• 2019 November 4 10:12

    MABUX: Bunker market this morning, Nov 04

    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) changed irregular on Nov.01:

    380 HSFO - USD/MT – 358.82 (+2.57)
    180 HSFO - USD/MT – 399.60 (+1.72)
    MGO - USD/MT – 662.48 (-3.35)


    Meantime, world oil indexes rose on Nov.01 on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers.

    Brent for January settlement increased by $1.46 to $61.69 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery rose by $2.02 to $56.20 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.49 to WTI. Gasoil for November delivery gained $11.00.

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

    As per U.S. officials, U.S.-China trade talks are progressing well and the United States aims to sign an initial deal this month, offering reassurance to global markets after nearly 16 months tariffs war. It was also noted that U.S. and Chinese negotiators had made “enormous progress” toward finalizing a “phase one” agreement, although the deal was not yet 100% complete. China in turn said the world’s two largest economies had reached consensus on principles during a serious and constructive telephone call on Nov.01 between their main trade negotiators. In fact, the longer the trade war continues, the longer analysts will come up with pessimistic outlooks on the pace of global economic growth and consequently, oil demand growth. If oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year.
    Prices also received some support after a leak in North Dakota forced TC Energy Corp to shut its 590,000-barrel-per-day (bpd) Keystone pipeline that brings Canadian crude from northern Alberta to refineries in the U.S. Midwest. The pipeline also flows to Cushing, where the outage is expected to drain inventories.

    UN Conference on Trade and Development’s Review of Maritime Transport 2019 said world maritime trade lost momentum in 2018 as heightened uncertainty, escalating tariff tensions between the US and China and mounting concerns over other trade policy and political crosscurrents, notably a no-deal Brexit, sent waves through global markets. Volumes in the sector grew by only 2.7% last year, below the historical averages of 3% and 4.1% recorded in 2017. Buffeted by a global economic slowdown, in 2018, seaborne trade also navigated other difficult headwinds such as geopolitical tensions, while preparing for an expected surge in ship fuel costs arising from a new regulation requiring ships to cut their sulphur dioxide emissions. It is expected that international maritime trade to expand at an average annual growth rate of 3.4% over the 2019–2024 period, driven in particular by growth in containerized, dry bulk and gas cargoes. However, uncertainty remains an overriding theme in the current maritime transport environment, with risks tilted to the downside.

    Factory data from China showed a six consecutive month of contraction, and activity fell faster than expected. It is expected the official manufacturing PMI to remain sluggish in coming months, the growth slowdown could gather pace, and markets could become more volatile in coming months.  New data on Nov.01, however, was more positive.

    The Federal Reserve cut interest rates again this week, but signaled that it may be done cutting for the time being. It was the third interest rate cut this year, which marked an about-face after successive increases over the previous few years. The central bank was forced into monetary easing after the global economy showed signs of slowing down, made worse by the U.S.-China trade war. However, Fed Chairman Jerome Powell indicated that the latest cut of 25 basis points might be the end of the line, unless things deteriorate further.

    The US oil and gas rig count fell again last week, continuing the downward trend with a drop of 8 rigs for the week. Last week marks ten decreases out of the last eleven weeks. The total oil and gas rig count now stands at 822, or 245 down from this time last year. The total number of active oil rigs in the United States decreased by 5 according to the report, reaching 691. Oil rigs have seen a loss of 183 rigs year on year. As for where the number of active rigs is slipping, Texas has seen a drop of 117 year on year, while Oklahoma has seen a drop of 93 rigs. Even though the number of oil rigs has declined by 186 this year alone, production has grown from 11.7 million bpd at the beginning of the year to 12.6 million bpd for the fourth week in a row for week ending October 25—a growth of almost 1 million bpd in less than a year. With the growing production, the falling rig count has done little to boost prices.

    Ukraine said the clearing of the final major hurdle ahead of the Russia-led natural gas pipeline project Nord Stream 2 would weaken Europe and strengthen Russia. Denmark granted the Gazprom-led project permission to build the pipeline through Danish territorial waters, which cleared the final major hurdle to the construction and start-up of the pipeline that has been dividing Europe and drawing criticism from the U.S. for years. The U.S., several European countries, including the Baltic states and Poland, as well as the EU, have expressed concern about Russia using gas sales and its gas monopoly in Gazprom as a political tool. The United States sees the project as further undermining Europe’s energy security by giving the Russian gas giant another pipeline to ship its natural gas to European markets.  

    We expect bunker prices may turn into upward evolution today in a range of plus 7-12 USD.




2021 August 3

18:17 Iridium Connected® Viettel S-Tracking Vessel Monitoring System wins Top 10 Sao Khuê Award
17:59 Lead passenger ship Meteor 120R of new generation launched in the Nizhny Novgorod Region
17:25 A subsidiary of KCC has signed a new Contract of Affreightment for its CLEANBU fleet with a major international charterer in the tanker market
16:47 Petersburg Oil Terminal obtains permit for construction of its new handling facility
16:24 Nigerian Chamber of Shipping becomes full ICS member
15:22 Vard delivers “Le Commandant Charcot” to Ponant
15:00 Bunker sales at Vladivostok port in 7M’2021 fell by 30% YoY
14:41 Construction of new facilities to commence at Onezhsky Shipyard in autumn 2021 года
14:23 CMA CGM announces PSS for cargo bound for East Russia
13:42 The Panama Canal resumes seasonal measures to protect migrating marine life
13:12 CMA CGM announces THC for Novorossiysk, Russia import/export
12:57 ABP’s Ports of Ipswich and Ayr enable wheat cargo to be shipped more sustainably
12:22 Wärtsilä to provide efficient service support for Brazilian river tugs despite challenging operating conditions
11:59 MOL to build series of 4 LNG-fueled car carriers
11:58 FESCO starts seasonal delivery of cargo from ports of China and the United States to Chukotka
11:36 Finnlines announces adjustment of bunker surcharge in its own container traffic
10:54 Baltiysky Zavod shipyard casts third one-piece propeller for Project MR-50 product tankers
10:30 Tallink Grupp published its statistics for July 2021
10:09 Maersk raises full-year guidance
09:57 Oil prices decrease amid coronavirus related restrictions
09:41 Baltic Dry Index as of August 2
09:23 Yaroslavsky Shipyard launches non-self-propelled dredging ship of Project RDB 66.42М
09:08 Japan’s Ministry of Internal Affairs and Communications gives the green light to Iridium services
08:58 MABUX: Global bunker prices may drop on Aug 03 following sharp decline on crude market yesterday
08:09 The largest water-rail intermodal terminal of the Yangtze River starts operations

2021 August 2

19:09 Seven dredging ships deployed for operation on Sea Canal in the Gulf of Ob
18:35 LR unveils key appointment for its Maritime Performance Services business
17:54 CMA CGM announces PSS for cargo from the Middle East Gulf to North Europe, Scandinavia, Poland, Baltic, West Med & Adriatic, East Med, Black Sea, North Africa & Morocco
17:46 LUKOIL announces new oil finding in Sayulita prospecting area of Block 10 offshore Mexico
17:30 CMA CGM has announced PSS for cargo from India to North Europe & the Mediterranean
17:28 CMA CGM announces PSS for cargo from North Europe, UK, Scandinavia, Poland & North Spain to Colombia Atlantic & Dominican Republic
17:27 Large hydrographic survey vessel of Project 23370G, Grigory Shadrin, launched in Murmansk
17:23 CMA CGM to launch a new Express Shuttle service linking East Asia to Russian Far East
17:05 Sri Lanka Ports Authority successfully reworks leaked chemical container on board
16:54 Rhenus Group plans to acquire the Polish freight forwarding and logistics company C. Hartwig
16:30 Sea Port of Saint-Petersburg enhanced its environmental safety
16:03 Maersk’s digital logistics platform Twill increases its presence in Gdansk
15:38 Maersk launches new system notification for containers at BCT Gdynia port
15:14 FESCO dispatches its first full-length train with Korean cargo as part of the new Asia-Europe service
14:49 Diana Shipping announces signing of a supplemental agreement with Nordea Bank
14:38 Average spot market price for Russian M100 product rose to RUB 25,045 pmt
13:59 Tallink Grupp to increase share capital and to conduct public offering of new shares
13:13 Seventh ship of Project RSD59, Valentin Smyslov, put into operation
12:30 Russian Railways' network loading climbed by 4.5% in 7M’2021
12:05 Tuapse Sea Commercial Port increased its half-year throughput by 11.8%
10:52 Baltic Workboats delivers Patrol 22 WP model to Belgian Police
10:26 Aker Arctic representative to report on development of icebreakers effectivity at IAA PortNews’ conference on NEVA Exhibition zero day
10:04 Austal Australia delivers 12th Guardian Class Patrol Boat
09:58 Operations poised to begin at “Mitsubishi Heavy Industries Maritime Systems”
09:31 Oil prices decrease amid coronavirus concerns
09:14 Baltic Dry Index as of July 30
08:49 MABUX: Global bunker prices may rise slightly on Aug 02

2021 August 1

14:43 Siem Offshore secures contract from Seaway 7
13:22 NYK issues first transition bonds in Japan
12:37 Minerva Bunkering Partners with rise-x.io adding end to end workflow to the Advanced Delivery Platform (ADP)
11:04 Silversea Cruises officially names newest ship, Silver Moon, in Athens

2021 July 31

13:08 Ammpower Corp signs MOU to provide green ammonia energy solutions to Porto Central in Brazil
11:47 Tiel-Waardenburg dyke reinforcement awarded to Van Oord, Dura Vermeer and Ploegam
11:12 Holland America Line takes delivery of new cruise ship at Fincantieri's Marghera shipyard
10:56 IMI and CSM sign agreement for cooperation in various business areas