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  • MABUX: Bunker market this morning, Dec. 2
  • 2020 December 2 09:25

    MABUX: Bunker market this morning, Dec. 2

    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 Dec.01:

    380 HSFO - USD/MT - 327.13 (+0.15)

    VLSFO - USD/MT – 395.00 (+1.00)

    MGO - USD/MT – 461.38 (-0.98)

    Meantime, world oil indexes declined on Dec.01 as OPEC+ failed to reach an agreement regarding production cuts in 2021, with the three most influential members all disagreeing on how to proceed.

    Brent for February settlement decreased by $0.17 to $47.42 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January fell by $0.79 to $44.55 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.87 to WTI. Gasoil for December delivery lost $0.75.

    Today oil indexes continue to slide down hit by a surprise build in oil inventories in the United States and as OPEC+ delayed a formal meeting to decide whether to increase output in January.

    The market was waiting for the decision of the OPEC+ to freeze output at its current level for at least another several months, rather than raise it by 1.9 million barrels a day, as had been foreseen when the group last met. However, the United Arab Emirates, reportedly supported by non-OPEC member Russia, had floated the idea of raising production by 500,000 barrels a day from January 1.

    The failure to agree on an output level for OPEC as a group meant that it pushed back until Thursday a final decision in concert with Russia and other non-OPEC members. Additional supply would undermine a recent rally which saw prices soar about 27% in November, and some nations are concerned about lower prices as demand remains weak and COVID-19 infections soar. However, the United Arab Emirates (UAE) said this week that even though it could support a rollover, it would struggle to continue with the same deep output reductions into 2021. Meanwhile non-OPEC+ member Norway's oil output curbs, in place since June, are set to end on Dec. 31, which could further dent prices.

    U.S. crude inventories rose by 4.1 million barrels last week, according to the American Petroleum Institute (API), after a build of 3.8 million barrels the previous week. Gasoline and distillates inventories rose by 3.4 million and 334,000 barrels. The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies increased by about 2.4 million barrels last week. 

    Global demand for oil is running about 5 million to 6 million barrels per day (bpd) below pre-coronavirus crisis levels, according to Gunvor trading house. It is also said that the market would not recover to 2019 levels for at least a year and OPEC with its allies were likely to prolong existing production cuts into the first quarter of 2021. Demand plunged by almost a third and crude prices crashed in April as 4 billion people were placed under some form of lockdown to contain the spread of the novel coronavirus. A recovery in fuel consumption since June has stalled as major European states lock down to combat a second wave of COVID-19 infections. The vaccine will not change the realities on the ground for the next 5-6 months.

    We expect bunker prices may demonstrate slight downward changes today: 1-3 USD down for IFO and 1-3 USD down for MGO.


2022 October 4

15:04 Petrofac takes over operatorship of the Northern Endeavour FPSO facility
14:20 Northern Delivery programme of navigation season 2022 is nearly completed ‒ Rosmorrechflot
14:03 Maersk Oil Trading, METS, Mitsui and ABS develop methanol bunkering project in Singapore
13:41 Rosmorrechflot reports reduction of oil products transportation by Russia’s IWW in 2022
13:22 Tallink Grupp reports largest quarterly passenger number since 2019
13:02 REGENT and TotalEnergies partner to explore use of electric seaglider for maritime travel to offshore energy platforms
12:34 Sval Energi completes USD 1.3 billion deals
12:01 Multipurpose dry cargo ship of Project RSD34 can be fully fitted with Chinese equipment
11:57 PSA joins ‘The Silk Alliance’ cross supply-chain maritime partnership initiated by Lloyd’s Register Maritime Decarbonisation Hub
11:28 Sweden sends diving vessel to probe leaking Nord Stream pipelines - Reuters
11:23 Fleet maintenance base in Ust-Luga to be loaded with orders until 2030 — Rosmorport
10:45 Finnish Ministry of Foreign Affairs gives a negative decision for the export license to the icebreaker ordered by Norilsk Nickel
10:24 IMO and Commonwealth Secretariat join forces for sustainable maritime development
09:50 Crude oil futures rise on expectation of OPEC+ decision to cut oil output
09:35 Port of Long Beach presents annual emissions inventory report
09:25 Rosatom and Rosmorrechflot work out inland water transport corridors leading to Northern Sea Route
08:51 MABUX: Sharp upward deviation is expected in Global bunker market on Oct 04

