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  • MABUX: Bunker market this morning, June 17
  • 2020 June 17 09:24

    MABUX: Bunker market this morning, June 17

    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, 16:

    380 HSFO: USD/MT 280.93 (+3.19)
    VLSFO: USD/MT 331.00 (+4.00)
    MGO: USD/MT 402.56 (+2.64)

    Meantime, world oil indexes also demonstrated upward changes on June, 16 after the International Energy Agency (IEA) raised its 2020 oil demand forecast.

    Brent for August settlement increased by $1.24 to $40.96 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for July rose by $1.26 to $38.38 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.58 to WTI. Gasoil for July delivery added $15.50.

    Today morning oil indexes decline as a second wave of coronavirus cases in China and a report pointing to a further swelling in U.S. stockpiles cast doubt on the demand outlook in the world’s two largest economies.

    Beijing has ordered all schools to close in an escalation of containment measures as its struggles to halt the outbreak that’s already spread to neighboring provinces. China is one of the world’s few energy consumption bright spots, staging a rapid recovery over the past few months.

    The International Energy Agency (IEA) reported on June, 16 that it expects to see a record drop in global oil demand this year to be followed by a record jump in demand next year. The Agency in its June report forecast global oil demand at 91.7 million barrels per day in 2020, some 500,000 bpd higher than what it cited for May due to stronger than expected imports in Asia. The IEA, however, warned that a slump in air travel due to the coronavirus means the world will not return to pre-pandemic demand levels before 2022. Data also showed that Saudi Arabia exported just one oil cargo to the U.S. so far in June, equivalent to about 133,000 barrels a day. That’s about one-tenth of the 1.3 million barrels a day it shipped in April, when Riyadh flooded the global market during a brief price war against Russia.

    Russia’s early crude Urals program for the next month – July - showed even lower shipments than June. That was another sign that Moscow was keeping to pledged cuts under its OPEC+ alliance with Saudi Arabia and other global oil exporters.

    The U.S. economy is unlikely to achieve full recovery until Americans are certain that the coronavirus pandemic has been contained, Federal Reserve Chairman Jay Powell said on June, 16. Moreover, the longer the downturn lasts, the greater the potential for longer-term damage from permanent job loss and business closures.

    At the same time, the American Petroleum Institute (API) reported U.S. oil stockpiles rose by 3.86 million barrels last week. Inventories grew to a record in the previous week despite output having fallen by at least 2 million barrels a day since March. Inventories at the Cushing, Oklahoma, fell by 3.29 million barrels. It is expected, that the Energy Information Administration will report a draw of 0.152 million barrels when it issues numbers later today.

    According to the energy minister of the United Arab Emirates, the production cuts of around 10 million barrels a day adopted by OPEC and its allies, including Russia, will soon bring prices back to “normal”. Prices could return to the usual levels within a year or two as curbs drain excess barrels from the market. Attention will turn to OPEC’s monthly report today, where the group will share its outlook and production estimates for May. The OPEC+ Joint Technical Committee and Joint Ministerial Monitoring Committee will be meeting on June 17-18, respectively, to discuss the ongoing record production cuts and see whether countries have delivered their share of the reductions.

    We expect bunker prices may demonstrate upward changes today: 5-7 USD up for IFO, 10-15 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