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  • MABUX: Bunker market this morning, June 16
  • 2020 June 16 09:09

    MABUX: Bunker market this morning, June 16

    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 Jun.15:

    380 HSFO: USD/MT 277.74 (-1.33)
    VLSFO: USD/MT 327.00 (-1.00)
    MGO: USD/MT 399.92 (+0.42)


    Meantime, world oil indexes rose on Jun.15, as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy.

    Brent for August settlement increased by $0.99 to $39.72 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July delivery rose by $0.86 to $37.12 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.60 to WTI. Gasoil for July delivery gained $2.00 – $330.50.

    Today morning global oil indexes do not have any firm trend so far.

    New coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand. After nearly two months with no new infections, Beijing officials have reported 79 cases of the coronavirus over the past four days. U.S. coronavirus cases also started increasing. More than 25,000 new U.S. cases were reported on Jun.13 alone as more states reported new infections and hospitalisations.

    An OPEC+ monitoring panel will meet this week to discuss the ongoing record production cuts to see how laggards in compliance are doing with making up for flouting quotas, but will not be making any decisions regarding the collective cut that was just extended through the end of July. The Joint Ministerial Monitoring Committee (JMMC), which includes members of OPEC and of the non-OPEC group of nations part of the deal, is meeting on Thursday, June 18, as part of a schedule of monthly meetings until the end of the year to discuss the situation on the oil market and the compliance with the cuts. The volatile oil market and the highly uncertain trajectory of global demand recovery has forced the OPEC+ group to have the JMMC hold meetings every month until the end of 2020, instead of ahead of every full OPEC+ meeting only.

    The IEA forecasts a gradual recovery in demand in 2021 and 2022, but the impact of the coronavirus will be long lasting, increase uncertainties and dampen growth rates. What recovery is there is in demand is likely to be led by liquefied natural gas (LNG) and will be led by Asian countries. The chief concern is much of the rebound in demand is to come from China and India, but the optimistic demand scenarios are dependent on whether Asia’s two fastest growing major economies continue with gas-friendly policies, or whether they backslide and favour coal. The IEA expects China to overtake Japan as the world’s biggest LNG buyer, with imports of 128 bcm a year by 2025, equivalent to about 174 million tonnes, or almost three times the 60.25 million tonnes imported in 2019.

    Oil shipments from Venezuela to China continued even after the United States restricted Venezuelan oil exports last August, threatening sanctions on all companies doing business with Nicolas Maduro’s government. Even after the U.S. increased the sanctions pressure on Venezuela, crude oil from the Latin American country continued to flow into China via the Switzerland-based unit of Russian oil giant Rosneft and after ship-to-ship transfers of the crude to conceal that its place of origin was Venezuela. Between July and December, 18 tankers carried a total of 19.7 million barrels of rebranded Venezuelan crude oil to Chinese port. Shipments of oil from Venezuela to China have continued into this year, too.

    Saudi Arabia reduced the amount of crude it will supply next month to five refiners in Asia after OPEC+ agreed to extend its historic output cuts through July. The volume of contracted oil the five buyers are seeking for July will be cut by 10% to 40%. Some South Korean processors received steep curbs to their requested supply after being spared reductions last month, while three refiners in Japan will receive their full volumes after their flows were trimmed in June.

    Ship owners are postponing or cancelling the installation of scrubbers that extract harmful sulphur emissions from their vessels as the coronavirus pandemic tightens finances. The global oil price crash has prompted a slide in the differential between low (VLSFO) and high-sulphur fuel (HSFO) to as low as $40 a tonne, from over $300 at the start of the year, decreasing profitability for companies who paid for scrubbers and lengthening the time for a return on their investment. Clarksons reported the number of ships pending retrofits was 750 – some of which may be postponed or cancelled – versus a peak of over 2,000 pending in the middle of 2019. They estimated there were now 3,015 ships fitted with scrubbers, from 506 at the start of 2019.

    We expect IFO bunker prices may rise by 3-6 USD today while MGO prices may gain 3-11 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