• 2020 August 24 09:10

    MABUX: Bunker market this morning, Aug 24

    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) fell slightly on August 21:

    380 HSFO: USD/MT 309.37 (-0.55)
    VLSFO: USD/MT 364.00 (-3.00)
    MGO: USD/MT 443.24 (-2.33)


    Meantime, world oil indexes dropped on Aug.21 as the economic recovery worldwide runs into stumbling blocks due to renewed coronavirus lockdowns, even as major global crude producers limit crude supply.

    Brent for October settlement decreased by $0.55 to $44.35 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $0.48 to $42.34 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.01 to WTI. Gasoil for September delivery lost $11.00 – $360.00.

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

    Eurozone purchasing managers index readings showed a slowdown in the region’s economic activity, while data out of Japan indicated a continued decline in activity. Meanwhile, a renewed rise in COVID-19 cases in parts of Europe and elsewhere have underlined worries about the outlook for energy demand. In Asia, a cutback in refining activity in response to poor fuel demand is also a troubling sign.

    The OPEC+ group has as much as 2.31 million barrels per day (bpd) of oil production above the collective quota for May-July to offset in August and September. The estimates from OPEC+ show that Iraq was overproducing at a rate of 851,000 bpd between May and July—this was the least compliant member of the pact. Nigeria was also overproducing a lot between May and July, pumping 315,000 bpd above its ceiling. Russia, the leader of the non-OPEC group in the OPEC+ coalition, was also producing above its quota – 283,000 bpd more than it should be in order to be in full compliance. The Joint Ministerial Monitoring Committee (JMMC), which met on Aug.19, said it had requested other underperforming participating countries to submit their plans for implementation of the required compensation for the overproduced volumes to the OPEC Secretariat by the end of next week, August 28.

    As per recent forecasts, global crude oil prices will continue their slow grind higher, reaching $50 per barrel by year’s end and closing in on pre-pandemic levels near $60/bbl by the end of 2021. Global oil demand is expected to be very weak for 2020, with estimates calling for a decline of between 8 million bpd and 9 million bpd. However, as demand rebounds amid a recovery in the economy, consumption could return to 2019 levels by 2022. Year-to-date, non-OPEC oil supply is anticipated to have declined by 5 million bpd amid reductions by the U.S. and other producers. Global crude oil inventories should continue to be drawn down through 2021 as OPEC+ countries comply with output cuts.

    U.S. President Donald Trump redoubled his promise to withdraw the few U.S. troops still in Iraq, but said Washington would remain ready to help if neighbouring Iran took any hostile action. The president declined to lay out a timetable for a full withdrawal. The statement was made amid a new spike in tensions between Washington and Tehran after Washington said it would seek to reinstate all previously suspended U.S. sanctions on Iran at the United Nations. Since 2014, the primary mission of U.S. troops deployed in Iraq has been defeating the Islamic State militant group. Officials in the U.S.-led coalition say Iraqi forces are now mostly able to handle the insurgents on their own.

    The UN-backed government of Libya announced a ceasefire on Aug.21, and the east-based rival administration also called for a truce in a move that could pave the way to reopening of Libya's oil terminals, if the ceasefire holds.  Currently, oil production in Libya 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) led by General Khalifa Haftar occupied Libya's oil export terminals and oilfields.

    Chinese buyers have reportedly chartered around 19 tankers for September to transport a record order of roughly 37 million barrels of U.S. oil to China. Should the order be placed as planned, it would smash May’s record of 35.2 million barrels, and would be an indication that China is ramping up purchases to meet its commitments under the phase one trade deal between the two countries.

    The number of oil rigs in the United States rose for the first time since January by 11, to 183—the first double-digit increase since the pandemic took locked down significant parts of America. The total number of active oil and gas rigs increased by 10 for the week, with oil rigs climbing by 11 and gas rigs falling by one. The EIA’s estimate for oil production in the United States stayed the same for the week ending August 14—the last week for which there is data, at 10.7 million barrels of oil per day. Oil production in the United States is 2.4 million bpd less than its all-time high reached earlier this year.

    We expect IFO bunker prices may fall in a range of minus 1-3 USD, MGO prices - in a range of minus 8-11 USD.




