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  • MABUX: Bunker market this morning, Mar 03
  • 2020 March 3 10:17

    MABUX: Bunker market this morning, Mar 03

    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) declined slightly on Mar.02:

    380 HSFO - USD/MT 343.10 (-1.19)
    VLSFO - USD/MT 474.00 (-2.00)
    MGO - USD/MT 551.39 (-0.82)

    Meantime, world oil indexes have turned into upward correction on Mar.02 as hopes that a bigger than expected production cut from OPEC and stimulus from central banks could offset economic gloom from the coronavirus outbreak.

    Brent for May settlement increased by $1.38 to $51.90 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April rose by $1.99 to $46.75 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.15 to WTI. Gasoil for March delivery gained $13.50.

    Today morning global oil indexes continue slight upward evolution.

    China’s fuel demand has materially weakened after the coronavirus outbreak forced authorities to lock down cities and discourage travels. Some estimates put the current demand loss in China at around 4 million barrels per day (bpd) of fuel. Still, China’s crude oil imports are expected to have held up pretty well in February, slowing by just around 160,000 bpd compared to January import levels. Crude oil imports would be weaker in March, because most of the February volumes had been contracted, set, and en route to China when the coronavirus outbreak put the brakes on fuel demand in the country. If China effectively contains the coronavirus in March and authorities loosen their stimulus purse strings to help the economy, fuel demand could begin to recover as early as in April.

    Saudi Arabia and Russia are going to test OPEC+ pact when they meet in Vienna next week to debate another round of production cuts to stem the oil market’s COVID-19 rout.  Oil prices have fallen about a quarter since late January, when news of the coronavirus outbreak began shocking markets. But despite heavy lobbying by Saudi Arabia, the 23-country coalition of OPEC and non-OPEC producers has yet to agree on any plans to rein in crude oil production further. Russia, the key non-OPEC partner in the deal, appears relatively nonplussed by the market plunge, given its higher fiscal tolerance for lower prices. The alliance meets March 5-6 in Vienna. Failure to reach an accord could put the entire OPEC+ pact at risk.

    Meantime, Russian oil production, including gas condensate, stood at 11.29 million barrels per day (bpd) over Feb. 1-27. Russia’s highest monthly oil production of 11.45 million bpd was recorded in December 2018. From late last year Russia was allowed to exclude production of gas condensate, a form of light oil, from its quota in OPEC+, but it continues to report a combined figure with no breakdown. Russia’s current oil production quota stands at 10.33 million bpd excluding gas condensate.

    Port state control authorities have started to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that contains a sulphur content higher than 0.5 percent unless the ship has an Exhaust Gas Cleaning System. As of March 1st, enforcement agencies will no longer have to prove usage. Showing that vessels without Exhaust Gas Cleaning Systems have non compliant fuel aboard will be enough to prove a violation. Major port state regimes including Paris MoU, Tokyo MoU and the United States Coast Guard (USCG), have made it plain that they will rigorously enforce the requirements.

    The IMO’s Sub-Committee on Pollution Prevention and Response (PPR) has agreed draft amendments to MARPOL Annex I that would prohibit using and carrying heavy fuel oil (HFO) as fuel by ships in Arctic waters with effect from 1 July 2024, but with a provision to allow a waiver for domestic shipping to continue using HFO for another five years. The temporary waiver would, for example, allow Russian flagged ships to operate in Arctic waters subject to Russia’s jurisdiction up to 1 July 2029. The draft amendments will be submitted to the 76th session of the Marine Environment Protection Committee (MEPC 76) in October this year for approval, followed by circulation for adoption at MEPC 77 in spring 2021.

    We expect bunker prices may turn into upward correction today in a range of plus 5-10 USD for IFO and plus 10-15 USD 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