• 2020 September 1 09:01

    MABUX: Bunker market this morning, Sep 01

    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 31:

    380 HSFO: USD/MT 315.63 (+2.80)
    VLSFO: USD/MT 367.00 (+4.00)
    MGO: USD/MT 444.57 (+3.24)


    Meantime, world oil indexes changed irregular on Aug.31 as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well-supplied market.

    Brent for November settlement rose by $0.23 to $45.28 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $0.36 to $42.61 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.67 to WTI. Gasoil for September delivery lost $3.50 – $362.00.

    This morning, global oil indexes have turned into slight upward trend.

    The price crash and the capital expenditure (capex) cuts from exploration and production (E&P) companies have impacted the drilling rig market with less work contracted with offshore drilling providers than initially anticipated. This has caused drilling rig contractors in the North Sea to either remove rigs from their fleets permanently or cold-stack some of them, leading to a looming shortage of offshore rigs available for work in 2021. Drilling rig owners have removed six semisubs from the UK and Norwegian fleet since 2018. Currently, the total number of rigs in the UK fleet has diminished to just 11, of which three are cold stacked and not available for near-term work.

    Twenty Saudi soldiers arrived last week at a U.S. military base close to an oilfield in northeastern Syria. It was reported that the arrival of the Saudi soldiers at Syria’s biggest oilfield coincided with the arrival of around 30 trucks carrying drilling and digging machinery. At the end of last year, Saudi troops were also reportedly stationed near Syria’s largest oilfield, Al-Omar in the oil-rich Deir Ezzor region, in what was thought to be Saudi protection for experts of Saudi oil giant Saudi Aramco. Meantime, incidents and altercations between the superpowers backing different sides in the Syrian conflict continue.

    In recent months, the world’s biggest oil exporter, Saudi Arabia, has lost market share in China to the United States as the world’s top oil importer has boosted imports from America and reduced purchases from the Kingdom. After September, the Saudis could claw back some market share lost to the U.S. over the past two months, as the opportunistic Chinese buying of American oil may have come to an end.  China has imported record volumes of crude oil in recent months, taking advantage of the lowest crude prices in two decades in April stock up on dirt-cheap oil.  Last month, Saudi Arabia slipped to the third spot on the list of China’s key oil suppliers behind Russia and Iraq—the first time in two years that the Kingdom has not been the number-one or number-two oil supplier to the world’s top oil importer.

    Responding to the impact of coronavirus on transportation patterns, US refineries have cut back on motor gasoline and jet fuel products and upped distillate fuel oil output. These three products generally have the highest yield from refineries - refinery yields reflect the volumetric ratio of a finished product to refineries’ total inputs of crude oil and net inputs of unfinished oils. According to the Energy Information Administration (EIA), refiners responded to reduced demand for transportation fuels by decreasing overall refinery runs from April onwards. Refinery runs were 22% lower in April 2020 compared with the full year 2019 average of 17.0 million barrels per day (bpd).

    Chinese factory data saw its expansion slow down slightly in August, but the services industry was strongest level since early 2018. August’s non-manufacturing PMI rose to 55.2, higher than July’s reading of 54.2. The manufacturing Purchasers’ Managers Index (PMI) slipped to 51 in the same month, lower than July’s 51.1 figure and the forecasted 51.2. The lack of demand remains a hurdle to recovery, with firms suffering even with new orders rising to 52 and new export orders increasing to 49.1.

    Next to positive data from China, a weaker U.S. dollar remains an important factor for crude markets. Other key crude importers in Asia continue to be tempted to purchase oil as a weaker dollar results in lower import bills.

    We expect bunker prices do not have any firm trend today and may change irregular in a range of plus-minus 1-3 USD.




2021 July 29

18:26 GTT appoints its new Chief Financial Officer
18:06 PGNiG terminates Port Arthur LNG agreement
17:54 FESCO, RZD Logistics and Nurminen Logistics launch regular intermodal service from Asia-Pacific countries to Finland via CPV
17:36 PGNiG Group expands its fleet of gas tankers
17:16 The Hebridean Princess returns to ABP’s Port of Cardiff
16:58 Okskaya Shipyard to build five tugboats of Project NE025 for Marine Rescue Service
16:42 Ever Given arrives to the port of Rotterdam
16:34 PGNiG to purchase more LNG from Venture Global LNG
16:17 Kalmar to deliver 12 straddle carriers to long-term partner Medcenter Container Terminal in Italy
15:56 New BIMCO/ICS Seafarer Workforce Report warns of serious potential officer shortage
15:11 Railway traffic launched through the second Baikal tunnel
14:48 Rosmorport's Petropavlovsk Branch takes part in exercises on maritime search and rescue of people
13:59 The Maritime and Port Authority of Singapore forms Global Centre for Maritime Decarbonisation
13:15 Hydrographic Company to hold auction for construction of Arc7 hydrographic ship
12:37 Baltiysk ferry meets ISM Code requirements
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