• 2019 August 16 08:41

    MABUX: Bunker market this morning, Aug 16

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) turned into downward evolution again on Aug.15:

    380 HSFO - USD/MT – 351.48 (-10.84)
    180 HSFO - USD/MT – 396.67 (-6.74)
    MGO - USD/MT – 633.82 (-6.74)


    Meantime, world oil indexes continued downward trend on Aug.15 pressured by mounting recession concerns and a surprise boost in U.S. crude inventories.

    Brent for October settlement decreased by $1.25 to $58.23 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for September delivery declined by $0.76 to $54.47 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.76 to WTI. Gasoil for September fell by $1.00.

    Today morning oil indexes turned into upward changes as recession fears ease amid positive U.S. data.

    A rise in U.S. retail sales was cited as easing some concerns of a potential recession. It rose by 0.7% in July from a month earlier, data showed. It was previously expected a rise of 0.3%.

    Large engineering and construction contracts for liquefied natural gas (LNG) projects pushed the total value of contracts in the oil and gas industry surging to US$42 billion in the second quarter of 2019, up by a massive 79 percent over the value of the contracts in the first quarter. In the first quarter of this year, the value of the contracts in the global oil and gas sector stood at US$23.4 billion. In the second quarter, several engineering, procurement and construction (EPC) contracts for LNG projects nearly doubled the contract value tally. In terms of number of contracts signed in Q2, the upstream sector saw 858 contracts awarded, accounting for 71 percent of all contracts, while the midstream and downstream/petrochemical sector recorded 245 and 100 contracts, respectively.

    Global economic worries, amplified by tariff conflicts and uncertainty over Brexit, are also hitting European economies. A slump in exports sent Germany's economy into reverse in the second quarter, data showed, while the euro zone's GDP barely grew in the second quarter of 2019.

    Iran says it aims to complete by March 2021 a long crude oil pipeline from its northwest deep in the Persian Gulf to a southern terminal east of the Strait of Hormuz, in order to export oil by shipping it first onshore to the terminal to bypass the world’s most critical oil chokepoint. The pipeline, which will cost US$2 billion, will be 1,100 kilometers (684 miles) long and capable of carrying 1 million bpd of crude oil from the Goureh oil terminal in the northwest to the Jask region on the Sea of Oman, without the need to have tankers travel through the Strait of Hormuz.  

    In the Persian Gulf, just two oil producers—Saudi Arabia and the United Arab Emirates (UAE)—currently have some (limited) options for bypassing the Strait of Hormuz, where the daily transit in 2018 was 21 million barrels of oil per day, or the equivalent of some 21 percent of global petroleum liquids consumption. Iran, like all others, currently relies on the strait to get its oil to the market.

    Rating agency Fitch has upgraded Russia’s debt rating recently, due to what it called “prudent economic policies”. The country's reserves will amount to nearly $600 billion as a consequence of trade and budget surpluses. Moscow has reduced the fiscal breakeven from nearly $110 a barrel in 2013 to $40 currently, and in the meantime, the Kremlin is successfully boosting its market share in European and Chinese markets. Russia, most likely, has a fair estimation of its partner’s willingness and necessity to act without the participation of Moscow beyond the current OPEC+ agreement. Unless prices drop below $40 per barrel, Moscow will remain reluctant to agree on further cuts.

    Refinery throughput in China went up by 4 percent last month, to a total 52.6 million tons, or about 12.44 million bpd. That’s down from a record-high processing rate of 12.68 million bpd, recorded first in January and February this year and then again in April. It is still pretty strong going thanks to higher demand for crude from independent refiners who are building new refining capacity. With higher processing rates imports of crude also jumped in July. These averaged 9.66 million bpd, up by 14 percent on the year. The trend could soon reverse, however, as the country prepares for its National Day in October.

    We expect bunker prices will decline today: 5-7 USD down for IFO, 1-3 USD down for MGO.




