• 2020 May 4 09:48

    MABUX: Bunker market this morning, May 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 increased on May, 01:

    380 HSFO: USD/MT 213.36 (+2.79)
    VLSFO: USD/MT 239.00 (+8.00)
    MGO: USD/MT 320.85 (+7.56)

    Meantime, world oil indexes demonstrated irregular changes on May 1 on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market.

    Brent for July settlement increased by $1.17 to $26.44 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June rose by $0.94 to $19.78 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $6.66 to WTI. Gasoil for May delivery decreased by $16.75.

    Today morning oil indexes decline on worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery even as coronavirus pandemic lockdowns start to ease.

    Suggestions by U.S. President Donald Trump of further trade tariffs on China as retaliation for the role he sees Beijing as having played in the coronavirus outbreak put a lid on oil indexes. In January Trump signed a first phase of a multibillion-dollar trade deal with China, seeking to end what had become a damaging trade war. Another trade war would likely limit global growth prospects, hitting demand for crude at a time when global demand has slumped in the wake of the lockdown measures put in place to curb the spread of the virus.

    The OPEC+ has agreed to cut output by 9.7 million barrels per day from May 1. Bu there are still doubts the reduction will be enough as demand is unlikely to recover rapidly. The IEA projected global oil demand would fall by 9 million barrels a day, or about 9%, this year to the lowest level since 2012. The forecast comes as 4.2 billion people globally are subject to stay-at-home orders, which will tamp down demand for energy through 2020. IEA is forecasting a 6% decline in energy demand, which is the largest decline in 70 years. If that’s not all, the decline is equal to seven times that of the decline experienced during the financial crisis in 2008.

    Also supporting oil prices, the U.S. Energy Information Administration said crude inventories rose by 9 million barrels last week, less than forecast of the 10.6 million-barrel rise. The EIA estimated that at the end of last week, U.S. crude production stood at 12.1 million barrels per day, down by just 1 million bpd from a record high of 13.1 million bpd in mid-March. That’s a remarkably slow slide compared to the stories in the media of voluntary production shut-ins, rig cuts and reductions in capital expenditure announced by various oil drillers.

    Bloomberg data showed that OPEC’s crude production surged by the most in almost 30 years last month as its biggest members fought to dominate a global market devastated by the coronavirus crisis.

    Oil indexes also were supported by good news on progress achieved over a potential drug for acute Covid-19 patients and optimism over the reopening of U.S. businesses from Covid-19 lockdowns. There were fears that the United States will run out of space soon to store oil from all the piled-up supply since the country went into lockdown to curb the spread of the virus. Slower crude builds since last week eased some of the storage fears, helping WTI rebound.

    Baker Hughes said on May, 01 that oil rigs in the United States fell by 53 last week, bringing to 358, or 53%, the total number of oil rigs lost over the last seven weeks. Despite their cutbacks in production now, U.S. oil drillers have also become victims of their own success in recent years, by achieving admirable drilling efficiency from fracking in their shale fields.

    We expect bunker prices may demonstrate irregular changes today: 6-8 USD up for IFO, 10-15 USD down for MGO.

2020 September 29

12:11 Bunker prices decrease in the Far East ports of Russia (graph)
11:47 Port of Antwerp focuses heavily on general cargo: search begun for breakbulk candidate for Churchill Dock
11:27 Joint oil spill exercise tests inter-agency response and cooperation amidst COVID-19 pandemic
10:46 New impetus for digitalization of shipping in the COVID-19 pandemic
10:09 IAPH presents guidelines for LNG-powered vessels during port calls
09:54 Oil prices are decreasing
09:35 Port Authority of Singapore holds joint oil spill exercise
09:15 Baltic Dry Index as of September 28
08:58 MABUX: Bunker market this morning, Sept 29

