• 2019 October 15 09:32

    MABUX: Bunker market this morning, Oct 15

    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 irregular on Oct.14:

    380 HSFO - USD/MT – 384.80 (-7.10)
    180 HSFO - USD/MT – 423.11 (-7.75)
    MGO - USD/MT – 665.04 (+4.27)

    Meantime, world oil indexes were down on Oct.14, as the market is becoming more sceptical on whether the “phase one” trade deal the U.S. and China agreed on Oct.11 would lead to a quick recovery in oil demand.

    Brent for December settlement decreased by $1.16 to $59.35 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $1.11 to $53.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.76 to WTI. Gasoil for November lost $16.50.

    Today morning oil indexes continue slight downward evolution.

    Washington and Beijing reached a partial trade deal late last week. The U.S. will not be imposing more tariffs on Chinese goods this week as previously planned, while China promised it will buy more U.S.-made agricultural products. However, most of the tariffs set upon Chinese goods remain in place, raising concerns that tariffs will become the "new normal." At the moment chances are still high that Washington and Beijing will fail to agree on any specifics in time for a mid-November meeting between Trump and Chinese President Xi Jinping. Even if they do, China will be less motivated to make the concessions needed for a more difficult "Phase 2" of negotiations, choosing instead to live with substantial U.S. tariffs.

    OPEC and its non-OPEC allies in the production cut deal achieved a compliance rate of more than 200 percent with their cuts in September, mainly due to last month’s attacks on vital oil infrastructure in OPEC’s largest producer Saudi Arabia, which knocked 5.7 million bpd - or 5 percent of global oil supply - offline. Due to this attack, OPEC’s total production slumped by 1.318 million bpd from August to 28.491 million bpd in September. The largest non-OPEC producer part of the pact, Russia, saw its oil production inch down in September, to 11.25 million bpd from 11.29 million bpd in August, but still above Moscow’s cap under the deal. Russia has vowed that it is still looking to comply with its share of the cuts.

    According to Iranian media reports, the Iranian tanker Sabiti was hit by missiles off the Saudi Arabian coast on Oct.11. The National Iranian Tanker Company confirmed these reports but denied those of them that said the attacks had originated in Saudi Arabia. The Sabiti had sent a distress signal with a request for assistance, while the crew said the front of the tanker was damaged and the vessel was leaking oil. Iran’s President on Oct.13 warned the perpetrators of the attack that there will be a response. The attack on the Sabiti came as Pakistani Prime Minister Imran Khan was on a visit in Iran as mediator between Tehran and Riyadh.
    News have formed upward driver for fuel prices in the end of last week.

    The number of active oil rigs in the US has been in steady decline since late 2018, falling in early October to its lowest level since May 2017. These factors are behind the EIA’s surprising downward revision of US oil production, with the agency expecting domestic oil supply to decline by 0.4 million b/d year-on-year in 2021 in its latest international energy outlook. However, despite these concerns the prevailing view is still for a further growth beyond 2020. In recent years, there have been significant increases in rig productivity on the back of technological advancements.

    The Trump administration has been tightening the noose around Venezuela. The latest round of sanctions was signed in August and they spread to anyone doing business with the Maduro government, both U.S. and non-U.S. Following the signing of the order for the sanctions, the Shipowners’ Club told its members to “exercise caution” in their dealings with Venezuela.

    Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs. The move has taken roughly 3% of the global oil tanker fleet out of the market. Unipec, the trading arm of China’s Sinopec, Swiss trader Trafigura AG, oil firm Equinor ASA , Exxon Mobil Corp are shunning 250 crude and oil products tankers which have carried Venezuelan oil in the past year. Oil companies are also avoiding 43 oil tankers owned by COSCO Shipping Tanker (Dalian) after the United States last month imposed sanctions on two units of Chinese shipping giant COSCO for allegedly transporting Iranian crude.

    For Venezuela, there is also another problem coming up. Later this month, waivers will expire for the handful of U.S. companies still operating in the country. There has been no indication that Washington is willing to extend these, which means Venezuela’s oil production could drop by as much as half.

    We expect bunker prices may decline today in a range of minus 6-8 USD for IFO and minus 10-15 USD for MGO.




