• 2020 September 9 09:24

    MABUX: Bunker market this morning, Sept 09

    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 Sep.08:

    380 HSFO: USD/MT 299.94 (-3.74)
    VLSFO: USD/MT 343.00 (-6.00)
    MGO: USD/MT 421.75 (-4.02)


    Meantime, world oil indexes also continued downward trend on Sep.08 pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world.

    Brent for November settlement fell by $2.23 to $39.78 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery decreased by $2.32 to $36.76 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.02 to WTI. Gasoil for September delivery lost $18.50 – $309.50.

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

    International Energy Agency (IEA) said, the global economy is likely not headed for any major slowdown due to COVID-19 but piled-up storage and uncertainty over China's oil demand cloud oil markets' recovery. The IEA cut its 2020 oil demand forecast on Aug. 13, warning that reduced air travel would lower global oil demand by 8.1 million barrels per day (bpd). The Agency downgraded its outlook for the first time in three months, as the epidemic continues to wreak economic pain and job losses worldwide.

    Bank of America Securities in turn said, that it will take three years for global oil demand to rebound to pre-pandemic levels, as jet fuel consumption continues to trend much lower than last year’s levels. While road fuel demand has recovered to nearly pre-COVID-19 levels, aviation fuel demand is struggling to take off materially as air travel is still significantly down compared to ‘normal’ levels from before the pandemic. As per report, if a vaccine is rolled out at the end of 2021, air travel would recover to 75 percent of pre-crisis levels in 2022 and to 90 percent of the typical consumption level in 2023. For the longer term, the bank sees global oil demand peaking at some 105 million barrels per day (bpd) in 2030, due to the rising share of electric vehicles (EVs) in light duty vehicle sales.

    A new export tax rule in Russia could cost domestic exporters of fuel oil as much as US$1 billion in missed sales every year. Russia is set to enact as of September 14 a new rule on the taxation of fuel oil exports aimed at bringing in additional revenues for the state at a time when oil prices and oil demand took a hit with the pandemic. The new rule would close a loophole that companies have so far used to avoid paying export duty on fuel oil and other heavy oil products by passing off those products as duty-free export products. Meanwhile, Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since at least 2004. The U.S. has been raising its imports of fuel oil from Russia over the past year and a half after the U.S. imposed sanctions on Venezuela’s exports.

    Europe, one of the world's biggest diesel consumers, faces a major glut which combined with weak demand is weighing heavily on the ability of the region's refineries to keep running. Having hit record lows at the height of the COVID-19 pandemic in April and May, European diesel margins are trending lower again after posting a modest recovery in July. While the easing of lockdowns in recent months across Europe has boosted diesel demand, some countries are seeing the recovery stall, including Spain and the UK. Besides, the diesel market is also afflicted with high stocks: Europe now accounts for the biggest share of global middle distillates floating storage globally.

    Libya's central and southern regions experienced a major power outage, while Libya's oil terminals remain blocked for exports. Currently, oil production in Libya is just 100,000 bpd—down from 1.2 million bpd at the start of the year, just before paramilitary formations affiliated with the Libyan National Army (LNA) occupied Libya's oil export terminals and oilfields. Libya's conflict continues, preventing oil production and exports from the African OPEC member.

    No new LNG export projects could be approved this year for the first time in two decades. Some forecasts say it is possible that one or two projects go forward, while others say none will receive FID. Before the pandemic, market expected as much as 70 million tonnes per year of new capacity to receive the go-ahead.

    We expect IFO bunker prices may fall by 12-15 USD today while MGO prices may decline by 14-17 USD.




2021 July 28

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
09:51 LNG terminal to be built on Sakhalin by the end of 2023
09:32 Baltic Dry Index as of July 26
09:16 Crude oil market see upward price correction

2021 July 26

18:04 IPCSA ‘honoured’ to join the World Customs Organization’s Private Sector Consultative Group
17:57 M. Skuodis: expansion of the southern part of the Port of Klaipėda has potential to attract new cargo and investments
17:35 Sri Lanka Ports Authority with ILO support commences training for seafarers
17:14 Vitol Bunkers adds first offshore location to its USGC and Caribbean supply offering
16:20 Operation on delivery of 111-meter long column for Amur GCC is underway
16:03 Mobile harbour crane investment to further improve cargo handling efficiency at Port of Newcastle
15:13 TotalEnergies signs renewable power purchase agreement with Air Liquide
14:59 RF Government suggests establishing free customs area on Kuril Islands
14:34 The COVID 19 has strong impact on the port of Helsinki
13:44 DP World and Rosatom sign agreement for Northern Transit Corridor