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  • MABUX: Bunker market this morning, Feb 06
  • 2020 February 6 09:24

    MABUX: Bunker market this morning, Feb 06

    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 demonstrated irregular changes on February 05:

    380 HSFO: USD/MT 355.27 (+0.79)
    VLSFO: USD/MT 533.00 (-6.00)
    MGO: USD/MT 606.64 (-2.09)

    Meantime, world oil indexes increased on Feb. 05 amid reports of a breakthrough in the fight to combat China’s coronavirus, coupled with expectations that the group of major producers will cut production levels.

    Brent for April settlement increased by $1.32 to $55.28 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March rose by $1.14 to $51.56 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.53 to WTI. Gasoil for February delivery added $14.50.

    Today morning oil indexes continue upward changes on hopes that OPEC+ will agree on deeper cuts in response to virus-led demand destruction.

    China's Changjiang Daily newspaper reported on Feb.04 that a team of researchers led by Zhejiang University Professor Li Lanjuan had found that drugs Abidol and Darunavir can inhibit the virus. At the same time, researchers in the UK saying they made a "significant breakthrough" in finding a vaccine by reducing part of the normal development time from two to three years to only 14 days. Neither has apparently been tested yet. And the World Health Organisation (WHO) said, that there is still no known effective therapeutics.

    Technical experts from OPEC+, are continuing to meet at the cartel’s Vienna headquarters to evaluate the disease’s impact on demand. The view of these experts may help determine whether the alliance convenes a ministerial meeting later this month, instead of in March as currently scheduled.

    Saudi Arabia is pushing for an additional production cut of at least 500,000 barrels a day, according to some OPEC+ delegates, but Russia is reluctant to make deeper moves. Even if these cuts are agreed, the impact they might have upon oil prices is debatable. Moreover an OPEC+ committee extended its meeting into a third day to Feb.06 and would debate again the need to cut oil output in response to the coronavirus' impact on energy demand and global economic growth. BP stated on Feb.04 that the coronavirus could cut demand by up to 500,000 barrels a day for the year, while OPEC’s own analysis indicates a modest drop of around 400,000 barrels a day for about six months. Delegates are also expected to discuss whether to bring forward a ministerial meeting currently scheduled for March 5-6, according to OPEC sources.

    According to the Energy Information Administration (EIA), U.S. oil stockpiles rose more than anticipated last week. Oil inventories rose by 3.35 million barrels for the last week. It was expected a build of 2.8 million barrels. Gasoline inventories dropped unexpectedly by 91,000 barrels, versus expectations for a rise of about 2.1 million barrels. Distillate stockpiles fell by 1.5 million barrels, compared with forecasts to remain about flat.

    The state-owned Libyan National Oil Corporation (NOC) said on Feb.04 that the country’s daily production of crude oil has dropped from more than 1.2 million barrels to fewer than 200,000 as a result of the closure of oil fields and ports. Tribal leaders in eastern Libya closed oil ports recently, accusing the UN-backed Libyan government of using oil revenues to support armed groups against the east-based army.

    We expect bunker prices may rise today: 5-7 USD up for IFO, 12-14 USD up for MGO.

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