• 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 July 21

13:04 Odfjell SE sells its ownership share of terminal in Jiangyin, China
12:32 Quark Expeditions debuts new livery and interior design for Ultramarine
11:02 NYK selected for FTSE4Good Index for 17th straight year and FTSE Blossom Japan Index for 3rd consecutive year

2019 July 20

15:47 FortisBC secures first export contract for Tilbury LNG facility
13:42 AIDA Cruises plans practical trial of fuel cells abord one of its ships as early as 2021
12:51 Ports of Long Beach, Los Angeles host Clean Truck Program Rate Workshop
11:37 USCG responds to oil slick near Port Aransas, Texas
10:56 Wallem introduces cloud-based software for simpler workflows

2019 July 19

18:10 NYK holds fleet safety promotion conferences for shipowners and ship-management companies
18:04 Incat Tasmania exports new 111 metre ferry to Spain
17:49 World's largest air-cushioned landing craft takes part in Navy Day parade rehearsal in Baltiysk
17:25 Caspian Flotilla ship crews prepare for Naval Parade
17:03 FortisBC secures first export contract for Tilbury LNG facility
16:22 Project documentation for construction of Nizhny Novgorod hydroengineering facility completed - Victor Vovk
16:03 CMA CGM announces GRR from Asia to East and South Africa
15:50 East Mining Company to invest RUB 11.5 billion in development of its coal project in Sakhalin
15:33 Moby names Damen ASD Tug 2813 Vincenzino O. in Cagliari
15:12 Cargotec posts financial report for January–June 2019
14:47 Blagoveshchensk shipyard completed state trials of hydrographic survey vessel of Project 19910
14:33 NYK recognized for implementation of advanced navigation support tool
14:12 Global Ship Lease announces new charter agreement
13:51 150 graduates of Moscow State Water Transport Academy awarded with diplomas
13:30 RF Government includes NOVATEK’s LNG terminal project into area planning scheme
13:12 Port of Long Beach releases draft Master Plan update
13:07 Epic Gas Ltd. completes acquisition of two vessels of four LPG carriers
12:24 USCG finds federal fisheries violations aboard 5 recreational fishing vessels
12:11 IMO Council condemns tanker attacks in Strait of Hormuz and Sea of Oman
11:31 Naval Group reports order intake growth in H1 to 3.9bn euro
11:14 Ice-breaking LNG carrier for Yamal LNG Project named NIKOLAY URVANTSEV
10:58 Minister of Transport of Malaysia visits World Maritime University
10:26 Saudi Arabia accedes to two important IMO treaties
09:55 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
09:50 MABUX: Bunker market this morning, July 19
09:33 Brent Crude futures price is up 1.91% to $63.11, Light Sweet Crude – up 1.48% to $56.12
09:16 Baltic Dry Index is up to 2,130 points

2019 July 18

18:05 Future expectations for MPS Terminal 3 in the port in Tema outlined with Government delegation
17:24 PGNiG acquires interest in another gas field in the North Sea
17:18 DNV GL supports 2020 sulphur compliance with online Ship Implementation Plan
17:05 OOCL announces new Middle East / Indian Subcontinent – North Europe Service
16:35 Consortium including DEME and Jan De Nul explores pioneering high-wave offshore solar technology
16:07 Large maritime market players join hands to create high-wave offshore solar panels
15:52 State Duma makes it easier for foreign tourists to visit Russia’s Arctic
15:35 Incat Tasmania delivers new 111-metre ferry to Spain operator Naviera Armas
15:18 Hapag-Lloyd launches South-East India – Europe Express Service // IEX to start operations in October 2019
15:01 Operation ATALANTA welcomes ESPS CANARIAS
14:26 Bunker prices are slightly down at the Far East ports of Russia (graph)
14:00 Diana Shipping announces time charter contract for m/v Selina with Ausca
13:44 PortNews Media Group's anniversary celebration photo release
13:22 Aleksey Khaidukov as President of Novoship
13:00 Global Ports Holding invites proposals for Duty Free and Travel Retail operations at Malaga, Zadar, Cagliari and Catania cruise ports
12:47 East Mining Company eyes arranging offshore transshipment of coal in Kamchatka under Tata project
12:09 Wärtsilä posts financial results for January-June 2019
11:53 Construction of LNG-powered icebreakers to be financed by NOVATEK – Vyacheslav Ruksha
11:31 RF Deputy PM Maksim Akimov set a task to begin dredging in the Gulf of Ob not later than on 1 August 2019
11:09 Port of Muuga strengthened with new ferry connection to Finland
10:48 Primorsky MRC terminal to offer fully closed transshipment of loose cargo
10:30 MAN Energy Solutions gets subsea compression FEED order from Chevron
10:09 Port of Lowestoft names new state-of-the-art pilot boat
09:56 MABUX: Bunker market this morning, July 18
09:50 APM Terminals Callao launches Peru’s first digital customer platform