• 2020 September 11 09:25

    MABUX: Bunker market this morning, Sept 11

    The Bunker Review was contributed by Marine Bunker Review (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) did not have firm trend and changed irregular on September 10:

    380 HSFO: USD/MT 291.27 (+0.89)
    VLSFO: USD/MT 32.00 (-2.00)
    MGO: USD/MT 409.80 (+0.70)


    Meantime, world oil indexes also changed irregular on Sep.10 after U.S. data showed a surprise build in crude stockpiles last week.

    Brent for November settlement fell by $0.73 to $40.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery decreased by $0.75 to $37.30 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.76 to WTI. Gasoil for September delivery gained $5.50 – $322.75.

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

    The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day earlier, the American Petroleum Institute added gloom to an already pessimistic market by reporting an inventory build of 2.97 million barrels for the same period. Forecasts had expected the EIA to report a moderate draw of a little over 1 million barrels.

    As per Platts, OPEC’s 13 members produced in August 24.37 million bpd, a 4% rise from July, while its nine partners, including Russia, added 12.67 million bpd, a 6% increase. The higher volumes were not unexpected as the OPEC+ coalition’s record 9.7 million bpd production cut accord, implemented during the depths of the coronavirus crisis in May, had been scheduled to ease to 7.7 million bpd for the rest of the year starting in August. As such, the group achieved 97% compliance with its new quotas in the month. But the increased production is coming at a time when the rapid recovery of global oil demand appears to be stalling, amid fears of a growing second wave of COVID-19 infections.

    Meanwhile, Russia’s central bank has warned that crude oil prices could slump to $25 in its risk scenario for monetary policy over the next three years. That scenario, which is the bank’s worst case for 2021 to 2023, also includes heightened geopolitical tensions, a second wave of coronavirus infections, and other economic shocks. Debt problems and trade tensions are also included in that scenario.

    The U.S. Energy Information Administration raised its 2020 forecasts for West Texas Intermediate and Brent crude oil prices and U.S. crude-oil production. The EIA pegged its 2020 WTI oil price forecast at $38.99 a barrel, up 1.3% from its August forecast. It also lifted its Brent crude price forecast by 1.2% to $41.90 for 2020. The agency expects U.S. crude production of 11.38 million barrels a day this year, up 1.1% from the previous view. The EIA also lifted its forecast for natural-gas prices to $2.49 per million British thermal units, up 5.8% from the previous view.

    Libya’s National Oil Corporation (NOC) said that a warship had been staying at the Ras Lanuf oil terminal for several days, and has demanded that the military activity at vital Libyan oil facilities cease. Libya’s oil terminals remain out of service, and the country has not exported oil since January. 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.

    Reports of rising oil and fuel inventories in floating storage pressured benchmarks as commodity traders chartered tankers to store fuel and crude offshore. A number of the vessels are newly-built and are due to store gasoil and diesel, for which unsold volumes are especially high after a modest recovery mid-summer. The news of rising floating storage is particularly worrisome because it means that onshore storage space is still full, despite a moderate increase in fuel demand after most lockdowns eased in May.

    We expect IFO bunker prices may fall by 3-5 USD while MGO prices may change irregular in a range of plus-minus 3-6 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