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  • MABUX: Bunker market this morning, June 09
  • 2020 June 9 08:26

    MABUX: Bunker market this morning, June 09

    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 June 08:

    380 HSFO: USD/MT 287.05 (+9.61)
    VLSFO: USD/MT 330.00 (+12.00)
    MGO: USD/MT 400.88 (+11.53)


    Meantime, world oil declined on June, 08 despite a group of major oil producers agreeing to extend record production cuts.

    Brent for August settlement decreased by $1.50 to $40.80 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July fell by $1.36 to $37    .41 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.61 to WTI. Gasoil for June delivery lost $0.50.

    Today morning oil indexes rise on growing confidence in a global recovery with pandemic lockdowns easing.

    Over the weekend, OPEC+ agreed to extend massive output cuts by an extra month, with the group’s leaders-- Saudi Arabia and Russia--also persuading other group members to fulfill their promises to reduce production. However, Saudi Arabia, Kuwait and the United Arab Emirates would not extend an additional 1.18 million bpd in cuts on top of the OPEC+ cuts in July. At the same time, Libya, which has been out of the market since January, has resumed producing. This extension is expected to tighten markets in the foreseeable future as countries ease lockdown measures and demand picks up.

    The Joint Technical Committee, which reviews market conditions on behalf of the OPEC+ alliance, will meet on June 17 while the Joint Ministerial Monitoring Committee, which monitors the compliance and production quotas of OPEC+ members, will meet a day later.

    Meanwhile, Saudi Arabia sharply raised its official selling prices for crude oil, removing almost completely the deep discounts it had in place to preserve its market share during the price war it waged on Russia in March. The target of the price hikes will be Asia, the Saudis’ largest export market. It would be the sharpest price rise in at least twenty years, which in turn followed the sharpest cut in prices in 30 years. However, Asian oil buyers have likely gotten used to cheap oil. They have also likely filled their storage facilities during the crisis, especially in China. This might mean that orders for Saudi oil further down the road may decline. At the same time, there is a possibility, that other Gulf producers might do the same. This has already raised concern among not just Asian but also European refiners.

    China’s crude oil imports in May jumped to the highest in history ever, at 11.34 million bpd, customs data showed, confirming an earlier report by analytics firm OilX, which had calculated China’s May imports at 11.11 million bpd. The data also confirms that China’s economy is on the fast track to recovery from the coronavirus crisis, with the May daily average of oil imports up by 15 percent from April and 150,000 bpd more than the previous import record that Chinese buyers set last November. There is a fact of recovering demand for fuel – the traffic has been on a strong rebound in the past couple of weeks as people feel safer in their personal cars than in public transport. Refinery demand has been particularly strong from independent refiners (the so-called teapots), who have been running their refineries at near-record rates since last month.

    We expect bunker prices may demonstrate downward changes today: 7-10 USD down for IFO, 1-3 USD down 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