• 2019 August 15 08:42

    MABUX: Bunker market this morning, Aug 15

    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) demonstrated firm upward correction on Aug.14:

    380 HSFO - USD/MT – 362.32 (+6.39)
    180 HSFO - USD/MT – 406.08 (+6.51)
    MGO - USD/MT – 640.56 (+8.52)

    Meantime, world oil indexes fell sharply on Aug.14 as weak economic data out of China and crude oil inventory gains in the United States’ spooked oil markets.

    Brent for October settlement decreased by $1.82 to $59.48 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery declined by $1.87 to $55.23 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.25 to WTI. Gasoil for September fell by $15.00.

    Today morning oil indexes turned into the phase of insignificant irregular changes so far.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. This compares with an unexpected inventory build of 2.4 million barrels for the previous week that weighed on prices since it followed three weeks of considerable inventory draws. At 440.5 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. In production, the EIA said refineries processed 17.3 million barrels daily last week, churning out 10.2 million bpd of gasoline and 5.1 million bpd of distillate fuels. This compared with 10.4 million bpd in gasoline production and 5.3 million bpd in distillate fuel production a week earlier.

    Iran and the UK have exchanged documents and Britain has shown interest in resolving the issue with the Iranian oil tanker it seized in early July. However, British side said on the contrary, that Iranian reports of imminent release of the tanker, as soon as today, were not correct and the UK will facilitate the release of the Iranian oil tanker detained by Gibraltar if Iran gave guarantees that the crude loaded on that vessel wasn’t bound for Syria. The U.S. in turn is trying to garner a broad international support for escorting oil tankers in the Gulf after the recent incidents. So far only the UK has said it would join the U.S. in protecting tankers.

    Two energy authorities reduced their crude oil demand outlooks in their latest reports. The U.S. Energy Information Administration cut its demand growth outlook by 70,000 bpd, and the International Energy Agency lowered its own by 100,000 bpd. These numbers support a growing worry about a slowdown in global oil demand that has already begun weighing on prices and will likely continue to do so in the observable future. Meantime, every agency making a forecast about the fundamentals of any commodity is forced to make a number of assumptions as the information is never complete and markets are dynamic, as are geopolitics. In the case of oil and fuel, these are the U.S.-China trade war as well as new talk of further OPEC cuts.

    OPEC’s production cuts were insufficient as well, with most analysts agreeing that global oil inventories are still too high. But OPEC has limited options to cut even further, with its largest oil producer, Saudi Arabia, already making large sacrifices in this regard. Russia, too, is likely uninterested in further cuts.

    Saudi Aramco held its first earnings call with investors, and also reported profits of $46.9 billion for the first six months of 2019. That was down 12 percent from the same period a year earlier, the result of lower oil prices. However, that figure still makes Aramco the world’s most profitable company. Still, as investors gauge the company, one of the biggest uncertainties is how Aramco pays dividends to the Saudi government.

    China has promised tens of billions of dollars of investment in oil, gas and petrochemical projects in the U.S., particularly in Alaska, the Gulf Coast and Appalachia. But the trade war may prevent those investments from being realized. China last year was the third largest importer of American oil after Canada and South Korea, but analysts say China could target U.S. crude in its next round of retaliatory tariffs. That would mark a rapid reversal from only a few years ago, when state-owned Chinese companies were investing heavily in U.S. oil and gas projects, primarily in Texas.

    For the first time in eight years, Russia is on track to surpass Saudi Arabia in the size of its foreign exchange, a sign that Riyadh is faring much worse with lower oil prices.  It seems that OPEC can no longer ignore Russia because of its importance as an oil exporter and its economy. The Russians will continue doing just enough to engage with the Saudis on oil production.

    We expect bunker prices will decline today in a range of minus 10-15 USD.




2024 March 2

13:41 Port of LA awards $1.5M in community investment grants for FY2023/24
11:18 Canadian Coast Guard issues fine for a hazardous vessel
09:37 IAA PortNews’ top headlines, Week 09

2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels
12:09 Consortium of MOL, ITOCHU Corporation, HIF Asia Pacific and JFE Steel Corporation to pioneer synthetic fuel supply chain and CO2 marine transport initiative
11:42 CMA CGM, COSCO SHIPPING, Evergreen and OOCL to extend OCEAN Alliance until 2032
11:18 The 7th Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:52 Port of Oakland container volume up in January 2024
10:23 CMA CGM updates FAK rates from India to Europe and the Mediterranean