• 2020 April 15 09:56

    MABUX: Bunker market this morning, Apr 15

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) slipped lower on April 14:

    380 HSFO: USD/MT 249.02 (-2.92)
    VLSFO: USD/MT 291.00 (-2.00)
    MGO: USD/MT 378.23 (-2.65)


    Meantime, world oil indexes also fell on Apr.14 as investors were unconvinced that record supply cuts could soon balance markets pummelled by the coronavirus pandemic.

    Brent for June settlement decreased by $2.14 to $29.60 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for May fell by $2.30 to $20.11 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $9.49 to WTI. Gasoil for May delivery lost $19.00.

    Today morning global oil indexes have turned into slight upward correction so far.
     
    The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries (OPEC+) agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equal to about 10% of global supply before the viral outbreak. The United States is reducing output as well, and other countries are taking the estimated cut in production to about 19.5 million bpd. However, there are still doubts that the reduction will not be enough to match a contraction of around a third of global oil demand due to the outbreak. Oil prices are still down by over 50% so far this year.

    There are also questions about whether all parties will fulfil their commitments. Mexico objected to 400,000 bpd of cuts, instead agreeing to cut by only 100,000 bpd. Other countries may simply continue to overproduce. As per some evaluations, there are a number of commitments which appear highly unlikely to come to full fruition, with -23% cut pledges from the likes of Nigeria, Kazakhstan, and Iraq looking like a stretch by any historic compliance measure.

    The EIA expects U.S. shale oil production to drop next month to 8.526 million barrels per day in the seven most prolific shale basins in the United States. The forecast for May for a 182,673-average barrel per day drop in oil production is expected to be the second largest drop according to EIA data dating back to 2007. The largest drop in oil production, is expected to be this month, down 193,625 barrels per day from March.

    Saudi Arabia has said that even more production cuts could be done. US President Donald Trump also suggested that additional cuts could be under consideration, pointing out that 20 million bpd is closer to what OPEC had in mind for the production cuts. A 20-million-bpd production cut would come closer to matching the amount of demand that has been lost due to Covid-19. But other “effective production cut” figures suggest that OPEC’s cut may end up closer to 20 million bpd anyway, given the natural production declines that are bound to happen as a result of shrinking storage for crude oil and depressed prices.

    China’s oil imports may have declined in March, while experts expect China’s economy to have sharply contracted in the first quarter of the year due to the coronavirus pandemic. China went in lockdown at the end of January and February to try to stop the spreading of COVID-19. As a result, demand for energy for industrial activity and for fuel sharply dropped. In March and early April, China was said to have been building its crude reserves, thanks to the cheapest oil in years, but the rate of filling storage would be lower than in previous years because of limited storage capacity, lending less support to oil prices this time around than in previous years.

    India plans to completely fill its strategic petroleum reserve (SPR) by the third week of May by moving about 19 million barrels into the sites by then. India is moving the oil to the SPR to help refineries reduce their excess crude as the lockdown to contain the outbreak of COVID-19 has dented transportation and industrial fuel consumption in the country. India's fuel demand in March declined by 17.8%, the lowest in over two decades.

    The American Petroleum Institute (API) estimated on Apr.14 another large crude oil inventory build of 13.143 million barrels for the week ending April 10 as demand destruction stemming from the coronavirus wears on. Today’s inventory build was expected to be smaller, 11.676 million barrels. In the previous week, the API estimated a large build in crude oil inventories of 11.938 million barrels, while the EIA’s estimates painted an even scarier picture, reporting a build of 15.2 million barrels for the week. For a bit of perspective regarding the challenges that this amount of oil buildup poses for the industry, the last few weeks of inventory builds in the United States, which total 35.566 million barrels using API data, is enough to fill more than 17 VLCCs.

    We expect bunker prices may decline today in a range of minus $ 10-16.




2024 March 29

17:14 “K” Line and Nippon Gas Line establish a marketing company to provide liquefied CO2 transportation services for carbon capture and storage projects
16:47 VTTI and IKAV enter agreement to purchase majority ownership of Adriatic LNG, Italy
16:25 Mitsubishi Shipbuilding receives order from the University of Tokyo for "MiPoLin" power prediction and lines selection system
15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
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