• 2019 December 9 11:09

    MABUX: Bunker market this morning, Dec 09

    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) slightly rose on December 05:

    380 HSFO: USD/MT – 345.04 (+4.68)
    180 HSFO: USD/MT – 389.35 (+3.77)
    MGO: USD/MT – 669.11 (+3.37)


    Saudi Arabia shocked the oil market on Friday, with its energy minister Prince Abdulaziz bin Salman pledging to voluntarily cut even more oil production than its new quota, according to S&P Global Platts.

    Under the existing oil production quota, Saudi Arabia had agreed to keep production under 10.311 million bpd—a cut of 322,000 bpd. But on Friday, OPEC divvied out an additional 372,000 bpd of cuts to its members, with Saudi Arabia’s new production cap coming in at 10.145 million bpd—an additional cut of 166,000 bpd.

    But Saudi Arabia is planning to do more than even that—planning to keep its production at or below 9.744 million bpd. For reference, Saudi Arabia’s production for October was 9.890 million bpd, so this new voluntary pledge to cut even more than the group had asked it to is even more of a reduction.

    If all members, including the non-OPEC side which must cut an additional 131,000 bpd, stick to their new production quotas including Saudi Arabia’s voluntary cuts, it would mean a total of 2.1 million bpd in restrictive oil production.

    The fact that Saudi Arabia was willing to shoulder even deeper cuts than it was asked to is telling of the position of the Kingdom, who has long carried the production cut deal nearly singlehandedly, motivated by its upcoming Aramco IPO, which depends significantly on oil prices.

    As additional motive for Saudi Arabia and the cartel to agree on a deeper production quota despite losing market share by doing so is the expectations of depressed demand growth going forward, which is expected to continue to weigh on oil prices without additional supply restrictions.

    The news of an OPEC win and the Saudi Surprise has already started to lift oil prices, with WTI and Brent up roughly 1.3% and 1.6%.
    Monday morning outlook

    Oil prices fell on Monday after data showing China’s overall exports of goods and services shrank for a fourth straight month.

    Monday’s sudden chill came after customs data released on Sunday showed exports from the world’s second-biggest economy in November fell 1.1% from a year earlier - a sharp reversal from expectations for a 1% rise in a Reuters poll.

    The weak start to the week came despite data showing China’s crude imports jumped to a record, revealing just how deep jitters are embedded in the market over the U.S.-China trade row that has stymied global growth and oil demand.

    The sagging export data is “a casualty again of the protracted trade war,” said Stephen Innes chief Asia market strategist at AxiTrader.

    Monday’s declines also went against signs on Friday that China was easing its stance on resolving its trade dispute with the United States, confirming on Friday that it was waiving import tariffs for some soybean and pork shipments.

    OPEC Meeting in Vienna conclusion

    On Friday, OPECS' producers agreed to deepen their output cuts from 1.2 million barrels per day (bpd) to 1.7 million bpd, representing about 1.7% of global production. “What made the announcement constructive... was the fact that Saudi Arabia said it will produce around 400,000 bpd below its new quota level,” ING Economics said in a note. “This would effectively take OPEC+ cuts to 2.1 million bpd,” ING said.

    Oil Future close on Friday 6th December

    Brent: 64.39 (+1.00) USD/barrel
    WTI: 59.20 (+0.77) USD/barrel
    NY Harbor Ulsd: 600.97 (+8.99) USD/Metric Ton
    MGO: 583.50 (+4.50) USD/MT

    Oil Futures trading at GMT 0718: Brent: - 21 cents, WTI: - 28 cents

    We expect bunker prices to rise: Fuel Oil + 4-5 USD/MT, ICE MGO +4-5 USD/MT and NY Harbor Ulsd + 9 USD/MT




