• 2019 May 21 08:05

    MABUX: Bunker market this morning, May 21

    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) changed insignificant and irregular on May 20:

    380 HSFO - 442.49 (-0.03)
    180 HSFO - USD/MT - 477.51 (+0.14)
    MGO - USD/MT - 705.18 (-2.97)

    Meantime, world oil indexes also changed irregular on May 20 after OPEC indicated it would probably maintain production cuts that have helped support prices this year.

    Brent for July settlement decreased by $0.24 to $71.97 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery gained $0.29 to $63.21 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.76 to WTI. Gasoil for June lost $5.50.

    Today morning oil indexes have started the session with no firm trend.

    Saudi Arabia said on May 19 there was consensus among the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers to drive down crude inventories gently but the Kingdom would remain responsive to the needs of a fragile market. UAE in turn stressed up that producers were capable of filling any market gap and that relaxing supply cuts was not the right decision.

    Bank of America Merrill Lynch warns that Brent crude oil could reach $90 per barrel. Bank claims that the IMO rules regarding the allowable sulphur content, to take effect in 2020, could cause a spike in middle distillate demand, pressuring prices upward. Also pushing up prices could be the weakening dollar should the trade war between China and the United States simmer down. In February, Bank of America estimated that Brent crude would be trading within the $50 to $70 per barrel band through 2024, with prices anchored around $60 per barrel, citing rising US shale supplies and slowing oil demand growth. Along with its $90 per barrel warning, Bank said there was a risk that Brent could dip to $50 per barrel, if the trade war between China and the United States were to hurt consumer sentiment and lead to an economic downturn.

    Saudi Arabia may soak up some of Iran’s previous market share on the Indian market as Saudi Aramco is set to ship additional 2 million barrels per month to Indian Oil Corp between July and December this year on top of the existing term supply deal between the two companies. India, Iran’s second largest oil customer after China, was one of the eight countries that were granted six-month waivers to continue buying oil from Iran after the U.S. re-imposed sanctions on the Iranian oil industry in November. The United States, however, pursued a maximum pressure campaign against Iran last month and put an end to all sanction waivers for all Iranian oil buyers. This put Indian refiners in a position to source the market for alternatives.

    A month before OPEC and allies are set to discuss the future of their production cut deal, the leader of the non-OPEC group, Russia, appears to have finally fallen in line with its share of the cuts, producing below its OPEC+ quota for the month of May. Russia’s oil production between May 1 and 16 averaged 11.156 million bpd,  which means that Moscow is now below its quota under the production cut deal, although the decline in production may have been the result of restricted exports via the Druzhba oil pipeline due to a contamination issue.

    Venezuela’s oil production surprisingly inched up in April, to 768,000 bpd from 740,000 bpd in March. However, a PDVSA report has revealed that since the start of May, production has slumped by as much as 77 percent to 169,800 bpd because of the lack of tankers to carry the crude.

    Global ship insurers are monitoring increased tensions in the Middle East and considering their next course of action. Last week London maritime ship insurers met to consider whether or not to increase shipping insurance rates for tankers in the Arabian Gulf. However, they have failed to reach a consensus so far, as the group doesn't have enough information yet to make a decision over rate possible increases.

    China has issued a new batch of oil product export quotas and they are 5.3 percent higher than they were this time last year as the country’s refineries return to processing record-high amounts of crude oil. The total that Chinese refiners can export comes in at 45.29 million tons since the beginning of the year. That’s up from 43 million tons a year ago. The biggest share is for gasoline, at 9.09 million tons, and next is gasoil with quotas for 9.175 million tons. There is a concern among refiners in other Asian countries that surplus fuel production in China would spill into neighboring countries, undermining the profit margins of local refiners.

    We expect bunker prices may slightly decline today in a range of minus 1-5 USD.




