• 2020 October 16 09:53

    MABUX: Bunker market this morning, Oct.16

    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) demonstrated slight upward evolution on Oct.15:

    380 HSFO - USD/MT - 297.23 (+2.75)

    VLSFO - USD/MT – 353.00 (+1.00)

    MGO - USD/MT – 417.89 (+0.94)

    Meantime, world oil indexes decreased on Oct.15 as new restrictions to stem a surge in COVID-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand.

    Brent for November settlement decreased by $0.16 to $43.16 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $0.08 to $40.96 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.20 to WTI. Gasoil for October delivery lost $1.50 – $341.50.

    Today morning oil indexes do not have any firm trend so far.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.8 million barrels from the previous week. At 489.1 million barrels, U.S. crude oil inventories are about 11% above the five year average for this time of year. In gasoline, the EIA reported an inventory draw of 1.6 million barrels for the week to October 9. In distillate fuels, the EIA estimated a stock decline of 7.2 million barrels, compared with a 1-million-barrel draw a week earlier. Distillate fuel inventories remain at seriously inflated levels because of the uneven recovery in the demand for different fuels.

    Some European countries are reviving restrictions and lockdowns to try to contain the rise in new coronavirus cases, with Britain expected to impose tougher COVID-19 restrictions on London from midnight on Oct.16.

    Russia’s crude producers, which have reduced oil drilling by as much as one-third so far this year, may cut it by a further 20% in 2021. Russia has made unprecedented output cuts this year under a deal with the Organization of Petroleum Exporting Countries that’s set to last through April 2022. Though that helped support crude prices, they are again under pressure as the coronavirus surges, and threatening oil drilling everywhere. OPEC and its allies are also debating whether to proceed with its plan to ease the curbs from January.

    OPEC said the OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November. A technical OPEC+ committee meeting took place on Oct.15 to discuss compliance with oil cuts and market fundamentals. It is reported, that the group had 102% compliance with its cuts in September. Countries such as Iraq, Nigeria and the United Arab Emirates, which had fallen short of their commitments, have been asked to make additional cuts until the end of the year to compensate for the shortfalls.

    The Petroleum Safety Authority Norway (PSA) said, that company responses to the coronavirus pandemic may have contributed to deteriorating safety at Norway’s oil and gas infrastructure, which has seen 50 serious incidents so far this year—double that from the same time last year and four times higher than in 2018. The Norwegian authority is concerned that maintenance delays and changes to turnaround schedules due to the pandemic could delay the necessary servicing of oil and gas infrastructure.

    European Commission has presented methane emission reduction strategy. The strategy, which sets out measures to cut methane emissions in Europe and internationally, presents legislative and non-legislative actions in the energy, agriculture and waste sectors. One of the priorities under the strategy is to improve measurement and reporting of methane emissions. The level of monitoring currently varies between sectors and Member States and across the international community.

    Low oil prices, lower credit availability, and piling debt loads forced a few dozen oil and gas firms in North America to file for bankruptcy protection in the third quarter. As many as 44 oil and gas producers, oilfield services companies, and midstream companies sought protection from creditors in bankruptcy courts between July and September. At the moment, banks are set to lend money only for the value of producing wells, not prospective wells. So shale drillers are likely to receive credits only for wells that currently generate cash flow that can repay the loans. As per some forecasts, the 2020 crisis will result in annual declines in shale production this year and next, while the average growth rate over the next decade will be less than one-fifth that of the previous three years

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


2024 July 13

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2024 July 12

18:00 Qingdao Port International to buy oil terminal assets for $1.30 billion
17:36 Saipem signs framework agreement with bp for offshore activities in Azerbaijan
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16:31 Allseas removes final Brent platform with historic lift
15:58 ZPMC Qidong Marine Engineering launches the world’s largest FPSO bow section for Petrobras
15:25 MSC acquires Gram Car Carriers
14:58 ABP boosts marine capability through pilot launch upgrades
14:34 Fincantieri receives ISO 31030 attestation from RINA
13:52 Second new dual-fuel fast Ro-Pax ferry to enter service for Balearia after successful sea trials
13:24 ADNOC deploys AIQ’s world-first RoboWell AI solution in offshore operations
12:59 ABS issues AIP for new gangway design from Pengrui and COSCO
11:38 Port of Long Beach data project receives $7.875 mln to speed goods delivery
11:15 ZeroNorth to provide its eBDN solution on 12 barges operated by Vitol Bunkers in Singapore
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10:14 Liquid Wind and Uniper enter into strategic partnership to accelerate the development of eFuels

