• 2019 December 3 10:10

    MABUX: Bunker market this morning, Dec 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) declined on December 02:

    380 HSFO: USD/MT – 332.12 (-6.57)
    180 HSFO: USD/MT – 376.10 (-5.67)
    MGO: USD/MT – 663.89 (-4.23)


    Meantime, world oil indexes rose on Dec.02 as hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.

    Brent for February settlement increased by $0.43 to $60.92 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery rose by $0.79 to $55.96 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.96 to WTI. Gasoil for December delivery gained $3.00.

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

    Prices were supported by number of statements saying that OPEC and allied producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd. The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+: allies including Russia, are expected to at least extend existing output cuts to June 2020 when they meet this week. The OPEC+ group has coordinated output for three years to balance the market and support prices. Their current deal to cut supply by 1.2 million bpd that started from January expires at the end of March 2020. OPEC's ministers will meet in Vienna on Dec. 5 and the wider OPEC+ group will meet on Dec. 6 to make a decision on the current agreement.

    China aims to launch low-sulphur fuel oil futures in the first quarter of 2020. A low-sulphur fuel oil contract would be China’s second bonded oil futures contract after the launch in March 2018 of its crude oil contract on the Shanghai International Energy Exchange (INE).

    As per U.S. statement, Venezuela has spent US$5 billion worth of oil to reduce its debt to Russia and China and to send oil to Cuba, while leaving Venezuelans without basic food and medicines. Venezuela’s state-held oil firm PDVSA has cut its outstanding debt to the largest Russian oil producer, Rosneft, to below US$1 billion. Besides, faced with increasingly tightening U.S. sanctions, Venezuela and PDVSA are reportedly offering contractors and suppliers to pay them in yuan in Chinese accounts. At least four companies have been approached with such proposals, and they are still evaluating them.

    Nigeria is committed to full implementation of agreements among OPEC and non-OPEC members. Nigeria's compliance had improved substantially since August and had achieved 100% compliance in November. Nigeria's crude production in the third quarter stood at 2.04 million barrels per day, its highest since the first quarter of 2016, which helped its economy grow 2.28% in the three months to September.

    U.S. oil drillers reduced the number of drilling rigs for a record 12 months in a row, despite fresh production highs. Drillers cut three oil rigs in the week to November 27, bringing the total count down to 668, the lowest since April 2017. Meantime, U.S. production hit a record high of 12.9 million barrels per day and refinery runs slowed.

    Global oil refiners have upgraded processing units and adjusted operations to raise output of low-sulphur residual fuels and marine gasoil (MGO) to prepare for stricter shipping fuel standards that kick in on Jan. 1. The shipping industry consumes about 4 million barrels per day (bpd) of marine bunker fuels, and the rule changes will impact more than 50,000 merchant ships globally, opening a significant new market for fuel producers.

    Meantime, bunker fuel quality issues continue to persist in the industry, even as fuel management is set to become more critical. Come 2020, shipowners or operators buying the fuel will need to have a greater know-how for understanding what exactly they are going to buy. As a fuel buyer, the shipowner or operator would need to know the machinery onboard the ship and make a bespoke order with the supplier of the fuel being purchased, with parameters like viscosity clearly earmarked. The market is also anticipating stability and compatibility issues as many blending recipes are due for release. There is an expected increase in bunker fuel quality issues next year because of increased blending due to the 0.5% sulfur cap.

    We expect bunker prices may demonstrate slight upward trend today in a range of plus USD 1-3.




2024 March 28

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

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS
13:55 MEYER WERFT and Disney Cruise Line celebrate keel laying
12:19 HSL completes repair work on DEME's dredger TSHD Bonny River
10:53 Turkish shipbuilder delivers RAscal 1500 ASD tug to French port

2024 March 22

18:07 Lloyd's Register releases a report on the operational and safety issues of the use of ammonia as a marine fuel
17:17 RINA supports Mongolia's to develop a roadmap for long-term strategy according to Paris Agreement
16:47 MOL Coastal Shipping to start concept study on large coastal ammonia carrier
16:23 MAN 51/60DF engine passes 10 mln operational hours milestone
15:56 TotalEnergies restarts gas production at the Tyra offshore hub after a major redevelopment
13:43 HHLA container throughput decreases year-on-year by 7.5 percent to 5,917 TEU in 2023
13:24 Largest shipping lines saw sharp decline in revenues in 2023
12:54 AD Ports Group acquires majority stake in Tbilisi Dry Port
12:24 ClassNK certifies the world’s first onboard CCS installation on EVERGREEN’s Neopanamax container vessel