• 2019 July 17 10:30

    MABUX: Bunker market this morning, July 17

    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) turned into moderate downward evolution on July 16:

    380 HSFO – USD/MT – 439.68 (-8.37)
    180 HSFO – USD/MT – 473.27 (-8.93)
    MGO – USD/MT – 668.07 (-5.62)


    Meantime, world oil indexes fell down yesterday after U.S. President Donald Trump said progress has been made with Iran,

    Brent for September settlement decreased by $2.13 to $64.35 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery fell by $1.96 to $57.62 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.73 to WTI. Gasoil for August lost $0.50.

    Today morning oil indexes do not have firm trend and change irregular.

    President Trump said a lot of progress had been made with Iran and that he was not looking for regime change in the country. No details about the progress were given, but U.S. Secretary of State Mike Pompeo noted Iran had said it was prepared to negotiate about its missile program. Tensions between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potential for a price spike should the situation deteriorate.

    Producers began restoring some of the roughly three-quarters of output that was shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry. There was 1.3 million barrels per day (bpd) of oil production offline in the U.S. waters of the Gulf of Mexico on Jul.15, about 80,000 barrels fewer than on Jul.14. Workers also were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to be resumed after a storm leaves the Gulf of Mexico.

    The market was also weighed down by signs of further increases in output from the United States, which has ridden a wave of shale oil production to rise to become the world’s biggest crude oil producer, ahead of traditional top producers Russia and Saudi Arabia. U.S. oil output from seven major shale formations is expected to rise by about 49,000 bpd in August, to a record 8.55 million bpd. Overall U.S. crude production is now more than 12 million bpd. The rising U.S. output will further undermine the efforts by Russia and Saudi Arabia to reduce global oil inventories by convincing suppliers both in the Organization of the Petroleum Exporting Countries and outside of OPEC to cut production.

    In the first six months of the year, Libya’s oil revenues were down 11.2% from the same period in 2018, falling to $10.2 billion in H1. Like most OPEC members, oil is the backbone of the Libyan economy, representing 92.8% of its total income in H1. Despite the sagging revenue, oil production in the first two quarters of 2019 was higher than in 2018. However, oil prices were less favorable in the beginning of 2019 than they were at the beginning of 2018, with the OPEC basket price the first week of January in 2019 running about $10 under the level it was trading at that same time during the year prior.

    European Union officials agreed political and financial sanctions against Turkey after Ankara went ahead with drilling operations off Cyprus despite repeated warnings. Last week the Turkish drilling vessel Yavuz sailed to an area off Cyprus’ east coast — the second to follow a first drilling vessel, Fatih, which had already been exploring in Cypriot waters. Notably, the vessels have been accompanied by the Turkish military, including drones, F-16 fighters, and warships. Cyprus has long condemned Turkey's aggressive oil and gas explorations as a "second invasion" in reference to the creation in 1974 of the breakaway Turkish Republic of Northern Cyprus after a military takeover.

    BuzzFeed News reported on a secret meeting between Russian and Italian officials, which unmasked the details of a scheme that would see Russian money funneled into the far-right Lega Party in Italy. According to BuzzFeed, a Russian oil company would sell fuel at a discount to Eni, with the difference – roughly $65 million – secretly diverted into the coffers of the Lega Party.

    The American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations of a 2.69-million barrel draw. The inventory draw this week is disappointing after last week’s large draw of 8.129 million barrels, according to the API. After a string of inventory draws, the net build is now just 12.16 million barrels for the 29-week reporting period so far this year, using API data. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending July 05 rose slightly this week to 12.3 million bpd, just 100,000 bpd off the all-time high of 12.4 million bpd. The U.S. Energy Information Administration report on crude oil inventories is due to be released later today.

    We expect bunker prices may continue downward trend today in a range of minus USD 5-10.




2019 December 8

16:47 ABS and CINS facilitate development of risk-based approach to minimize risk of container fires
15:32 Sea Machines & HamiltonJet collaborate to merge capabilities of autonomous control and jet propulsion systems
14:46 GWS installing turbines at Northwester 2 Offshore Wind Farm
13:22 Norsepower collaborates with SWS for cost and energy efficient VLCC designs
12:14 Grieg Star adds 64000dwt bulk cargo carrier to its fleet
11:05 ABS grants AIP for first Jones ACT SOV

2019 December 7

16:55 USCG Cutter Steadfast returns to port after 60-day counter drug patrol
15:42 TEN announces charter extension for an LNG carrier
13:08 FMT and Indian Register of Shipping sign MOU on strategic cooperation
11:34 AET secures long-term DPST charter contracts with Shell
10:37 Titan LNG tenders for 8000 cbm LNG bunker barge

2019 December 6

18:11 Lithuania aims to ensure state management of „Rail Baltica“ infrastructure
17:55 More operative services of towboats in the Port of Klaipėda
17:28 Acceptance/delivery certificate for Kalas, first rescue tugboat of Project MPSV12
17:06 APM Terminals Gothenburg takes another major step in their journey towards climate neutrality
16:04 Damen Shiprepair Amsterdam MD receives Harbour Medal
15:57 Northern Sea Route cargo traffic totaled 27.59 million tonnes YTD, up almost 70% Y-o-Y
15:26 IAPH Women’s Forum’s initiative “Women in Ports Mentoring Program” now extended to female Harbour Masters
15:03 Seabourn brings a new experience to guests with unique “Bow Lounge”
14:22 Throughput of port Ventspils (Latvia) in 11M’19 grew by 4% to 19.47 million tonnes
14:03 The container terminal at the Port of Gothenburg to be fossil-free by 2020
13:05 Carnival Corporation's Costa Cruises welcomes LNG-powered Costa Smeralda to fleet
12:54 Yacht Zarya with Russian team wins ARC+St.Vicent 2019
12:23 UN maritime agency commits to further action on gender equality
12:01 Jan De Nul sets new sustainability standards for maintenance dredging works in the marinas of Nieuwpoort on the Belgian coast
11:30 Canada Infrastructure Bank invests $300 million in Port of Montreal’s expansion project in Contrecoeur
11:20 Costa Smeralda delivered from Meyer Turku shipyard
11:02 Yang Ming sets up subsidiary in China
10:45 Largest Latvian transit companies represented at 2019 Russian Transport Week
10:17 GTT receives an order from Samsung Heavy Industries for the tank design of two new LNG Carriers
10:12 Joint Russian-Vietnamese exercise underway in Cam Ranh
09:59 MAN Energy Solutions and Orcan Energy agree to collaborate
09:49 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Dec 06
09:30 Brent Crude futures price is down 0.44% to $63.11, Light Sweet Crude – down 0.33% to $58.23
09:14 Baltic Dry Index is down to 1,575 points
08:31 DNV GL awards Hudong-Zhonghua AiP certificate for gas-fueled 25000 TEU containership design

2019 December 5

18:05 ABS, MAN & SDARI join forces to develop ammonia-fueled feeder vessel
17:46 Throughput of Rostov-on-Don port in 11M’19 fell by 7% Y-o-Y to 21.1 million tonnes
17:21 Extraordinary general shareholders meeting of LUKOIL approves interim dividend
17:05 NORDEN enters new biofuel collaboration with Kvasir Technologies
16:28 Cargo traffic on Northern Sea Route can grow to 160 million tonnes by 2035 – Aleksandr Krutikov
16:05 ABS and CATL sign battery research agreement
15:54 Port of HaminaKotka published its statistics for November 2019
15:30 Ministry for Development of Russian Far East and Arctic expects special economic regime to come into force in Arctic in 2020
15:03 DNV GL and Huangpu-Wenchong sign JDP on 5,000 TEU LNG dual-fuel containership
14:49 Global project launched to tackle plastic litter from ships and fisheries
14:33 IMO Assembly approved renewal of Kitack Lim’s appointment as secretary-general of UN body
14:06 Torqeedo powers all-electric harbour water clean-up boat
13:06 YILPORT Puerto Bolívar now operates with four mobile harbor cranes
12:44 Bunker prices increase at the Far East ports of Russia (graph)
12:25 Norfolk, Virginia to host Port & Terminal Technology USA on 21-22 April 2020
12:17 MABUX: Bunker market this morning, Dec 05
12:08 Inmarsat launches Fleet LTE service in the North Sea
11:50 Forum «Arctic: Today and the Future» kicked off in Saint-Petersburg
11:29 “K” Line completes additional development (Phase-2) of “Kawasaki Integrated Maritime Solutions”
11:05 PIL upgrades Redsea Gulf Service and Intra-Redsea Feeder 5
10:37 DNV GL and GSI cooperate on AI-based solution to improve welding NDT efficiency
10:01 Bunker sales at port Vladivostok in 11M’19 grew by 53.2% to 1.58 million tonnes
09:36 Brent Crude futures price is down 0.1% to $62.94, Light Sweet Crude – down 0.38% to $58.2