2024 July 11

18:06 Yanmar and Amogy to explore ammonia-to-hydrogen integration for decarbonized marine power
17:36 COSCO Shipping receives first 7500 CEU LNG dual-fuel PCTC
17:06 Monjasa adds two tankers and targeting West Africa’s offshore industry
16:34 Biden administration announces funding for 15 small shipyards in 12 states
16:10 Iran's Ports and Maritime Organization attracts nearly $1.7bln of investment in ports, maritime sector
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15:25 HD Hyundai becomes first Korean shipbuilder to sign MSRA with US Navy
13:41 NovaAlgoma orders the world’s largest cement carrier
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12:36 MABUX: Bunker Outlook, Week 28, 2024
12:10 Valencia Port Authority signs an agreement with C.N.E. Hydrogen and Fuel Cells to promote hydrogen research
11:41 Long Beach, Los Angeles ports partner for zero-emissions future
11:16 Iraq to establish maritime single window for major ports
10:46 James Fisher completes its largest decommissioning project to date

2024 July 10

18:00 MET Group secures long-term US LNG source from Shell
17:36 bp, Mitsui, Shell and TotalEnergies join to ADNOC’s Ruwais LNG project
17:06 HD Hyundai Samho extends a pier at its shipyard in Yeongam, South Jeolla
16:45 Panama Canal plans new $1.6bn reservoir to address water shortages
16:25 Ocean Power Technologies signs agreement with AltaSea to advance wave power projects
15:52 WinGD completes type approval testing for new short-stroke engine size
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14:56 Fincantieri celebrates the keel laying of the first ultra-luxury vessel for Four Seasons Yachts at the shipyard in Ancona
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13:43 MOL announces delivery of bulk carrier Green Winds, 2nd vessel equipped with wind challenger hard sail propulsion system
13:23 BHP, Pan Pacific Copper and Norsepower deploy wind-assisted propulsion technology on vessel that set sail this month
12:43 MEYER WERFT to build Disney Wish-сlass сruise ship for Oriental Land Company to operate in Japan
12:25 South African Maritime Safety Authority try to rescue a cargo ship that ran aground on Cape west coast
11:50 SAAM Terminals partners with Next Port AI to boost digital solutions in ports
11:10 HD Korea Shipbuilding launches translation service for foreign workers
10:41 Kelvin Hughes awarded second phase VTS Radar System contract by Port of Marseille Fos
10:07 Hengli Group to invest an additional 9.2 billion RMB to build the Hengli Heavy Industry Industrial Park
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2024 July 9

18:04 A historical replica of the Russian frigate Shtandart was denied access to Finistère ports
17:26 Freight rates for VLCC from the US to the key Asian market down more than 20 per cent since late May
17:06 Boskalis to acquire all remaining shares in Smit Lamnalco
16:42 Gautam Adani plans to build ships at Mundra Port
16:19 Singapore port congestion threatens to gum up global trade
15:56 Eastern Shipbuilding awarded contract to construct four escort tugs for Saltchuk
15:39 Ports in Texas assess the damage from Hurricane Beryl
14:12 Berge Bulk announced the successful installation of four emissions-reducing Rotor Sails on the Valemax ore carrier
13:54 Wartsila simulators to support Singapore's Wavelink Maritime Institute with preparing crew for shipping's sustainable fuels
13:24 MPA and NYK form partnership to advance maritime sustainability, digitalisation and manpower development
12:43 H-LINE Shipping takes delivery of LNG-fueled 7,000 CEU car carrier
12:12 Value Maritime to decarbonise two ForestWave general cargo sister ships
11:42 DNV rules create new in-operation class framework, enable hydrogen vessels and on-board carbon capture
10:45 Danaos orders five container vessels with an aggregate price of $509 million
10:14 GTT Strategic Ventures invests in Seaber.io, specialising in the digitalisation of bulk shipping

2024 July 8

18:02 Port of Hamburg named "Best Global Seaport"
17:30 Amsterdam will reduce number of sea cruises by half in 2026 and aims for the terminal to leave the city in 2035
17:10 Pantheon Tankers ship damaged after hitting reef off the Cayman Islands