• 2020 September 3 09:24

    MABUX: Bunker market this morning, Sept 03

    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) changed irregular on September 02:

    380 HSFO: USD/MT 315.00 (-0.82)
    VLSFO: USD/MT 366.00 (0.00)
    MGO: USD/MT 445.62 (+1.87)


    Meantime, world oil indexes fell on Sep.02 as gasoline demand fell in the United States in the latest week, an indication that economic recovery from the pandemic may be slower than expected.

    Brent for November settlement fell by $1.15 to $44.43 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery decreased by $1.25 to $41.51 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.92 to WTI. Gasoil for September delivery lost $10.50 – $355.25.

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

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.4 million barrels from the previous week. At 498.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year. The EIA also reported an inventory draw of 4.3 million barrels in gasoline and a 1.7-million-barrel decline in distillate fuel inventories for the last week of August. Refineries last week processed 13.9 million bpd of crude oil, compared with 14.7 million bpd during the previous week. Hurricane Laura had a big part to play in last week’s processing rates as some refineries had to close temporarily.

    It is expected that China’s refined fuel consumption to swing back to positive growth in the second half of this year. With China’s economic recovery taking hold, end-user demand for gasoline, diesel and kerosene may rise 1% in the second half from a year earlier, after a 13% fall in the first half.

    Meantime, China will ship in much less crude in September and October than it did in May and July, with private refiners seeing purchases drop as much as 40%. The drop-off is coming as the plants run out of quotas following a buying binge earlier this year. The reduction will test the resiliency of the oil market, which has seen prices recover from the lows of April but is still contending with virus lockdowns in major markets and OPEC+ members adding supplies after cutbacks. China’s independent refiners were the first to recover from the virus and have been among the most active buyers supporting oil’s rebound.

    Iraq’s crude oil exports fell in August compared to July, as OPEC’s second-largest producer is reducing supply in an attempt to comply with the OPEC+ production cut pact, which it had largely disregarded in previous deals. Iraq’s crude oil exports in August averaged 2.597 million barrels per day (bpd), down from the previous month. Oil revenues are critical to Iraq’s budget income, but in recent months the country has come under pressure from its fellow OPEC+ partners led by Saudi Arabia to stop cheating on their production quotas and finally start complying with the OPEC+ agreement. Iraq promised additional cuts of around 400,000 bpd in August in order to compensate for the lack of compliance with the OPEC+ deal in the previous months.

    By July 2020, Venezuela produced a daily average of 339,000 barrels of crude compared to 755,000 a year earlier and almost a seventh of a decade earlier. The outlook remains poor, particularly if the domestic rig count is used as a proxy measure of oil industry activity. At the end of July 2020, there were no active oil rigs in Venezuela and only one operational natural gas rig. That is compared to a total of 25 operational rigs for the same period a year ago and 70 rigs a decade earlier. Analysts predict Venezuela’s oil production could fall to zero by 2021.

    North Korea could have oil storage capacity of up to 1.5 million tons or almost 11 million barrels—an amount that could last it a full year if the country gets cut off from external oil suppliers. North Korea has a restriction on the amount of oil products it can receive from abroad, and this restriction stands at 500,000 barrels a year. However, North Korea may have been boosting its underground storage capacity. In July, more than 40 UN members, including the United States and Japan, told the UN that North Korea had breached the limit for oil imports using illegal ship-to-ship transfers. According to these members, the country had taken in some 1.6 million barrels of oil products between January and May through 56 ship-to-ship transfers at sea.

    We expect IFO bunker prices may fall by 5-8 USD while MGO prices will decrease by 8-13 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