• 2019 October 3 09:11

    MABUX: Bunker market this morning, Oct 03

    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 slight downward movement on Oct.02:

    380 HSFO - USD/MT – 399.73 (-8.08)
    180 HSFO - USD/MT – 438.86 (-6.71)
    MGO - USD/MT – 662.06 (-1.77)


    Meantime, world oil indexes slipped on Oct.02 after industry data showed a surprise drop in U.S. crude inventories, although gains were capped as weak economic readings in the United States depressed global markets.

    Brent for December settlement decreased by $1.20 to $57.69 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery fell by $0.98 to $52.64 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.05 to WTI. Gasoil for October lost $15.00.

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

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.1 million barrels from the previous week. At 422.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Forecasts had expected a relatively modest build, of 1.57 million barrels, after a week earlier the EIA reported a build of 2.4 million barrels. The agency’s latest report extends two weeks of consecutive inventory builds.

    Saudi Aramco has restored oil production levels at the crude-processing plants at Abqaiq and at the Khurais oil field. Multiple reports that Saudi’s production would be back online quickly have helped push oil prices back down to where they were prior to the September 14 attacks. Maximum production capacity still isn’t at pre-attack levels, and Aramco said that won’t be restored until late-November. Presently, Abqaiq capacity has been restored to 4.9 million barrels a day (BPD), versus a pre-attack capacity of 5.5 million BPD. Khurais is operating at 1.3 million BPD, versus a pre-attack capacity of 1.5 million BPD. Aramco has reportedly continued to supply its customers, in part by drawing down its oil inventories.

    Meantime, U.S. oil production fell in July. The latest EIA data shows that oil output fell sharply in July, dipping by 276,000 barrels per day. The decrease can be caused by outages related to a hurricane that forced oil companies to temporarily idle operations in the Gulf of Mexico. Offshore Gulf of Mexico production plunged by 332,000 bpd in July. It looks like not a one-off aberration. U.S. output has stagnated in 2019, ending several years of explosive shale growth. Compared to December 2018, total U.S. production was only up 44,000 in June 2019, which essentially means that despite heady forecasts and lots of hype, U.S. shale has plateaued this year.

    Unplanned oil production outages among countries outside the Organization of the Petroleum Exporting Countries (OPEC) fell to 64,000 barrels per day (b/d) in August, the lowest level since the U.S. Energy Information Administration (EIA) began tracking global production outages in 2011. Unplanned outages in major non-OPEC oil producers such as the United States, Russia, and Canada have abated, leaving Sudan and South Sudan as the only remaining non-OPEC producers with unplanned outages in August. The decline in non-OPEC unplanned outages may have contributed to the resilience of the global oil market following the disruption of almost 5.7 million b/d of Saudi Arabian crude oil production on September 14, 2019.

    Iran is building an onshore oil pipeline worth US$1.8 billion to a terminal just outside the Strait of Hormuz. As much as US$700 million of the investment will go to develop the port terminal at Jask. The project will transform the region, as various oil storage facilities, export jetties, wave breakers, and single buoy mooring systems would be built in Jask. The first commodity to be exported from the Jask terminal would be gas condensate from the South Pars field in the next Iranian calendar year (the current year started on March 21, 2019). Last month, Iran said that it was aiming to complete by March 2021 the 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.

    Ecuador, one of the smallest members of the Organization of the Petroleum Exporting Countries, said it would leave the 14-nation bloc from Jan. 1 due to fiscal problems. Ecuador will be the second country to withdraw from OPEC in the last year after the departure of Qatar.

    Russia has been continuously growing its oil exports to China, but in recent months, Saudi Arabia has been China’s top oil supplier as the Kingdom has been significantly boosting exports to the Asian market at the expense of slashing shipments to the most transparently reported market, the U.S. For a second month in a row, Saudi Arabia was China’s biggest oil suppler in August, but the attacks on Saudi oil infrastructure last month could change that in the September data.

    We expect bunker prices may continue firm downward trend today in a range minus 5-10 USD.




2021 April 11

12:17 USCG Cutter Kimball returns home from expeditionary patrol in the Pacific
11:38 Meyer Weft's new logistics center starts operation
10:56 Norwegian Coastal Administration: Eemslift Hendrika has been towed to safe harbour

2021 April 10

15:14 NAPA joins Finnish Clean Propulsion Technologies consortium to accelerate development of low-carbon solutions in shipping
14:27 The Valencia Containerised Freight Index (VCFI) increased by 17.48% in March
13:52 A.P. Moller-Maersk helps Amica taking to the rails
12:46 TORM announces capital increase in connection with delivery of vessel
11:03 Jan De Nul halfway through installation of 600MW Kriegers Flak Wind Farm
10:09 Strong 2020 cargo volumes show resiliency of the Port of Vancouver and port industries during a challenging year

2021 April 9

18:08 Everfuel signs MOU for hydrogen supply to new zero-emission ship concept
17:45 SASCO’s new ship SASCO ALDAN leaves for first voyage
17:16 CMA CGM announces PSS for reefer cargo from Ukraine, Romania, Russia (Black Sea), Georgia & Bulgaria to Asia, the Middle East Gulf & Red Sea
16:54 DCT Gdańsk achieves 15 million TEU milestone
16:37 30 countries join global initiative to tackle marine litter
16:26 Container terminal in Świnoujście to let using inland navigation as a method of hinterland transport
15:48 Port of Long Beach container volumes up by 62.3% to 840,387 TEU in March 2020
15:10 Aleksey Klyavin believes Russia’s current IWW fleet can transport twice as much cargo if infrastructure problems are solved
14:02 SEA-LNG welcomes Puget LNG to coalition
13:49 Port of Liepaja throughput in 3M’2021 declined by 1.3% Y-o-Y
13:14 New ICS Guidance on Maritime Security launched
12:51 Finnish Transport and Communications Agency published Year 2020 at Traficom review
12:14 The US has introduced new safety requirements in the maritime transportation system
11:22 Newly established Northern Dvina River Shipping Company commences operation in Arkhangelsk Region
11:14 GTT receives an order from Hyundai Heavy Industries for the tank design of two new Very Large Ethane Carriers
10:58 Stena Livia joins the Baltic Sea fleet
10:29 Aker Arctic completes full scale ice trials of icebreaking bow Saimaa and tug Calypso
09:55 RF Navy's frigate Admiral Kasatonov passed the Pas-de-Calais
09:33 Oil market sees mixed price movements
09:19 Baltic Dry Index as of April 8
08:20 CMA CGM launches the first low-carbon shipping offer by choosing biomethane

2021 April 8

18:41 The first ship affected by the blockage in the Suez Canal to arrive in Barcelona is operating normally
18:14 Port of Rotterdam reduced its total carbon emissions by 27% in 2016-2020
17:52 New Smiltynė Ferry Terminal ferry is about to be completed
17:25 Sea Port of Saint-Petersburg conducted transshipment of deep-submergence rescue vehicle
17:07 Bunker Weekly Outlook, Week 14, 2021
16:24 Throughput of Murmansk Sea Fishing Port in 3M’2021 climbed by 1% YoY
15:59 BIMCO supports global seabed mapping initiative
15:36 SAFEVUE.ai selected by Eaglestar as maritime shifts towards safety solutions centred around human factors
15:00 Damen delivers new LUV 1908 aquaculture support vessel to Organic Sea Harvest
14:48 KN announces market consultation on acquisition of FSRU
14:22 Port of Singapore to revise its port dues rates
13:21 Port of Ipswich expertly handles large rice vessel operation
13:03 Oboronlogistics meets requirements of ISM Code
12:21 MAN Energy Solutions starts ‘AmmoniaMot’ project
12:06 Revision in Port Dues Rates in the Port of Singapore
12:01 Wärtsilä collaborates with Finnish Border Guard in testing of Bio LNG fuel for reducing greenhouse gas emissions
11:24 Waterways of Saint-Petersburg to open for small-size ships on April 15
11:03 Port of Melbourne welcomes longest vessel to dock in Melbourne
10:35 Rosmorport set to complete dredging of KSK grain terminal’s operating water area this year
10:13 Rosmorport commences dredging on Volga-Caspian Sea Shipping Channel
10:07 Nor-Shipping gathers hydrogen leaders to map out fuel of the future at Ocean Now
09:51 Throughput of Yeisk port in 3M’21 rose by 22% YoY
09:28 Oil prices start decreasing
09:10 Baltic Dry Index as of April 7
08:09 DP World to invest £40M in the development of the Southampton terminal

2021 April 7

18:47 MISC takes delivery of its sixth very large ethane carrier
18:26 HMM Nuri fully laden on maiden voyage
18:16 Chairman of the Suez Canal clarified some key facts about an unprecedented incident in the history of the Suez Canal
18:00 Throughput of Temryuk port in 3M’2021 rose by 12%, year-on-year
17:43 Construction walk to work ice breaker proceeding well - Niestern Sander