• 2019 June 14 08:53

    MABUX: Bunker market this morning, June 14

    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 downward trend on June 13:

    380 HSFO – USD/MT 388.38 (-5.48)
    180 HSFO – USD/MT – 428.10 (-5.19)
    MGO – USD/MT – 638.56 (-5.84)


    Meantime, world oil indexes rose on Jun.13 after a suspected attack on two tankers in the Gulf of Oman near Iran and the Strait of Hormuz, through which a fifth of global oil consumption passes.

    Brent for August settlement increased by $1.34 to $61.31 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery rose by $1.14 to $52.28 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.03 to WTI. Gasoil for July stayed also added $6.00.

    Today morning oil indexes continue slight upward evolution.

    The charterer of the Marshall Islands-flagged Front Altair carrying naphtha said the vessel was suspected of being hit by a torpedo. The manager of the Panama-flagged Kokuka Courageous carrying methanol said it had been damaged as a result of a suspected attack but that its cargo was intact. Crews from both vessels have been evacuated. The incident followed last month's nearby sabotage attacks on vessels off the Fujairah emirate, one of the world's largest bunkering hubs. Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran's key oil exports. Iran, which has distanced itself from the previous attacks, has said it would not be cowed by what it called psychological warfare.

    OPEC cut its forecast for growth in global oil demand due to escalating trade disputes and pointed to the risk of a further reduction, building a case for prolonged supply restraint in the rest of 2019. As per report, world oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected. OPEC also said its output fell in May as U.S. sanctions on Iran added to the impact of the supply-cutting pact. Production by all 14 OPEC members dropped by 236,000 bpd to 29.88 million bpd.

    The U.S. Energy Information Administration reported that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.2 million barrels from the previous week. At 485.5 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year. The EIA also predicted U.S. oil production will rise by 1.4 million bpd this year, which although a 1-percent reduction from the May projection is still a sizeable rate of increase.

    There is also persistent uncertainty about demand trends as the U.S.-Chinese trade war continues to escalate. The latest update here came from President Trump, who threatened tariffs on another US$300 billion worth of Chinese goods if China’s President Xi Jinping does not make an appearance at a scheduled bilateral meeting during the G20 summit later this month in China.

    The Trump administration is considering secondary sanctions that would close off the ways for Venezuela to export its oil. However, more sanctions may have little effect since Venezuela is exporting to countries that would not comply. In particular, Russia is not going to stop trading oil with Venezuela as a result of official secondary sanctions, especially since Russia itself is being sanctioned by the US.

    Prices for jet fuel for later this year and into 2020 are expected to rise due to new marine fuel regulations - as the need for lower-sulfur fuels in ships cuts into the available supply for similar distillates like diesel or jet fuel. However, the global abundance of light crude could help offset that. Light crudes produce a byproduct known as naphtha, normally used to make plastics, but refiners can shift their processes to use it for jet fuel production instead. The heavy bunker fuel used by ships will be outlawed, and complex refineries will instead refine crude further into lower-sulfur fuels for vessels. Refiners can only make a finite amount of lower-sulfur diesel that can meet the new IMO standards, and the shipping industry must compete with the airlines for those barrels, driving up prices.

    We expect bunker prices may slightly rise today in a range of plus 2-6 USD. Further trend will be depended on the situation in the Strait of Hormus and evening statistics of oil rigs in the U.S.




2024 March 28

16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
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09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS
13:55 MEYER WERFT and Disney Cruise Line celebrate keel laying