• 2020 November 10 10:02

    MABUX: Bunker market this morning, Nov 10

    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) did not have any firm trend and changed irregular on Nov.09:

    380 HSFO: USD/MT 293.77 (-1.91)
    VLSFO: USD/MT 345.00 (+1.00)
    MGO: USD/MT 409.02 (+3.37)


    Meantime, world oil indexes rose significantly on Nov.09 after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

    Brent for January settlement rose by $2.95 to $42.40 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery added $3.15 to $40.29 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.11 to WTI. Gasoil for November delivery gained $21.00 – $343.75.

    Today morning oil indexes turned into moderate downward correction.

    Pfizer said its experimental vaccine was more than 90% effective in preventing COVID-19. It is expected, a vaccine will help ensure no future lockdowns are needed and will bring people back to the streets, allowing road and air transport to recover.

    Saudi Arabia said the OPEC+ deal on oil output cuts could be adjusted if there was consensus among members of the group.

    Meantime, key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut. Biden could modify U.S. diplomatic relations with three members of OPEC – de facto leader Saudi Arabia, and sanctioned countries Iran and Venezuela, as well as with key non-OPEC producer Russia. Strict enforcement of U.S. sanctions on Iran and Venezuela has kept millions of barrels of oil per day off the market, and if Biden should relax measures on either in years to come an increase in production could make it harder for OPEC to balance supply with demand.

    The International Energy Agency (IEA) said, renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside. The IEA kept its 2020 and 2021 oil demand forecast steady in its monthly report on Oct. 14, before major European countries including Germany, France and the United Kingdom imposed strict new curbs on movement to check the spread of the virus. IEA also noted that China remains the world's major bright spot after suppressing the virus earlier this year and is on track to be the only major country to boost its year-on-year demand for oil.

    Libya boosted oil production to more than 1 million barrels a day. The country ramped up production in the past six weeks amid a truce between rival military forces. It was pumping 800,000 barrels a day last week, and now it was reported that that output exceeds the million-barrel level. That’s the first time the landmark has been reached since early January. The extra Libyan barrels are an unwelcome complication for OPEC+, which planned to increase output by almost 2 million barrels a day in January. But it may be forced into a delay with crude prices under pressure again.

    India wants OPEC to review its pricing policies for the Asian market and end the premium it puts on its crude for Asia. India depends on OPEC for 78 percent of its crude oil demand, 59 percent of liquefied petroleum gas (LPG) demand, and nearly 38 percent of its liquefied natural gas (LNG) demand, and imported US$92.8 billion worth of oil, gas, and petroleum from OPEC members in the 2019-2020 financial year.

    Diesel consumers are likely to face an uncomfortable fact: the capacity to refine crude oil into traditional diesel fuel is starting to shrink in the U.S. and ultimately the world. One of the reasons is that there is simply too much refining capacity in the world and there will be efforts needed to cull it. It is expected that worldwide refining capacity cuts to total about 5 million bpd, with about half of that coming from North America. Against a worldwide oil market of about 97 million bpd, down from the pre-pandemic level of 100 million bpd or slightly more, a cut that big is significant.

    We expect IFO bunker prices may jump by 15-20 USD today while MGO prices will also gain 18-23 USD. Downward correction is expected in the end of the day.




2024 May 25

15:33 Bahri could be buyer of four VLCCs with $480 million
14:27 Panama Canal returns to normal operations
12:03 Equinor and partners to invest to maintain high gas production at Troll
11:41 Singapore carries out ship-to-ship bunkering of close to 1,340 metric tonnes of blended methanol
10:12 Australian operator renegotiates ferry deal with Finnish shipbuilder following delays

2024 May 24

18:00 MSC resumes Far East – Baltimore service
17:22 First LNG tugboat with hybrid system goes into operation in Singapore with mtu gas engines from Rolls-Royce
16:47 S. Korea slaps sanctions on 7 N. Koreans, 2 Russian ships for illegal trade with Russia
16:24 COSCO Shipping plans to build 120 ships worth $4.5 billion
15:46 LR award AiP to CMB.TECH and Damen for hydrogen tug solution
13:51 Kongsberg Maritime opens a new facility in Kochi, India
13:11 Wind Challenger to be installed on coal carrier for J-Power
12:41 India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April
12:21 Newbuilding contracts signed by Greek shipowners are up more than 50% this year to March
11:40 The port of Piraeus receives permission to continue dredging from the State Council
11:05 Eastern Shipbuilding Group awarded contract to construct Fisher Island Ferry
10:49 Huangpu Wenchong receives contract for up to eight methanol-fuelled bulkers
10:28 Cadeler signs installation vessel reservation agreement for upcoming wind farm installation projects
09:58 ScanOcean launches renewable biodiesel fuel
09:42 Uralkali fertilizer exports hit 7.6-million tonne mark by the end of 2023

2024 May 23

18:00 Cadeler places order to build its third A-class vessel
17:34 Van Oord successfully installs first monopile using KENC’s flange mounted upending tool
17:12 The fire engulfed approximately 600 square meters of metal waste on industrial premises at the port of Hamburg
16:57 Hapag-Lloyd resumes CGX service between China, West Africa and Germany
16:38 The world's first methanol-powered container ship now on weekly service to the Port of Gothenburg
15:32 Inmarsat launches combined VSAT, LEO and LTE managed connectivity service
14:52 Dominican Republic, Oman and Saudi Arabia join the International Transport Forum
14:21 Canada’s TMX pipeline expansion to boost Asian crude oil trade
13:44 Norwegian Cruise Line expands its presence across Asia Pacific, Australia and New Zealand with over 30 new itineraries
13:21 Canadian Coast Guard issues $15,000 fine for a hazardous vessel
13:18 MABUX: Bunker Outlook, Week 21, 2024
12:51 Dunkerque LNG launches a request for interest for its Small Scale LNG services
12:11 SITC signs a strategic cooperation framework agreement with Fujian Port Group
11:40 Wartsila to convert two Scandlines ferries to plug-in hybrid operation
11:03 Hapag-Lloyd upgrades sea shuttle service between Ukraine and Romania
10:30 Japanese companies complete the early stages of a cross-industry project to create a secure data exchange system between shipyards and shipowners
10:02 GTT Strategic Ventures and Engie New Ventures jointly invest in CryoCollect to support the development of a unique CO2 capture technology for biogas
09:25 NatPower Marine and Peel Ports Group announce plans for first ‘green shipping corridor’ between UK and Ireland

2024 May 22

18:01 Sea-Intelligence: Avg. minimum transit time up 39% on Asia-MED
17:46 Kongsberg Maritime announces energy-efficient upgrade for Solstad’s Normand Sentinel
17:23 FMC launches investigation of the impact of Canadian regulations on U.S.-flag carriers
16:59 Dataloy Systems launches groundbreaking widgets at Breakbulk Rotterdam
15:34 Pyxis Tankers announces JV agreement to acquire modern dry-bulk vessel
15:32 Vympel unveils two concepts of a universal dry bulk / container carrier of Project 00111 Belomorets
14:25 LR awards Approval in Principle to Seaspan Corporation for next generation feeder ship design
13:59 HD KSOE, SHI faces 1trn won contract delays
13:22 HD Hyundai Marine Solution builds ship smartcare center in Busan
12:42 BBC Chartering takes delivery of first “LakerMax” newbuilding, MV BBC LEER
12:16 Copenhagen Port of Malmo and Green2x enter into a partnership to design and operate a biofuel production plant
11:58 Aker BP extends Deepsea Nordkapp firm contract to end 2026
11:20 Echandia secures an order for the delivery of battery systems to a Northern European ferry operator
10:43 Asso.subsea and Nexans join forces on historic Celtic Interconnector Project
09:59 EST-Floattech supplies Octopus battery systems to Wight Shipyard for river Thames

2024 May 21

18:02 MOL holds completion ceremony for newly completed operation and maintenance training facility for offshore wind power generation in Kitakyushu
17:37 SAFEEN Group trials first electric tug in Middle East for Marine Services fleet
17:13 First vessel in new fleet of next generation Parramatta River ferries enters service
16:59 Port Houston container volumes up 5% to 324,177 TEUs in April 2024
16:25 The first prototype trials of the Blue Visby solution demonstrate significant savings of CO2 emissions
15:40 New Times Shipbuilding launches LNG dual-fuel bulker for Eastern Pacific Shipping
15:24 New container service to connect the Chinese port of Qingdao with Mexico
14:52 Astrakhan SRZ launches the Project 22870 Rescue Tug Mikhail Chekov
14:47 TFG Marine’s dual-fuel bunker vessel wraps up first refueling in Singapore
14:12 New Zealand’s Kotahi and Maersk sign a second long term freight agreement to December 2034
13:24 TotalEnergies launches the Kaminho deepwater project in Angola
12:04 Headway Methanol Fuel Supply System supports the successful FAT of China's first methanol dual-fuel low-speed engine
11:17 Alfa Laval receives over 100 orders for its low-flashpoint fuel supply system FCM Methanol
10:45 Port of Los Angeles container volume increases 12% to 770,337 TEU in April 2024

2024 May 20

18:00 ADNOC secures equity position and LNG offtake agreement in NextDecades Rio Grande LNG Project
17:31 EDGE Group and Fincantieri formalise MAESTRAL shipbuilding JV and announce 400 mln euro order for 10 naval vessels
17:02 Genevos awarded European Commission funding for hydrogen fishing vessel demonstrator in ‘H2-SEAS’ consortium