• 2020 October 23 08:49

    MABUX: Bunker market this morning, Oct 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) demonstrated slight downward changes on October 22:

    380 HSFO - USD/MT – 297.56 (-1.39)
    VLSFO - USD/MT – 348.00 (-2.00)
    MGO - USD/MT – 411.70 (-2.67)


    Meantime, world oil indexes increased on the hopes of a new stimulus package and the better-than-expected job figures.

    Brent for December settlement increased by $0.73 to $42.46 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December rose by $0.61 to $40.64 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.82 to WTI. Gasoil for November delivery added $8.25.

    Today oil indexes continue to rise after Russian President Vladimir Putin indicated he would be prepared to extend record supply cuts in the face of the COVID-19 pandemic.

    Putin said on Oct.22 that Russia did not see a need for major oil producers to alter a deal on cutting global supply, but did not rule out extending oil cuts if market conditions warranted. That was the clearest indication so far from Russia that it is prepared to extend unprecedented curbs on output to meet the demand slump caused by the pandemic. His comments come as OPEC mulls easing the cuts, in place until the end of the year, and as the worsening COVID-19 pandemic threatens to further dampen fuel demand.

    At the same time, the semi-autonomous Kurdistan region in Iraq has agreed to reduce the region’s crude oil production as part of the ongoing OPEC+ agreement. The statement came after Iraq’s Oil Minister Ihsan Abdul Jabbar said earlier this week at an online petroleum conference that “the Kurdistan Region has not been contributing to OPEC+ cuts.” Iraq, the least compliant member of the OPEC+ production cut pact, has promised for months to reduce its oil production and fall in line with its quota—something it hasn’t done since 2017. In recent months, Iraq has come under pressure from its fellow OPEC+ partners led by Saudi Arabia to stop cheating on their production quotas and finally start complying with the agreement.

    Speaker Pelosi said that talks with Treasury Secretary Steven Mnuchin continue and a coronavirus relief deal could be imminent.

    Additional support to the markets came from the U.S. Department of Labor, which said that new weekly jobless claims in the U.S. were 787,000 for the last week. The figure was lower than analysts had expected— 870,000 unemployment benefit claims.

    Some pressures on oil indexes also remains from the gradual increase in production in Libya, which is now estimated to be producing at over 500,000 barrels a day, up from barely 100,000 barrels a day in the summer.

    At the same time, the number of COVID-19 cases continue to surge in Europe and the U.S., prompting the re-introduction of restrictive measures and putting further pressure on demand. With the weather cooling as winter approaches, several U.S. states saw a record number of daily new cases, suggesting that the spread of the virus is accelerating. France also extended curfews throughout two thirds of the country.

    We expect bunker prices may demonstrate upward changes today: 2-4 USD up for IFO and 6-8 USD up for MGO.




2024 March 18

18:13 Brunvoll propulsion chosen for ESVAGT's growing fleet of SOVs
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17:02 APL updates on European Union’s Import Control System 2
16:03 MED Marine contracted to build MED-A2575 series tug for SVS Maritime
15:31 Hanwha Ocean and BV join hands to develop a 270K LNG carrier
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14:18 Port of Skagen and Stillstrom partner to decarbonise anchorage zone with offshore charging solutions
13:22 Sanmar delivers 6th battery electric power tugboat to Norwegian operator
13:16 COSCO SHIPPING Lines announces the launch of OCEAN Alliance DAY 8 product this year
12:21 Dutch offshore wind farm approved by LR
11:39 ClassNK awards first-ever notation for improvements in living and working environment to Fuyo Kaiun's bulk carrier "ELETTRA"
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2024 March 17

16:31 Norwegian Shipowners' Association names Harald Fotland as its President
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13:03 US sanctions shipping company, targeting Iran and Houthi rebels
11:01 The first hybrid electric vessel built in South America will use a Corvus battery system
09:47 Kalmar and Forterra sign JDA for autonomous terminal tractor

2024 March 16

16:24 The Netherlands selects Naval Group for its submarine replacement program
15:41 Equinor exercises options to extend four-year drilling contracts
14:17 GONDAN Shipbuilders hosts launching ceremony for Edda Wind's CSOV C503
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12:13 Snam wins "A" raing in CDP's Suppliers Engagement Rating for efforts against climate change
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2024 March 15

18:07 DNV gives nod to Friede & Goldman BargeRack solution
18:02 New partnership enables faster offshore wind installations in the U.S.
17:53 First production line at ‘World’s Largest Monopile Factory’ to go live in July
17:21 Brunvoll DP2 upgrades for more Mokster vessels
16:55 CMA CGM to suspend its calls at Port au Prince, Haiti
16:03 GEFO's LNG DF chemical tanker Tosca gets Green Award
15:19 CEVA Logistics develops new vehicle logistics business at the Port of Dunkirk
14:11 MPA: SaR operation continues for a missing crew member of the Liberia-flagged UTOPIA
13:07 To develop the Far East it makes sense to build a new shipyard in the country’s eastern regions, President Putin said
12:48 World’s first use of ammonia as a marine fuel in a dual-fuelled ammonia-powered vessel in the Port of Singapore
11:39 COSCO Shipping calls Port of Genoa, Italy with 20,000 TEU vessels on regular basis
10:03 DMC contracted to supply rudder systems for the world’s largest PCTCs

2024 March 14

18:04 Shearwater awarded seismic survey for UK carbon capture and storage project
17:15 UAE, world leaders discuss maritime corridor for aid to Gaza
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15:43 World Shipping Council selects NCB for liner shipping Cargo Safety Program
15:00 ZIM reports results for 2023
14:57 DP World announces 2023 results
14:29 HaiSea unveils new operations facility for the world’s greenest tugboat fleet
13:44 DEME awards KENC with engineering and fabrication scope on multiple offshore wind installation projects
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12:43 Wartsila Lifecycle Agreement to support optimised low-emission operations for two P&O Ferries vessels
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2024 March 13

18:02 Lebanese, French officials float a plan to rebuild Beirut port nearly 4 years after huge explosion
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15:23 Hede International Shipping enters the Transpacific container trade
14:43 Concordia Damen wins contract to deliver a CDS2410 River Pusher to Transporte Fluviales Frey Bentos
14:13 CMA CGM Group launches its first loyalty program SEA REWARD
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12:24 Rotterdam's Gate Terminal sees need for more LNG bunkering capacity at Rotterdam
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11:24 Panama Canal announces increase in daily slots at Panamax locks
10:25 thyssenkrupp Veerhaven plans the climate-friendly pusher tug

2024 March 12

18:04 Cosco Shipping installs Iridium Global Maritime Distress and Safety System on PCTC Cosco Tengfei
17:30 LR issues Project Certificate for CrossWind Hollandse Kust Noord wind farm
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