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  • MABUX: Bunker market this morning, Feb 24
  • 2020 February 24 10:45

    MABUX: Bunker market this morning, Feb 24

    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 21:

    380 HSFO: USD/MT 367.18 (-0.49)
    VLSFO: USD/MT 538.00 (0.00)
    MGO: USD/MT 599.07 (-1.17)


    Meantime, world oil indexes decreased on Feb.21 as OPEC+ decided not to move its March meeting forward while Russia indicated that it currently has no intentions to cut production further.

    Brent for April settlement decreased by $0.81 to $58.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April fell by $0.50 to $53.38 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.12 to WTI. Gasoil for March delivery lost $10.50.

    Today morning oil indexes continue downward trend as concerns about the impact of the coronavirus grew, with the number of infections jumping in South Korea, Italy and Iran.

    Beijing, which already had a death toll of more than 2,000 and more than 45,000 infections from Covid-19, reported 118 new deaths and 1,109 new cases on Feb.21. South Korea's government put the country on high alert after the number of infections surged to over 700 with seven deaths, while in Italy, officials said a third person infected with the virus had died, as the number of cases jumped to above 150 from just three before Friday. Iran said it had confirmed 43 cases and eight deaths, with most of the infections in the Shi'ite Muslim holy city of Qom. Saudi Arabia, Kuwait, Iraq, Turkey and Afghanistan imposed travel and immigration restrictions on the Islamic Republic. In Japan, more than 80 people tested positive for the virus on Feb.21.

    Factory activity in Japan also registered its steepest contraction in seven years in February, hurt by fallout from the outbreak.

    The prospect of a falling out between the Saudi-led OPEC and Moscow, which represents the interests of Russia's state and independent oil producers, also weight on oil indexes. At an emergency meeting earlier in February, Russia rejected a Saudi push to deepen the alliance’s existing oil production curbs by 600,000 barrels a day.

    Russia is in no rush to announce its position on additional cuts proposed by OPEC, as nothing urgent is happening in the oil market and there are two more weeks until the scheduled OPEC, non-OPEC ministerial meeting. At the same time, despite the partial recovery, oil prices are still far below the level many OPEC members need for their budgets to balance.

    Saudi Arabia, Kuwait and the United Arab Emirates — which collectively represent over half of OPEC’s production capacity — have decided to go it alone without Russia on the cuts. They are holding talks to discuss a possible joint output cut of as much as 300,000 bpd. OPEC and its allies are next scheduled to meet in Vienna on March 5-6 to decide on the future of their agreement on production cuts that expires in April.

    Libya’s oil output continues to fall. Libya’s National Oil Corporation (NOC) said on Feb.20 its crude output dropped to 122,424 barrels per day. Oil output in Libya has fallen sharply since Jan. 18 because of a blockade of ports and oil fields by groups loyal to eastern-based commander Khalifa Haftar. NOC said in its statement that total losses because of the blockade exceeded $1.8 billion.

    According Baker Hughes, the number of active U.S. oil rigs rose by one to 679 last week. That followed modest increases in each of the last two weeks. The total active U.S. rig count, also climbed by 1 to 791.

    We expect bunker prices may fall today: 3-5 USD down for IFO, 7-10 USD down for MGO.




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

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam