• 2020 January 24 10:22

    MABUX: Bunker market this morning, Jan 24

    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 irregular changes on Jan.23:

    380 HSFO: USD/MT 380.18 (+0.70)
    VLSFO: USD/MT 615.00 (-9.00)
    MGO: USD/MT 659.61 (-7.82)


    Meantime, world oil indexes fell on Jan.23 on concern that the spread of a respiratory virus from China could lower fuel demand if it stunts economic growth.

    Brent for March settlement decreased by $1.17 to $62.04 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.15 to $55.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.45 to WTI. Gasoil for February delivery lost $6.75.

    Today morning global oil indexes turned into slight upward trend so far.

    China put on lockdown two cities that were at the epicentre of a new coronavirus outbreak that has killed 17 people and infected nearly 600, as health authorities around the world scrambled to prevent a global pandemic. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome outbreak in 2002-03, which also started in China and dented economic growth and caused a slump in travel. Cases have been detected as far as away as the United States and global stock markets were also down in part due to fears of the virus spreading further as millions of Chinese prepare to travel for the Lunar New Year.

    The Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17. This compared with forecast expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel.

    The Energy Information Administration also said that oil production in the seven most prolific shale plays in the United States is set to increase by 22,000 bpd in February to 9.2 million bpd. Oil and gas companies drilled a total of 1,036 wells in December and completed 1,086. The number of drilled but uncompleted wells has shrunk to just 7,573. This is down from 8,055 year over year, and the lowest number since October 2018. Overall, oil production in the United States continues to increase unchecked, reaching 13 million bpd for week ending January 10.

    Alexander Novak will continue to be the face of Russia’s energy diplomacy at OPEC+ summits as he remains Russia’s Energy Minister in the new government that President Vladimir Putin appointed Jan.21. Novak, who has been leading the energy ministry since 2012, has been a key figure in the talks between OPEC and its leader and largest producer, Saudi Arabia, and the Russia-led alliance of non-OPEC producers in cutting deals to reduce oil production in recent years. After a week of speculation and uncertainty about who will hold which posts, including that of the energy minister, Putin signed the executive order to appoint the new government. Several key ministers, including Novak and Finance Minister Anton Siluanov, will keep their posts. Russia’s position regarding the fate of the deeper production cuts in place until the end of March will be much less familiar, as Novak is known for keeping it ‘a secret’ until the day of the meeting.

    The European Union is eyeing long promised punitive measures against Turkey for its illegal military incursion into northern Syria, as well as its unauthorized natural gas drilling off Cyprus' coast. The EU has moved to cut pre-accession aid to Turkey by 75 percent (the Instrument for 'Pre-Accession Assistance' (IPA) is offered in support of reforms in countries in the process of joining the EU). The cut in aid, however, doesn't affect the €3.5 billion offered to Turkey as part of a larger EU deal to prevent refugees from reaching European shores. Meantime, the EU has already warned Turkey of possible repercussions over illegal gas drilling off the coast of Cyprus.

    General Khalifa Haftar has shut off more than half of Libya’s oil exports, and the National Oil Company (NOC) has declared force majeure, taking 800,000 barrels per day of crude offline for export, and costing the country some $55 million in lost revenues daily. Four key ports - Hariga, Brega, Sidra and Ras Lanuf - are closed and under force majeure as of 18 January. Once these ports reach their storage capacity, which is limited, the NOC will have to shut down crude oil production. Right now, the NOC is reducing crude oil production rates to avoid a total shutdown of production. A total shutdown would take all 1.2 million bpd offline and cost the country $77 million a day. However, even if Libya shutters its entire 1.2 million bpd, OPEC can offset the supply disruption with a spare 3 million bpd of capacity, so the impact would be limited.

    IBIA found that most shipping and bunkering companies had experienced a ‘surprisingly smooth transition’ for IMO 2020, but there was uncertainty on how to deal with sulphur test results marginally above the 0.50% limit. As per IBIA, the problem lies in the difference between commercial contract interpretation around test precision principles and the MARPOL Annex VI sulphur verification procedures approved by the IMO for authorities to use when obtaining samples from ships to check for compliance. It was also noted that majority of the companies have not had the operational problems that have been predicted due to fuels with serious stability issues or due to mixing incompatible fuels onboard the ship, although VLSFO testing off-spec for sediment, an indicator of poor fuel stability, has been reported in some ports during December and January.

    We expect bunker prices to fall slightly in a range of minus 3-6 USD.

