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  • MABUX: Bunker market this morning, Mar 04
  • 2020 March 4 10:14

    MABUX: Bunker market this morning, Mar 04

    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) has turned into slight upward evolution on Mar.03:

    380 HSFO - USD/MT 347.20 (+4.10)
    VLSFO - USD/MT 476.00 (+2.00)
    MGO - USD/MT 556.98 (+5.59)


    Meantime, world oil indexes changed irregular on Mar.03 under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut U.S. interest rates to support the economy.

    Brent for May settlement decreased by $0.04 to $51.86 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for April rose by $0.43 to $47.18 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.68 to WTI. Gasoil for March delivery gained $5.75.

    Today morning global oil indexes continue slight upward evolution.

    The U.S. Federal Reserve moved quickly to cut interest rates, slashing them by 50 basis points on Mar.03. As per Fed statement, the coronavirus poses evolving risks to economic activity. In light of these risks and in support of achieving its maximum employment and price stability goals, the Federal Open Market Committee decided to lower the target range for the federal funds rate by 1/2 percentage point.

    G7 finance ministers are going to discuss this week how best to cushion the impact of the outbreak on economic growth. That is occurring as other major central banks have promised monetary and fiscal stimulus.

    OPEC could agree further oil production cuts at its meeting in Vienna this week, even if Russia decides not to join them. In February, OPEC proposed further cuts of 600,000 bpd to make up for demand loss amid the coronavirus outbreak, but Russia was reluctant to agree. Now, the cartel is talking about even deeper cuts, of up to 1 million bpd. It would put the total reduction at 2.7 million bpd, and this is not including the decimated Libyan oil output, currently at a little over 120,000 bpd, down from over 1.2 million bpd at the start of the year.

    Russia continues to refuse to announce its position regarding deeper cuts by the OPEC+ coalition, but over the weekend Russian President Vladimir Putin suggested that Moscow will continue to play ball and cooperate with OPEC, although it sees current oil prices as acceptable.  Russia’s second biggest oil producer Lukoil added that a collective OPEC+ cut of between 600,000 bpd and 1 million bpd would be sufficient to push Brent back up to $60 a barrel.

    China’s marine fuels sales fell by as much as 30-50% in February as the rapidly spreading coronavirus and prolonged Lunar New Year break strangled freight movement in and out of the country. Demand in rival bunkering hubs such as Fujairah and Singapore are expected to have slumped by 20-30%. The demand shock could also delay Chinese refiners’ plans to boost output of VLSFO, which yielded profits averaging about $15 a barrel above Brent crude in February. The resulting plunge in freight demand has knocked 40% off Asian prices for very low-sulphur fuel oil (VLSFO) since early January and upended expectations of an enduring shortage of the VLSFO.

    In the previous week, the API estimated a smaller than expected build in crude oil inventories of 1.3-million barrels, while the EIA’s estimates were more bullish, reporting a smaller build of 500,000 barrels for the week. The API this week also reported a draw of 3.9 million barrels of gasoline for week ending February 28, after last week’s 74,000-barrel build. This week’s draw compares to analyst expectations for a 2.095-million- barrel draw for the week.
    Distillate inventories were down by 1.7 million barrels for the week, compared to last week’s 706,000-barrel draw, while Cushing inventories fell by 1.35 million barrels. US crude oil production as estimated by the Energy Information Administration showed that production for the week ending February 21 held fast at its all-time high of 13.0 million bpd for the third week in a row.

    We expect bunker prices may demonstrate slight upward trend today in a range of plus 1-6 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