2019 September 20

18:41 Vostochny Port joins Coordinating Council on Trans-Siberian Transportation as its permanent member
18:22 IAA PortNews offers photo release from 'Development of Icebreaking and Support Fleet' conference held on NEVA 2019 zero-day
18:05 Global Ship Lease announces new five-year $268 mln credit facility for debt refinancing
17:24 Vostochny Port’s harbour services fleet presented at dedicated conference in Saint-Petersburg
17:05 F. A. Vinnen places entire fleet with Verifavia Shipping & Rina for IHM services
16:50 Helsinki Shipyard (Finland) to build two liners for polar cruises
16:35 COSCO SHIPPING Ports announces disposal of interest in various port assets and possible disposal of Taicang Terminal and Jiangsu Petrochemical Terminal
16:21 ABB presents electric power and propulsion solutions for icebreaking vessels at NEVA 2019
16:05 Port of Los Angeles protects overall clean air gains
15:19 Port of Riga rapidly increases volume of handled wood pellets
14:53 South Korean port to slash passenger vessel emissions with ABB shore power
14:15 Krasnoye Sormovo launches Pola Pelagia, dry cargo carrier of Project RSD59З, for Pola Rise
13:30 Damen Shipyards Group is ready to ensure construction of electric water buses for rivers and canals of Saint-Petersburg and Russia
13:12 MSC Cruises and Fincantieri unveil further details of MSC Seashore at coin ceremony
12:24 Victor Olersky sees promising future of electric river passenger ships in Saint-Petersburg and in Russia
12:09 Algoma Central Corporation announces agreement to acquire Croatian-built vessel
11:28 Specifications for 0.50% sulphur fuels and the PAS from ISO: IBIA explains
11:09 GTT obtains Approval in Principle from Bureau Veritas for the Mark III Flex technology on ice-breaking LNG carriers
10:52 IBIA and S&P Global Platts collaborate to help shipping industry comply with IMO 2020
10:31 Workshop for training on emergency response, preparation and planning held in Manila
10:09 Van Oord and Shell test the use of biofuel on trailing suction hopper dredger HAM 316
09:50 State Duma ratifies Convention on the Legal Status of the Caspian Sea
09:33 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.98% to $58.7
09:25 Lloyd’s Register, China Merchants, GTT, CNOOC, DSIC form jv to design LNG-fuelled VLCC
09:17 Baltic Dry Index is down to 2,192 points
08:58 MABUX: Bunker Market this morning, Sept 20

2019 September 19

18:04 Bibby Marine Services takes the next step to optimize walk-to-work operations
17:56 Marinet approves Poseidon maritime cyber security project
17:37 American Ethane reveals plans to order 17 VLECs
17:34 Wärtsilä’s Board of Directors decided on the distribution of the second dividend instalment
17:22 Marinet approves T2OT project for high accuracy positioning of seagoing vessels
17:04 VARD secures advanced stern trawler contract with Luntos
16:50 Average wholesale prices for М-100 HFO down to RUB 14,328 in RF spot market
16:34 Zeebrugge port authority invests in new 1,071 meter quay wall
16:04 RINA to classify Swedish Maritime Administration fleet
15:53 Marinet set to establish exports support center in Finland in 2020
15:34 MacGregor secures orders worth more than EUR 20 million for projects in Europe and Asia
15:05 Wärtsilä foresees a lower result for 2019
14:31 North Pole ice-resistant platform presented by Admiralteiskie Verfi at NEVA 2019
14:09 ABS announces LNG Cargo Ready notation for ethane carriers at Gastech 2019
13:46 Hyundai Heavy Industries receives AIP for new LPG carrier design
13:03 Bunker prices go up at the Far East ports of Russia (graph)
12:40 ABS and AEC сollaborate on newbuild VLEC fleet
12:17 Murmansk Sea Fishing Port handled 171,200 tonnes of cargo in 8M’2019, down 28.5% Y-o-Y
11:58 PortNews-TV offers video on naming ceremony for PortNews tanker
11:36 International symposium on Anthropogenic Underwater Noise held in Hamburg on 10 September
11:09 LR awards DSME AiP for 98,000 m3 VLEC design with High MnA steel tank
10:42 Ships of RF Navy’s Caspian flotilla take part in Tsentr 2019 maneuvers
10:09 Singapore and Panama ink MoU to strengthen maritime relations
09:51 Brent Crude futures price is up 0.20% to $63.73, Light Sweet Crude – up 0.33% to $58.23
09:49 MABUX: Bunker market this morning, Sept 19
09:33 Baltic Dry Index is down to 2,266 points
09:18 ABS grants AIP for two next generation gas carrier designs

2019 September 18

18:26 SGRE confirmed member of the Dow Jones Sustainability Indices in 2019
18:03 MOL repays existing loans through issuance of project bond for FPSO charter project
17:48 Russia’s Rosmorrechflot and Ministry of Industry and Trade develop preferential leasing programme
17:30 Vympel DB develops concept design for Arctic cruise ship
17:22 Metal Shark delivers new foil-assisted catamaran excursion vessel to Pure Florida
17:11 US Coast Guard shifts response efforts in Bahamas
17:03 ECSA considers the European State Aid Guidelines for maritime transport highly successful and key to maintaining a strong European shipping sector