Principle by LR
10:39 Remote audits discussed to avoid further disruption to audit schedule
10:02 Philippine Ports Authority launches COVID-19 contact tracing system for all port users, community
09:41 Oil prices are slightly up
09:23 MABUX: Bunker market this morning, Sep 21
09:08 Baltic Dry Index as of September 18

2020 September 20

16:27 Innovative vacuum cleaner removes plastic from nature reserve in the port of Antwerp
15:33 Master and chief engineer plead guilty in MV Funing case
14:07 World’s largest LNG bunkering vessel arrives in Rotterdam
12:38 Austal Australia delivers 7th GCPB
11:14 ABS to class another four VLEC for Zhejiang Satellite Petrochemical
10:49 MBZ and Boluda Towage Europe ink the 5-year concession agreement for providing sustainable towage service in the Port of Zeebrugge

2020 September 19

15:04 Vroon to recycle three PSVs
14:11 Limited openings at Erasmus Bridge for tall vessels
13:46 The construction of Finnnline's second hybrid ro-ro vessel started
12:33 USCG offloads estimated $216 million of cocaine, marijuana at Port Everglades
11:17 New Maritime Minister visits Port of Southampton

2020 September 18

18:53 Russian ports switch to unified digital platform for daily scheduling of vessels layout and traffic
18:17 KR issues world’s first cyber security class notation to HHI for very large LPG carriers
17:59 Rosmorport takes part in TRANSTEC International Transport Corridors Forum
17:37 Land purchase in Saint Petersburg: new service center for SCHOTTEL in Russia
17:26 Start-ups invited to enter competition to win £75,000 grant to develop innovate port technology
17:11 New high-speed passenger ship put into operation in Yamal-Nenets Autonomous District
17:06 SEACOR Marine forms new Sustainability Council to lead enhanced ESG program
16:51 District awards $15.4 million contract to dredge Freeport Lower Stauffer Reach channel
16:48 DP World and Dubai Customs to assess opportunities to develop trade links between UAE and Israel
16:30 Gazprom Nedra and Marine Rescue Service test SeaDrone MG in Arctic conditions
16:09 SG-STAR Fund: First global tripartite initiative to support countries for crew change
16:02 IUMI raises concerns over increased accumulation risk for yachts and inland vessels
15:43 USCG releases new plan to protect global maritime security
15:08 CMA CGM informs of revised port charges in Ghana
14:51 Bunker prices are stable at the Port of Saint-Petersburg, Russia (graph)
14:24 Goods traffic between North Sea Port and hinterland by inland waterways continues to increase
14:07 Vostochny Port installs four more dust capturing units
13:10 Last jackets to leave Dubai and head for the Moray East offshore wind farm
12:53 Admiralteiskie Verfi shipyard starts assembling major equipment on two trawlers for RFC
12:22 Reconstruction of Klaipeda Seaport breakwaters to increase competitiveness of economy in Lithuania
12:01 Kalmar to support DP World’s continuing expansion at Caucedo with new terminal tractors and empty container handlers
11:03 Naming ceremony held for Japan’s first LNG bunkering vessel
10:48 BIMCO introduces new PIs and KPIs to help improve performance
10:16 ECSA publishes study on implications of EU ETS for shipping
10:10 Keel laying of Tallink’s newest vessel MyStar takes place in Rauma shipyard, Finland
09:54 Port of Oakland import volume up for third straight month
09:51 MABUX: Bunker market this morning, Sept 16
09:47 Tallink Grupp’s vessel Baltic Queen arrives in Riga for the first time
09:23 Oil prices rise after a recent decrease
09:09 Baltic Dry Index as of September 17

2020 September 17

18:05 Digital Twin Ready certification awarded to Furuno
17:54 Damen launches Marine Aggregate Dredger for Hanson
17:52 Verifavia launches industry’s first “3-Way Plug & Play” dashboard
17:41 Nord Star officially listed as first resident of RF Arctic Zone
17:30 ITF and IMEC contribute US$500,000 to the Singapore Shipping Tripartite Alliance Resilience
17:06 Azerbaijan State Marine Academy offers skills development and advanced training courses for ASCO employees
16:43 Ship banned in Australia for AUD $118,000 in unpaid crew wages
16:15 COVID-19 is negatively impacting the offshore energy insurance sector, but market is beginning to harden, says IUMI
16:00 Gasum secures contract with Celsa Armeringsstål AS including LNG deliveries and new terminal
15:42 Diana Shipping announces the sale of a Panamax dry bulk vessel
15:28 FESCO launches regular intermodal service for seafood delivery from Far East to China