• 2019 August 2 08:24

    MABUX: Bunker market this morning, Aug 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) changed insignificant on Aug.01:

    380 HSFO - USD/MT – 430.13 (+4.59)
    180 HSFO - USD/MT – 468.74 (+8.19)
    MGO - USD/MT – 666.17 (+4.05)

    Meantime, world oil crashed on Aug.01 immediately after President Trump announced another round of tariffs on China.

    Brent for October settlement decreased by $4.55 to $60.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery lost $4.63 to $53.95 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.55 to WTI. Gasoil for August fell by $15.50.

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

    Trump said he would put a 10 percent tariff on the remaining $300 billion worth of Chinese imports that, to date, have not been covered by the levies. And the new tariffs, which Trump says will take effect on September 1, come in addition to the existing 25 percent tariffs on $250 billion of imports. In other words, at the start of next month, just about everything the U.S. imports from China will be subjected to tariffs. Oil prices plunged by more than 8 percent immediately after the news, pushing WTI below $55 per barrel and Brent down to $61.

    The Federal Reserve reduced rates on Jul.31, but against expectations the head of the U.S. central bank said the move might not be the start of a lengthy series of cuts to shore up the economy against global economic weakness.

    OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) in July, down 280,000 bpd from June’s revised figure and the lowest OPEC total since 2011. Saudi Arabia is sticking to its plan of voluntarily restraining output by more than called for by an OPEC-led supply deal to support the market. OPEC renewed the supply pact this month, shrugging off pressure from U.S. President Donald Trump to pump more.

    Iran’s crude exports declined to as little as 100,000 bpd in July, according to tanker data and an industry source, from more than 2.5 million bpd in April 2018. In Venezuela, supply fell slightly due to the impact of a power blackout, U.S. sanctions on state oil company PDVSA and a long-term decline in production. Libyan production dropped due to a stoppage at the Sharara oilfield, the country’s largest. Output fell in Nigeria, but Africa’s largest exporter which is seeking a higher OPEC quota continued to produce above its target by the largest margin. Among countries with higher output, Gulf producers Kuwait and the United Arab Emirates both raised supply while remaining below their OPEC targets.

    Iran said that the United States is “not seeking dialogue” and has rejected an offer from Iran for stricter nuclear inspections in exchange for removing the sanctions on Iran. The Iranian proposal came from Iran’s Foreign Minister Javad Zarif during his visit to New York earlier last month. Last week, U.S. Secretary of State Mike Pompeo said that he recently offered to travel to Tehran and speak directly to the Iranian people. But Iran hasn’t accepted his offer. Iran in response said Pompeo’s offer was a passive move, in which nobody sees any honesty and seriousness.

    Libya’s national oil company declared force majeure on Sharara crude oil loadings on Jul.31. The country's largest oil filed began shutting down late on Jul.30 after a valve on the pipeline linking it to an export terminal on the Mediterranean Sea was shut, The valve was shut by unidentified perpetrators. Sharara oil field produces around 290,000 bpd, which is nearly one third of Libya's crude output. It is a prime target that is frequently attacked and blocked by militias. Libyan oil revenues are expected to drop by as much as 17% in 2019 as a result of disruptions in production.

    The U.S. could be viewing the situation in Venezuela as close to being resolved, as suggested by the extension of the U.S. sanctions waiver for Chevron to continue operating legally in Venezuela for three more months. The U.S. Department of the Treasury did extend on Friday the sanction waivers to Chevron and four oilfield services companies—Halliburton, Schlumberger, Baker Hughes, and Weatherford International—to continue to deal until October 25 with Venezuela’s state oil firm PDVSA, which is otherwise subject to strict U.S. sanctions. As per some forecasts, Venezuela could be pumping as little as below 500,000 bpd of crude oil next year amid the economic and political crisis. Venezuela’s crude oil production in June dropped by 16,000 bpd from May to stand at 734,000 bpd. To compare, Venezuela’s crude oil production in 2017 averaged 1.911 million bpd.

    We expect bunker prices may drop today of minus 10-15 USD.




2024 March 29

10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
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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
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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
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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