• 2019 November 28 09:18

    MABUX: Bunker market this morning, Nov 28

    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 in significant and irregular on November 27:

    380 HSFO: USD/MT – 342.61 (+0.04)
    180 HSFO: USD/MT – 386.73 (-0.07)
    MGO: USD/MT – 667.87 (-0.39)


    Meantime, world oil indexes fell on Nov.27 after a report showing U.S. crude inventories grew unexpectedly last week.

    Brent for January settlement decreased by $0.21 to $64.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery fell by $0.30 to $58.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.95 to WTI. Gasoil for December delivery lost $2.00.

    Today morning oil indexes continue to decline as official data showed production hit a record.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. At 452.0 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Forecasts had expected a decline of about 350,000 barrels, after last week the EIA reported an inventory build of 1.4 million barrels. Production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed.

    U.S. President Donald Trump said on Nov.26 the United States was in the "final throes" in its attempt to reach a trade deal with China, but that at the same time Washington stands with protesters in Hong Kong, where it wants to see democracy. Trump was not specifically asked about congressional legislation to back protesters in Hong Kong. The new legislation, approved unanimously by the Senate and by all but one House lawmaker, requires the State Department to certify, at least annually, that Hong Kong retains enough autonomy to justify favorable U.S. trading terms that have helped it maintain its position as a world financial center. It also threatens sanctions for human rights violations. The legislation has greatly angered Beijing and Trump has been vague about whether he would sign or veto it as he tries to strike a deal with China to end a damaging 16-month trade war.

    OPEC and Russia are likely to extend their oil production deal at least through midyear, but if they were to cut more output, as some speculate, it would blindside what has become a complacent market. The ministers head into the Dec. 5 and 6 meeting with oil prices near their highest levels in two months. OPEC and Russia and other allies have an ongoing agreement to reduce output by 1.2 million barrels a day, with the biggest cuts coming from Saudi Arabia. The current agreement expires in March, but many analysts expect the OPEC plus group to extend it until its next meeting in June or even to its meeting a year from now. U.S. sanctions on Iran and Venezuela have helped keep supply off the market, enabling the market to absorb increased supplies form the U.S. and elsewhere. But OPEC members Iraq and Nigeria were also producing above their limit, though they are currently more in line with the agreement.

    Russian President Vladimir Putin stated that Moscow will continue to work with OPEC in what he sees as their common task, stabilizing oil markets. Russian officials have recently started to raise the possibility of increasing the amount of gas condensate exports being exempted from the country’s production quota. Labelling the US shale growth’s environmental consequences “barbaric”, Putin has pledged to maintain Russia’s oil output without resorting to shale drilling.

    The political pressure intensifies for EU members to embrace the New European Green Deal which seeks to make Europe the world’s first-ever “climate-neutral continent”. In addition to fulfilling its Paris Agreement commitments, Brussels wants to use Emission Trading income to fund the fossil-dependent countries’ transformation, simultaneously intending to issue a carbon border tax on imported goods. Nuclear energy will be considered clean under the Green Deal.

    Higher natural gas consumption due to extreme summer and winter weather and increased petroleum demand in transportation in a strong economy resulted in the United States reversing in 2018 several years of carbon dioxide (CO2) emissions reductions in the energy sector. According to the International Energy Agency (IEA), the U.S. saw its CO2 emissions rise by 3.1 percent in 2018, reversing a declining trend. Despite last year’s increase, emissions in the United States remain around their 1990 levels, or 14 percent below their peak in 2000.

    We expect bunker prices may demonstrate slight downward trend today in a range of minus 1-4 USD.




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’
17:05 Investors upgrade Navios Maritime Partners
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
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