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  • 2020 November 30 09:59

    MABUX: Bunker market this morning, Nov.30

    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 irregular changes on Nov.27:

    380 HSFO - USD/MT - 326.40 (-0.49)

    VLSFO - USD/MT – 393.00 (-1.00)

    MGO - USD/MT – 460.54 (+0.79)

    Meantime, world oil indexes increased on Nov.27 ahead of an OPEC+ meeting.

    Brent for January settlement increased by $0.38 to $48.18 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January rose by $0.60 to $45.53 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.65 to WTI. Gasoil for December delivery added $2.50.

    Today oil indexes slight down as the market waits to see if OPEC+ will extend supply caps in January 2021.

    The OPEC+ ministers are scheduled to meet on November 30 and December 1, and rumors state that they are leaning towards delaying 2021’s planned increase in oil output. It is likely, that the alliance will choose to delay the 2-million bpd tapering decision on November 30 by a quarter, from January 1 to April 1. Informal talks between the ministers happened on November 28. Most participants in discussion supported maintaining production curbs at current levels into the first quarter, but met opposition from the United Arab Emirates and Kazakhstan Iraq. They would like the restrictions to be expired, as their oil-dependent economies have been feeling the pinch of both low prices and low production volume. If the existing agreement is revised this week, producers will restart about 1.9 million barrels a day of halted output, potentially pushing the global market back into surplus and undermining the recent surge in crude prices.

    On Nov. 26 Nigeria's President Muhammadu Buhari also said his country needed to produce more oil to support its economy and build infrastructure for its sizeable population, many of whom are poor. He urged OPEC to consider that when sharing oil production cuts. Nigeria, earlier this month, asked OPEC to reevaluate its oil production quota by categorizing its Agbami field as condensate. In response, Algeria, which currently holds the OPEC presidency, said any attempt to change oil production quotas could lead to oil market collapse.

    Both of main oil benchmarks were up by almost 7% over the last week. These gains happened after positive news on a possible coronavirus vaccine from AstraZeneca and others dominated the headlines. Nevertheless, doubts have come up over AstraZeneca’s “vaccine for the world”, with many scientists sounding cautious over the trial results. At the same time, even if a successful vaccine rollout should break the link between infection and mobility, global oil demand will likely only reach its pre-pandemic run rate by the middle of 2022.

    Positive signs for demand continue to emerge from China, with at least one fuel supplier already gearing up for an expected surge in air travel ahead of the Lunar New Year holiday. Meanwhile, Chinese refiners may ramp up fuel shipments in December after they received more export quota and as returns from making diesel improve in Singapore.

    Moreover, the China Manufacturing Purchasing Managers Index (PMI) has risen faster than expectations, at 52.1 as opposed to a forecast 51.5. China, the world's second-largest economy and top oil importer, expanded factory activity at its fastest in more than three years in November, keeping on track to be the first major economy to fully recover from the coronavirus crisis.

    Alongside strong demand from Asia, there are signs consumption is also gradually improving elsewhere. Foot traffic in U.S. airports hit the highest since March before the Thanksgiving holiday, though it remains about 1.5 million people lower year-over-year, according to data from the U.S. Transportation Security Administration.

    We expect bunker prices may demonstrate upward changes today: 1-3 USD up for IFO and 2-4 USD up for MGO.


2021 December 4

15:21 MOL and Flotation Energy to explore offshore floating wind in Japan
14:51 Sembcorp Marine's LMG Marin to design world’s first zero-emission fuel tanker
13:09 USCG, royal Turks and Caicos Islands Police Force sign MOU
12:34 The Hurtigruten terminal has been renamed Jektevik terminal
11:02 Port of Rotterdam Authority embarks on partnerships with three promising maritime companies

2021 December 3

18:26 Hydrographic Company set to establish Center of Engineering and Technical Expertise
18:07 ABP Humber complete oil spill incident management exercise
17:52 Wärtsilä OPTI-DP Engagement Tool supporting the marine industry to configure optimised propulsion arrangements for DP vessels
17:45 Ocean Network Express conducts a joint crisis management drill with Seaspan Corporation
17:40 Transport Strategy of Russia until 2030 with forecast until 2035 published on official portal
17:22 MSC adds Hamburg to its feeder service „Baltic Loop 3“
17:02 Vyborg Shipyard launches KMT01 trawler named Kara Sea
16:32 South African minister visits Port of Rotterdam to discuss hydrogen exports
16:05 PD Ports contracts Konecranes to convert four RTGs to electric
15:31 Four Jones Act CTVs built to ABS Class to support U.S. offshore wind development
15:17 ABS, NYK, MTI and WinGD team-up to verify design with modeling and simulation
14:03 Jurong Port joins the Castor Initiative
13:30 ABS awards sustainability notations to two Harvey Gulf vessels
13:04 Kapitan Dranitsyn and Admiral Makarov icebreakers reinforced icebreaker group on NSR
12:57 Royal IHC delivers key components for “R.B. Weeks” to Weeks Marine
12:42 Icebreaker assistance season begins in White Sea waters
12:17 Sailing practice of 2021 on Mir sailing ship successfully completed
11:21 NCSP Group's consolidated revenue for 9M’2021 rose by 9.3%
10:53 Foreign contractors can be involved to build LNG-powered icebreakers for Arctic
10:38 MABUX: Bunker prices may demonstrate multidirectional changes with tendency to grow on Dec 3
10:29 The Korean Register publishes guidance for containers loading on bulk carriers
10:20 MSU-1 to perform reconstruction of Gorodetsky hydrosystem locks
09:57 Annual repair dredging in Gulf of Ob from 2023 estimated at 5 million cbm
09:35 Crude oil prices rise on OPEC+ decision to keep oil output increase in January
09:18 Baltic Dry Index as of December 2

2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam