• 2020 March 27 10:35

    MABUX: Bunker market this morning, Mar 27

    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 irregular changes on March 26:

    380 HSFO: USD/MT 257.23 (+1.23)
    VLSFO: USD/MT 326.00 (-4.00)
    MGO: USD/MT 419.90 (+1.97)


    Meantime, world oil indexes decreased on Mar. 25 after the $2 trillion U.S. Covid-19 fiscal rescue left out the Trump administration’s plan to top up the country’s oil reserves in a bid to throw a lifeline to shale drillers.

    Brent for May settlement decreased by $1.05 to $26.34 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May declined by $1.89 to $22.60 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.74 to WTI. Gasoil for April delivery fell by $2.25.

    Today morning oil indexes increase as governments around the world pledged a huge injection of funds and other measures to limit the economic fallout from the coronavirus pandemic.

    The Senate unanimously reached agreement on a $2 trillion relief package late on Mar.25. The bill now moves on to the House of Representatives, with a vote expected today. At the same time, the $3 billion earmarked for filling the U.S. Strategic Petroleum Reserve, which promised to support domestic producers moderately as they struggle with the collapse in prices, were removed from the bill.

    Oil demand worldwide continues to take hits as the pandemic severely curtails travel and more countries order lockdowns to curb the spread of the disease. India, the second most populous country and the third largest oil consumer in the world, started a 21-day lockdown Mar.25. Vienna-based JBC Energy said it expected world oil demand to fall by an even larger 15.3 million bpd in the second quarter, likely pushing benchmark prices, at least temporarily, to around $10 per barrel. Goldman Sachs expects oil demand to fall by 10.5 million barrels per day in March and possibly by as much as 18.7 million bpd in April. According to EIA’s Executive Director, Fatih Birol, global oil demand could fall by about 20 million barrels per day.

    The weekly jobless claims report from the U.S. Labor Department offered the clearest evidence yet of the coronavirus' devastating impact on the economy. The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week, with initial claims coming in at a seasonally adjusted 3.28 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982.

    The U.S. is putting increased pressure on Saudi Arabia to take a step back from the ongoing price war with Russia. Secretary of State Michael Pompeo urged the Saudis to “rise to the occasion and reassure global energy and financial markets when the world faces serious economic uncertainty”. However, there was no indication of any change in Saudi policy in King Salman's opening remarks at an emergency G20 meeting. At the same time, the Kremlin spokesman Dmitry Peskov told, that the oil market will not be a topic of discussion at the G-20 video summit. He pointed, that the topic of the economic repercussions of the coronavirus on the global economy will not remain undiscussed.

    Due to the Saudi-Russian oil price war and the plunging demand as economies remain under lockdown, the situation on the oil market is such that no major oil-producing nation will exit unscarred. Oil at below $30 a barrel is unsustainable for the indebted U.S. shale industry, which cannot make any money at these prices. But the situation on the market is not forever sustainable, even for Saudi Arabia and Russia. They both will need to tap into their sovereign wealth funds to patch up budget shortfalls from lower revenues at $30 oil.

    At the same time, Saudi Arabia was struggling to find customers for its extra oil as demand plummets due to the coronavirus and as freight rates surge. Royal Dutch Shell and U.S. refiners were taking less Saudi crude. Finland’s Neste was not taking any in April. Indian refiners had sought delayed deliveries and Polish refiners were easing up on purchases.

    We expect bunker prices to decrease today: 3-5 USD down for IFO, 1-3 USD down for MGO.




2024 March 28

12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm
11:32 Equinor ASA posts net income at USD 11.9 billion in 2023
09:25 Edda Wind announces the sale of Edda Passat

2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS
13:55 MEYER WERFT and Disney Cruise Line celebrate keel laying
12:19 HSL completes repair work on DEME's dredger TSHD Bonny River
10:53 Turkish shipbuilder delivers RAscal 1500 ASD tug to French port

2024 March 22

18:07 Lloyd's Register releases a report on the operational and safety issues of the use of ammonia as a marine fuel
17:17 RINA supports Mongolia's to develop a roadmap for long-term strategy according to Paris Agreement
16:47 MOL Coastal Shipping to start concept study on large coastal ammonia carrier
16:23 MAN 51/60DF engine passes 10 mln operational hours milestone
15:56 TotalEnergies restarts gas production at the Tyra offshore hub after a major redevelopment
13:43 HHLA container throughput decreases year-on-year by 7.5 percent to 5,917 TEU in 2023
13:24 Largest shipping lines saw sharp decline in revenues in 2023