• 2019 May 22 08:53

    MABUX: Bunker market this morning, May 22

    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 21:

    380 HSFO – 441.87 (-0.57)
    180 HSFO – USD/MT – 478.05 (+0.11)
    MGO – USD/MT – 702.90 (-3.34)

    Meantime, world oil indexes also changed irregular on May 21 as the prospect of mounting U.S.-Iran tensions disrupting supply was offset by concerns that a lengthy trade war between Washington and Beijing would limit crude demand.

    Brent for July settlement increased by $0.21 to $72.18 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery gained $0.03 to $63.13 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.05 to WTI. Gasoil for June lost $6.50.

    Today morning oil indexes demonstrate slight downward movement.

    OPEC and its partners may decide to keep the oil production cuts until the end of the year as the cartel fears a steep price drop if cuts were to be reversed within the next couple of months. However, there seem to be two ways to do that: one would be to have everyone comply 100 percent with the production targets set out in the December agreement that called for the removal of a combined 1.2 million bpd from global supply. Another is to allow individual members of the club to implement a different level of cuts by taking as baseline the average monthly production rate for a month of their choice between September and December 2018. However, while an attempt at strict compliance with the December targets would eventually reduce global inventories in the second half of the year, the other option would result in an eventual increase in the five-year average of global supply.

    Despite criticizing the U.S. decision not to extend any sanction waivers for Iranian oil customers, Turkey appears to be fully complying with the U.S. sanctions on Iran’s oil. Turkey was one of the eight buyers of Iranian oil that were given an initial six-month waiver to continue importing crude from Iran at reduced volumes after the U.S. slapped back sanctions on Iran in November last year. The U.S. ended all waivers for all Iranian customers as of early May. At the moment Turkey had reduced its imports from Iran and has started to buy more oil from Russia, Kazakhstan, and Iraq, to replace Iranian barrels,

    The Houthi rebels in Yemen said over the weekend that last week’s attack on an Aramco oil pipeline in Saudi Arabia was the start of military operations against some 300 vital military targets in the Kingdom and in the United Arab Emirates (UAE). The Houthis have identified targets such as military headquarters and facilities in the UAE and in Saudi Arabia, as well as their bases in Yemen. Saudi Arabia and Iran are essentially fighting a proxy war in Yemen, where the Saudis lead a military Arab coalition to restore legitimacy in the country, while the Houthi movement, which holds the capital Sanaa, is backed by Iran. The heightened tension in the Middle East and the U.S.-Iran standoff have been supporting oil prices in recent days.

    Western oil majors Total and Eni have suspended payments to the Russian companies that sold them contaminated crude via the Druzhba pipeline. Last month, Russia halted supplies via the Druzhba oil pipeline to several European countries due to a contamination issue. Normal deliveries via the pipeline are expected to resume in the second half of May. The supplies via the Druzhba pipeline are made according to Russian law, under which buyers first pay, and if they are not satisfied with the quality of the crude, they can claim damages and compensations. The Russian oil supply contamination has disrupted the refinery operations of some companies. Total, as an example, halted last week some of the units at its 230,000-bpd Leuna refinery in Germany to conduct technical checks.

    Crude and lease condensate production in the North Sea is set for lower levels in the summer months, further tightening the global oil market. Current unplanned outages at Oseberg and Flotta in the North Sea restrict a total of 160,000 bpd of North Sea production. It is estimated that outages in the North Sea in May will be 185,000 bpd. Yet, the biggest disruption is expected next month, when North Sea oil production is seen down to its lowest level since August 2014 because of scheduled maintenance at Ekofisk. The news rendered support to the fuel prices.

    We expect bunker prices will not haver firm trend and will change irregular in a range of plus-minus 1-4 USD.




