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  • MABUX: Bunker market this morning, Feb 05
  • 2020 February 5 10:14

    MABUX: Bunker market this morning, Feb 05

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

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) continued downward trend on February 04:

    380 HSFO – USD/MT 354.51 (-9.85)
    VLSFO – USD/MT 559.00 (-14.00)
    MGO – USD/MT 608.24 (-10.86)


    Meantime, world oil indexes changed irregular on Feb.04 on hopes for additional production cuts from OPEC and its allies to offset any potential demand drop triggered by the coronavirus outbreak.

    Brent for April settlement decreased by $0.49 to $53.96 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $0.50 to $49.61 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.35 to WTI. Gasoil for February delivery gained $8.25.

    Today morning global oil indexes do not have firm trend and change irregular so far.

    It is reported that OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, was considering cutting crude output by a further 500,000 barrels per day (bpd). However, the producer group could yet face the necessity to agree more cuts so soon after the existing pact was agreed and because there remains a lack of clarity over how long the virus crisis will last.

    Meantime, OPEC+ consulted with China in an urgent assessment of how the coronavirus may hurt oil demand, and what measures the group could take in response. After meeting with experts on the OPEC+ Joint Technical Committee, Wang Qun, China’s ambassador to international organizations in Vienna, told reporters that the virus would inevitably affect oil demand, but cautioned against overreacting. Behind closed doors, he told cartel officials that the impact would be limited and localized.

    Oil prices are still under pressure as oil demand falters as the death toll for the coronavirus exceeds that of the SARS outbreak in 2002/2003. China has reported 425 deaths from the virus so far—this compares to 349 deaths from SARS. The number of confirmed coronavirus cases in China has reached 20,400—this is more than double that of SARS. Oil’s price drop is not just market panic—demand is faltering, with China cutting its March orders from Saudi Arabia, and Sinopec is already cutting its refinery production this month by 600,000 bpd because it is seeing reduced demand. China’s oil demand will likely fall by 20% compared to normal demand this time of year due to the stringent restrictions on travel within China, and well as to and from China. This 20% would be roughly 3 million barrels per day.

    Experts are warning that the current coronavirus outbreak could turn into a full-blown pandemic. The US is taking an abundance of precautions, issuing a mandatory federal quarantine on Friday for Americans flying home from China who had spent time in Hubei Province—it is the first such quarantine in 50 years—since the time of smallpox.

    Russia’s production of crude oil and condensate inched up to 11.28 million barrels per day (bpd) in January, up from 11.26 million bpd in December and the highest production level since August last year. Russia slightly increased from December its oil and condensate production in January 2020, when deeper production cuts by OPEC and its Russia-led non-OPEC partners entered into force, at least for the first quarter of this year. While Russia’s compliance with the deal in January 2020 remains a difficult task to calculate due to the condensate production, OPEC’s crude oil production in January dipped to more than a decade low, with Saudi Arabia and its Gulf Arab allies over-complying with the cuts, and Libya’s oil supply falling due to the ongoing port blockade.

    Sediment is still a problem for new VLSFO marine fuel. Recently fuel samples from Rotterdam, ordered as ISO-F-RMG380 grade, indicated Total Sediment Potential (TSP) which exceeded the ISO 8217 limit of 0.10% mass. FOBAS notes that the TSP results of these samples, which were tested over the past week, ranged from 0.17 – 0.26% mass, whilst other fuel parameters indicated satisfactory results. In the past week FOBAS has also issued alert over high sediment levels in fuels which were ordered as ISO-F-RMG380 grade and delivered in the Greek ports of Piraeus and Kali Limenes.

    The American Petroleum Institute (API) estimated on Tuesday a larger than anticipated crude oil inventory build of 4.18 million barrels for the week ending January 31, compared to analyst expectations of a 2.8-million-barrel build in inventory. The Energy Information Administration’s (EIA) report is due later today. US crude oil production as estimated by the EIA showed that production for the week ending January 24 stayed at 13.0 million bpd for a third week in a row, a record high for the United States.

    We expect bunker prices for IFO may fell today by 1-3 USD while MGO prices may gain 3-7 USD.




2021 December 5

15:03 GasLog Ltd. places order at DSME for four 174000m3 gas carriers
13:27 USCG holds annual SaR exercise off Maui
12:33 Port of Felixstowe tops 100 million TEU
11:51 Vuosaari fairway deepening project completed on schedule, safely and under budget
10:47 New regional technology clusters in WA and Qld driving growth in Australia’s hydrogen sector

2021 December 4

15:21 MOL and Flotation Energy to explore offshore floating wind in Japan
14:51 Sembcorp Marine's LMG Marin to design world’s first zero-emission fuel tanker
13:09 USCG, royal Turks and Caicos Islands Police Force sign MOU
12:34 The Hurtigruten terminal has been renamed Jektevik terminal
11:02 Port of Rotterdam Authority embarks on partnerships with three promising maritime companies

2021 December 3

18:26 Hydrographic Company set to establish Center of Engineering and Technical Expertise
18:07 ABP Humber complete oil spill incident management exercise
17:52 Wärtsilä OPTI-DP Engagement Tool supporting the marine industry to configure optimised propulsion arrangements for DP vessels
17:45 Ocean Network Express conducts a joint crisis management drill with Seaspan Corporation
17:40 Transport Strategy of Russia until 2030 with forecast until 2035 published on official portal
17:22 MSC adds Hamburg to its feeder service „Baltic Loop 3“
17:02 Vyborg Shipyard launches KMT01 trawler named Kara Sea
16:32 South African minister visits Port of Rotterdam to discuss hydrogen exports
16:05 PD Ports contracts Konecranes to convert four RTGs to electric
15:31 Four Jones Act CTVs built to ABS Class to support U.S. offshore wind development
15:17 ABS, NYK, MTI and WinGD team-up to verify design with modeling and simulation
14:03 Jurong Port joins the Castor Initiative
13:30 ABS awards sustainability notations to two Harvey Gulf vessels
13:04 Kapitan Dranitsyn and Admiral Makarov icebreakers reinforced icebreaker group on NSR
12:57 Royal IHC delivers key components for “R.B. Weeks” to Weeks Marine
12:42 Icebreaker assistance season begins in White Sea waters
12:17 Sailing practice of 2021 on Mir sailing ship successfully completed
11:21 NCSP Group's consolidated revenue for 9M’2021 rose by 9.3%
10:53 Foreign contractors can be involved to build LNG-powered icebreakers for Arctic
10:38 MABUX: Bunker prices may demonstrate multidirectional changes with tendency to grow on Dec 3
10:29 The Korean Register publishes guidance for containers loading on bulk carriers
10:20 MSU-1 to perform reconstruction of Gorodetsky hydrosystem locks
09:57 Annual repair dredging in Gulf of Ob from 2023 estimated at 5 million cbm
09:35 Crude oil prices rise on OPEC+ decision to keep oil output increase in January
09:18 Baltic Dry Index as of December 2

2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1