2022 October 3

18:23 Preparing container vessels for conversion to green fuels – Maersk Mc-Kinney Moller Center
18:13 Candela's electric hydrofoil ferries could unlock the potential of Seattle's waterways
17:56 Russia needs bulker fleet of 70 million dwt to ensure transport independence in this segment
17:49 Accelleron completes successful spin-off from ABB with shares admitted to trading on SIX Swiss Exchange
17:27 USC to commence building 60,000-dwt bulkers upon completion of Severnaya Verf modernization
17:05 Conti Seafrigo Antwerp realises new frozen food warehouse
16:05 Suez Canal Economic Zone signs contract with Agility to develop and operate a customs and logistics center
15:48 Russia not to face dredging problems on the Northern Sea Route in the coming years – Rosatom
15:24 Amogy launches operations in Norway
15:01 Rosmorrechflot expects throughput of Russian seaports in 2022 to remain flat, year-on-year
14:29 DP World launches a new strategic arm focused on supporting the growth ambitions of large companies
14:06 Performance Shipping announces agreement to acquire eighth Aframax vessel
13:49 Rosmorrechflot plans to have about 50 ships built by 2024-25
13:43 Expro completes subsea decommissioning project on Ireland’s first indigenous gas wells
13:26 Rosmorrechflot considers it necessary to shift container flows from Far East ports to southern ones
12:48 Seven new container lines opened in the Far East Basin this year
12:10 DNV and Pavilion Energy partner to bring fully digital LNG bunkering to Singapore
12:01 Russia’s drifting polar station North Pole-41 commences operation in the Arctic Ocean
11:57 Weathernews launches new service supporting ‘Greener shipping and Sea Logistics’
11:35 Solstad Offshore announces contract for PSV in Brazil
11:34 EverWind and Svitzer announce joint development of green fueled vessels
10:42 Aker Solutions and Siemens Energy to provide the grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm
10:12 The project for a deepening of fairway in the Port of Gothenburg receives permit
09:59 Coal terminal Port Elga planned for construction in Khabarovsk Territory obtains environmental approval
09:35 Mawani and Tabadul sign MoU to develop a new Port Community System
09:16 Crude oil futures rise on possible output cut by OPEC+
09:01 MABUX: Downward changes expected in Global bunker market on Oct 03

2022 October 2

14:13 MISC strengthens its partnership with Seariver Maritime
13:51 Salt designs Bay du Nord FPSO hull
11:27 North Italian terminal orders Generation 6 Konecranes Gottwald Mobile Harbor Crane to lift productivity and eco-efficiency
09:58 GTT receives an order from DSME for the tank design of ten new LNG carriers

2022 October 1

15:31 International carbon collaboration could reshape shipping markets - ICS
13:48 14% of the Port of Valencia’s electrical energy will be of solar origin
12:17 Emissions focus from charterers promises both scrutiny and support - ICS
10:43 Finnpilot Pilotage announces a 4.7% increase in pilotage fees for 2023

2022 September 30

18:05 Port of Cardiff celebrates new distribution centre lease with Owens Group
17:59 Yaroslavsky Shipbuilding Plant launches yet another multi-purpose boat of project 02220
17:28 Hoegh Autoliners offers customers carbon neutral operations
17:05 Maersk Drilling awarded contract offshore Brazil with Shell
16:57 Twelve Chinese sailors die of suspected food poisoning near Vietnam - Australian Associated Press
16:45 CMA CGM launches new early container return incentive
16:25 Kalmar’s EcoFlex rental solution to help Logent improve the sustainability of its cargo-handling activities
16:07 Container ship Sparta delivered 340 TEU of consumer goods to Baltiysk in the Kaliningrad Region