• Home
  • News
  • MABUX: Bunker market this morning, Feb 11
  • 2020 February 11 10:32

    MABUX: Bunker market this morning, Feb 11

    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 firm downward trend as of February 10:

    380 HSFO - USD/MT 359.46 (-5.97)
    VLSFO - USD/MT 548.00 (-10.00)
    MGO - USD/MT 600.32 (-5.75)


    Meantime, world oil indexes extended their decline on Feb.10 on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

    Brent for April settlement decreased by $1.20 to $53.27 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March fell by $0.75 to $49.57 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.70 to WTI. Gasoil for February delivery lost $12.75.

    Today morning global oil indexes have turned into slight upward evolution.

    OPEC saw its crude oil production dip by nearly 500,000 bpd in January from December, overcomplying with the collective cut. However, even with 128-percent January compliance, OPEC could be in for another round of deeper cuts as the cartel and its non-OPEC allies led by Russia are considering additional reductions to prevent a massive oversupply as the virus outbreak in China is inflicting the worst oil demand shock to markets in more than a decade. The technical panel of the OPEC+ coalition is recommending an additional cut of 600,000 bpd in response to the lower oil demand, but nothing concrete has been decided.

    The coronavirus outbreak shows no immediate signs of slowing down, with the death toll climbing above 900 over the weekend, overtaking that of the SARS outbreak almost two decades ago, and with over 40,000 people affected. Some manufacturers reopened their offices on Feb.10 in China, but a large number of workplaces still remain closed and many white-collar workers will continue to work from home. The toll on China's already-slowing economy has been heavy: Goldman Sachs cut its first quarter GDP target to 4% from 5.6% previously and said an even deeper hit is possible. Refinery run rates for independent refiners slowed down and it has led to a sharp increase in crude oil inventories in the country over the last 2 weeks.

    Russia said it is ready to renew energy cooperation and dialogue with the United States. It was also noted that U.S. sanctions on Russia’s energy sector hampered the development of mutually beneficial cooperation and are an example of unfair competition. The U.S. sanctions ban collaboration on Russian deepwater, Arctic offshore, or shale projects with Gazprom, Gazprom Neft, Lukoil, Surgutneftegas, and Rosneft. These are the largest energy firms in Russia, and they don’t have access to capital at western banks to develop such projects. In the wake of the sanctions, many Western oil firms withdrew from joint ventures with Russian companies, which are now left without partnerships in technology needed to explore, drill, and potentially produce and process hard-to-extract oil and gas resources.

    The United States in turn is considering whether to sanction Rosneft over its continued business with Nicolas Maduro’s regime. The U.S. administration, however, is concerned that sanctions on Rosneft—a key trading partner for Venezuelan oil—would create chaos on the market and push oil prices up. Rosneft has four joint ventures with PDVSA that produce oil and it also became the largest receiver of Venezuelan crude oil last year: the Russian company sold the oil on behalf of PDVSA and kept the proceeds as payment on billions of dollars in loans to the embattled Venezuelan company.

    Meantime, Russian Rosneft has decided that its India bound shipments will avoid the Strait of Hormuz, which is in the cross-hairs of military tensions between the United States and Iran. The decision is in tune with India’s call on diversifying energy sources, and lowering reliance on the Persian Gulf. The contracted oil will be loaded in Suezmax vessels at Novorossiysk port of Russia and will come to India, bypassing Straits of Hormuz. The oil contract appears part of deeper energy engagement between New Delhi and Moscow, covering Russia’s resource rich Far East as well as the Arctic zone. It is expected that Indian oil companies will join the $157 billion Vostok oil development project in the Arctic. Rosneft also wanted Japanese investors to pitch in 10 to 40% of development costs of the Vostok project. China was also on the list.

    We expect bunker prices may continue downward trend today in a range of minus 5-10 USD.




2021 November 28

15:17 PGS awarded 4D contract in the North Sea
14:08 Cruises return to the Port of New Orleans with 285 ship calls estimated for 2022
13:54 Kalmar to deliver significant order of Straddle Carriers to MPET and PSA in Antwerp
12:41 Skipper ordered to pay reparation of $10,400 after collision with kayaker on the Whanganui River, NZ
12:17 Port of San Diego extends public review period for Draft EIR for PMPU
11:57 HAROPA PORT elected “Best Green Seaport 2021”
11:33 Contract award for MPSV Siem Dorado
10:48 Port of Dunkerque announces new appointments to its Executive Board

2021 November 27

14:38 Liquid Wind secures SEK 151 million for production of fossil free fuel
13:21 TECO 2030 receives NOK 50 million in government support for fuel cell development
11:09 Inmarsat offers future-proof remote control connectivity for latest sea-kit uncrewed surface vessel trials
10:54 J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels

2021 November 26

18:17 TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik
18:00 TransContainer’s IFRS-based net profit in 9M'2021 increased by 51% to RUB 14.8 bln
17:35 Royal Niestern Sander signs contract for walk to work vessel conversion
17:26 PortNews offers final edition of its magazine for 2021
17:15 Konecranes and Cargotec note CMA’s announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
17:03 IMO appoints Special Advisor on Maritime Security
16:55 Nord Stream 2 delay weighs on gas prices - Gasum
16:40 Nevsky Shipyard lays down two research vessels of Project 17050
16:25 BIMCO calls for continued naval support in Gulf of Guinea after piracy incident
16:05 Alfa Laval and Orcan Energy sign a cooperation agreement for the marine market
15:43 Wärtsilä launches power limitation solutions for EEXI compliance
15:25 Hiab launches HIAB iQ.1188 HiPro loader crane with new control system
14:47 RF Government approves Transport Strategy of Russia until 2030 with forecast until 2035
13:59 Sredne-Nevsky Shipyard launches Anatoly Shlemov minesweeper of Project 12700
13:11 The Port of València hosts a rescue drill for a crane operator
12:10 GTT obtains tank design order for three new LNG Carriers from Hyundai Heavy Industries and Hyundai Samho Heavy Industries
11:54 Phase 2 of Bagayevsky hydrosystem construction begins
11:52 Ardmore moderates COP26 ‘ShipZero’ panels, discussing the realities of zero emission ships
11:17 ClassNK signs MOU on cybersecurity with Panama Maritime Authority (PMA)
10:51 MSC starts new In-Transit Cargo service
10:32 MABUX: Global bunker market to keep slight irregular fluctuations with no firm trend on Nov 26
10:22 Oboronlogistics' Ambal ferry obtaines certificate on safety management from RS
09:48 MPA and maritime partners maintain cybersecurity readiness through inaugural exercise
09:33 Baltic Dry Index as of November 25
09:17 Oil prices decrease on concerns over reduction of demand

2021 November 25

18:06 Rolls-Royce and Zhenjiang Shipyard to jointly promote tugs and workboats with mtu engines in China
17:44 Delo Group presented own Digitalization Strategy
17:16 Keppel awarded FSRU conversion and FPSO integration work worth around S$200 million
16:25 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14% in 2021
16:03 Great Lakes Dredge & Dock announces receipt of $92.5 mln Houston Ship Channel widening and improvement project 11 award
15:59 Damen Shipyards achieves official EU Stage V certification for its Emission Reduction system
15:30 RF State Duma ratifies Nairobi Wreck Removal Convention, 2007
15:02 Navigator Holdings announces approval in principle for new CO2 carrier designs for its Dan-Unity CO2 joint venture with Evergas
14:59 RINA, ABB, Helbio, the Liberian Registry, Wärtsilä and an Energy Major enter in proposal with hydrogen as fuel to meet IMO2050 targets
14:44 Rosterminalugol shipped 21 million tonnes of export coal over 10M’2021
14:21 BAE Systems launches next-generation power and propulsion system to help marine operators reach zero emissions
13:55 MABUX: Bunker Weekly Outlook, Week 47, 2021
13:12 Kongsberg Maritime and Norsepower MoU agreement facilitates Rotor Sail integration for shipowners
12:31 Sea Port of Saint-Petersburg allocated over RUB 21 million for implementation of its environmental programme
12:06 Port of Kiel describes path to climate neutrality by 2030
11:06 Third Finnlines hybrid ro-ro launched in China Merchants Jinling Shipyard
10:35 Mitsubishi Heavy Industries receives a major turbomachinery order for Ust-Luga LNG export plant
10:31 MABUX: Bunker prices may demonstrate slight upward changes on Nov 25
10:30 Navigation season closed on Volga-Baltic Waterways
10:06 Port of Long Beach named the best West Coast Seaport in North America
09:41 Oil market sees mixed price movements
09:22 Baltic Dry Index as of November 24
09:08 The second of Damen’s new Shoalbuster 2711 class handed over to Ports of Jersey in christening ceremony