• 2020 September 21 09:23

    MABUX: Bunker market this morning, Sep 21

    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) continued firm upward trend on Sep.18:

    380 HSFO: USD/MT 296.64 (+2.88)
    VLSFO: USD/MT 347.00 (+7.00)
    MGO: USD/MT 417.85 (+6.74)

    Meantime, world oil indexes mixed on Sep.18 after Libyan commander Khalifa Haftar said a blockade on Libyan oil exports, which has been in place since January, would be lifted.

    Brent for November settlement decreased by $0.15 to $43.15 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery rose by $0.14 to $41.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.04 to WTI. Gasoil for October delivery lost $0.25 – $339.75.

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

    Pre-blockade Libya was producing around 1.2 million bpd. It is unclear, however, how quickly Libya could reach that level again.

    OPEC and the International Energy Agency reported negative news for the oil market last week. Both authorities revised their oil demand forecasts for this year, and both revised them downwards. But it is not just demand that will continue to weigh on oil prices. Supply is excessive and likely to remain so until the end of next year. OPEC said that it expected oil demand this year to shrink by 9.5 million bpd. That’s an upward revision of 400,000 bpd, from an expected contraction of 9.1 million bpd in August. The IEA in turn said it expected demand this year to contract by 8.4 million bpd. That’s a larger demand growth contraction than they were anticipated in the previous month, when the oil industry body expected a smaller contraction of 8.1 million bpd.

    OPEC also considers a resurgence in Covid-19 cases in some countries could further dampen oil demand and interfere with a decline in oil inventories. Cases have been rising in many European countries, total infections in India have passed 5 million, and new cases are on the rise in some U.S. states.

    Saxo Bank said, the faltering oil demand recovery and the lack of a COVID-19 vaccine will likely push the oil price recovery to $50 a barrel into 2021, as inventories continue to pile up in 2020 amid weak refinery margins and demand. Meantime, Bank doesn’t see too much upside potential for oil prices in the near term as fundamentals remain weak. Bank sees Brent crude oil settling into a new lower range around $40/b before eventually moving higher into year end and 2021.

    Goldman Sachs in turn predicted a market deficit of 3 million barrels per day (bpd) by the fourth quarter and reiterated its target for Brent to reach $49 by the end of the year and $65 by the third quarter of 2021. Swiss bank UBS also pointed to the possibility of undersupply, forecasting Brent would rise to $45 a barrel in the fourth quarter and to $55 by mid-2021.

    The United States maintained its global status as the leading supplier of crude oil in July, ahead of Russia and Saudi Arabia.  U.S. crude oil production rose in July back up to above 11 million barrels per day (bpd). Production in June had also increased month over month after the May figure of 10 million bpd—the lowest U.S. monthly production since late 2017.  According to OPEC+ agreement, Russia and Saudi Arabia have cut their production and keep it at 9 million bpd each until the end of this year. Meanwhile, in July, Russia kept its place as the world’s second-largest oil producer ahead of Saudi Arabia.

    The number of oil rigs in the United States fell by 1 to 179. The total number of active oil and gas rigs increased for the week by 1, with oil rigs falling by 1 and gas rigs increasing by 2. Total oil and gas rigs in the United States are now down by 613 compared to this time last year. The EIA’s estimate for oil production in the United States rose for the week ending September 11 to 10.9 million barrels of oil per day, up from 10.0 million bpd in the week prior and 9.7 million bpd the week before that. While production has recovered in the last couple of weeks, U.S. oil production is still down 2.2 million bpd from its all-time high reached earlier this year.

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




2020 October 26

16:34 Kalmar continues long-term collaboration with Patrick Terminals with new order for AutoStrads
16:10 Average spot market price for Russian M100 product rose to RUB 12,430 pmt
15:46 Royal IHC and Suez Canal Authority successfully launch CSD HUSSEIN TANTAWY
15:34 EPS secures 15-year TC from STL for four dual fuel VLECs
14:52 RF Prime Minister approves list of checkpoints that can be crossed by foreigners with e-visas
14:31 Ocean Network Express to launch new intra Asia service
14:03 Port of Helsinki passenger traffic down 53.9% to 4.1 million in Jan-Sept 2020
13:06 Passenger turnover in Russian ports plunged by 73.9% in 9M’2020
12:59 ICS welcomes legally binding agreement to significantly improve the carbon efficiency of shipping
12:37 Delo Group and Russian Railways signed Agreement on cooperation in organization of rail container transportation
11:59 Stena Bulk branded class for tanker personnel opened at Admiral Makarov SUMIS
11:58 The Ocean Cleanup introduces first product made with ocean plastic pollution
11:30 NIBULON ranks first among Ukrainian shipyards
10:31 EMA and Keppel jointly awarded a research grant to pilot Singapore’s first floating Energy Storage System
10:15 Admiralteiskie Verfi shipyard delivered diesel-electric submarine Volkhov to RF Navy
09:50 MABUX: Bunker Market this morning, Oct 26
09:26 Oil market starts week with decreasing prices
09:09 Baltic Dry Index as of October 23

2020 October 25

15:27 USCG: Oil spill cleanup of Delaware Bay coastline continues
14:53 Richmond Council to host first public meeting with Hammersmith Bridge Taskforce
14:38 Deep water berth extension at Port of Halifax fully operational
13:27 Gothenburg Port Authority's Elvir Dzanic named as a member of Electrification Commission
12:43 Maritime NZ welcomes report to MPI
12:18 Oil spill response equipment and vessel rates in Singapore
11:04 GPA holds first virtual State of the Port

2020 October 24

15:47 Ocean transport of the first lot of railway coach to Myanmar completed
14:51 OOCL announces services changes and enhancements on Asia-Europe trade
13:28 Port Authority launches new campaign against litter
12:41 Hapag-Lloyd announces Ocean Tariff rates on East Asia - NEC and Mediterranean trade
11:06 CSD Hussein Tantawy successfully launched at IHC's shipyard in The Netherlands

2020 October 23

18:09 Baltic Data Flows: New HELCOM project seeks to harmonize and harvest environmental data at a pan-Baltic level
17:47 ICS welcomes legally binding agreement to significantly improve carbon efficiency of shipping
17:10 Anti-submarine ship Vice-Admiral Kulakov completes its business call to Greece
16:32 Bollinger Shipyards delivers 41ST fast response cutter to the U.S. Coast Guard
16:05 APM Terminals Poti signs a contract with Poti New Terminals Corporation for the development of dry bulk facility in the Poti Sea Port
15:31 HySHIP project clinches EUR 8M funding award
15:13 Krasnoye Sormovo shipyard launches dry cargo carrier Alfa Mercury
14:50 Self-propelled crane built for RF Navy’s Pacific Fleet arrived in Vladivostok having passed the Northern Sea Route
14:25 Equinor changes chief financial officer
14:06 Membrane technologies of GTT is an optimal solution for gas carriers, LNG bunkering and storage
13:23 MarineMax participates in the Fort Lauderdale International Boat Show
13:05 Wärtsilä selected to power new ‘super ferries’ series for P&O Ferries
12:55 An agreement made to explore the possibilities of green hydrogen export from Iceland to Rotterdam
12:04 Tallink Silja AB is forced to issue redundancy notice to Swedish crew members
11:41 Tallink to become the first shipping company to receive Sustainable Travel Finland label
11:09 Austal to further expand Australia support business through acquisition of BSE Maritime Solutions
10:53 NYK to make Gazocean a wholly owned subsidiary
10:19 Bunker market sees slight change of prices in the Port of Saint-Petersburg, Russia (graph)
09:55 National Gas Vehicle Association to propose priority measures for LNG bunkering support
09:33 Oil prices continue decreasing
09:18 Baltic Dry Index as of October 22
08:49 MABUX: Bunker market this morning, Oct 23
08:19 CMA CGM announces GRR from Asia to West Africa

2020 October 22

19:00 “K”Line online training for seafarers obtained DNV GL certification
18:04 Milaha reports QR 384 million in net profit for the nine months of 2020
17:41 Port of Los Angeles receives $9.9 million infrastructure development grant
17:36 Feasibility report on ship repair cluster development in Arkhangelsk Region to be completed in November 2020
17:29 MABUX releases weekly review of bunker market
17:05 Gothenburg Port Authority CEO becomes the member of newly established Electrification Commission
16:44 ABP’s ports in East Anglia keep agricultural products moving