• 2019 March 12 10:05

    MABUX: Bunker market review as of this morning, Mar. 12

    The Bunker Review was contributed by Marine Bunker Exchange

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) fell slightly on Mar.11:

    380 HSFO - USD/MT - 419.07 (-0.36)
    180 HSFO - USD/MT - 466.21 (-1.93)
    MGO        - USD/MT - 638.36 (-3.71)


    Meantime, world oil indexes rose on Mar.11, lifted by comments from Saudi Arabia that an end to OPEC-led supply cuts was unlikely before June.

    Brent for May settlement increased by $0.84 to $66.58 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April delivery rose by $0.72 to $56.79 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.79 to WTI. Gasoil for March delivery gained $1.75.

    Today morning oil indexes are steady so far.

    As per Saudi Arabia, OPEC will continue producing less crude oil than it could until at least June as April, when OPEC+ meets, would be too early to end the cuts. It is expected that demand for crude will remain healthy this year, driven mainly by the United States and China. However, the former is becoming increasingly self-sufficient in oil, which might interfere with expectations for strong demand from that particular direction.

    Meantime, Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed oil production cuts into a second month. This is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending. With Venezuela output falling further due to U.S. sanctions and power blackouts, oil refiners put in requests for Saudi crude of more than 7.6 million barrels a day for April. However, the kingdom will supply overseas customers with less than 7 million barrels a day, 635,000 barrels less than refiners asked for however.  

    Prices were also buoyed by latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834. The Paris-based International Energy Agency however said on Mar.11 that crude output in the United States will rise nearly 2.8 million bpd to 13.7 million bpd in 2024 from about 11 million bpd in 2018.

    Rosneft sent cargoes of naptha to Venezuela to help PDVSA process its heavy crude, a lifeline for President Maduro who is suffocating under U.S. sanctions. Without diluents, PDVSA’s oil production would collapse, so the shipments could prevent such a catastrophe. Meanwhile, PDVSA has lost control of several key refineries in the Caribbean.

    Norway has decided to exclude oil producers from its $1 trillion sovereign wealth fund, a significant move that highlights investor anxiety about the longevity of the oil business. The fund owns $37 billion in oil and gas shares, but the fund recommended the divestment in order to avoid the risk of volatile and low oil prices. “The plan still needs approval by parliament but the news rendered some pressure on the fuel indexes.

    It is expected that the Sharara crude oil field in Libya will recover its daily rate of production to 300,000 bpd within two weeks. The field was originally closed for production in December, when clashes between militant groups forced the National Oil Corporation of Libya to institute a force majeure, which was only lifted last week. The three-month blockade of the field had cost it US$1.8 million and 20,000 bpd in lost production capacity as a result of vandalism and looting. The outages in Libya are one of the most important upward drivers for fuel prices at the moment.

    International shipping associations have reduced the so-called High Risk Area for piracy attacks on ships and tankers in the Indian Ocean, but emphasized that serious threat remains despite the area reduction. Earlier this year, the International Chamber of Commerce’s International Maritime Bureau (IMB) published its annual piracy report, which showed that the number of piracy incidents in the world increased in 2018, due to a marked rise in attacks against ships and crews around West Africa. The IMB Piracy Reporting Centre (PRC) recorded 201 incidents of maritime piracy and armed robbery globally last year, up from 180 such incidents in 2017.

    The IEA estimates that demand for high sulfur fuel oil (HSFO), the main vessel fuel since the 1960s, will plunge to 1.4 million bpd from 3.5 million bpd in just one year, and that there will be 4,000 scrubbers installed on large vessels by the end of 2020, consuming 700,000 bpd of fuel oil. The drop in fuel oil demand and the rise of petrochemicals over the next few years will benefit the U.S. oil producers whose typical crude products are lighter.

    We don’t expect bunker prices will have any firm trend today. Insignificant and irregular changes in a range of plus-minus USD 2-5 may prevail.




2019 May 19

16:51 Hamburg Süd strengthens its product portfolio on the Europe–Central America, Caribbean and South America West Coast trade
15:47 CMA CGM to implement FAK rates for Asia to the Middle East Gulf, Asia to Pakistan / India / Sri Lanka trades
14:12 NYK develops Japan’s first additive for fuel oil compliant with 2020 SOx regulation
13:32 Hapag-Lloyd to restructure its Service Portfolio to/from Caribbean, Central America and SAWC
12:14 CMA CGM announces new FAK rates on Asia - North Europe service
11:06 USCG rescues 3 from sinking sailboat off Hatteras Inlet
10:16 PSA’s BMCT and CITPL hold Hyderabad trade meet

2019 May 18

15:12 CMA CGM launches the Reefer Pharma division for the temperature-controlled transportation of pharmaceutical products
14:51 DNO completes USD 400M bond placement
13:02 AAL delivers from China four RTGs to Port of Felixstowe
12:31 USCG deploys containment, collection system at Mississippi Canyon 20 site
11:07 Kotug Smit performs naming ceremony for tug ‘Buffalo’

2019 May 17

18:22 Maersk launches new CLX service, optimized West Coast Latin America - NE network
17:49 Madrid, Spain to host the International Cruise Summit on 27-28 November 2019
17:14 Krasnoye Sormovo delivers Idel-1, sixth ship of Project RSD59 series ordered by STLC
16:40 MPC Capital AG announces key figures for the 1st quarter 2019
16:16 Vyborg Shipyard launches second serial trawler of Project KMT01 built for Arkhangelsk Trawl Fleet
15:58 Leningrad Region presented layout of multimodal transport and logistics center at Bronka port
15:27 Nord Stream 2 AG submitted third permit application and EIA to DEA
15:04 Klaveness Combination Carriers ASA declares two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding
14:49 Marine Rescue Service takes delivery of Bakhtemir, lead ship in a series of four multifunctional salvage tugs of Project MPSV12
14:20 Net profit of Port Vanino for 1Q’19 calculated under RAS grew by 39.8% to RUB 562.34 million
14:03 Damen and De Beers Marine Namibia formalise new relationship, with Mangalia yard centre stage
13:58 IMO held national maritime transport policy training for Saint Kitts and Nevis
13:35 BC Ferries to implement fuel surcharge of 1.5 per cent on June 1 2019
13:21 Bunker prices started going up at the port of Saint-Petersburg, Russia (graph)
13:09 Grimaldi Group's ro/ro vessel Grande Europa was hit by a fire
12:52 PGNiG Group posts over one billion in net profit for the first quarter of 2019
12:30 Maersk Product Tankers completes sale and leaseback agreement
12:09 DEME Offshore awarded major Hornsea Two contract for foundation and turbine installation
11:43 Taganrog Sea Commercial Port handled 323,000 tonnes 1Q’2019
11:30 LR to support the Italian Shipping Community through RO status
11:09 CMA CGM announces General Rate Restoration from Asia to West Africa
10:48 Northern Fleet ASW Severomorsk completed training in Norwegian sea
10:30 MODEC commissioned MAN Energy Solutions to supply a total of six compressor trains for a new FPSO vessel in the Gulf of Mexico
10:09 Secretary General of IMO to outline future of ocean regulations at Nor-Shipping 2019
09:51 Port of Tallinn Group’s revenue in 1Q’19 amounted to EUR 28.5 million, profit to 11.0 million
09:32 Brent Crude futures price is up 0.33% to $72.86, Light Sweet Crude – up 0.45% to $63.15
09:30 ECSA marks the European Maritime Day 2019
09:16 Baltic Dry Index is flat at 1,032 points
08:25 MABUX: Bunker market this morning, May 17

2019 May 16

18:05 RAS net profit of Russian Railways for 1Q’19 up 1.9 times YoY to RUB 17.7 billion
17:50 BPO shares Baltic experience and discusses market trends at Global Liner Shipping
17:27 BIMCO to publish industry’s first offshore decommissioning contract
16:38 LUKOIL drills record breaking wells at D41 in the Baltic Sea
16:16 USCG, FEMA, Cal OES meet to discuss emergency response in San Francisco
15:34 Throughput of Tuapse Sea Commercial Port in 1Q’2019 grew by 8% YoY to 4.2 million tonnes
15:11 Container Terminal Saint-Petersburg handled 202,300 TEUs in 1Q’2019, up 20% YoY
14:49 IAPH World Ports Conference concludes successfully in Guangzhou
14:17 The AEC welcomes new chair, signs MoU with Arctic Council
13:53 Vladivostok Sea Fishing Port handled 93,800 tonnes of cargo in Jan-Apr’19, up 9.6% Y-o-Y
13:30 Rosmorrechflot: Ambal ferry to enter the Baltijsk-Ust-Luga line till the end of the week
13:05 Shipyard De Hoop delivers cruise vessel ‘Celebrity Flora’ to Celebrity Cruises
12:44 Finland to deposit its instrument of accession to HNS Convention after major countries receiving hazardous substances accept it
12:22 Maiden call of Celebrity Edge at the Port of Southampton marked with traditional plaque & key ceremony
12:00 Şadan Kaptanoğlu elected BIMCO President
11:36 Bunker prices show no considerable changes at the Far East ports of Russia (graph)
11:13 Maunu Visuri appointed as President and CEO of Arctia Ltd
11:01 Long Beach Harbor Commission appoints Director of Finance
10:51 Kitack Lim to outline future of ocean regulations at Nor-Shipping 2019