• 2019 August 29 10:02

    MABUX: Bunker market this morning, Aug 29

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) continued insignificant and irregular changes on Aug.28:

    380 HSFO - USD/MT – 366.12 (+0.22)
    180 HSFO - USD/MT – 408.71 (-1.11)
    MGO - USD/MT – 637.82 (+0.47)

    Meantime, world oil indexes rose on Aug.28, after industry data showing a fall in stockpiles of U.S. crude somewhat eased worries about subdued demand due to the China-U.S. trade war.

    Brent for October settlement increased by $0.98 to $60.49 a barrel on the London-based ICE. Futures Europe exchange. West Texas Intermediate for October delivery rose by $0.85 to $55.78 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.71 to WTI. Gasoil for September gained $16.00.

    Today morning oil indexes turned into slight downward correction.

    Huge сrude oil draw in the U.S. sent oil prices higher yesterday. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 10.0 million barrels from the previous week. At 427.8 million barrels, U.S. crude oil inventories are at the five year average for this time of year. The report followed the American Petroleum Institute’s estimate of an 11.1-million-barrel draw in inventories, released on Aug.27. Forecasts have expected the EIA to report a draw of 2.133 million barrels.

    China’s top four state-owned refiners plan to boost their combined low sulfur fuel oil production capacity to 18.15 million mt/year in 2020. The higher production capacity would allow Chinese refiners to supply LSFO into China’s bonded bunker fuel market, and could potentially flip China from a net bunker fuel oil importer to a net exporter, if Beijing announces a highly anticipated tax rebate scheme for overseas sales. China’s bunker fuel demand currently stands at around 12 million mt/year, and around 90% of this is met through imports into China’s bonded zones, which are exempt from taxes, and can be only be used to supply ships on international routes. China imported 16.44 million mt of fuel oil in 2018, of which 56% came from Singapore and Malaysia.

    Sri Lanka, which doesn’t pump any oil at present, hopes to begin oil and natural gas production in 2023. The country held a tender for one block and received three bids for exploration and development of that block in the Mannar Basin off the northwestern coast of Sri Lanka. The government plans to award the block by November this year. Seismic data shows there could be more than 1 billion barrels of oil under in the Mannar Basin. Sri Lanka’s government also signed this week a two-year exploration deal with oil majors Total and Equinor to study the hydrocarbon potential in Sri Lanka’s waters.

    A number of U.S. companies may delay their final investment decisions on new LNG capacity to next year because of U.S.-Chinese trade tensions. China has imported no U.S. LNG since March. There is another aspect of the trade war that is more damaging to U.S. LNG producers. To secure funding for these projects that typically cost billions, U.S. companies need long-term commitments to convince banks the projects are viable. Chinese buyers were the natural choice for these long-term commitments but this is no longer the case as Chinese investors shun U.S. projects amid the war. Besides, the gas price context is increasingly unfavourable and could add justification to delays in final investment decisions.

    China reported the country imported an average of 926,119 bpd of Iranian oil last month. This was an increase of 4.7 percent on June but a drop of almost 72 percent on the year. While the actual import numbers could affect the course of the trade dispute between the U.S. and China, there was also some positive news for U.S. oil: imports of US crude jumped by 45 percent on the year in July, despite the trade war, to an average 362,364 bpd. This turned the United States into China’s eighth-largest oil supplier, after Oman and ahead of Malaysia. The jump could have come in anticipation of the 5-percent tariff on U.S. crude that Beijing said will take effect next month in response to the latest round of U.S. tariffs on Chinese goods. Saudi Arabia remained the undisputed leader among oil exporters to China, with shipments shooting up by almost 116 percent on the year to 1.65 million bpd in July. Russia came second and Iraq completed the top three.

    We expect bunker prices may demonstrate today a firm upward trend in a range of plus 5-10 USD/MT.




2024 March 2

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
09:57 Biofuel reduces the climate impact from a Green Sea Conference by 90 per cent