• 2019 November 11 09:47

    MABUX: Bunker market this morning, Nov 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) declined on Nov 08:

    380 HSFO - USD/MT - 351.58 (-4.98)
    180 HSFO - USD/MT – 393.61 (-4.76)
    MGO - USD/MT – 664.46 (-3.17)


    Meantime, world oil indexes continued irregular changes on Nov.08 following comments from U.S. President Donald Trump that he has not agreed to roll back tariffs on China

    Brent for January settlement increased by $0.22 to $62.51 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $0.09 to $57.24 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.27 to WTI. Gasoil for November delivery lost $6.75.

    Today morning oil indexes demonstrate slight downward evolution.

    The 16-month trade war between the world’s two biggest economies has slowed economic growth around the world and prompted analysts to lower forecasts for oil demand, raising concerns that a supply glut could develop in 2020.

    Donald Trump told reporters he has not agreed to roll back tariffs on China but that Beijing would like him to do so. The comments came after officials from both countries said China and the United States have agreed to roll back tariffs on each others’ goods in a “phase one” trade deal if it is completed. However, the plan faces stiff internal opposition in the U.S. administration, and U.S. officials have signaled opposing views on the status of talks.

    Moreover, Trump said on Saturday that trade talks with China were moving along "very nicely," but the United States would only make a deal with Beijing if it was the right one for America.
    Underlining the impact of the trade war, data over the weekend showed that China's producer prices fell the most in more than three years in October, as the manufacturing sector weakened, hit by the dispute and declining demand.

    Oil prices have also been under pressure since OPEC Secretary-General Mohammad Barkindo said that he was more optimistic about the outlook for 2020, appearing to downplay any need to cut output more deeply. A deal between the Organization of the Petroleum Exporting Countries and its allies, such as Russia, will limit supplies until March next year. The producers meet Dec. 5-6 in Vienna to review that policy.

    At the same time, it is forecasted, that even if a partial agreement between U.S. and China is reached, the impetus for demand will not be enough to avoid an oversupply next year, meaning that OPEC will still need to make bigger production cuts. From the other side, OPEC and its partners will probably keep output steady when they meet next month as markets are on track to re-balance

    OPEC’s crude oil production jumped by 1.26 million barrels per day from a decade-low in September to 29.71 million bpd in October, as Saudi Arabia restored its production to levels before the attacks on its oil facilities in mid-September Accoerding to Platts and REUTERS. Saudi Arabia’s oil production jumped by 1.35 million bpd to 9.8 million bpd in October, as it appears to have fully recovered output after the September 14 attacks on vital oil infrastructure that took 5.7 million bpd—or 5 percent of global daily supply—offline. Despite the production recovery, the Saudis continue to overcomply with the OPEC+ deal by more than 500,000 bpd. OPEC’s official production figures for October are due out in its monthly report on November 14.
    At the same time, U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row. Drillers cut 7 rigs in the week to Nov. 8, bringing the total count down to 684, the lowest since April 2017.

    According to the new rules by the International Maritime Organization (IMO), only 0.5-percent or lower sulfur fuel oil should be used on ships beginning January 1, 2020, unless said ships have installed the so-called scrubbers—systems that remove sulfur from exhaust gas emitted by bunkers—so they can continue to use high-sulfur fuel oil (HSFO). However, supply of compliant low-sulfur fuel could be just as sufficient, while demand may be subdued, due to the global economic and trade growth slowdown and at least some non-compliance from shippers, which analysts at Wood Mackenzie put at around 10 percent for 2020.Russia is one of the countries set to delay the IMO rules implementation, but only in its territorial waters including rivers, Energy Minister Alexander Novak said, responding to questions sent by Bloomberg. Russia will still comply with the rules in international waters. Due to its predominantly high-sulfur oil, Russia is set to be one of the biggest losers in the new marine fuel rules.

    We expect bunker prices may demonstrate irregular changes today:1-3 USD up for IFO, 4-6 USD down for MGO.




