• 2020 August 12 09:00

    MABUX: Bunker market this morning, Aug 12

    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 August 11:

    380 HSFO: USD/MT 306.39 (+2.69)
    VLSFO: USD/MT 364.00 (+3.00)
    MGO: USD/MT 443.76 (+2.53)


    Meantime, world oil indexes changed irregular on Aug.11 as hopes dimmed for a swift stimulus package to relieve the U.S. economy as coronavirus cases increased globally.

    Brent for October settlement decreased by $0.49 to $44.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery fell by $0.33 to $41.61 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.89 to WTI. Gasoil for August delivery gained $8.25 – $376.00.

    This morning, global oil indexes do not have any firm trend so far.

    Three versions of stimulus disbursing aid of more than $3 trillion to U.S. businesses and individuals have been passed by Congress thus far since the Covid-19 pandemic brought the U.S. economy down in March, triggering a 5% GDP decline in the first quarter and a near 33% slump in the second. A mulled fourth version of stimulus will likely add another $2 trillion to U.S. spending, weighing further on a battered dollar which should be supportive to commodities. However, the U.S. Senate’s top Republican and Democrat criticized each others’ approach to coronavirus aid on Aug.11, with no word on when talks on a new package might resume.

    President Vladimir Putin claimed on Aug.11 Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine. But the approval has concerned some experts as the vaccine still must complete final trials.

    OPEC+ production discipline slipped in July, as Gulf members led by Saudi Arabia ended their voluntary extra output cuts, while some countries that have struggled to adhere to their quotas continued to pump above their caps. Now Quota compliance by the 22-country alliance fell to 96% for the month, from 106% in July, with its collective production increasing by 1.10 million bpd. In particular, Iraq, Nigeria, Angola and Kazakhstan have come under intense scrutiny from their OPEC+ counterparts for their excess output. Iraq has said it will cut an extra 400,000 b/d below its quota in August and September, after missing its target yet again in July, while Angola and Kazakhstan significantly improved their performance in the month. Nigeria, meanwhile, maintains that some of its production should be categorized as condensate, which is not subject to the quotas.

    The focus of Russia’s hydrocarbons-related power is now on its Arctic sector oil and gas reserves. These comprise over 35,700 billion cubic metres of natural gas and over 2,300 million metric tons of oil and condensate, principally located in the Yamal and Gydan peninsulas. It is expected, that the next 10-15 years will witness a dramatic expansion in the extraction of these Arctic resources, and a build-out of the Northern Sea Route (NSR) as the main transport route to monetise these resources in the global hydrocarbons markets. Last week the announcement of a joint venture (JV) was made between Russia’s third biggest oil company Gazprom Neft and Anglo-Dutch super-major, Royal Dutch Shell (Shell). The JV will focus on the exploration and development of oil and gas resources along the Gydan peninsula area.

    Libya’s Waha oil fields have had work carried out on them to maintain the production and service facilities after they were offline for more than seven months due to an oil blockade. The Waha oil fields in the Sirte Basin make up about a third of Libyan crude oil production, with the capacity to pump around 350,000 bpd. The repairs at Waha were being carried out to reduce the risk of the sudden stoppages at the fields which were caused due to the force majeure, which is in place at Libya’s key eastern oil terminals.

    The latest research has found that the average price for a kilo of hydrogen produced through electrolysis using solar or wind power will fall by about 50 percent between 2020 and 2050 in the United States and Europe. The results are certainly encouraging for companies seeking to make hydrogen the next dominant fuel. The EU has stated that hydrogen will have a leading part to play in decarbonizing transport and manufacturing. It has plans to build at least 40 GW of electrolysis capacity by 2030, with 6 GW of these to be up and running by 2024.

    The American Petroleum Institute (API) reported on Aug.11 a draw in crude oil inventories of 4.401 million barrels for the week ending August 7. Forecasts had predicted a modest inventory draw of 2.875-million barrels. Oil production in the United States now appears to be leveling off after falling from 13.1 million bpd on March 13 to 11.0 million bpd on July 31.

    We expect IFO bunker prices will not have any drastic changes today: plus-minus 1-2 USD variation. MGO prices may gain 2-8 USD during the day.




2024 March 2

15:29 SolarDuck and its two partners ink collaboration agreement for a grid-scale offshore hybrid wind-solar project in Italy
13:41 Port of LA awards $1.5M in community investment grants for FY2023/24
11:18 Canadian Coast Guard issues fine for a hazardous vessel
09:37 IAA PortNews’ top headlines, Week 09

2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels
12:09 Consortium of MOL, ITOCHU Corporation, HIF Asia Pacific and JFE Steel Corporation to pioneer synthetic fuel supply chain and CO2 marine transport initiative
11:42 CMA CGM, COSCO SHIPPING, Evergreen and OOCL to extend OCEAN Alliance until 2032
11:18 The 7th Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:52 Port of Oakland container volume up in January 2024