• 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.




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