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  • MABUX: Bunker market this morning, May 08
  • 2020 May 8 09:30

    MABUX: Bunker market this morning, May 08

    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 decreased on May 07:

    380 HSFO: USD/MT 224.58 (-1.43)
    VLSFO: USD/MT 256.00 (-3.00)
    MGO: USD/MT 329.00 (-9.08)

    Meantime, world oil indexes demonstrated irregular changes on May, 07.

    Brent for July settlement decreased by $0.26 to $29.46 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June declined by $0.44 to $23.55 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $5.91 to WTI. Gasoil for May delivery increased by $9.75.

    Today morning oil indexes increase supported by Saudi Arabia's decision to lift prices to help stabilize values and a monthly climb in China's oil imports.

    Oil indexes gained some support after the state oil giant of Saudi Arabia, Saudi Aramco, has raised the official selling price by $1.40 a barrel, of its June Arab light crude to Asia. While the Arab crude grade remains at a significant discount of $5.90 per barrel to the competing Oman/Dubai average, the price hike wasn’t in line with market expectations. This increase in the price for Saudi crude for June – which generally sets the trend for the pricing for Asia of other Gulf producers such as Kuwait, Iraq, and Iran – was interpreted as a sign that oil demand may have started to pick up.

    Oil prices rebound from the lows of last week, powered by optimism over the reopening of business in most of America’s 50 states after a six-week lockdown imposed over the Covid-19. Yet, there are still doubts in the market amid the existential oversupply of tens of millions of barrels at sea, as well as in land-based storage facilities for oil.

    The Plains all-American Pipeline, a reference source for physical oil, quotes physical WTI at $20 per barrel, versus its April 28 quote of $8.25. That indicates that the physical market is broadly keeping up with the action in futures. Even so, June WTI remains at a discount of at least 20% to physical barrels. While that may be typical, it’s a worry under the present circumstance, given both have to converge when June WTI expires in less than two weeks. Massive difference between the physical and futures markets was what accelerated WTI’s plunge into historic sub-zero prices when the May WTI expired two weeks ago.

    The latest data from the Energy Information Administration showed that U.S. crude oil inventory increased by 4.59 million barrels over the past week, the slowest weekly build since mid-March as domestic output fell further. While crude oil inventory at Cushing, Oklahoma increased by 2.07 million barrels, again the smallest build since late March.

    That said, as the world starts to ease lockdowns, oil demand recovery will likely be slow and timid. All after, the latest data showed the number of Americans applying for initial unemployment benefits totaled 3.17 million last week, remaining at historic levels even as many parts of the country start to reopen.

    Market will also be keeping a close watch on shipping numbers out of OPEC, the United States — and particularly Russia — to check their adherence to the so-called GLOPEC deal’s commitment to remove at least 9.7 million barrels daily from the market from this month.

    Chinese crude imports climbed to 10.42 million barrels a day in April from 9.68 million barrels in March, according to Reuters calculations based on customs data for the first four months of 2020. Overall exports from China also rose against expectations of a sharp drop.

    We expect bunker prices may demonstrate slight irregular changes today: 1-3 USD down for IFO, 7-9 USD up for MGO.

2021 October 27

18:22 IMC Shipping appoints Mingfa Liu as managing director for ship services
18:07 TotalEnergies and MOL hold naming ceremony of France’s first LNG bunker vessel
17:51 Damen built LNG bunkering vessel enters service in the Gulf of Finland
17:42 Rosmorport takes delivery of LNG-powered Ro-Ro ship Marshal Rokossovsky
17:40 DEME Offshore installs final foundation at Hornsea Two offshore wind farm
17:34 Port of Zeebrugge posts a strong growth in nine months of 2021
15:40 Dublin Port volumes down by 3.3% after nine months of 2021
14:33 IMO considers midterm-measures for GHG reduction from ships
14:12 BIO-UV Group adds 3d scanning to turnkey BIO-SEA BWTS retrofit services
13:50 Ocean Yield agrees to invest in six VLCCs with 10-year bareboat charters to International Seaways
13:02 WinGD invests in training as gas-fuelled fleet grows
12:52 Vyborg Shipyard contracted to build an 18 MW icebreaker for Rosmorport
12:38 Zero emissions by 2050 is not enough for most developed countries if planetary warming is to be limited to 1.5 degrees - DNV
12:37 The LNG Fleet, LNG Bunkering and Other Alternatives Conference kicks off in Moscow
12:06 FESCO to supply Indian stations in Antarctica for another 5 years
11:51 Constructora Vale Verde places a repeat order for a cutter suction dredger with Damen Shipyards
11:19 MarineMax reports record fourth quarter and fiscal year results
11:18 FSRU Marshal Vasilevskiy completes maiden voyage with LNG cargo on the Northern Sea Route
10:09 Siemens Gamesa solidifies offshore presence in U.S. with Virginia blade facility
09:55 MABUX: No firm trend on Bunker market on Oct 27
09:33 Baltic Dry Index as of Oct 26
09:25 Aquadrill announces sale of a semisubmersible drilling unit
08:57 Oil prices edge lower

2021 October 26

18:06 FarSounder and NAVTOR announce a new partnership
17:49 Russian State Duma approves a bill on wrecks removal in the first reading
17:36 FuelEU can do more for the decarbonisation of shipping – World Shipping Council
17:08 First global hydrographic innovation and technology laboratory established in Singapore
16:31 BIO-UV Group adds 3D scanning to turnkey BIO-SEA BWTS retrofit services
16:24 Wärtsilä commits to carbon neutrality by 2030
16:05 CSL Americas takes delivery of second converted self-unloading ship
15:27 Damen Maaskant Shipyards Stellendam delivers 38-metre Beam Trawler to Rederij Long Ships
15:17 Vard Electro dual-battery pack to reduce emissions for Siem Offshore subsea vessel
15:01 Baltic Shipyard marks successful loading of shield tank duo onto the 22220 nuclear icebreaker Yakutia
14:13 BW Energy signs an agreement for the acquisition of semi-submersible drilling rig for the Kudu development
13:19 Wallem Group appoints John-Kaare Aune as new Chief Executive Officer
12:13 DP World: RWG terminal to be the first carbon neutral container terminal in the world
11:32 ClassNK grants Innovation Endorsement for Products & Solutions to Weathernews’s CIM
11:02 AIDA Cruises’ new cruise ship completes its first voyage on the river Ems
10:51 Sea Machines names Trevor Vieweg as new chief technology officer
10:14 TECO 2030 receives NOK 50 million in government support for fuel cell development
10:07 MABUX: Bunker prices may demonstrate irregular changes on Oct 26
09:54 Baltic Dry Index as of Oct 25
09:51 San Pedro Bay ports announce new measure to clear cargo
09:09 Oil prices continue to climb

2021 October 25

19:59 Severnaya Verf readies the 170701 series factory freezer trawler Kapitan Sokolov for shore power connection
18:13 CMA CGM applies Winter Surcharge in the Russian ports of St Petersburg, Bronka and Ust-Luga
17:44 Estonia’s Elenger takes delivery of first Damen LGC 6000 LNG bunkering vessel
17:34 Carnival Cruise Line christens Mardi Gras in first naming ceremony in the U.S. since industry restart
16:57 Sembcorp Marine clarifies report on the Johan Castberg Project
16:47 Two ways to experience the Fort Lauderdale Int'l Boat Show
15:23 Trafigura Group closes USD2.4 billion-equivalent syndicated revolving credit facility and term loan facilities
14:22 Sea Port of Saint Petersburg’s employees support package during COVID-19 pandemic
14:02 Svanehøj launches a new control system makes P&C offloading faster and easier
13:20 PIL launches new direct China to Gulf Service – Gulf China Service
12:15 Port of Hamburg honoured as ‘Best Seaport – Europe’
11:35 LR granted AiP to Samsung Heavy Industries for liquefied hydrogen carrier
11:12 Rosmorport updates Port of Ust-Luga data in the Register of Russia’s seaports
10:17 MABUX: Bunker prices may demonstrate upward changes on Oct 25
09:38 Russian Gov’t gives green light to imposing some port services tariffs in foreign currency
09:21 Baltic Dry Index as of Oct 22