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  • 2020 June 11 09:23

    MABUX: Bunker market this morning, June 11

    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 10:

    380 HSFO: USD/MT 287.08 (+2.75)
    VLSFO: USD/MT 333.00 (+4.00)
    MGO: USD/MT 406.90 (+3.77)


    Meantime, world oil indexes also demonstrated upward changes on June, 10.

    Brent for August settlement increased by $0.55 to $41.73 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $0.66 to $37    .41 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.13 to WTI. Gasoil for June delivery added $7.00.

    Today morning oil indexes decline after the Energy Information Administration reported a rise in U.S. crude oil inventories.

    According to the Energy Information Administration (EIA) stockpiles of U.S. crude rose sharply, confounding analyst expectations. Oil inventories jumped 5.7 million barrels for the week ended June 5. That compared to estimates for a draw of 1.7 million barrels. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after several days of gains. The gasoline inventories also increased by 900,000 barrels for the last week, down from a build of 2.8 million barrels a week earlier. Gasoline production last week averaged 8.1 million bpd, compared with 7.8 million bpd a week earlier.

    At the same time, there was downward pressure following news that U.S. producers were restarting production and worry that some Middle East producers, notably Iraq, will continue to produce more than their OPEC+ quota calls for.

    Meanwhile, Norwegian consultancy Rystad Energy warned that deep production cuts could lead to a lasting deficit of oil, beginning as soon as this month. This could provide some support for oil prices especially if it is coupled with more positive news on the demand side.

    Global growth will contract by 7.6% in 2020, the OECD said, assuming there is a second wave of Covid-19 infections, and even if a second wave is avoided there would still be a drop of 6%. This is even worse than the 5.2% contraction in 2020 the World Bank predicted on June,08.

    The World Health Organization stated earlier this week that new coronavirus cases have reached their highest ever level, pointing to key regions, such as the Americas and Southeast Asia. This suggests a second wave of the pandemic is not a distant possibility any more, and that would plunge oil demand right back down to lockdown levels.

    The U.S. Federal Reserve’s grim warming on June, 10 that U.S. recovery from the COVID-19 virus will be a long and tough road also soured market’s sentiment. The U.S. economy is predicted to shrink by 6.5% and the unemployment rate to 9.30% by the end of the year. Meanwhile, the U.S. recorded almost 2 million COVID-19 cases as of June 11, according to data from Johns Hopkins University.

    The oilfield Sharara in Libya was shut down again on June.09, after an armed force had told the workers on the field to stop working. NOC declared force majeure on Sharara oilfield crude exports two days after restarting production following months of blockade amid Libya’s civil. The El Feel oilfield in Libya is also shut down again. Libya’s oil industry has been in total disorder after a group of paramilitary formations affiliated with the Libyan National Army (LNA) of eastern Libyan strongman General Khalifa Haftar occupied Libya’s oil export terminals in January along with pipelines and fields. The blockade came amid continued fighting between the LNA, which is loyal to the eastern Libyan government, and the forces loyal to the Government of National Accord (GNA), which is recognized by the United Nations.  Last week, the GNA said it had taken full control of Tripoli from Haftar’s LNA.
     
    We expect bunker prices may demonstrate upward changes today: 2-4 USD up for IFO, 5-7 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