• Home
  • News
  • MABUX: Bunker market this morning, Feb 12
  • 2020 February 12 10:43

    MABUX: Bunker market this morning, Feb 12

    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  downward changes on February 11:

    380 HSFO - USD/MT 356.08 (-3.38)
    VLSFO - USD/MT 543.00 (-5.00)
    MGO - USD/MT 594.76 (-5.56)

    Meantime, world oil indexes increased on Feb. 11 reports that the outbreak of the coronavirus in China may be peaking. However, doubts still remain about the extent and timing of future output cuts from major producers.

    Brent for April settlement increased by $0.74 to $54.01 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for March rose by $0.37 to $49.94 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.07 to WTI. Gasoil for February delivery added $1.75.

    Today morning oil indexes continue upward trend as China reported its lowest daily number of new coronavirus cases since late January, stoking hopes that fuel demand in the world's second-largest oil consumer may begin to recover from the epidemic.

    The number of confirmed new cases on Feb.11 was down 19% from the previous day’s level and a senior Chinese epidemiologist told he expected the virus to have peaked by the end of the month. Even so, analysts at Oslo-based Rystad estimate global oil demand growth will fall by 900,000 barrels a day in the first quarter, with China accounting for one third of that.

    JPMorgan has slashed its forecasts for Chinese GDP growth this quarter to around a 1% annualized pace, on the assumption that contagion peaks in March and factories slowly resume opening this month. It then expects a rebound to an annualized 9.3% in the second quarter.

    OPEC+ still awaits a response from Russia on whether it would back deeper cuts and extend the current deal through until the end of the year. The larger OPEC+ meeting is still scheduled for 5 and 6 March, but many in the market see this as waiting too long to take action to offset the demand destruction. Oil prices indicated that global markets face a renewed surplus as Asia’s coronavirus hits demand, with discounts on prompt supplies emerging across the Brent futures curve.

    As the glut begins to accumulate, leading oil traders such as Vitoil SA, Royal Dutch Shell Plc and Litasco SA are seeking to hoard crude on vessels at sea. One Chinese energy company has invoked a legal clause to avoid taking delivery of liquefied natural gas. The North Sea crude market, priced using Brent, suffered an “immediate collapse” when shipments to Asia were disrupted. With Europe also receiving shipments from the U.S., “a surplus can quickly be created.”

    Yet the latest signals from the group have deflated those hopes. Azerbaijan’s Energy Minister said on Feb.10 that the alliance probably wouldn’t meet before it’s scheduled March meeting.

    And days after promising to announce Russia’s position, Energy Minister Alexander Novak would only say on Feb.11 that Moscow is considering the proposal. Russian President Vladimir Putin met Igor Sechin, chief executive of Russia’s largest oil producer Rosneft, but it gave no indication on whether Moscow is willing to accept an OPEC+ proposal to further curb oil production. No other details from the meeting were disclosed.

    Sechin, has openly criticized the existing deal, saying it helps the United States increase its dominance of the global oil market while countries taking part lose out. Yet Russian Energy Minister Alexander Novak said that Russia was still studying the deeper cuts by OPEC+.

    According to the American Petroleum Institute (API) U.S. crude oil inventories rose sharply last week - by 6 million barrels. The previous report showed a gain of 4.2 million barrels. The API snapshot serves as guide ahead of the official government inventories numbers, which come out later today. It is expected the Energy Information Administration to report a rise in inventories of about 3 million barrels.

    We expect bunker prices may increase today: USD 1-3 up for IFO and USD 1-3 up for MGO.

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