2019 December 10

18:10 UN Climate Conference – ICS embraces 4th Propulsion Revolution
17:56 Cargo turnover within Volga-Don Basin of Russia’s IWW in navigation season of 2019 fell by 9.7% to 14.452 million tonnes
17:34 APG and TRIG acquire 100% interest in Merkur Offshore Wind Farm
17:19 Northern Fleet cruiser Marshal Ustinov moves to Northern hemisphere
16:03 Hapag-Lloyd announces rates from East Asia to North Europe
15:52 Baltic States aim to implement Rail Baltica project in rapid and coordinated way
15:34 Damen signs contract with EMS Offshore to supply new Shoalbuster 2711
15:03 COSCO SHIPPING signs strategic cooperation agreement with State Power Investment Corporation
14:31 London P&I Club announces senior management appointments in Hong Kong office
14:31 GTT notified by Hudong-Zhonghua Shipbuilding for the tank design of an LNG bunker vessel for MOL
13:56 Gazprom Neft expands lubricants production abroad
13:30 Bunker prices are almost flat at the Far East ports of Russia (graph)
13:03 DFDS has acquired 100% of the Dutch logistics company Huisman Group
12:45 Throughput of Russian seaports in 11M’19 grew by 2.7% to 766.83 million tonnes
12:24 Research vessel Admiral Vladimirsky of RF Navy's Baltic Fleet reaches the Atlantic Ocean
12:03 APM Terminals Gothenburg takes another major step in their jour-ney towards climate neutrality
11:30 Ships powered by electricity can prove to be more economically efficient than ships running on LNG – Aleksey Rakhmanov
11:26 MABUX: Bunker market this morning, Dec 10
11:02 New low-sulphur bunker oil popular in the port of Rotterdam
10:25 Pella Sietas secures construction of icebreaker of ice class "Icebreaker7" and largest single order in company history
10:21 Igor Belousov, rescue vessel of RF Navy's Pacific Fleet, concluded its visit to Vietnam
09:59 Baltiysky Zavod concerned about possible delay in construction of Ural icebreaker amid slow delivery of turbines
09:32 Brent Crude futures price is down 0.17% to $64.14, Light Sweet Crude – down 0.22% to $58.90
09:16 Baltic Dry Index is down to 1,551 points
09:08 CSSC and DNV GL sign new strategic cooperation agreement
08:07 Alewijnse delivers complete portfolio on AMELS 60
07:54 Tramarsa purchases Damen Cutter Suction Dredger for 30-year strategy of expansion

2019 December 9

18:24 Lead chemical carrier of Project 00216М, PortNews, to be delivered as scheduled – USC President
18:06 Vard Marine supports New York’s Gowanus repowering project through design package for two power barges
17:53 Navigation season of 2019 closed in Volga Basin of Russia’s IWW
17:36 Oldendorff Carriers announces its membership in the Getting to Zero Coalition
17:19 Average wholesale prices for М-100 HFO down to RUB 7,795 in RF spot market
17:06 Bahri joins Maritime Anti-Corruption Network to promote collective anti-bribery efforts in maritime sector
16:48 Delo Group and ROSATOM defined procedure for acquisition of 30-pct stake of MC “Delo”
16:30 Puerto Aguadulce services largest vessel to dock in Colombia
16:14 GT Morstroy expands its fleet with jack-up platform of Project RCP 250, Varzina
16:01 His Majesty the King to open Johan Sverdrup
15:57 Risk Intelligence signs agreement for the Risk Intelligence System with Hafnia
15:50 Port of Liepaja (Latvia) handled 6.67 million tonnes of cargo in 11M'2019, down 3.2% Y-o-Y
15:27 Lead hydrographic survey vessel of Project 23370G completed state trials
15:03 Maritime and Port Authority of Singapore revokes Inter-Pacific Petroleum bunker supplier licence
14:35 MSC becomes first major shipping line to use 30% biofuel blends
14:32 Teachers of Marine College upgraded their skills at Marine Recruiting Agency
14:03 ABS grants AIP to Deltamarin and GTT for dual-fuel Newcastlemax design
13:11 Martin Ackermann steps down as CEO of BW LPG
12:28 Oboronlogistics provides stability of the ferry line Ust-Luga — Baltiysk
12:04 Rotterdam to host 4th European Environmental Ports Conference on 24-25 June 2020
11:40 BIMCO to publish new shortened law and arbitration clause
11:16 BIMCO submits biofouling survey results to IMO
11:09 MABUX: Bunker market this morning, Dec 09
10:53 Industry roundtable meeting feeling more positive on IMO 2020
10:31 New and largest DFDS ro-ro ship 'Hollandia Seaways' sails between Gothenburg and Ghent in North Sea Port
10:09 REMPEC hosts a three-day training in Tekirdağ, Turkey
09:29 Brent Crude futures price is down 0.39% to $62.14, Light Sweet Crude – down 0.52% to $58.89
09:15 Baltic Dry Index is down to 1,558 points

2019 December 8

16:47 ABS and CINS facilitate development of risk-based approach to minimize risk of container fires
15:32 Sea Machines & HamiltonJet collaborate to merge capabilities of autonomous control and jet propulsion systems
14:46 GWS installing turbines at Northwester 2 Offshore Wind Farm
13:22 Norsepower collaborates with SWS for cost and energy efficient VLCC designs
12:14 Grieg Star adds 64000dwt bulk cargo carrier to its fleet