• 2019 October 11 09:19

    MABUX: Bunker market this morning, Oct 11

    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 Oct.10:

    380 HSFO - USD/MT – 390.32 (+1.62)
    180 HSFO - USD/MT – 428.88 (+0.48)
    MGO - USD/MT – 662.81 (+2.69)


    Meantime, world oil indexes changed irregular on Oct.10, amid comments by the OPEC that the organization could take action to balance oil markets and that it will decide in December on supply for next year.

    Brent for December settlement increased by $0.78 to $59.10 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery rose by $0.96 to $53.55 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.55 to WTI. Gasoil for November lost $11.75.

    Today morning oil indexes turned into slight upward evolution.

    Mohammad Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries, did not specify if the move would mean extending a pact to rein in production to stabilize prices, but the comments appeared to nudge the market out of pessimism over U.S.-China trade talks. Separately, Saudi Arabia told OPEC its monthly oil output fell by 660,000 bpd in September after major attacks on its energy facilities, while OPEC lowered its 2020 forecast for non-OPEC supply growth.

    Minutes from the Federal Reserve’s September meeting, published on Oct.10, showed market may be anticipating more rate cuts than the central bank deemed necessary to stimulate the economy. So far this year, the Fed has conducted two quarter-point rate cuts back to back in July and September, to try and preserve the U.S. economy's record decade-long growth. Market participants expect the Fed to agree on another quarter point cut when it meets Oct 29-30.

    The EIA said that the largest monthly drop in U.S. crude oil production in more than a decade in July is likely a temporary, geographically isolated glitch largely due to Gulf of Mexico shut-ins due to Hurricane Barry. The EIA also expects expecting that U.S. crude oil production will return to grow month on month throughout the rest of this year. U.S. crude oil production dipped in July by 276,000 barrels per day (bpd) from June. This was the largest decline in monthly crude oil production in more than a decade. In the October Outlook, EIA expects that U.S. crude oil production will increase in each of the remaining months of 2019, and reach 13.0 million bpd in December 2019. This year’s U.S. crude oil production is forecast to average 12.3 million bpd, while the 2020 production is seen averaging 13.2 million bpd.

    Iran’s priority in continuing to optimise its oil industry exports despite ongoing U.S. sanctions is to push the pace of development firstly of the multiple fields that constitute the West Karoun area and secondly of the fields it shares with Iraq. A third priority is to ensure that it build-outs export routes for its oil that do not have to go through the ultra-politically-sensitive Strait of Hormuz. The Strait is the world’s most important oil transit chokepoint – and the key transit route from the Arabian Gulf to the Indian Ocean and the Far East - with roughly 35% of all seaborne oil and about a third of global liquefied natural gas supplies passing through it.

    The U.S. slapped the sanctions on September 25 on a number of Chinese tanker-owning firms and executives for transporting Iranian oil in violation of the U.S. sanctions on the Islamic Republic. As a result, China’s tanker owning company Cosco Dalian, has seen one third of its oil tankers turn off their automatic identification system (AIS) transponders in the past week. 14 ships owned by Cosco Dalian, including nine VLCCs, switched off their AIS transponders between September 30 and October 7. Six of the ships offline carry some oil on board.

    Nigeria may face an easier task to finally fall in line with its share of the OPEC+ production cuts after OPEC has recently raised the African producer’s oil output ceiling.  OPEC has raised the quota for Nigeria to 1.774 million bpd from 1.685 million bpd. The higher quota given to Nigeria is due to the fact that the cartel had not factored in the newly launched production from the Egina ultra deepwater field which Total started up at the beginning of the year, expecting to pump 200,000 bpd at peak output.

    India is set to resume oil imports from sanctioned Venezuela. It had stopped its imports of Venezuelan oil months ago after the United States sanctioned Venezuela. However, now the country feels secure in its decision to resume the imports, because it will be taking the crude oil in exchange for supplying Venezuela with fuels including diesel, a scenario that is allowed under the sanctions.  Venezuela’s oil industry has suffered under the weight of those sanctions that have caused inventories to build up, causing its last running blending unit, Petrosinovensa, to shut late last week. Other blending units had already been shuttered earlier in the year. For India, the resumption of Venezuelan crude oil imports will come as welcome relief, after it had to stop crude oil imports from Iran due to sanctions as well.

    We expect bunker prices may change irregular today in a range of plus-minus 3-6 USD.




2024 March 28

10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

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
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
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
12:19 HSL completes repair work on DEME's dredger TSHD Bonny River
10:53 Turkish shipbuilder delivers RAscal 1500 ASD tug to French port

2024 March 22

18:07 Lloyd's Register releases a report on the operational and safety issues of the use of ammonia as a marine fuel
17:17 RINA supports Mongolia's to develop a roadmap for long-term strategy according to Paris Agreement
16:47 MOL Coastal Shipping to start concept study on large coastal ammonia carrier
16:23 MAN 51/60DF engine passes 10 mln operational hours milestone
15:56 TotalEnergies restarts gas production at the Tyra offshore hub after a major redevelopment
13:43 HHLA container throughput decreases year-on-year by 7.5 percent to 5,917 TEU in 2023
13:24 Largest shipping lines saw sharp decline in revenues in 2023
12:54 AD Ports Group acquires majority stake in Tbilisi Dry Port
12:24 ClassNK certifies the world’s first onboard CCS installation on EVERGREEN’s Neopanamax container vessel
11:04 South Korea vows continued support for exporters amid Red Sea shipping crisis