• 2019 September 13 09:03

    MABUX: Bunker market this morning, Sept 13

    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) demonstrated slight downward trend on Sep.12:

    380 HSFO - USD/MT - 390.44 (-2.21)
    180 HSFO - USD/MT - 432.42 (-1.47)
    MGO - USD/MT – 656.80 (-6.13)


    Meantime, world oil indexes fell on Sep.12 after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts but focused instead on bringing Nigerian and Iraqi output down to their agreed quotas.

    Brent for November settlement decreased by $0.43 to $60.38 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $0.66 to $55.09 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.29 to WTI. Gasoil for September unchanged: $589.50.

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

    Trump is considering easing sanctions on Iran as a way to increase the odds of a face-to-face meeting with Iranian President Hassan Rouhani. As per Bloomberg’s report, part of the motivation behind Bolton’s ouster was a recent meeting in which Trump considered easing oil sanctions on Iran as a sign of good faith, hoping to warm up the Iranian side to agree to a meeting. The idea would be that Trump could meet President Rouhani on the sidelines of the UN Conference in New York later this month. It’s not clear that the Iranian side would agree to such a meeting, which would carry enormous risks for President Rouhani, who has battled with hardliners for years. But even if a meeting does not take place, the fact that Bolton is out and Trump is considering pulling back on the sanctions is a potential driver for lower oil and fuel prices.

    OPEC revised down its forecast for global oil demand growth this year by 80,000 bpd to 1.02 million bpd, citing weaker demand in the first half and expectations of slower economic growth for the rest of the year.  The cartel also trimmed its forecast for global oil demand growth in 2020 by 60,000 bpd to 1.08 million bpd, mainly due to changes to the economic outlook for next year. OPEC’s revised estimates are now closer to generally known forecast that global oil demand growth this year won’t exceed 1 million bpd by much. OPEC said that weaker oil demand growth, which is expected to be outpaced by the strong growth in non-OPEC supply, highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance.

    A key OPEC/non-OPEC monitoring committee met on Sep.12 in Abu Dhabi. The officials stressed that the Joint Ministerial Monitoring Committee does not have the mandate to consider policy changes but only to evaluate the current market situation and look at implementation. Meantime, ministers have blamed slumping oil prices on demand-sapping trade tensions between the US and China, which are out of their control. From a physical balances standpoint, analysts say the market has been tightening in the past few months due to the OPEC/non-OPEC cuts and US sanctions on Iran and Venezuela.

    Besides, Iraq's and Nigeria's oil ministers pledged on Aug.12 to reduce oil output to comply with their OPEC output targets. An OPEC+ statement said it was important for all countries to reach full conformity with cuts. It also said OECD oil stocks remained above the 5-year average. Market monitoring will continue ahead of the next OPEC meeting in December.

    The European Central Bank cut its deposit rate to a record low -0.5% from -0.4% and said it will restart bond purchases of 20 billion euros a month from November to prop up euro zone growth.

    China’s imports of refined oil products in August jumped by 462,000 mt or 28.4% from the previous month but dropped by 615,000 mt or 22.7% from year-ago level to 2.089 million mt. The country’s exports of oil products in August were 1.414 million mt or 25.8% lower at 4.075 million mt from month-ago level and decreased by 1.245 million mt or 23.4% from the same month of last year.

    It forecasts that US shale supply will peak at approximately 14.5 million barrels per day (bpd) around 2030. In the past decade, crude oil coming from shale patches such as the Permian in the US has grown from a negligible contributor to an upstream behemoth, reshaping the industry and the oil market. US Light Tight Oil (LTO) represented less than 1% of global oil supply just nine years ago. Today, US LTO represents close to 10% of total global oil supply, a percentage which is expected to continue its ascent going forward.

    We expect bunker prices will slightly down today in a range of minus 2-4 USD.




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
09:18 Baltic Dry Index is down to 1,599 points
09:03 CMA CGM and Total sign a major agreement
06:49 Ocean Yield ASA announces delivery of three LR2 product tankers with long-term charters

2019 December 4

18:30 North Carolina Ports Chief Commercial Officer retires
18:09 Diana Shipping announces time charter contracts for m/v Myrsini with Ausca and m/v Artemis with Koch
17:26 Freight turnover of Neva-Metal (Saint-Petersburg) in 11M’19 fell by 1% Y-o-Y to 2.93 million tonnes
17:09 ABS presents its innovative work at the annual meeting of the ABS South East Asia Regional Committee
16:48 Traficom: new study published on indicative analysis methods used in the control of ships’ ballast water treatment
16:32 Port of Gdynia increased container handling by 13% to 750.439 thousand tons in 10M’2019
16:09 Nexans, Eversource and Ørsted sign Framework Agreement for North American Offshore Wind Farm development with the opportunity to provide up to 1,000 kilometers of export cable for multiple Ørsted projects till 2027 in United States
15:52 Jotun A/S and COSCO Shipping International HK renew JV agreement