• 2020 August 14 09:12

    MABUX: Bunker market this morning, Aug 14

    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 13:

    380 HSFO: USD/MT 308.93 (+3.24)
    VLSFO: USD/MT 367.00 (+3.00)
    MGO: USD/MT 447.02 (+1.75)


    Meantime, world oil indexes fell on Aug.13 after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions.

    Brent for October settlement decreased by $0.47 to $44.96 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery fell by $0.43 to $42.24 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.72 to WTI. Gasoil for September delivery lost $1.75 – $376.50.

    This morning, global oil indexes demonstrate some signs for upward correction.

    The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected. The IEA reduced estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying. At the same time, global crude supplies increased last month as Saudi Arabia phased out some of the steepest production cuts it’s been making to offset the demand loss, and as improving prices helped the U.S. and Canada revive some operations. The agency cut global demand estimates for the last two quarters of this year by 500,000 barrels a day, projecting that consumption will average 95.25 million barrels a day in the period.

    The Energy Information Administration (EIA) in turn predicted, U.S. crude oil production will drop by an average of 990,000 barrels per day for an average of 11.26 million bpd. That is a far greater loss than the agency expected during its previous forecast made in the July: average of 620,000 barrels per day for the full year 2020. In addition to the reduced outlook for U.S. oil production, the EIA sees high crude inventory levels and excess production capacity as a drag on oil prices in the coming months.

    Fuel test Company VeriFuel reported, the global market share of VLSFO increased from 49% in Q1 2020 to 52% in Q2. The percentage for high sulphur fuel oil (HSFO) remained the same across both quarters, at 8%. Low sulphur marine gasoil fell back slightly, from 38% in Q1 to 36% in Q2. High sulphur marine gasoil remained the same at 1%, while the share of ultra-low sulphur fuel oil (ULSFO) changed from 4% in Q1 to 3% in Q2. Besides, in January this year, 4% of samples tested by VeriFuel were found to be off-spec. The percentage has changed slightly month on month, with June showing the lowest number of off-specs – just 2%.

    Russia said, the OPEC+ panels will not be discussing next week any revisions of the ongoing production cut pact and are not expected to make any major decisions to tweak the deal. The volatile oil market and the highly uncertain trajectory of global demand recovery has forced the OPEC+ group to have the Joint Ministerial Monitoring Committee (JMMC) hold meetings every month until the end of 2020, instead of ahead of every full OPEC+ meeting only. The meetings of the Joint Technical Committee (JTC) will and the Joint Ministerial Monitoring Committee (JMMC) for August are scheduled for August 17 and August 18, respectively.

    Vessel calls at Singapore would suggest that maritime trade and global economic activity has entered a recovery phase. Some 3,624 vessels called for bunkers in July which is the largest number seen in any month in 2020, and a considerable upswing from the 3,178 calls in June, which was the lowest number for the year so far.

    Turkey alleged on Aug.13 that its oil and gas exploration vessel, the Oruç Reis, has come under attack, in what is an alarming escalation of the tensions in the Eastern Mediterranean.
    The Greek-Turkish standoff over hydrocarbon exploration rights near the Greek border in the Eastern Mediterranean has been brewing for some time. Undeterred by Greece’s claim over the area, Turkey sent the Oruç Reis out this week to conduct seismic surveillance in its quest for energy resources, complete with a naval escort. Greece, who alleges that Turkey is exploring for resources in an area that is over its continental shelf, responded by deploying naval ships of its own.

    U.S. horizontal drilling activity in oil basins, which has plummeted due to the Covid-19 pandemic, is not likely to materially recover this year. July’s drilling permits number is the lowest since September 2010, when horizontal permits in oil basins amounted to 438. But unlike the current situation, activity then was on the increase, while the current downturn is still under way. Comparing to the previous downturn, the lowest count was in January 2016, when only 622 permits were awarded.

    We expect IFO bunker prices may go downward by 1-3 USD today, MGO prices will decline by 1-5 USD.




2020 September 21

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
15:18 MABUX releases Bunker Weekly Overview
15:09 IMO-Singapore webinar charts ways forward for decarbonisation of shipping