• 2019 March 20 09:08

    MABUX: Bunker market this morning, Mar.20.

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) declined slightly on Mar.19:

    380 HSFO - USD/MT - 418.43(-2.78)
    180 HSFO - USD/MT - 466.29(-2.78)
    MGO         - USD/MT - 638.07(-0.29)


    Meantime, world oil indexes traded irregular on Mar.19, after signs that OPEC and allied producers will reinforce their efforts to keep the global market balanced as the world economy slows down.

    Brent for May settlement rose by $0.07 to $67.61 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April delivery slid by $0.06 to $59.03 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.58 to WTI. Gasoil for April delivery gained $4.25.

    Today morning oil indexes were stable.

    Goldman Sachs reported that resilient demand growth and supply outages could push oil prices up to $70 per barrel in the near future. Supply loses are exceeding expectations, demand growth is beating low consensus expectations with technicals supportive and net long positioning still depressed. A supply deficit could become rather significant, with total oil products demand growth at 1.03 million bpd against supply growth of only 0.3 million bpd.

    Uncertainty over US waivers for buyers of Iranian oil is starting to grip the market again. The Trump administration confirms the aim is still to completely halt Iran’s oil shipments as it seeks to increase economic pressure on Tehran. Prices are to be a key determinant for America’s decision on waivers. At current levels, the waivers are likely to be renewed for China, India, Japan, South Korea and Turkey with a 30% to 50% cut in permitted volumes compared to existing limits. If prices move higher, waiver volumes could only be cut by 20% to 30%. Iran’s customers, meanwhile, are making plans – with some assuming the concessions will be renewed while others foreseeing some reductions to permitted purchases.

    Saudi Arabia, OPEC’s de-facto leader, and Russia both made promises over the weekend to increase compliance with the deal to cut oil output by 1.2 million barrels per day (bpd) in the first six months of this year. Russia confirmed it will be fully compliant with OPEC-led supply cuts over the coming weeks. Saudi Arabia said in turn, that it was optimistic about the prospect of continued commitment to the OPEC-led production cuts. Meantime, the compliance rates in the first two months of the year are less than levels seen in 2017 and 2018.

    OPEC+’s committee on Mar.18 recommended cancelling a planned April meeting, saying it would be too soon to determine whether the cuts should continue into the second half. The change in timing, which still needs to be agreed by the wider coalition, means they probably won’t decide on the extension until late June, just days before they expire.

    Venezuela has suspended its oil exports to India and views Russia and China as its main export destinations. The Indian market has been crucial for Venezuela’s economy because it has historically been the second-largest cash-paying customer for the OPEC country’s crude, behind the United States. Earlier this year, the United States imposed heavy sanctions on Venezuela’s oil industry and has pressed India to stop buying Venezuelan oil.

    After two-and-a-half years of negotiations, Britain's departure from the European Union remains uncertain, with possible outcomes still ranging from a long postponement, leaving with May's deal, a disruptive exit without a deal, or even another referendum. May is due at an EU summit in Brussels on Mar.21 at which she will ask for a delay to Brexit as Britain seeks a smooth way to leave the EU after 46 years, with a transition period to soften the disruption to trade and regulations. Germany, the EU's most powerful leader, in response said that it will fight until the last minute of the time to March 29 for an orderly exit. If it left this way, Britain would quit the EU's 500 million-strong single market and customs union overnight, falling back on World Trade Organization rules that could mean many import and export tariffs. It would face the prospect of manufacturing and financial market disruption, sharp economic contraction and border delays.

    Refining margins have been poor for gasoline, but strong for distillates. That trend will continue ahead of the IMO regulations in 2020 that will reduce sulfur content in marine fuels, raising demand for distillates. Refiners are likely going to reduce planned maintenance periods, or front-load them in the first half of 2019, in anticipation of a strong period leading up to implementation of the IMO rules.

    The American Petroleum Institute (API) reported a surprise draw in crude oil inventory of 2.133 million barrels for the week ending March 15, coming in under analyst expectations of a 309,000-barrel build. This is the second week in a row for a surprise draw.

    We expect prices for IFO will be stable today while MGO prices may add up to 5 USD/MT.




2024 March 29

12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
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
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

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