2019 June 25

18:06 VARD orders seawater cooling for newbuild cable layer
17:34 ABP Humber Estuary Services (HES) purchased new £600,000 survey vessel
17:06 Q-Flex vessel sets delivery benchmark in Turkey
16:28 Awilco LNG posts vessel and contract update
16:22 Zhatai Shipyard to be provided with RUB 4.1 billion of budget investments in 2019–2021
15:59 Maersk introduces Maersk Spot, a new fully online product that simplifies the buying process for customers
15:15 NCSP Group announced decisions made at annual general shareholders' meeting
14:51 IMO: committed to implementation
14:20 ABP King’s Lynn investment attracts new construction industry customer
13:37 MAN B&W dual-fuel engines pass half-million hour milestone
12:59 ECSA celebrates the Day of the Seafarer
12:47 Bunker market sees mixed price movements at the Far East ports of Russia (graph)
11:58 Fuel technologies in the spotlight at ABS Hellenic Technical Committee
11:39 Dickson obtains status of international port
10:58 MEYER WERFT hands over Spirit of Discovery to the British cruise line Saga Cruises
10:42 Concordia Damen ships 18 hulls from Shanghai to Rotterdam
10:24 Gender equality is the theme of Day of the Seafarer 2019
10:03 Brent Crude futures price is down 0.81% to $63.66, Light Sweet Crude – down 0.88% to $57.39
09:46 MABUX: Bunker market this morning, June 25
09:16 Baltic Dry Index is up to 1,258 points

2019 June 24

18:05 Training Montenegro to combat oil spills
17:50 Four cruise ships visit the Port of Riga at the same time
17:27 Finnish Government proposes supplementary appropriation of EUR 40 million for basic infrastructure management
17:05 Austal delivers third guardian class patrol boat to the Australian Department of Defence
16:47 Incat Crowther announces contract to design a 65m catamaran passenger ferry
16:46 Construction and operation of dual-fuel ships has low economic efficiency – USC President
16:45 Maersk Drilling completes sale of jack-up Mærsk Giant
16:24 USC set to build floating electricity-generating facilities running on LNG supplied by bunkering ships
16:03 Van Oord and Mammoet enter into cooperation with scale-up Verton
15:45 United Shipbuilding Corporation to launch the first LNG-powered ferry for Ust-Luga – Baltijsk line in late July
15:30 United Shipbuilding Corporation establishes USC-Propulsion and USC-Interior subdivisions
15:03 MOL signs deal on a long-term charter contract to utilize "MOL FSRU Challenger" for Hong Kong Offshore LNG Terminal Project
14:42 New USC Vice-President, Civil Shipbuilding, to get into office on 10 July 2019
14:21 USC expects its Astrakhan cluster to build 12 river-sea class ships per year
14:03 Yang Ming announces new China-Thailand direct service
13:37 Port of Rotterdam Authority to collaborate with four new companies
13:25 Igor Vasilyev appointed as Acting General Director of FTI Rostransmodernizatsiya
13:02 ARIES gained ABS Certification: Middle East 1 st Remote Inspection Techniques specialist
12:20 BC Ferries releases year-end results
12:10 Keel laid for the first of Damen’s revolutionary new FCS 7011 Crew Change
11:56 Average wholesale prices for М-100 HFO down to RUB 15,377 in RF spot market
11:29 FESCO to launch new container train to China via Far East overland route
10:58 Southern Center of Shipbuilding and Ship Repair acquired property of Krasniye Barrikady plant
10:35 Satti floating drilling unit owned by Kazmortransflot delivered to Azerbaijan
10:13 Throughput of Chinese ports grew by 4.1% to 5.5 billion tonnes in Jan-May’2019
09:53 MABUX: Bunker Market this morning June, 24
09:52 Brent Crude futures price is up 0.4% to $64.71, Light Sweet Crude – up 0.68% to $57.82
09:34 Container throughput of port Hong Kong (China) down 7.7% to 7.55 million TEUs in Jan-May’2019
09:17 Baltic Dry Index is up to 1,239 points

2019 June 23

16:29 INPEX submits revised plan of development for Abadi LNG Project
15:13 Oceanwide Expeditions: Hondius sister ship m/v Janssonius ordered for 2021
14:19 CMA CGM announces FAK rates on Asia - Pakistan, India and Sri Lanka service
13:46 Coast Guard rescues five from capsized boat in Chesapeake Bay
12:43 Danske Commodities signs 20-year PPA with Hywind Scotland wind farm
10:29 TMC sets up office to support Chinese yards

2019 June 22

15:24 AAPA selects Christopher Connor as its new CEO
12:37 TMC contracted by VARD to supply marine compressors for Viking Cruises' vessels
11:23 ABS to class first ‘tri-fueled’ vessel for Harvey Gulf
10:13 Port of Oakland steps up as ships carry bigger loads than ever
10:05 Coast Guard responds to barge aground in Naknek, Alaska