• 2019 May 20 08:59

    MABUX: Bunker market this morning, May 20

    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) continued upward trend on May 17:

    380 HSFO - 418.57(+7.43)
    180 HSFO - USD/MT - 464.79(+6.86)
    MGO - USD/MT - 668.64(+5.43)

     Meantime, world oil indexes edged lower on May 17 due to demand fears amid a standoff in Sino-U.S. trade talks.

    Brent for July settlement decreased by $0.41 to $72.21 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery dropped by $0.11 to $62.76 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.45 to WTI. Gasoil for June lost $8.25.

    Today morning oil indexes have turned into slight upward correction.

    The escalating trade war between the U.S. and China is keeping oil prices subdued, but the fear premium seems to be growing as tensions across the Middle East threaten outages.

    Last week President Trump essentially blacklisted Chinese telecom giant Huawei Technologies from operating in the U.S., escalating the standoff with China. The Chinese government offered a cautious tone in response to trade actions from Washington, but Beijing and state media are taking an increasingly strident line, which suggests China is not close to backing down. China’s currency slid on the news, as did the Shanghai Composite Index.

    The IEA downgraded its demand estimate for 2019 by 90,000 bpd, as a result of an unexpectedly oversupplied first quarter.  The lower demand figure ultimately meant that the global oil market was in surplus in the first quarter by about 0.7 million bpd, a larger glut than expected. As per IEA, the U.S.-China trade war could complicate the situation. The OECD estimates that last year’s round of tariffs shaved off a quarter percentage point from GDP in both countries. The latest increase in tariffs could double the impact to a half percentage point by 2020. The IEA’s resume is that the oil market is sending mixed signals. Weaker demand combined with supply outages and slowing but still significant production growth – it gives a confusing picture in which the market is tightening.

    After about two weeks of rapid escalation in tension between the U.S. and Iran, there might be some signs of the de-escalation attempts made by the U.S. side. President Trump met with Swiss President Ueli Maurer last week. The Swiss have acted as a backchannel for U.S.-Iran talks in the past, which raised speculation that the White House might be trying to decrease the tension. Privately, Trump has said he doesn’t want war with Iran.

    No increased threat seen in Iraq, despite U.S. embassy withdrawal. Royal Dutch Shell said that it was monitoring the security situation in Iraq after the U.S. pulled out embassy staff in Baghdad due to an alleged threat from Iran. Shell, ExxonMobil, BP and others are operating as usual. The decision to remove some workers appears to be a political decision.

    The assault on Tripoli by the Libyan National Army (LNA) has fallen into a deadlock, and the ongoing fighting shows no sign of nearing resolution, despite calls for a ceasefire by global powers. For weeks, Libya’s oil production has held up surprisingly well. Output even rose a bit in April by 71,000 bpd, reaching 1.176 million barrels per day (bpd). The increase is impressive in the context of the outbreak of civil war. But even though Libya managed to prevent production and export outages over the last few weeks, it’s not clear that successful streak can continue, especially because a stalemate between the two fighting factions (LNA and the internationally-recognized Government of National Accord (GNA))
    only increases the odds of an outage.

    The recent attacks on Saudi oil tankers near the Persian Gulf could increase the cost of insurance and security, which may ultimately push up oil and fuel prices.

    The number of active oil and gas rigs fell again in the United States last week, after a string of losses in the weeks prior, keeping the overall rig count well below year-ago levels for a sixth week in a row. The total number of active oil drilling rigs in the United States fell by 3 to reach 802. The combined oil and gas rig count is 987, with oil seeing a 42-rig decrease year on year. US oil production, too, fell for two weeks in a row, with week ending May 10 coming in at 12.1 million bpd—200,000 bpd off the April 26 high of 12.3 million bpd.

    We expect bunker prices may slightly decline today in a range of minus 2-7 USD.




