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  • MABUX: Bunker market this morning, Mar 23
  • 2020 March 23 10:19

    MABUX: Bunker market this morning, Mar 23

    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 increased on Mar. 20:

    380 HSFO: USD/MT 262.82 (+7.38)
    VLSFO: USD/MT 337.00 (+11.00)
    MGO: USD/MT 426.21 (+9.81)


    Meantime, world oil indexes demonstrated irregular changes on Mar. 20 lower after doubts emerged over the significance of reports that U.S. authorities could be looking at methods of curbing domestic supply.

    Brent for May settlement decreased by $1.49 to $26.98 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $2.59 to $22.63 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.35 to WTI. Gasoil for April delivery increased by $13.25.

    Today morning oil indexes slight down as an anticipated deal between OPEC and the U.S. failed to materialise.

    The Trump administration plans to send a special energy envoy to Saudi Arabia to work with the kingdom on stabilizing the global oil market. U.S. officials believe Saudi Arabia's move to flood oil markets compounds the global economic crash during a crisis caused by the pandemic. A senior Energy Department official will be sent to Riyadh for months at least to work closely with State Department officials and the existing energy attache. U.S believe, that the energy representative would help the countries return to a path of stability, they said.

    Moreover, The Wall Street Journal suggested that the U.S., the biggest producer, is looking at imposing production quotas on domestic companies for the first time in decades, a move aimed at combating the supply glut. The U.S. has a history of regulating production through the Texas Railroad Commission back to before World War 2, but abandoned the practice nearly 50 years ago.

    At the same time the U.S. may lean on Saudi Arabia and Russia to rein in their output, with the threat of sanctions directed at the latter in particular. An end of the price war means that both Saudi and Russia would bring back their production levels to where they were prior to the OPEC+ talk in early March.

    On the other side demand destruction is only getting worse in the near term, as more and more of Europe and North America goes into lockdown. California, the most populous U.S. state, issued a "stay at home" order to residents on Mar. 18. In addition, Germany's richest state, Bavaria, extended its prohibition on non-essential activity. Germany's federal government has tighten its policy on closing non-essential business at the weekend, with the inevitable impact on fuel demand.
     
    According to S&P Global Platts Analytics Global oil demand could collapse by over 3 million b/d this year due to growing social and economic lockdown measures aimed at slowing the spread of the coronavirus pandemic. World oil demand could fall by over 12 million b/d on the year in April and May and result in annualized fall of as much as 3.2 million b/d in 2020. The estimate for the potential demand impact from coronavirus is one of the most bearish by forecasters to date.

    Norway-based consultant Rystad Energy on Mar.17 estimated that global oil demand will contract by 2.8 million b/d this year with jet fuel hit the hardest. Rystad estimated that jet fuel demand would fall by 12% year on year, or at least 800,000 b/d from last year’s average of about 7.2 million b/d. The International Energy Agency on Match 9 forecast a contraction in global demand for 2020 of 90,000 b/d — which would be the first shrinkage in consumption since the financial crisis in 2009.

    Baker Hughes reported that the number of oil and gas rigs in the U.S. plummeted last week by 20, falling to 722, with the total oil and gas rigs clocking in at 244 fewer than this time last year.

    The number of oil rigs decreased for the week, by 19 rigs, bringing the total to 664—a 160-rig loss year over year. The total number of active gas rigs in the United States fell by 1 according to the report, to 106. This compares to 192 a year ago.

    We expect bunker prices to demonstrate irregular changes today: 5-7 USD down for IFO, 10-12 USD 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
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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
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14:59 RINA, ABB, Helbio, the Liberian Registry, Wärtsilä and an Energy Major enter in proposal with hydrogen as fuel to meet IMO2050 targets
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13:55 MABUX: Bunker Weekly Outlook, Week 47, 2021
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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
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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
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