2020 January 22

18:37 BunkerTrace secures first commercial partnership with Marfin Management
18:07 MAN Cryo to supply icebreaking RoRos with fuel gas supply system
17:45 Throughput of Chinese sea and river ports in 2019 grew by 5.7% YoY to 13.95 billion tonnes
17:20 Ships of RF Navy’s Northern Fleet approached the Strait of Tunis
17:06 Boluda Towage Europe introduces 1st retrofit of conventional tug complying with IMO TIER III Standards in Zeebrugge
16:56 Russian-Japanese anti-piracy exercise successfully completed in the Arabian sea
16:05 European shipping industry urges the revival of Operation Sophia
15:38 Marubeni and Klaveness join forces to create the world’s leading dry bulk Panamax pool
15:23 IMO Secretary-General calls for renewed cooperation at Davos forum
14:57 Positive steps for Somalia’s maritime sector
13:40 Medium sized sea tanker Akademik Pashin entered service with the Baltic Fleet
12:52 Bunker prices are slightly down at the port of Saint-Petersburg, Russia (graph)
12:29 Nonius Engineering supports 7th International Forum of Dredging Companies as its Sponsor
11:44 NIBULON’s fleet transported a record number of cargoes by Ukrainian rivers in 2019
11:19 DNV GL’s Technology Outlook 2030: Digital acceleration and climate change
11:01 IMO Secretary-General assesses progress on sulphur limit implementation
10:58 NIBULON’s non-self-propelled B1500 Project vessel made its first cargo trip
10:36 Nibulon achieved record export results in 2019
10:13 Representatives of Russian and Japanese Navies held briefing on board Baltic Fleet’s guard ship
10:10 MABUX: Bunker market this morning, Jan 22
09:51 Ministers of the Government of the Russian Federation appointed
09:32 Brent Crude futures price is down 0.4% to $64.33, Light Sweet Crude – down 0.48% to $58.1
09:15 Baltic Dry Index is down to 689 points

2020 January 21

18:27 ABS and Hyundai Heavy Industries complete landmark smart functions JDP
18:07 Mystic orders four more Explorer Class Polar expedition vessels
17:43 Outer Port is among main topics of Polish-Japanese economic cooperation
17:19 Wärtsilä LNG Bunkering & Fuel Supply System Simulator launched to raise training levels
17:18 BCT ends 2019 with highest every cargo handling of 500 000 TEU
16:55 Letter of Intent signed between Port of Gdynia Authority S.A. and Pelixar S.A.
16:14 New ASCO vessel to be named after Academician Khoshbakht Yusifzadeh
15:30 Port of Singapore throughput in 2019 declined by 0.6% to 626.18 million tonnes
15:01 Freight turnover of Neva-Metal (Saint-Petersburg) in 2019 remained flat Y-o-Y at 3.2 million tonnes
14:39 18,880 ships with total tonnage of 1.2 billion tonnes passed Suez Canal in 2019
14:06 BIMCO issues update on Persian Gulf tensions and sanctions clauses
13:42 Rosmorport reports on icebreaker support in Russian seaports as of mid-January 2020
13:17 Throughput of port Kaliningrad in 2019 fell by 21% Y-o-Y to 11.06 million tonnes
12:53 Eesti Gaas becomes one of the largest LNG suppliers in the region
12:28 Throughput of port Vyborg in 2019 fell by 37% Y-o-Y to 1.21 million tonnes
12:05 German Naval Yards Kiel takes legal actions against MKS 180 procurement
11:54 Bunker sales at the port of Singapore in 2019 fell by 4.6% Y-o-Y to 47.5 million tonnes
11:29 Throughput of port Vysotsk in 2019 climbed by 3% Y-o-Y to 19.40 million tonnes
11:05 Fincantieri enters the green cutting-edge project “ITER”
10:52 Throughput of port Primorsk in 2019 grew by 14% Y-o-Y to 61.02 million tonnes
10:37 Software for ship agents supported with digitalisation grant
10:21 Baltic Dry Index is down to 729 points
10:05 Brent Crude futures price is down 0.55% to $64.84, Light Sweet Crude – down 0.32% to $58.39
09:53 MABUX: Bunker market this morning, Jan 21
09:47 MOL Logistics (Thailand) strengthens total logistics services
09:30 Port of Ust-Luga handled 103.85 million tonnes in 2019, up 5% Y-o-Y
09:13 Throughput of Port St. Petersburg in 2019 grew by 1% to 59.87 million tonnes
08:44 Maersk Drilling awarded two-well contract extension for low-emission rig Maersk Integrator under Aker BP alliance
07:41 Kuehne + Nagel to accelerate development in Asia Pacific

2020 January 20

18:37 Semi-submersible installation vessel ‘Alfa Lift’ nominated for Offshore Renewables Award 2020
18:06 Freeport LNG achieves start of commercial operations for second liquefaction train
17:55 Russia and Japan to conduct joint exercise in the Arabian sea
17:39 Kawasaki Heavy Industries announces delivery of bulk carrier NAVIOS FELICITY Ⅰ
17:34 Corvette "Gremyaschiy" completed a series of tests in the Barents sea
17:06 MSC Cruises and Chantiers de l’Atlantique sign contracts for construction of third and fourth LNG-powered MSC World Class ships
16:52 Cryostar and KC LNG awarded contract for building LNG facility in port of Antwerp
16:33 London, UK to host Digitalised Smart Ports Conference on 20-21 May 2020