2019 June 20

18:36 Xeneta and Catapult announce agreement
18:06 Inland terminals CTU in Lelystad, HOV Harlingen and Westerman Multimodal Logistics in Hasselt joined the North West Central Corridor
17:36 First European conversion of a dredger to dual-fuel LNG / MGO departs Damen Shiprepair Dunkerque
17:06 ECSA organises workshop on the shipping industry’s interests in the UN negotiations on international ocean governance
17:05 Containerships introduces its second LNG-powered ship CONTAINERSHIPS POLAR and optimizes its Baltic service
16:50 Recovery of vessel traffic in Tushino, Moscow Canal, postponed again causing ship owners’ losses
16:35 Damen Oskarshamnsvarvet Sweden achieves coveted AAA credit rating
16:18 MAN Energy Solutions, Corvus Energy and DNV GL present results of HYCAS study on hybrid power generation
16:04 Knud E. Hansen announces design of 110 m. Adventure Wind Cruise Vessel
15:34 MEYER WERFT announces handover of Spirit of Discovery
15:04 Busan Port Authority and Port of Rotterdam Authority sign contract for the issue of a five hectare site on Maasvlakte Distribution Park West
14:42 Composit participated in Dredging Summit & Expo 2019
14:25 UAE Shipping Association looks to branch out
14:03 MOL and GAIL sign charter contract for one LNG carrier
13:47 DNV GL: Building a marine supply infrastructure as part of a future hydrogen society
13:46 New generation trailing suction hopper dredger ‘Bonny River’ joins the DEME’s fleet
13:28 Helle Hammer awarded WISTA Norway’s LeaderShip Award 2019
12:50 Gazprom Management Committee reviews progress of Nord Stream 2 and TurkStream projects
12:24 Bunker prices are flat at the Far East ports of Russia (graph)
12:01 CMA CGM announces GRR from Asia to West Africa
11:36 ReCAAP ISC and Indian Coast Guard co-hosting 12th Capacity Building Workshop for Maritime Law Enforcement and Regulatory Authorities
11:11 NCSP Group’s consolidated cargo turnover for Jan-Apr 2019 increased by 0.3% to 47.6 million tonnes
10:42 Amendments to be introduced to the Water Traffic Act
10:10 Tallink Grupp connects first two vessels to shore power at Port of Stockholm in a bid to reduce environmental impact
10:09 CMA CGM announces FAK rates from Asia to the Middle East Gulf
09:46 Brent Crude futures price is up 1.81% to $62.95, Light Sweet Crude – up 1.69% to $54.9
09:27 MABUX: Bunker market this morning, June 20
09:17 Baltic Dry Index is up to 1,179 points

2019 June 19

18:14 Port of Southampton signs sister port agreement with PortMiami
18:05 Unique Wärtsilä fresh water production system offers one ton per day fuel savings
17:51 Continued rail investment at the Port of Southampton accelerates air quality improvements
17:28 PGNiG confirms production potential of Poland’s largest gas field
17:03 IMRF announces new Board of Trustees
16:40 Small-size missile ship Orekhovo-Zuyevo, Black Sea Fleet, completes tasks in the Mediterranean Sea
16:02 Hapag-Lloyd announces GRI from Asia to East Coast South America
15:39 Vympel Shipyard launched first Grachonok-class special purpose boat for Federal National Guard Troops Service
15:02 Black Sea Mediterranean Express (BMX Service) Additional Gemlik Call
14:43 Baltic Workboats announces delivery of 100m fully electric ferry
14:21 RS participates in Global Fishery Forum
14:02 MOL and Japanese shipyards design Next Generation Coal carrier 'EeneX'
13:45 Igor Sharkov appointed Director of FESCO Branch Office in Vladivostok
13:26 FESCO opens seasonal transportation to ports of Chukotka
13:02 Van Oord awarded large contract for Mozambique LNG project
12:34 NIBULON Shipbuilding and Repair Yard starts constructing vessels of new project
12:12 ICS meets in Faroe Islands
11:58 Frigate Admiral Gorhskov of RF Navy's Northern Fleet sails through Panama Canal
11:37 Ship inspection platform Idwal urges investors to carry out due diligence on asset condition as standards decline
11:19 WMU signed MOU with Higher Institute of Maritime Studies, Morocco
11:12 Damen signs Phase II contract with International Organization for Migration for nine additional SAR 1906 search and rescue boats
10:55 ABB wins system package with Keppel for dredging contractor Van Oord
10:33 Lavna coal terminal to reach design capacity of 18 million tonnes in 2022
10:00 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:38 MABUX: Bunker Market this morning, June 19
09:32 Brent Crude futures price is up 0.03% to $62.16, Light Sweet Crude – up 0.22% to $54.23
09:15 Baltic Dry Index is up to 1,135 points

2019 June 18

18:36 Spotlighting IMO's actions on climate change
18:31 Transborders Energy signs joint study agreement with Kyushu Electric Power for FLNG Solution
18:06 Kim Heng Offshore & Marine Holdings signs MoU with HHC and Thaitan
18:03 Container service boost at Bristol Port
17:53 IMO and UN Environment – working together to keep the Mediterranean clean