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  • 2020 June 12 09:42

    MABUX: Bunker market this morning, June 12

    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) changed insignificant and irregular on June 11:

    380 HSFO: USD/MT 286.64 (-0.44)
    VLSFO: USD/MT 335.00 (+2.00)
    MGO: USD/MT 408.29 (+1.39)


    Meantime, world oil indexes fell on Jun.11, weighed down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year.

    Brent for August settlement decreased by $3.18 to $38.55 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery fell by $3.26 to $36.34 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.21 to WTI. Gasoil for June delivery lost $13.25.

    Today morning global oil indexes continue firm downward trend.

    U.S. crude inventories rose unexpectedly by 5.7 million barrels in the week to June 5 to 538.1 million barrels - a record - as imports were boosted by the arrival of supplies bought by refiners when Saudi Arabia flooded the market in March and April. It also showed gasoline stockpiles grew more than expected to 258.7 million barrels. Distillate stockpiles, which include diesel and heating oil, rose by 1.6 million barrels, although the increase was smaller than in previous weeks.

    Adding to the pressure on prices, the U.S. Federal Reserve said U.S. unemployment was set to reach 9.3% at the end of 2020 and it would take years to fall back, while interest rates were expected to stay near zero at least through next year.

    Offshore oil production off the U.S. Gulf Coast remains shut in by 24% in the wake of Tropical Storm Cristobal. For oil production, this equates to more than 430,000 barrels per day. For natural gas, 619 million cubic feet per day remains offline. Those figures are down from 31% for crude oil and 33% for natural gas that were shut in on Tuesday. In total, 61 production platforms of the 643 manned platforms are still evacuated in the Gulf of Mexico. All dynamically positioned rigs have returned to their working locations.

    Goldman Sachs booked revenues of more than US$1 billion in its commodities division for the first five months of 2020—the investment bank’s best start to a year in commodities in a decade, mostly thanks to oil trades. Goldman Sachs was one of the most active banks in commodities before the 2008 financial crisis, but it has since shrunk its commodities division because of lackluster profits, higher costs, and stricter regulation regarding investment banks entering trades. Last year, Goldman Sachs was said to have further downsized its commodities division as revenues and profits were shrinking and competition from oil trading houses and oil majors rose. This year, however, Goldman’s commodities division reaped the benefits of bets on an oil price decline after the price of oil collapsed in March and April due to the crashing demand and shrinking storage capacity around the world.

    China’s Shanghai International Energy Exchange (INE) published rules for the low-sulphur fuel oil (LSFO) futures. The new futures contract, which will be launched on June 22, will be traded at 10 tonnes per lot. The INE, a subsidiary of the Shanghai Futures Exchange, said daily price limits of LSFO futures are at 5% from the settlement price of the previous trading session and the minimum trading margin is 8% of the contract value. The launch of LSFO futures will help with companies’ risk management in the industry.

    Chinese oil companies may soon decline to charter any tanker that has visited Venezuela in the past year to avoid disruption to operations if the United States blacklists more ships for trading with Caracas. Increased sanctions would have a knock-on effect on the rest of the oil tanker market as oil companies and merchants scramble to swap out sanctioned vessels for others. A decision late last year by the U.S. government to sanction two units of the Chinese tanker company COSCO caused freight rates to hit record highs and roiled global oil trade.

    We expect IFO bunker prices may fall by 15-20 USD today while MGO prices may decline by 13-22 USD.




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