• 2019 August 27 09:31

    MABUX: Bunker market this morning, Aug 27

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    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 Aug.26:

    380 HSFO - USD/MT - 361.73(+0.85)
    180 HSFO - USD/MT - 406.61(-0.43)
    MGO - USD/MT – 639.02(-2.75)


    Meantime, world oil indexes also changed sideways on Aug.26, after the United States and China both suggested they could ease up in a trade war that has undermined the outlook for the global economy and crude demand.

    Brent for October settlement decreased by $0.64 to $58.70 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for October delivery fell by $0.53 to $53.64 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.06 to WTI. Gasoil for September added $2.00.

    Today morning oil indexes do not have any firm trend so far.

    U.S. President Donald Trump said on Aug.26 he believed China was seeking a trade deal after he said Beijing contacted U.S. officials overnight to say it wanted a return to talks.
    Chinese Foreign Ministry spokesman Geng Shuang in turn said he had not heard about a phone call between the two sides.

    Last week China unveiled new tariffs on $75 billion worth of American goods, a move that reignited fears about a global economic slowdown. China’s higher tariffs hit American soybeans, pork, beef, and crude oil as well. China had become a major buyer of U.S. shale oil in recent years and has refrained from hitting crude with tariffs up until now. Beijing stated it would put a 5 percent levy on American oil, which could depress the U.S. benchmark relative to Brent. Some of the measures were planned to take effect on September 1, while others, such as the 25 percent levy on American automobiles, will go into effect in December.

    The United States said it will respond aggressively to any party helping the now notorious Iranian tanker Adrian Darya 1, formerly Grace 1, which was released from Gibraltar earlier last week. As per U.S., all parties in the shipping sector should conduct appropriate due diligence to ensure that they are not doing business with nor facilitating business for, directly or indirectly, sanctioned parties or with sanctioned cargo. The Iranian tanker is currently sailing through the Mediterranean, and the latest positioning has the vessel headed Southeast around Sicily, carefully avoiding EU waters.

    The United States still needs to import heavy varieties of oil, as most of the domestic output tends to be light crude while refineries are running on a diverse range of crudes, including heavy oil. Crude oil production in the U.S. jumped by 17 percent in 2018, setting a new production record of almost 11.0 million bpd. While light oil production is booming, refineries still need heavier crudes, and most of the U.S. oil imports consist of heavy oil. Last year, 7.5 million bpd, or 97 percent, of all imported crude oil had an API gravity of 40 or lower.

    Turkey is going to continue exploring for oil and gas in the eastern Mediterranean waters around disputed Cyprus. Turkey, which recognizes the northern Turkish Cypriot government and doesn’t have diplomatic relations with the internationally recognized government of EU member Cyprus, claims that part of the Cyprus offshore area is under the jurisdiction of Turkish Cypriots or Turkey, and they are entitled to part of the potential oil and gas resources in the area. Last month, tensions between Turkey and Greece regarding the Cyprus drilling rights spiked again when Greece’s newly elected government said Turkey undermined the security of the eastern Mediterranean with its drilling operations off the Cypriot shores.

    Refining margins in Asia have slumped by more than 50 percent since the middle of July as fuel market participants have accelerated the sell-off of high-sulfur fuel oil ahead of the new shipping fuel standards as of January 2020. Since the middle of July, the fuel margins started to slide, as market participants de-stock and sell high-sulfur fuel oil (HSFO), which can no longer be used in ships after January 1 unless said ships have installed the so-called scrubbers—systems that remove sulfur from the exhaust gas emitted by bunkers. Looking forward, the fuel glut could continue to depress margins of gasoline and diesel as refineries come out of maintenance and new refineries, including in China, start up or ramp up production.

    We expect bunker prices may change irregular today in a range of plus-minus 3-5 USD/MT.




2024 March 28

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17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
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
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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
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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
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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
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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
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11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat