• 2020 September 23 09:12

    MABUX: Bunker market this morning, Sept 23

    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) decreased slightly on Sep.22:

    380 HSFO: USD/MT 293.44 (-2.14)
    VLSFO: USD/MT 338.00 (-7.00)
    MGO: USD/MT 406.76 (-6.25)


    Meantime, world oil indexes edged up on Sep.22 before the API’s data release, despite the worsening demand sentiment in the market brought on by reports of increasing coronavirus cases.

    Brent for November settlement increased by $0.28 to $41.72 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery rose by $0.49 to $39.80 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.92 to WTI. Gasoil for October delivery gained $0.50 – $322.25.

    This morning, global oil indexes have turned into downward direction as API reported a rise in U.S. crude inventories against expectations for a decline.

    The American Petroleum Institute (API) reported on Sep.22 a build in crude oil inventories of 691,000 barrels for the week ending September 18. Forecasts had predicted an inventory draw of 2.256-million barrels.

    Global oil refiners cut output by as much as 35% in spring as coronavirus lockdowns destroyed the need for travel. As lockdowns eased, refiners increased output slowly through late August. But in top fuel consumer the United States and elsewhere, refiners have been decreasing rates for the last several weeks in response to increased inventories, a sustained lack of demand and in response to natural disasters. The hit to capacity has been most notable in China. The second largest fuel consumer led the world in oil demand recovery after taming its outbreak of coronavirus. But its refiners also export fuel, and those shipments have been weak due to the virus's effect on fuel demand in other Asian nations.

    Jet fuel consumption remains the hardest hit section of the global oil market as passengers avoid air travel as a result of the pandemic and government travel restrictions. Globally, air freight tonne-kilometres were down just 18% in June compared with passenger revenue-kilometres down 87%. An early resumption of long-haul flights is currently looking less likely than a few months ago, given the resurgence of coronavirus cases in many parts of the world.

    The OPEC+ JMMC meeting last week resulted in an extension for compensation cuts until the end of December, as many countries asked for more time to make the required output cuts. Despite the fact that Iraq has been fully compliant in August, it has not delivered its missed targets in the previous months yet. Furthermore, the UAE, Russia and Nigeria have achieved compliance rates of 74%, 95%, and 78%, respectively. The group is scheduled to relax its cuts further to 5.8 million bpd starting from Jan 2021.

    Libya’s National Oil Corporation (NOC) sees oil production rising to around 260,000 barrels per day (bpd) next week, up from some 100,000 bpd before the blockade of its oil ports and oilfields was lifted at the end of last week. Crude shipments will resume from the ports of Brega and Hariga at first and will be later followed by other ports, depending on the safety and security situation.

    The United States is building a coalition aimed at preventing the completion of the Nord Stream 2 pipeline that will substantially increase the flow of Russian gas into Europe. Germany will be the receiver of most of the gas that will flow through the expanded Nord Stream pipeline amid an expected surge in demand for natural gas as it closes coal and nuclear power plants. The U.S., however, is against it, claiming it will only increase Russia’s influence in the energy supply of the EU, which would be unwise. There are also the U.S. gas interests as a major LNG exporter.

    India used the ultra-low crude oil prices earlier this year to top its strategic petroleum reserves with oil at $19 a barrel, saving nearly US$700 million in the process. The average cost at which India bought the crude oil in April and May was $19 per barrel, compared to $60 a barrel oil price in January 2020. Meanwhile, fuel demand in India, which crashed by 60 percent during the initial nationwide lockdown, fell again in August month over month, for the biggest monthly decline since April, as localized lockdowns impacted mobility and economic activity.

    The U.S. industrial sector saw its consumption of natural gas drop as economic activity slowed with the lockdowns in response to the COVID-19 pandemic. Industrial consumption of natural gas fell from 25.4 billion cubic feet per day (Bcf/d) in January 2020 to 20.1 Bcf/d in June 2020. This year, consumption of natural gas by U.S. industries is expected to drop by 4.4 percent year over year, while in 2021, consumption of natural gas by the U.S. industrial sector is expected to rise by 1.1 percent on the year.

    We expect IFO bunker prices may add 1-3 USD while MGO prices will change irregular in a range of plus-minus 1-3 USD. 




2020 October 27

15:33 New tanks for storage and processing of polluted water have been put into operation in the port of Riga
15:04 Norway's biggest ferry company orders two new ferries from Havyard LAB
14:10 Port of Gothenburg posts results for January-September 2020
14:06 Krasniye Barrikady launched non-self-propelled cargo pontoon of Project GPRN
13:21 Wärtsilä cargo handling system design selected for new Very Large Ethane Carrier vessels
12:52 Bunker prices are stable in the Far East ports of Russia (graph)
12:27 BlueWater Reporting issues Q3 2020 World Liner Supply Report
12:09 HEINEKEN pioneers with zero-emission shipping
11:58 COVAXX and Maersk enter partnership to supply COVID-19 vaccines globally
11:03 Sea Port of Saint-Petersburg continues automation of railcars weighing
10:38 RF Government to look into development of national project focused on IWW
10:09 CMA CGM announces PSS for cargo from India North West ports to Europe
09:45 MABUX: Bunker Market this morning, Oct 27
09:40 Strategy for Developing the Russian Arctic Zone and Ensuring National Security until 2035 approved
09:22 Oil prices are recovering
09:07 Baltic Dry Index as of October 27

2020 October 26

18:03 Shipping emissions talks stall in London
18:03 Port of Klaipeda to get funds for sustainable development and digitization of the port’ management
17:42 34.6 million tonnes loaded in the Port of Klaipeda in 9 months of this year
16:58 Innovative solutions of MAPEI are increasingly widespread in shipbuilding
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