    MABUX: Bunker market this morning, Jan 24

     

    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 irregular changes on Jan.23:

     

    380 HSFO: USD/MT 380.18 (+0.70)

    VLSFO: USD/MT 615.00 (-9.00)

    MGO: USD/MT 659.61 (-7.82)

     

    Meantime, world oil indexes fell on Jan.23 on concern that the spread of a respiratory virus from China could lower fuel demand if it stunts economic growth.

     

    Brent for March settlement decreased by $1.17 to $62.04 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $1.15 to $55.59 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.45 to WTI. Gasoil for February delivery lost $6.75.

     

    Today morning global oil indexes turned into slight upward trend so far.

     

    China put on lockdown two cities that were at the epicentre of a new coronavirus outbreak that has killed 17 people and infected nearly 600, as health authorities around the world scrambled to prevent a global pandemic. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome outbreak in 2002-03, which also started in China and dented economic growth and caused a slump in travel. Cases have been detected as far as away as the United States and global stock markets were also down in part due to fears of the virus spreading further as millions of Chinese prepare to travel for the Lunar New Year.

     

    The Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17. This compared with forecast expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel.

     

    The Energy Information Administration also said that oil production in the seven most prolific shale plays in the United States is set to increase by 22,000 bpd in February to 9.2 million bpd. Oil and gas companies drilled a total of 1,036 wells in December and completed 1,086. The number of drilled but uncompleted wells has shrunk to just 7,573. This is down from 8,055 year over year, and the lowest number since October 2018. Overall, oil production in the United States continues to increase unchecked, reaching 13 million bpd for week ending January 10.

     

    Alexander Novak will continue to be the face of Russia’s energy diplomacy at OPEC+ summits as he remains Russia’s Energy Minister in the new government that President Vladimir Putin appointed Jan.21. Novak, who has been leading the energy ministry since 2012, has been a key figure in the talks between OPEC and its leader and largest producer, Saudi Arabia, and the Russia-led alliance of non-OPEC producers in cutting deals to reduce oil production in recent years. After a week of speculation and uncertainty about who will hold which posts, including that of the energy minister, Putin signed the executive order to appoint the new government. Several key ministers, including Novak and Finance Minister Anton Siluanov, will keep their posts. Russia’s position regarding the fate of the deeper production cuts in place until the end of March will be much less familiar, as Novak is known for keeping it ‘a secret’ until the day of the meeting.

     

    The European Union is eyeing long promised punitive measures against Turkey for its illegal military incursion into northern Syria, as well as its unauthorized natural gas drilling off Cyprus' coast. The EU has moved to cut pre-accession aid to Turkey by 75 percent (the Instrument for 'Pre-Accession Assistance' (IPA) is offered in support of reforms in countries in the process of joining the EU). The cut in aid, however, doesn't affect the €3.5 billion offered to Turkey as part of a larger EU deal to prevent refugees from reaching European shores. Meantime, the EU has already warned Turkey of possible repercussions over illegal gas drilling off the coast of Cyprus.

     

    General Khalifa Haftar has shut off more than half of Libya’s oil exports, and the National Oil Company (NOC) has declared force majeure, taking 800,000 barrels per day of crude offline for export, and costing the country some $55 million in lost revenues daily. Four key ports - Hariga, Brega, Sidra and Ras Lanuf - are closed and under force majeure as of 18 January. Once these ports reach their storage capacity, which is limited, the NOC will have to shut down crude oil production. Right now, the NOC is reducing crude oil production rates to avoid a total shutdown of production. A total shutdown would take all 1.2 million bpd offline and cost the country $77 million a day. However, even if Libya shutters its entire 1.2 million bpd, OPEC can offset the supply disruption with a spare 3 million bpd of capacity, so the impact would be limited.

     

    IBIA found that most shipping and bunkering companies had experienced a ‘surprisingly smooth transition’ for IMO 2020, but there was uncertainty on how to deal with sulphur test results marginally above the 0.50% limit. As per IBIA, the problem lies in the difference between commercial contract interpretation around test precision principles and the MARPOL Annex VI sulphur verification procedures approved by the IMO for authorities to use when obtaining samples from ships to check for compliance. It was also noted that majority of the companies have not had the operational problems that have been predicted due to fuels with serious stability issues or due to mixing incompatible fuels onboard the ship, although VLSFO testing off-spec for sediment, an indicator of poor fuel stability, has been reported in some ports during December and January.

     

    We expect bunker prices to fall slightly in a range of minus 3-6 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
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

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