• 2019 November 26 10:44

    MABUX: Bunker market this morning, Nov 26

    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) slightly decreased on November 25.

    380 HSFO: USD/MT – 339.88 (-3.62)
    180 HSFO: USD/MT – 384.54 (-3.86)
    MGO: USD/MT – 665.07(-0.39)


    Meantime, world oil indexes rose on Nov.25 as positive comments from the United States and China rekindled hopes in global markets that the world’s two largest economies could soon sign an interim deal to end their trade war.

    Brent for January settlement increased by $0.26 to $63.65 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery rose by $0.24 to $58.01 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.64 to WTI. Gasoil for December delivery gained $1.00.

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

    Chinese daily Global Times on Nov. 25 cited experts close to the Chinese government as saying that China and the United States have reached a broad consensus on the first phase of the trade deal, though some differences remain over the removal of tariffs. U.S. President Donald Trump and Chinese counterpart Xi Jinping last week expressed a desire to sign an initial trade deal and defuse a 16-month tariff war that has lowered global growth. However, concern remains that events in Hong Kong, riven by months of anti-government unrest, could undermine progress in trade talk.

    Renewed conflict in the Strait of Hormuz pushed the United States to establish an international coalition for maritime security to ensure safe passage of shipping traffic and guarding against further disruption in oil supplies. While such security coalitions have been successful in the past, applying the same approach in the Middle East may not improve conditions and may even exacerbate tensions. The Strait of Hormuz is the primary shipping route for one-sixth of global oil production and one-third of the world’s liquefied natural gas.  Despite the recent incidents and rhetoric from Iran about shutting down the Strait of Hormuz to global oil shipping, there has not been a corresponding increase in oil prices, other than a short-term blip.

    An infamous Iranian hacker group may be targeting industrial control systems to cause major disruptions in power grids, oil refineries, and other physical energy assets, in an apparent sharpened focus on cyber warfare on critical industries. These attempts by Iranian hackers to infiltrate systems controlling energy assets come at a time of heightened tension between the United States and Iran and at a time of increased cyber threats to the energy industry in the United States and globally. It’s unclear if the hackers have cracked any of the systems they attempted to hack. Their motivation is also unclear, but Microsoft thinks that the ultimate goal is to try to gain access to a system in order to carry out a physically devastating attack on critical infrastructure, such as energy infrastructure.

    The OECD said that global GDP growth will slow to 2.9 percent this year, and stay at about that rate through 2021. It’s the weakest expansion since the financial crisis a decade ago. Last year, GDP grew by 3.5 percent. Worse, the OECD said these weren’t temporary problems. As per OECD, without coordination for trade and global taxation, clear policy directions for the energy transition, uncertainty will continue to loom large and damage growth prospects.

    Refineries across the United States have reduced their total crude oil processing so far in 2019, as demand for oil products both in America and abroad has weakened. The cutting of rates has helped refiners avoid a fuel glut domestically, but lower processing rates have built an oversupply in crude. Some of the decline in crude oil input into refineries could be attributed to the shutdown of the Philadelphia Energy Solutions refinery complex with a total refining capacity of 335,000 bpd, which was the largest such complex on the Eastern seaboard, before several explosions and a huge fire damaged the complex in June this year.

    Russia’s gas Company Gazprom sold on Nov.22 3.6 percent of its voting shares, raising almost US$3 billion in the sale. The company, however, did not disclose who the buyers of the stake were, and it actually wasn’t obliged to, because the stake sale was of less than 5 percent. It is expected, that the sale of shares would be a positive thing for Gazprom in the medium term as its free float grows and as its share in the stock exchange indexes could also grow. Just over 50 percent in Gazprom is controlled by the Russian government. The Russian company has often been accused of fulfilling Moscow’s political goals on the European gas market.

    We expect bunker prices may demonstrate slight upward trend today in a range of plus 1-4 USD.




2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat