• 2020 November 11 09:31

    MABUX: Bunker market this morning, Nov 11

    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 upward changes on November 10:

    380 HSFO: USD/MT 302.36 (+8.59)
    VLSFO: USD/MT 358.00 (+13.00)
    MGO: USD/MT 425.61 (+16.59)


    Meantime, world oil indexes also increased on Nov.10 as the market continued to reassess the outlook for fuel demand in the wake of an announcement on Monday that encouraged hopes for an early end to the Covid-19 pandemic.

    Brent for January settlement increased by $1.21 to $43.61 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December rose by $1.07 to $41.36 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.25 to WTI. Gasoil for November delivery added $7.25.

    Today oil indexes continue to rise amid positive COVID-19 vaccine news and positive U.S. stockpile data.

    Crude oil stockpile data from the American Petroleum Institute (API) showed a draw of 5.147 million barrels. It was forecasted the draw of only 900,000-barrel. For the previous week API reported a draw of 8.010 million barrels. The market now awaits crude oil supply outlook from the U.S. Energy Information Administration, due later in the day.

    Vaccine news on Nov.09 from Pfizer Inc. is still support the market. However, there is yet to be certainty in that area. Pfizer announced its experimental Covid-19 drug had proved over 90% effective in preventing the coronavirus, citing results from a late-stage trial. Encouraging forecasts for returns to pre-pandemic consumption levels in the mid-term are helping push the oil prices up. At the same time, there are concerns, that this can affect demand destruction in Europe through year-end, although it could delay stricter restrictions in the United States.

    From the other side, with Covid-19 cases still surging, not least in the U.S. the short-term outlook remains challenging. The U.S. recorded its fourth straight day of over 100,000 new infections yesterday and surges from California to the Midwest and the Mexican border strongly suggest that the pandemic has veered out of control while the nation has been distracted by the election campaign. As the second wave of the virus hit many Western countries, governments imposed new lockdowns, closing restaurants and bars and banning gatherings. But the measures were not as strict as during the first wave.

    Renewed restrictions in Europe and the United States to combat the coronavirus have slowed down the pace of fuel demand recovery, offsetting a rebound in Asian economies where consumption has almost returned to pre-COVID levels.

    Asian demand is also supporting oil indexes. Chinese inventories had fallen substantially in recent weeks as the domestic economy recovers. That has led to the government increasing private refineries’ import quotas for next year, which will be a net support to global demand. Beijing has also put in place minimum prices for refined products to guarantee refinery margins, at a time when refining margins around the world are under acute pressure. Japan’s demand has returned to close to pre-pandemic levels, also giving encouragement to fuel prices.

    Tropical Storm Eta is also threatening to cut production from U.S. Gulf of Mexico rigs.

    Elsewhere later, the U.S. Energy Information Administration will release its regular Short-Term Energy Outlook, the first of three major surveys on the oil market this week. Reports from OPEC and the International Energy Agency will follow on today and tomorrow, respectively.

    We expect bunker prices may continue to rise today: 5-7 USD up for IFO and 6-8 USD up for MGO.




2024 July 16

12:42 GTT entrusted by Samsung Heavy Industries with the tank design of a new FLNG
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2024 July 15

18:06 European Shipowners and Maritime Transport Unions launch initiative to support shipping and seafarers in the digital transition
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16:24 Saipem awarded two offshore projects in Saudi Arabia worth approximately 500 million USD
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15:43 Singapore's bunker sales rise 8.5% in the first half of 2024
15:27 TORM purchases eight and sells one second-hand MR vessel
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13:35 Regulator gives conditional nod to HD Korea Shipping's purchase of stake in STX Heavy
13:02 HD Korea Shipbuilding wins US$2.67 billion order to build 12 container carriers
12:51 Maersk introduces SH3 ocean service between China and Bangladesh
12:24 ABS to сlass two new Seatrium FPSOs for Petrobras
11:42 CSP Abu Dhabi Terminal surpasses throughput of 5 mln TEUs
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2024 July 14

15:17 FMC issues request for additional information regarding Gemini agreement
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2024 July 13

15:47 €11 million for 1-MW Dynamic Electrolyser Unit
14:11 PSA Group and Singapore mitigate impact of global supply chain disruptions
12:23 NREL: Offshore wind turbines offer path for clean hydrogen production
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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
17:06 AG&P LNG and BK LNG Solution signs an agreement to bring BKLS's first LNG spot cargo into China
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
10:46 Seatrium secures customer contract agreement from Teekay Shipping for the repairs and upgrades of a fleet of vessels
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2024 July 11

18:06 Yanmar and Amogy to explore ammonia-to-hydrogen integration for decarbonized marine power
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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
15:52 The added value of Chinese port cities up to US$869.05 bln in 2023
15:25 HD Hyundai becomes first Korean shipbuilder to sign MSRA with US Navy
13:41 NovaAlgoma orders the world’s largest cement carrier
13:21 Steerprop selected to provide comprehensive propulsion systems for world's largest cable-laying vessel
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11:16 Iraq to establish maritime single window for major ports
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2024 July 10

18:00 MET Group secures long-term US LNG source from Shell
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17:06 HD Hyundai Samho extends a pier at its shipyard in Yeongam, South Jeolla
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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
14:20 Ningbo-Zhoushan port sees 8.4% container volume growth in H1
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