• 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.




2024 March 18

18:13 Brunvoll propulsion chosen for ESVAGT's growing fleet of SOVs
17:42 ADNOC signs second long-term Heads of Agreement for Ruwais LNG Project
17:37 Cemre Marin Endustri shipyard holds launching ceremony for CMAL's MV Isle of Islay
17:24 Fortescue successfully conducts world’s first use of ammonia as a marine fuel in a dual-fueled ammonia-powered vessel in the Port of Singapore
17:02 APL updates on European Union’s Import Control System 2
16:03 MED Marine contracted to build MED-A2575 series tug for SVS Maritime
15:31 Hanwha Ocean and BV join hands to develop a 270K LNG carrier
15:17 HD Korea Shipbuilding awarded contracts for three VLACs
14:18 Port of Skagen and Stillstrom partner to decarbonise anchorage zone with offshore charging solutions
13:22 Sanmar delivers 6th battery electric power tugboat to Norwegian operator
13:16 COSCO SHIPPING Lines announces the launch of OCEAN Alliance DAY 8 product this year
12:21 Dutch offshore wind farm approved by LR
11:39 ClassNK awards first-ever notation for improvements in living and working environment to Fuyo Kaiun's bulk carrier "ELETTRA"
11:31 Davie strengthens Québec’s shipbuilding industry by supporting the reorientation of AFCDC
10:44 Storylines and Brodosplit shipyard renew ship building contract to construct private residence ship
10:25 BOEM announces environmental review of proposed wind energy project offshore New Jersey
09:51 First ‘flying’ electric ferry to debut in New Zealand in 2025

2024 March 17

16:31 Norwegian Shipowners' Association names Harald Fotland as its President
15:22 ABS Wavesight Nautical Systems now supports fully digital, streamlined SIRE 2.0 inspections
14:15 TechnipFMC selected by NEP to deliver the first all-electric iEPCI for CCS
13:03 US sanctions shipping company, targeting Iran and Houthi rebels
11:01 The first hybrid electric vessel built in South America will use a Corvus battery system
09:47 Kalmar and Forterra sign JDA for autonomous terminal tractor

2024 March 16

16:24 The Netherlands selects Naval Group for its submarine replacement program
15:41 Equinor exercises options to extend four-year drilling contracts
14:17 GONDAN Shipbuilders hosts launching ceremony for Edda Wind's CSOV C503
13:47 Van Oord, Van Aalsburg partner to further develop circular fascine mattresses
12:13 Snam wins "A" raing in CDP's Suppliers Engagement Rating for efforts against climate change
10:54 ULSTEIN unveils new subsea vessel for offshore energy tasks

2024 March 15

18:07 DNV gives nod to Friede & Goldman BargeRack solution
18:02 New partnership enables faster offshore wind installations in the U.S.
17:53 First production line at ‘World’s Largest Monopile Factory’ to go live in July
17:21 Brunvoll DP2 upgrades for more Mokster vessels
16:55 CMA CGM to suspend its calls at Port au Prince, Haiti
16:03 GEFO's LNG DF chemical tanker Tosca gets Green Award
15:19 CEVA Logistics develops new vehicle logistics business at the Port of Dunkirk
14:11 MPA: SaR operation continues for a missing crew member of the Liberia-flagged UTOPIA
13:07 To develop the Far East it makes sense to build a new shipyard in the country’s eastern regions, President Putin said
12:48 World’s first use of ammonia as a marine fuel in a dual-fuelled ammonia-powered vessel in the Port of Singapore
11:39 COSCO Shipping calls Port of Genoa, Italy with 20,000 TEU vessels on regular basis
10:03 DMC contracted to supply rudder systems for the world’s largest PCTCs

2024 March 14

18:04 Shearwater awarded seismic survey for UK carbon capture and storage project
17:15 UAE, world leaders discuss maritime corridor for aid to Gaza
16:05 Marine fuel sales at Singapore drop to a three-month low in February
15:43 World Shipping Council selects NCB for liner shipping Cargo Safety Program
15:00 ZIM reports results for 2023
14:57 DP World announces 2023 results
14:29 HaiSea unveils new operations facility for the world’s greenest tugboat fleet
13:44 DEME awards KENC with engineering and fabrication scope on multiple offshore wind installation projects
13:25 MABUX: Bunker Outlook, Week 11, 2024
12:43 Wartsila Lifecycle Agreement to support optimised low-emission operations for two P&O Ferries vessels
11:35 Hapag-Lloyd transport volumes up by 0.5% to 11.9 million TEU in 2023
10:51 NYK and Astomos Energy christen new dual-fuel LPG carrier
10:25 Port of Long Beach container volume up 24.1% to 674,723 TEUs in Feb 2024

2024 March 13

18:02 Lebanese, French officials float a plan to rebuild Beirut port nearly 4 years after huge explosion
17:23 Ascenz Marorka obtains type approval for cyber-security from Bureau Veritas for its digital solutions
16:58 USDOT announces $500 mln for ports available through the Port Infrastructure Development Program
15:44 RINA wins contract to create global investment plan for cruise sector
15:23 Hede International Shipping enters the Transpacific container trade
14:43 Concordia Damen wins contract to deliver a CDS2410 River Pusher to Transporte Fluviales Frey Bentos
14:13 CMA CGM Group launches its first loyalty program SEA REWARD
13:13 Cargill posts results of the six-month test period of the world’s first wind-powered ocean vessel
12:24 Rotterdam's Gate Terminal sees need for more LNG bunkering capacity at Rotterdam
11:58 MOL announces delivery of LNG-fueled car carrier CERULEAN ACE
11:24 Panama Canal announces increase in daily slots at Panamax locks
10:25 thyssenkrupp Veerhaven plans the climate-friendly pusher tug

2024 March 12

18:04 Cosco Shipping installs Iridium Global Maritime Distress and Safety System on PCTC Cosco Tengfei
17:30 LR issues Project Certificate for CrossWind Hollandse Kust Noord wind farm
17:16 The shipping industry to need €3.7 trillion by 2050 to move towards a zero-pollution era
16:25 China Classification Society and MAN ES sign dual-fuel methanol engine agreement