2024 February 24

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12:38 New cable layer joins Boskalis fleet following major conversion
10:33 Port of Rotterdam adopts Green Award verification for new EU shipping sustainability incentives
09:57 MPA selected 11 proposals to advance electric harbour craft designs in Singapore

2024 February 23

15:57 Vitol and EOG Resources enter into long-term gas supply agreement indexed to Brent pricing
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2024 February 22

18:04 United Maritime Corporation expands fleet with new bulk carrier
17:42 Euroseas reports Q4 and FY 2023 results
17:16 Scrubber savings up to 13 bln USD amid IMO2020 regulations implementation
16:14 HD Korea Shipbuilding secures 172.4 bln-won order for two LPG carriers
15:51 Baltic Sea Action Plan Fund allocates EUR 1 mln to 10 new environmental projects
15:24 The first Norsepower Rotor Sail funded by German Government to be fitted on Baltrader’s new cement carrier
14:45 HD Hyundai Marine Solution bags deal for LNG carrier re-liquefaction
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13:42 Baker Hughes lands multi-year well construction services contract with Petrobras
13:32 MABUX: Bunker Weekly Outlook, Week 08, 2024
13:20 Unifeeder launches new direct service linking Aruba and Curaçao with Colombia
12:43 The use of Nextlogic at the Port of Rotterdam leads to a 20% reduction in port waiting times
12:21 Vitol Bunkers takes delivery of first biofuel barge in Asia
11:43 Galveston LNG Bunker Port joins SEA-LNG coalition
10:58 Liberian bulk carrier banned from Australian ports
07:39 Container shipper HMM receives an A- score from Carbon Disclosure Project

2024 February 21

18:00 SBM Offshore receives ExxonMobil Ruby Supplier Award for offshore operations
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17:06 SeaLead and Blue Water Line launch Gulf India Express service
16:34 Auramarine signs agreement with Yiu Lian Dockyards and Guangzhou Jihai Shipping Material for the implementation and uptake of methanol dual fuel systems
16:12 VARO and Orim Energy to scale-up sustainable shipping fuel capabilities
15:34 Biden to sign executive order on US port cybersecurity
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14:11 BYD to expand fleet with seven new car carriers by 2025
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13:24 Cavotec signs two-year service agreement with APM Terminals at Port of Tanger Med
12:19 Russian grain exports exceeded 66 million tonnes worth almost $16.5 billion in 2023
11:07 Gasunie and Storag sign agreement for large-scale hydrogen storage in Germany
10:58 Dual-fuel methanol design of offshore wind turbine installation vessel from Yantai receives ABS approval
10:29 NYK places first order with Japanese shipyard for offshore wind industry crew transfer vessel

2024 February 20

18:07 Armada Technologies announces contract with CoolCo for a hull air lubrication installation
17:40 AIDA Cruises launches the largest modernization program in its fleet
17:24 ROVOP partners with Boskalis to deliver integrated subsea solutions throughout the energy industry
16:35 Port of Rotterdam total cargo throughput down 6.1% to 438.8 million tonnes in 2023
15:36 EST-Floattech secures a €4 million investment from 5 investors
15:14 South Korea strengthens export restrictions on Russia and Belarus
14:41 Glander International Bunkering and Asyad Shipping partner for AI-driven sustainable shipping solutions
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13:35 HD Korea Shipbuilding wins 322.8 bln-won order for 2 ammonia carriers
12:43 RINA approves performance prediction software for wind-assisted ships
10:55 Forth Ports orders two new pilot boats
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09:45 Etihad Credit Insurance partners with DP World Trade Finance
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2024 February 19

18:06 SafeΒulkers adds two more carriers
17:42 Piraeus Port shows resilience to the Red Sea crisis
17:23 Valenciaport container traffic up 11% to 388,366 TEU in Jan 2023
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16:28 EU foreign ministers approve deployment of Red Sea naval mission
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15:39 Equinor signs a 15-year LNG agreement with Deepak Fertilisers
14:23 Jumbo Offshore signs MoU with Sea Horizon Offshore
13:40 Texas LNG selects Gulf LNG Tugs to build, deliver and operate tugboats
13:38 Russian seaports’ January cargo volume fell 6.5% Y/Y to 71 million tonnes (expanded version)
13:22 Austal and Gotlandsbolaget sign MOU to construct a gas turbine powered high speed catamaran
12:56 Tellurian receives FERC extension for Driftwood LNG
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