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  • MABUX: Bunker market this morning, July 08
  • 2019 July 8 11:18

    MABUX: Bunker market this morning, July 08

    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) changed insignificant and irregular on July 05:

    380 HSFO - 420.23(+1.29)
    180 HSFO - USD/MT - 457.67(+1.07)
    MGO - USD/MT - 649.85(-0.67)

    Meantime, world oil indexes rose slightly on Jul.05 supported by tensions over Iran and last week’s decision by OPEC and its allies to extend a supply cut deal until next year.

    Brent for September settlement increased by $0.93 to $64.23 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for August delivery rose by $0.71 to $57.51 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.72 to WTI. Gasoil for July gained $2.00.

    Today morning oil indexes do not have any firm trend so far.

    In a prolonged trade war between the United States and China that dampened prospects of global economic growth and oil demand, representatives of both countries are resuming talks this week to resolve the deadlock.

    OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group. The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, down 170,000 bpd from May's revised figure and the lowest OPEC total since 2014. Even though Saudi Arabia is raising output following pressure from U.S. President Donald Trump to bring down prices, the kingdom is still voluntarily pumping less than an OPEC-led supply deal allows it to. Meantime, Iran's crude exports have declined to less than 400,000 bpd from more than 2.5 million bpd in April 2018 while in Venezuela supply fell slightly in June due to the impact of U.S. sanctions on state oil company PDVSA and a long-term decline in production.

    British Royal Marines seized an oil tanker in Gibraltar on Jul.04 accused of bringing oil to Syria in violation of EU sanctions, a step that could escalate confrontation between the West and Iran. Shipping data suggests it had been loaded with Iranian oil off the coast of Iran, although its documents say the oil is from neighboring Iraq. The authorities in Gibraltar made no reference to the source of the oil when they seized it under the authority of European sanctions against Syria that have been in place for years.

    The likelihood that the cargo was Iranian drew a link between the incident and a new U.S. effort to halt all global sales of Iranian crude. European countries have tried stay neutral in that confrontation, which saw the United States call off air strikes against Iran just minutes before impact last month, and Tehran amass stocks of enriched uranium banned under a 2015 nuclear deal. By restricting Iran’s ability to move oil, U.S. sanctions have choked off Tehran’s Syrian allies, causing fuel shortages in government-controlled areas. In May, Syria received its first foreign oil for six months with the arrival of two shipments, one from Iran.

    Iran’s parliament last week passed a draft bill allowing for a massive increase in the number of oil and gas condensates refineries in the country, to be funded from investment from private sector companies and regional banks. Although the U.S. recently extended sanctions to Iran’s largest petrochemical group, Persian Gulf Petrochemical Industries Company, Tehran still believes that the petchems sector is its best bet to avoid the full focus of the U.S.’s renewed sanctions effect. Iran also believes that in addition to the boost in its petchems export revenues), it can move dramatically increase foreign earnings from liquefied petroleum gas (LPG) sales and safeguard its hard-won gasoline independence as well.

    Asian oil refiners are being squeezed by rising freight rates and insurance costs for shipping crude from the Middle East after attacks on ships in the Gulf last month. The Middle East accounts for more than two-thirds of Asia’s oil supply and the attacks on tankers in the Gulf of Oman on June 13 have heightened security concerns among oil companies and shippers operating in the region. The war risk insurance premium (WRP) for ships travelling in the Gulf has risen 10-fold as a result. Meanwhile, the freight rates for very large crude carriers (VLCC) from Gulf oil terminals to Asian ports have jumped about 30% since the attacks.

    The US oil and gas rig count fell by 4 last week while the total number of active oil rigs fell by 5 reaching 788. The combined oil and gas rig count is still 963 for the week, with oil seeing a 75-rig decrease year on year. Year-to-date, the oil rig count has fallen from 858 active rigs since the beginning of the year to 788. Despite the rig decline year on year, US production is almost 1.2 million barrels per day higher year on year—the equivalent of OPEC’s production cut agreement. For week ending June 28 US production rose slightly to 12.2 million bpd, 200,000 bpd down from the all-time high of 12.4 million bpd.

    IMPORTANT NOTICE: MABUX HAS STARTED PUBLISHING PRICE INDICATIONS FOR TEST LOTS OF VLS FO (0.5%) TRADING RECENTLY AT ARA, SINGAPORE AND FUJAIRAH. THE LIST OF PORTS WILL BE SUPPLEMENTED AS SOON AS THE AVAILABILITY OF THE CONVENTIONAL BLEND VLS FO EXPANDS. VISIT www.mabux.com FOR MORE DETAILS.

    We expect bunker prices may add today 2-5 USD.




2022 July 6

18:16 Port of Oakland posts its container volume in May
18:00 Port of Kaliningrad expected to see a 25-pct decrease of throughput to 8 million tonnes in 2022
17:39 Gascade and Fluxys team up on two key infrastructure projects to ramp up the hydrogen economy in Germany
17:12 Strengthening port security in Tunisia
17:06 PIL announces contract to build four 8,000 TEU LNG dual-fuel container vessels
16:43 Cargo traffic within Azov-Don Basin of Russia’s IWW in H1’2022 totaled 1.4 million tonnes, down 57% YoY
16:21 MSC and Fincantieri announce the construction of two next generation cruise ships
16:07 TotalEnergies quits Russia's Kharyaga oil project - Reuters
15:57 Russia’s State Duma approves Draft Law on countersanction information
15:15 India, Iran to activate new shorter corridor to Russia - The Tribune
14:55 CPC-R requests to suspend execution of the judge's Ruling on administrative suspension of company's activities
14:32 Svitzer announces the purchase of a new tug to support terminal operations in Milford Haven, UK
14:18 Tallink Grupp reports 174.3% increase of passenger transportation in June 2022
14:02 ClassNK releases “ClassNK Technical Journal”
13:34 TechnipFMC awarded iFEED contract by Equinor for BM-C-33 project in Brazil
13:06 Nordic Engineering to speak at Ship Repair, Modernization and Components Conference about modernization of research vessels
12:01 Concordia Maritime sells the P-MAX vessel Stena Paris
11:39 MV Kholmogory to deliver first batch of cement to Kaliningrad
11:34 Germany prepares Uniper bailout - Handelsblatt
11:12 OPEC secretary-general is dead, Nigerian officials announce - AP
11:03 CMA CGM to implement Bunker Recovery Adjustment Factor to all West African ports
10:51 Krasnoye Sormovo shipyard delivers dry cargo carrier of Project RSD59 Sergey Volkov to GTLK
10:27 ECOWAS lifts sanctions against Mali
10:10 Novorossiysk Court orders Caspian Pipeline Consortium to suspend its activities for 30 days
09:55 TT Club highlights long-term changes to supply chain risk profiles
09:22 Throughput of port Kavkaz in H1’2022 fell by 26% Y-o-Y
09:08 MABUX: Global bunker prices to decline sharply on Jul 06
08:44 Turkey to try to reach outcome on grain corridor with Russia, Ukraine soon - Daily Sabah
08:13 The EU isn’t yet equipped to receive enough LNG to replace Russian gas entirely - Bloomberg

2022 July 5

19:44 Termination of oil and gas supplies to Japan from Russia is possible – Deputy Chairman of the Security Council of the RF
18:23 Norled accepts delivery of second newbuild zero-emission battery-powered Ropax Ferry from Sembcorp Marine
17:56 BAM and Transsib failed to deliver 70 million tonnes of cargo in 2021 - Yury Trutnev
17:31 DNV recognizes Arcadia Shipmanagement’s Aegean Myth as the first verified SEEMP III vessel
17:11 Wartsila supplies battery to Pivot Power as part of cutting-edge Energy Superhub Oxford project
16:53 Lotos Shipyard launches first self-propelled dredger of Project 93.159
16:24 Russia may ramp up its gas supplies to Asian markets to a level close to its exports to EU in a decade - IEA
16:17 Siemens Gamesa secures deal to supply 75 MW for South Korea’s third largest wind farm
15:33 DeloPorts completed full repayment of bond issue for RUB 3.5 billion
15:11 TAQA, Heerema, and AF Offshore Decom completed decommissioning project in Brae Field
15:04 ABP launches 1m sq ft development site at Port of Grimsby
14:52 Edda Wind appoints new COO
14:21 APM Terminals takes the next step on its strategic journey
14:05 Bunker sales at Vladivostok port in H1’2022 fell by 25% YoY
13:46 Throughput of Azov port in H1’2022 fell by 18% YoY
13:28 Strike affecting Equinor-operated fields on the Norwegian continental shelf
13:19 Ulstein's trawler design for Bluewild is one of three nominees for innovation award
12:41 New quayside unveiled at Port of Nigg
12:17 DEME announcement of the Member State of origin
11:51 Vladimir Potanin: we are ready to discuss merger of Nornickel and Rusal
11:29 MPCC placed orders for two carbon-neutral 1,300 TEU newbuildings
10:56 RZD Logistics launches new railway container service on eastern branch of North-South ITC
10:18 HHLA and Eurogate make joint declaration on cooperation talks
09:57 Russian Maritime Register of Shipping supports Ship Repair, Modernization and Components Conference
09:35 Russia’s internal container traffic in H1’2022 rose by 5.1% YoY
09:14 MABUX: Upward changes to continue on Global bunker on Jul 05

2022 July 4

18:22 Vestas pioneers world’s first hydrogen-powered offshore service vessel
17:59 Plans on modernization of BAM and Transsib are outdated - Yury Trutnev
17:53 MARIN to have new defense department with Pepijn de Jong as manager
17:28 World's largest civilian hospital ship in port in Senegal
16:47 Programme on development of diesel engines manufacture to cover domestic demand in full - Mikhail Mishustin