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  • MABUX: Bunker market this morning, May 02.
  • 2019 May 2 09:55

    MABUX: Bunker market this morning, May 02.

    The Bunker Review was contributed by Marine Bunker Exchange

    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 May 01 despite of celebration of the Labor Day in more than 170 countries:

    380 HSFO - USD/MT - 433.21(+2.07)
    180 HSFO - USD/MT - 476.57(+1.21)
    MGO - USD/MT - 653.14(+0.57)

    Meantime, world oil indexes changed irregular on May 01 after data showed record U.S. crude oil production, which resulted in a surge in stockpiles.

    Brent for July settlement increased by $0.12 to $72.18 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery dipped by $0.31 to $63.60 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 8.58 to WTI. Gasoil for May delivery rose by $1.00.

    Today morning oil indexes do not  have any firm trend so far.
    The global economy is once again showing some worrying signs of a slowdown, opening up a major downside risk to oil prices. Global trade volumes are declining for the first time since the end of the 2008-2009 financial crisis. Between December and February trade volumes contracted by 0.8 percent compared to the same period a year earlier.

    Saudi oil minister Khalid al-Falih told the Russian press that OPEC+ should maintain production cuts in some form through the end of the year. The news rendered some support to fuel indexes.

    The biggest oil importers in Asia collectively bought 1.57 million bpd of oil from Iran in March, a 36-percent surge over February, as buyers rushed to use up the U.S. sanction waivers for Iranian oil purchases before they expire today. In November last year, the U.S. granted sanction waivers to eight key Iranian oil buyers, including these four Asian customers, to continue importing oil at reduced volumes. Amid uncertainties whether they would get their waivers extended, the Asian importers hurried to buy and load Iranian oil for March, to have enough time to close transactions in case their waivers end. The U.S. announced last week that it was ending all waivers for Iranian oil, which expire on May 02.

    There is a particular squeeze on heavier oil, with heavier crude from Russia contaminated, and heavy Venezuelan crude sanctioned on top of Iranian oil sanctions and issues with other heavy crude producers like Angola, which faces its own difficulties in output. Countries that continue to produce at high volumes, like the United States, are supplying a much lighter crude which does not satisfy the same sectors of the market. It is quite possible, that heavy crude prices may rise in a near-term outlook, that, in turn, may cause a rise in prices for heavy bunker fuel 380/180 HSFO.

    Venezuela’s opposition leader and self-declared interim president Juan Guaido has announced what he has termed the final phase in the opposition’s plan to take over the country from the Nicolas Maduro government. However, there was no visible escalation between opposition supporters and government forces so far. According to the country’s Foreign Minister, Jorge Arreaza, the Guaido announcement and the events that followed were part of an attempt at a coup d’etat backed by the United States and Colombia. For now, it is unclear what the effect on Venezuela’s oil production will be. Some sources inside Venezuela’s oil industry say that operations have not yet been impacted. Anyway, further destabilization in Venezuela is still a potential supportive factor for fuel prices.

    Meantime, Venezuela’s opposition in the National Assembly is set to vote on legislation seeking the approval from the U.S. Treasury Department to tap frozen funds in order to allow Citgo to make an interest payment. Citgo has been put into the hands of the Venezuelan opposition, but is at risk of creditor action if it can’t make payments. Citgo is one of the top assets the opposition has and would be key in building a new regime in Venezuela.

    The IEA reported that Iraq is set to be the world’s fourth largest oil producer by 2030, adding more than 1 million bpd over the next decade to top 6 million bpd. If it succeeds, Iraq would only trail the U.S., Saudi Arabia and Russia. However, Iraq will need large volumes of water for oil field injections to realize these goals.

    U.S. crude oil inventories surged nine times more than expected last week, adding a huge increase to a recent trend of builds: a drop in refining activity, rise in imports and record high domestic production all came together to overwhelm traders. Crude stockpiles rose by 9.9 million barrels in the week to April 26, versus forecasts for a build of 1.5 million. U.S. crude production, meanwhile, rose by 100,000 barrels, to a record high of 12.3 million barrels per day.

    We do not expect any firm trend today. Bunker prices may change in a range of plus-minus USD 3-5.

2022 January 28

18:30 Smooth Ports completes the first project phase of the project
18:12 Two oil garbage disposal vessels put into operation in Novorossiysk
18:05 MOL and Mitsui sign time charter contract for LNG carrier
17:56 Finnlines upgrades its Finland–Sweden route
17:36 NRP Maritime Asset Management announces launching and first close of Premium Maritime Credit Fund
17:26 NYK and Uyeno Group form capital and business alliance
17:06 UPM sets its sights on Rotterdam for new biorefinery
16:51 New fairway drafts offer shipping greater flexibility on Lower and Outer Elbe
16:41 GCT Bayonne orders Konecranes Noell Sprinter Carriers
16:31 ZIM provides update on operational cooperation agreement with the 2M Partners
16:21 ENEA and Fincantieri team up for energy, environment, and circular economy
16:15 Furetank orders new climate friendly tanker for a green fleet
16:10 MAN Energy Solutions delivers engines to Chantiers de l’Atlantique
15:57 USCG intercepts 191 Haitians near Bahamas
15:55 Project cargo on the rise at Port of Antwerp thanks to EU Green Deal
14:26 Tenders for dredging and cleaning of Saint-Petersburg waterways to be announced by ad hoc municipal committee
14:03 Damen Shipyards to build four RoPax ferries for Penang Port, Malaysia
13:41 Nefteflot lays down survey ship of Project RDB 66.62
13:27 Ulstein awarded offshore wind ship design contract for Shanghai Electric and ZPMC
12:34 Universe Shipping opts for RMS 2000 V-rotor systems from Damen Marine Components
12:02 EST-Floattech delivers battery systems to 3 Damen Patrol Vessels 1304 Electric
11:30 KSK Grain Terminal handles grain vessel of 120,000 tons in capacity
11:01 MarineMax reports record fiscal 2022 first quarter results
09:59 RF Navy's frigate Admiral Gorshkov practiced artillery firing in the Barents Sea
09:34 Baltic Dry Index as of January 27
09:16 Crude oil market sees upwards price correction
08:57 MABUX: No firm trend expected on Global bunker market on Jan 28

2022 January 27

18:35 ABP launches the first of its new tranche of port-manufacturing sites at Port of Hull
18:05 Indian Register of Shipping classes first 100 pax hybrid catamaran (battery powered) ferry
17:52 Onezhsky Shipyard launches lead crab catching ship built for Russian Crab Group
17:35 Kawasaki Heavy Industries announces delivery of LPG-fueled LPG carrier CRYSTAL TRINITY
17:05 NAPA and MOL roll out digital Navigational Risk Monitoring Solution on over MOL’s 700+ ships
16:45 Port of Antwerp, North Sea Port Flanders and Port of Zeebrugge launch the stimulus programme ‘Accelerating modal shift’
16:36 Construction of digital shipyard commenced at Onezhsky Shipbuilding, Ship Repair Yard
16:17 Suez Canal Economic Zone signs local and foreign contracts for Sokhna port new berths works
15:35 Construction of support fleet base in Ust-Luga approved by Glavgosexpertiza
15:32 ABS grants AIP to a coordinated design for a wind turbine installation vessel
15:14 Tarragona Port Authority has awarded Global Ports Holding a 12-year concession to manage the services for cruise passengers
15:00 Marine Rescue Service removed all oil products from Chinese ship Xing Yuan
14:53 Cooperation Agreement signed between ThPA S.A. and Suez Canal Economic Zone
14:42 DP World joins forces with Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
14:32 A.P. Moller - Maersk shares millions of weather observations to aid climate science
14:22 IMB releases 2021 Piracy and Armed Robbery Report
14:04 FESCO launches regular container train from Vladivostok to Ulyanovsk
13:40 Swissterminal starts a new rail link between the port of Antwerp and Ottmarsheim
13:28 FESCO confirms compliance with standards for operation of vessels in US waters
13:03 Georgia Ports Authority tops 5.5M TEUs, 650K units in 2021
12:49 NYK delivers methanol-fueled chemical tanker
12:02 Throughput of Yeisk port in 2021 remained flat, year-on-year
11:30 Tallink Grupp’s vessel Baltic Queen heads to Naantali, Finland for regular dry-docking
10:56 Throughput of Temryuk port in 2021 rose by 10.3% YoY
10:37 MABUX: Bunker Weekly Outlook, Week 04, 2022
10:33 Haldor Topsoe becomes member of Hydrogen Council to promote green hydrogen solutions
09:48 Registration is underway for 5th Hydraulic Engineering and Dredging Congress
09:29 Baltic Dry Index as of January 26
09:12 Crude oil prices decrease on reduction of supply disruption risks
08:57 MABUX: Global bunker market to continue firm upward evolution on Jan 27

2022 January 26

18:06 Safe Bulkers announces agreement for the acquisition of one Capesize class dry-bulk Japanese vessel
17:54 Olga Naumova takes helm of Russian Fishery Company
17:41 Shearwater GeoServices awarded Western Australia multicomponent surveys by Santos