2021 July 29

12:13 Sembcorp Marine bags 24 Workplace Safety and Health Awards
11:46 Ongoing travel restrictions continue to impact Tallink Grupp financial results in Q2 2021
11:08 MARAD awards vessel acquisition management contract to Crowley
10:43 Rosmorport’s tugboats assisted sailing boat Pallada mooring in Egvekinot and Provideniya ports
10:08 Thun Tankers announces the launching of product tanker Thun Empower
10:00 British Ports Association welcomes the resumption of international cruise in England
09:35 Baltic Dry Index as of July 28
09:18 SCHOTTEL to deliver a total of ten rudder propellers and two transverse thrusters to Sanmar Shipyards
09:09 Crude oil prices rise on reduction of US reserves
08:00 Verifavia shipping highlights widespread confusion over EEXI technical parameters
07:55 Drewry launches shipmanager Steering Group to power vessel opex benchmarking

2021 July 28

18:20 NOVATEK announces consolidated IFRS results for Q2 and H1 of 2021
18:01 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
17:09 PSA & ONE team up to enhance sustainability and reduce maritime environmental footprint
16:28 ECSA and ETF welcome WHO decision to prioritise seafarers’ vaccination
16:03 Rosmorrechflot supports the International Conference “Development of Icebreaking and Support Fleet”
15:42 ERMA FIRST adds world’s smallest ballast water treatment system to product range
15:18 DCT Gdańsk and the Port of Gdańsk enter a new era of container handling on the Baltic Sea
14:51 Oleg Shakhmardanov appointed as head of FSBI Moscow Canal
14:10 MAN wins the world-first order for methanol engine within container segment
13:56 Amursky Shipyard should enter the APR markets – Prime Minister Mikhail Mishustin
13:14 Norcod finalizes transfer of 2.4 million fish into sea phase
12:55 Captain Guryev, rescue vessel of RF Navy's Black Sea Fleet passed the Suez Canal
12:32 Onezhsky Shipyard to get first federal tranche of RUB 1.3 billion for creation of ‘digital shipyard’ this year
12:13 DNV backs crew change programme in South East Asia
11:10 Firth of Forth proposed as Scotland’s Green Port
10:38 The Port of Gdansk welcoms the first cruise ship of the season
10:10 Andrey Severilov re-elected Chairman of the Board of Directors of FESCO
10:03 Haldor Topsoe and Yanchang form joint venture and build methanol catalyst facility in China
09:47 FESCO held repeated Annual General Meeting of Shareholders
09:28 Crude oil prices rise on reduction of US reserves
09:12 Baltic Dry Index as of July 28
09:05 Neal elected Long Beach Harbor Commission President
08:59 Seanergy announces delivery of one Capesize vessel and new bank loan facility

2021 July 27

18:34 Port of Kaohsiung wins International Association of Ports and Harbors (IAPH) 2021 Award
18:16 Port Houston launches business equity program
17:56 The UK’s most eastern port welcomes the maiden call of Noble Caledonia’s flagship vessel
17:36 ONE offers free transportation of oxygen tanks to India to fight the COVID-19
17:06 Pilbara Ports Authority launches its annual Recreational Vessel Safety Campaign
16:42 Carbon Trust to support BEIS in development and demonstration of innovative floating offshore wind technologies for the UK
16:14 Cargo Integrity Group calls for risk-based measures to prevent pest contamination
16:03 Passengers travelling via the Port of Helsinki should prepare for occasional congestion
15:33 APM Terminals Mobile targets Midwest supply chains
15:02 MOL jointly develops new energy-saving sail to boost ship propulsion
14:42 ICTSI South Pacific starts bulk coffee operations
14:24 GTT receives an order for the tank design of six new LNG carriers
14:11 IPEM and IAA PortNews launch their joint analytical project on cargo handling in Russian seaports
13:42 Port of Savannah moves 5mln TEUs in H1 2021
13:29 Launching of sea cruise between Aktau and Astrakhan under consideration
13:12 Port of Zeebrugge posts results for H1 2021
12:52 MSC takes delivery from Fincantieri of MSC Seashore
12:25 ABS leads EMSA consortium studying alternative fuels and technologies
12:12 IADC reveals the fifteen nominations in the running for the IADC Safety Awards 2021
11:44 FESCO performs its first intermodal shipment of containers with shoes from China to Krasnodar via CPV
11:26 MSC, Fincantieri and Snam to partner for world’s first oceangoing hydrogen-powered cruise ship
11:10 Yang Ming takes delivery of one more 11,000 TEU ship to upgrade Trans-Pacific service
10:45 The President of the European Council Charles Michel was briefed on the capabilities of the Port of Baku
10:39 Damen Marine Components awarded contract to provide rudders and steering gear for Navantia
10:23 DCT Gdańsk and the Port of Gdańsk enter a new era of container handling on the Baltic Sea
09:59 CMA CGM to launch a new RORO Short Sea Med service connecting Marseille & Barcelona with Casablanca