• 2019 October 31 10:25

    MABUX: Bunker market this morning, Oct 31

    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 Oct.30:

    380 HSFO - USD/MT – 356.94 (-3.99)
    180 HSFO - USD/MT – 399.07 (-3.67)
    MGO - USD/MT – 667.73 (-1.02)


    Meantime, world oil indexes fell on Oct.30 after a steep U.S. crude inventory build added to worries about a possible delay in resolving the U.S.-China trade war.

    Brent for December settlement decreased by $0.98 to $60.61 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery fell by $0.48 to $55.06 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.55 to WTI. Gasoil for November delivery lost $9.25.

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

    The Energy Information Administration reported a crude oil inventory build of 5.7 million barrels for the week to October 25, pressuring oil prices a day after the American Petroleum Institute reported an estimated fourth consecutive inventory build, of 592,000 barrels. Forecasts expected a build of 729,000 barrels for last week after a 1.7-million-barrel draw interrupted a string of five weekly inventory builds, which added more than 19 million barrels to U.S. commercial crude oil inventories.

    According to the International Energy Agency (IEA), if global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year. The IEA cut its demand growth forecast by 100,000 bpd for both 2019 and 2020, to 1 million bpd and 1.2 million bpd, respectively. For the second quarter of this year, the IEA expects oil demand growth to quicken to 1.6 million bpd, thanks to a lower base for comparison in the same period of 2018 and to oil prices that are currently some 30 percent lower compared to a year ago. Other organizations, have been also revising down their oil demand growth estimates for this year and next, citing increased uncertainties over the pace of the global economic growth amid the U.S.-China trade war, Brexit, and slowing growth in major economies including China, India, and Germany.

    Meantime, the market attention turns again on OPEC and its non-OPEC allies led by Russia, who need to decide in early December how to proceed with their production cut pact expiring in March 2020. There is a growing consensus among experts and observers that the OPEC+ coalition may need to cut even deeper if it wants to prevent a large oversupply building in 2020 and sending oil prices even more uncomfortably low for major oil-producing nations.

    The United States and China were expected to sign "phase one" of the trade agreement at next month's Asia-Pacific Economic Cooperation summit in Chile. However, the summit where they were supposed to meet was cancelled because of violent protests. The White House said afterwards the United States still expects to sign an initial trade agreement with China next month, but no alternate location had yet been set for Xi and Trump to meet. China in turn said the bilateral talks will continue to proceed as previously planned and the lead trade negotiators from both countries will speak by telephone on Nov.01. A critical date is Dec. 15, when new U.S. tariffs on Chinese imports such as laptops, toys and electronics kick in. Both the United States and China have an interest in reaching a deal and averting those tariffs.

    Saudi Arabia informally invited Brazil to join OPEC. Now the president of Brazil has to consult with Brazil’s economic team and energy ministry before agreeing to join. If it joined, Brazil could become the third-biggest producer in the Organization of the Petroleum Exporting Countries after Saudi Arabia and Iraq. Brazil’s burgeoning production is complicating OPEC’s effort to prop up crude prices in the face of booming supply from U.S. shale fields and weakening global demand. Brazil produced 2.71 million barrels a day 2018, according to the International Energy Agency, which forecasts the country’s average output to reach 2.9 million this year and 3.22 million in 2020.

    A nationwide poll from The Washington Post and the Kaiser Family Foundation finds that 8 in 10 Americans say the U.S. should “decrease” drilling or “stay as is.” 51 percent said oil and gas exploration on federal lands should be reduced, and 53 percent say the same thing about offshore. Less than 15 percent say drilling should expand on public lands or offshore.

    We expect bunker prices may continue downward evolution today in a range of minus 4-10 USD.




2024 March 29

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11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
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2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
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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
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
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
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
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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
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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
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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
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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
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15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
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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