2019 November 16

16:42 Team Tankers International Ltd. announces Q3 2019 results
15:02 GasLog places NOK 900M of senior unsecured bonds due 2024
14:23 BTG and GoodFuels preparing for major investment in bio-refinery to support shipping’s low carbon fuels demands
13:41 Third L-class delivered in China
12:32 Seaspan to purchase a fleet of six containerships on long-term charter for $380 million
11:28 Mammoet inks agreement with Port of Coeymans Marine Terminal to strengthen presence along East Coast
10:18 Metal Sharks delivers pilot boat duo to BCMT

2019 November 15

18:09 Coast Guard medevacs cruise ship Aida Perla passenger just off Ponce, Puerto Rico
17:48 Sovcomflot reports its results for third quarter and nine months of 2019
17:23 Wärtsilä and PSA Marine collaborate to achieve clean energy shipping
17:15 Bollinger Shipyards contracted to build ocean transport barge
17:00 Composit supports 7th International Forum of Dredging Companies as its Sponsor
16:57 Ulstein unveils its concept of the first hydrogen powered offshore vessel
16:36 RF Government separates positions of Deputy Transport Minister and head of Rosmorrechflot
16:14 IMO holds training on impacts of anti-fouling systems and ships’ biofouling on marine environment
15:39 Norway boosts IMO's GreenVoyage-2050 GHG project
15:11 New Wärtsilä Expertise Centre provides value-adding lifecycle support
14:57 LUKOIL commissions phase three facilities at Filanovsky field
14:30 NSR cargo traffic totaled 26 million tonnes year-to-date, up 63.5% YoY
14:13 Georgia Ports Authority up 3.5 percent to 428,400 TEU in October 2019
13:13 Diana Shipping announces direct continuation of time charter contract for m/v Medusa with Cargill
12:51 Multipurpose Reloading Complex reports 4-fold increase of allocations for environment protection to RUB 11.5 million
12:32 ABI Research: Commercial fleets looking to tech to accelerate ROI in the face of rising costs, competition, and uncertainty
12:13 Port of Oakland names Danny Wan Executive Director
11:28 ESL Shipping participates in Intelligence Hunt
11:00 CMA CGM to apply GRI from Canada West Coast to worldwide destinations (Excluding EU, Russia & USA)
10:41 Delft Dynamics, Next Ocean and Damen perform qualification test in North Sea
10:40 Gremyashii corvette of RF Navy’s Nothern Fleet to be tested in White Sea
10:16 Training ship Perekop of RF Navy's Baltic Fleet arrives in Republic of Myanmar
09:54 Bunker prices go down at the port of Saint-Petersburg, Russia (graph)
09:39 MABUX: Bunker market this morning, Nov 15
09:32 Brent Crude futures price is up 0.45% to $62.56, Light Sweet Crude – up 0.51% to $57.06
09:13 Baltic Dry Index is up to 1,364 points

2019 November 14

18:19 French Prime Minister Edouard Philippe inaugurates CEVA Logistics’ new headquarters in Marseille
18:00 Boosting handling of cargo bound for Arctic considered as strategic development vector of Murmansk Commercial Seaport
17:41 Port of Liepaja (Latvia) handled 5.92 million tonnes of cargo in 10M'2019, down 5.1% Y-o-Y
17:20 Gasunie, EBN, Port of Amsterdam and Tata Steel work together on the development of a CCUS project in the North Sea Canal area
16:49 Hung Hua Construction of Taiwan orders third Fast Crew Supplier this year to support offshore wind ambitions
16:36 Main engines loaded onto second serial ship of PV22 project at Nevsky Shipyard
16:15 Hapag-Lloyd announces rates from East Asia to North Europe and Mediterranean
15:59 Yevgeny Savkin appointed as General Director of Novyie Kommunalnyie Tehnologii in Ust-Luga port
15:15 The ICS and ECSA call for immediate and effective intervention after yet another attack in the Gulf of Guinea
15:12 Restoration of 90 year old Amsterdam bridge by Niron Staal
14:43 Expert forecasts scrubbers to consume some 600,000 barrels of heavy fuel per day in 2020
14:14 Norway boosts IMO's GreenVoyage-2050 GHG project
13:32 Sea Port of Saint-Petersburg invested RUB 630 million in development in 9M’19, up 53% YoY
13:11 MOL earns AIP for design of bow wind-shield, ultra-large containership
12:30 Bunker prices are flat at the Far East ports of Russia (graph)
12:04 CMA CGM announces FAK rates from Asia to the Middle East Gulf
11:23 Aleksey Rykovanov appointed as General Director of Murmansk Commercial Seaport
11:01 Arista Shipping starts the path to smart shipping operations with an ocean data agreement with ABS
10:39 RF Government supports expansion of Murmansk Transport Hub capacity to 65 million tonnes by 2035
10:16 MABUX: Bunker market this morning, Nov 14
10:02 WesCom Signal and Rescue goes green at METSTRADE 2019
09:38 Three new Damen FCS Patrol vessels for SR Platforms achieve major milestones in a single week
09:33 Brent Crude futures price is up 0.58% to $62.73, Light Sweet Crude – up 0.72% to $57.53
09:19 Baltic Dry Index is up to 1,365 points

2019 November 13

18:07 LR and Seabury Maritime partner to tackle OPEX and CAPEX challenges
17:55 Gasum acquires AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG
17:36 Rolls-Royce and luxury yacht manufacturer Sunseeker sign frame agreement for MTU engines