2020 September 28

18:57 Okeanis Eco Tankers announces one year VLCC time charter
18:27 Bumi Armada secures third FPSO project in India
18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
17:28 Port of Long Beach announces closure of traffic routes leading to the Gerald Desmond Bridge
17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020
16:56 UTLC ERA JLC and Belintertrans-Germany GmbH open joint end-to-end regular multimodal service from China to Western Europe
16:37 Atommash shipped Reactor Pressure Vessel for Turkey's first nuclear power plant
16:14 The digital transformation is accelerating, and insurers and underwriters must adapt, says IUMI
15:51 Ships of RF Navy's Black Sea Fleet returned to their permanent locations after "Kavkaz-2020" maneuvers
15:29 New railway bridge over Kolar river put into operation in Murmansk Region
15:13 BIMCO to push for international guidelines for ship/shore communication at IMO
14:12 Submersible robot buries power cables for offshore wind farms 5.5 metres below seabed to the north of Maasvlakte
13:53 Moscow Exchange registered debut bond issue by FSUE "Rosmorport"
13:30 Blanket repair begins at Beloomut dam’s second section
13:12 Busan Port Authority concludes an agreement to establish a smart maintenance system for port facility
12:54 Average spot market price for Russian M100 product fell to RUB 11,773 pmt
12:11 Abu Dhabi Ports acquires MICCO to become a leading provider of fully integrated supply chain logistics solutions
11:36 RF Government approves National Programme for Far East Development
11:13 Aker Solutions awarded subsea contract for Breidablikk
10:51 Hornsea Two monopile installation scheduled to start next month
10:21 Shipbuilding, Ship Repair Corporation launches non-self-propelled suction hopper dredger of Project 4395
09:52 Tallink suspends operation of Helsinki-Riga route until end of October
09:30 Tallink changes weekend operating schedule of Tallinn-Helsinki route shuttle vessel Star
09:14 Baltic Dry Index as of September 25
08:48 MABUX: Bunker market this morning, Sept 28

2020 September 27

16:43 Milaha signs key deal with major oilfield services firm
15:31 RINA and SDARI: an innovative step towards 3D ship classification
14:28 Belfast Harbour is hosting an innovative study which could help change the way ports and harbours manage air quality
13:48 ABP invests £10 million to repair Swansea West Pier
12:49 Huntington Ingalls Industries restores drinking water, conducts steam testing during USS George Washington (CVN 73) refueling and complex overhaul
12:03 The Manor Endurance sets sail for her first charter
11:29 NYK and JMU introduce shipbuilding contract that guarantees propulsion in actual sea conditions

2020 September 26

15:52 Port Freeport enters partnership with CEMEX Servicios Logisticos and Union Pacific Railroad
14:32 Coast Guard rescue two mariners from disabled catamaran near Oahu
13:43 NAT orders two -2- Suezmax newbuildings in South Korea
12:38 JAXPORT CEO Green named one of Florida’s top business leaders for third year in a row
12:06 Northwest to Midwest: New rail service builds on NWSA’s intermodal growth
11:02 IUMI: Loss prevention remains a vital element in ensuring the insurability of maritime risk
10:53 Huntington Ingalls Industries breaks ground on unmanned systems center of excellence

2020 September 25

18:07 Tripartite agreement signed on establishing the FSRU terminal in the Bay of Gdansk
17:55 Baltic Fuel Company shipped first batch of bitumen
17:39 Scorpio Bulkers announces purchase of shares by Scorpio Services
17:34 Vessel “Razul Rza” sent to outer waters after the repair works
17:12 Metal Shark debuts 48-meter catamaran expedition vessel and introduces "Metal Shark Yachts" portfolio
16:51 Ningbo Containerized Freight Index rises significantly in September
16:19 OOCL's service update for Trans-Pacific trade
16:16 Representative office of Marinet opened in China
15:27 GTT signs a contract with the U.S. Dep't of Defense for the Red Hill Bulk Fuel Storage Facility
14:59 RFC held the second stage of the ecological marathon