• 2020 November 16 10:07

    MABUX: Bunker market this morning, Nov 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 downward trend on November 13:

    380 HSFO: USD/MT 310.05 (-2.76)
    VLSFO: USD/MT 367.00 (-3.00)
    MGO: USD/MT 433.70 (-1.66)

     

     

     

     

     

     

     

     

     

     

    Meantime, world oil indexes also fell on Nov.13 pressured by fears about a slow recovery in the global economy and fuel demand due to rising COVID-19 infections.

    Brent for January settlement fell by $0.75 to $42.78 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery decreased by $0.99 to $40.13 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.65 to WTI. Gasoil for December delivery lost $9.00 – $344.75 .

    Today morning oil indexes turned into moderate downward movement.

    New coronavirus infections in the United States and elsewhere are at record levels and tightening restrictions to contain the spread have dampened the prospect of a near-term end to the global health crisis.

    It is expected that OPEC+ could extend the group’s current oil production cuts into 2021 or deepen them further if market conditions require. OPEC+ is due to reduce their existing cuts of 7.7 million barrels per day (bpd) by about 2 million bpd in January. Algeria, which currently holds the OPEC presidency, supported an extension of the current cuts into next year, adding that the next OPEC+ meeting could consider a six-month extension. An extension until the end of March is also being considered as an option. OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Nov. 17.

    Goldman Sachs cut its 2021 Brent crude price forecast but said a surge in COVID-19 cases in Europe and the U.S. only represented a “speed bump” before a potential vaccine and continued supply cuts by top producers tightened market fundamentals. The Bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously. The Bank also said that a year-end supply surplus forecast at about 1 million barrels per day (bpd) in December, and an uncertain demand outlook would prompt OPEC+ to delay a planned output rise in January by three months. This could bring the oil market back to a “shallow” 0.9 million bpd deficit in the first quarter of next year.

    The five largest producers of crude oil in Africa face a combined production decline of 19 percent as a result of the pandemic’s effect on oil demand and the acceleration of energy transition efforts. The report published by PwC suggested that African countries—particularly the oil producers, including Nigeria, Angola, Egypt, Libya, and Algeria—could benefit if they choose to use their oil revenues for the early adoption of renewable energy. In fact, African oil exporters have a tough challenge to overcome if they are to diversify away from oil and into renewable energy, especially since governments there cannot afford to be as generous with green-focused economic stimulus as EU governments.

    India reported its first yearly increase in petroleum consumption since February, proving the fuel-guzzling nation’s demand is back despite rising coronavirus cases. Total petroleum demand rose 2.7% year-on-year in October, reaching 17.8 million tons. Road fuels reached pre-pandemic levels, but it was demand for naphtha that really soared. Consumption of the petrochemical industry feedstock surged 15%.

    At least 18 oil tankers are expected to load oil for export from Venezuela in the coming weeks in a sign the sanctioned OPEC nation’s crude exports may rebound this month. Venezuela’s oil exports fell to their lowest levels since the 1940s in October. Venezuela is also preparing to send this month several tankers that it had hired for domestic transportation under time-charter contracts to exports destinations, a strategy it began in August after some vessel owners stopped shipping Venezuelan oil due to sanctions.

    We expect IFO bunker prices may decrease today by 3-6 USD while MGO prices may drop by 6-9 USD.






2024 March 29

18:00 SLB announces agreement to acquire majority ownership in Aker Carbon Capture
17:14 “K” Line and Nippon Gas Line establish a marketing company to provide liquefied CO2 transportation services for carbon capture and storage projects
16:47 VTTI and IKAV enter agreement to purchase majority ownership of Adriatic LNG, Italy
16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels