• 2020 August 6 09:10

    MABUX: Bunker market this morning, Aug 06

    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) rose slightly on Aug.05:

    380 HSFO: USD/MT 304.25 (+3.45)
    VLSFO: USD/MT 361.00 (+4.00)
    MGO: USD/MT 440.69 (+3.52)

    Meantime, world oil indexes also rose on Aug.05 on a drop in U.S. crude inventories and the weak dollar, but mounting coronavirus infections weighed on the demand outlook.

    Brent for October settlement increased by $0.74 to $45.17 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery rose by $0.49 to $42.19 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.98 to WTI. Gasoil for August delivery gained $17.25 – $388.00.

    This morning, global oil indexes do not have any firm trend so far and change irregular, with the exception of Gasoil ARA, which is showing a sharp decline.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.4 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil inventories are about 16% above the five-year average for this time of year. A week earlier, the EIA said inventories had lost as much as 10.6 million barrels, after a build of 4.6 million barrels for the second week of July. Forecasts had expected an inventory decline of 3.267 million barrels for the week to July 31.

    A huge explosion at Lebanon’s main port Beirut on Aug.04 raised concerns about renewed instability in the Middle East, one of the largest oil producers. An investigation into the cause of the explosion is ongoing. Lebanon is reeling under its worst financial and economic crisis, with a sharp plunge in its local currency eroding purchasing power and throwing many into poverty and unemployment.

    The Fourth IMO Greenhouse Gas Study reported, the greenhouse gas emissions of shipping have increased from 977 million tonnes in 2012 to 1,076 million tonnes in 2018 (9.6% increase). The carbon intensity of shipping has improved by about 11% in this period, but the growth in activity was larger than the efficiency gains. In the next decades emissions are projected to increase by up to 50% until 2050, relative to 2018, despite further efficiency gains, as transport demand is expected to continue to grow. While the impacts of the Covid-19 pandemic will probably cause a decline in emissions in 2020, they are not expected to significantly affect the projections for the coming decades.

    Cuts by the OPEC+ combined with sanctions on Venezuela and Iran, hitting supplies of heavier crude and forcing processors from the U.S. to India to boost buying of high-sulfur fuel oil to use as an alternative feedstock in their refineries. While a large volumes of the fuel was previously used to power ships, consumption has waned after new regulations were implemented this year mandating vessels use cleaner burning fuels unless they are fitted with scrubbers. The recent demand surge also coincided with a seasonal boost from the Middle East, which imports fuel oil for use in electricity generation during the hotter summer months. Meantime, shipments typically bound for Singapore from Europe and Russia have been diverted to the U.S.

    The International Monetary Fund (IMF) said, the coronavirus crisis will lead to global oil demand dropping by around 8 percent this year compared to last year. This year, oil prices will be 41 percent lower than in 2019. The direct impact of the low oil prices on oil trade balances will vary across economies, reflecting their dependence on oil exports and imports. The fund’s estimates for this year’s global oil demand decline are in line with other forecasters such as the International Energy Agency (IEA) and OPEC.

    With Libya's conflict escalating, the country's crude oil exports are set to be just 1.2 million barrels in August, a 40-percent plunge from July. This month, two terminals in the country holding Africa's largest crude oil reserves are set to ship a cargo of 600,000 barrels each. Most of Libya's oil terminals and facilities are closed amid an ongoing civil war in the country, with violent clashes erupting between armed groups in Libya's Oil Crescent. Currently, oil production in the country is around 100,000 barrels per day (bpd). This figure is dramatically down from 1.2 million bpd at the start of the year, just before paramilitary formations affiliated with the Libyan National Army (LNA) occupied Libya's oil export terminals and oilfields.

    We expect IFO bunker prices may add 3-5 USD today, while MGO prices – to gain 3-15 USD.




2020 September 29

19:01 Carnival Cruise Line’s Mardi Gras departs on sea trials
18:37 Great Lakes announces receipt of $105 mln Jacksonville deepening award
18:03 Kongsberg Digital wins contract to deliver cutting-edge engine room simulator to German training institute
17:55 Murmansk Commercial Seaport expands its fleet of equipment
17:31 Milaha signs deal with Schlumberger
17:16 Expansion of Aberdeen Harbour by Van Oord in full swing
17:08 HHLA invests in the Adriatic Port of Trieste
16:29 Record-high number of international cruise ships to arrive at the Port of HaminaKotka next year
16:05 Hamworthy Pumps makes strong re-entry to tanker market
15:44 New BIMCO Shipping KPI version offers improved benchmarking concept
15:32 Free energy scan for inland vessels is to stimulate the use of shore power
15:05 Mir sailing training ship accepts new shift of cadets
14:30 Admiral Essen frigate of RF Navy’s Black Sea Fleet passes Black Sea Straits towards Mediterranean Sea
13:58 Traficom surveyed Maritime professionals’ opinions regarding N2000 fairway and nautical chart reform
13:13 Victor Shitukhin is appointed as Acting Director of its Ship Repair Plant ‘Nerpa’
12:49 Lotos shipyard lays down two self-propelled dredgers
12:11 Bunker prices decrease in the Far East ports of Russia (graph)
11:47 Port of Antwerp focuses heavily on general cargo: search begun for breakbulk candidate for Churchill Dock
11:27 Joint oil spill exercise tests inter-agency response and cooperation amidst COVID-19 pandemic
10:46 New impetus for digitalization of shipping in the COVID-19 pandemic
10:09 IAPH presents guidelines for LNG-powered vessels during port calls
09:54 Oil prices are decreasing
09:35 Port Authority of Singapore holds joint oil spill exercise
09:15 Baltic Dry Index as of September 28
08:58 MABUX: Bunker market this morning, Sept 29

2020 September 28

18:57 Okeanis Eco Tankers announces one year VLCC time charter
18:27 Bumi Armada secures third FPSO project in India
18:07 Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry
17:59 RF Government to allocate RUB 27.6 billion for construction of two scientific research ships
17:28 Port of Long Beach announces closure of traffic routes leading to the Gerald Desmond Bridge
17:05 Maersk Supply Service and Ørsted to test offshore charging buoy to reduce vessel emissions
17:02 Oboronlogistics completed Northern Delivery programme of 2020
16:56 UTLC ERA JLC and Belintertrans-Germany GmbH open joint end-to-end regular multimodal service from China to Western Europe
16:37 Atommash shipped Reactor Pressure Vessel for Turkey's first nuclear power plant
16:14 The digital transformation is accelerating, and insurers and underwriters must adapt, says IUMI
15:51 Ships of RF Navy's Black Sea Fleet returned to their permanent locations after "Kavkaz-2020" maneuvers
15:29 New railway bridge over Kolar river put into operation in Murmansk Region
15:13 BIMCO to push for international guidelines for ship/shore communication at IMO
14:12 Submersible robot buries power cables for offshore wind farms 5.5 metres below seabed to the north of Maasvlakte
13:53 Moscow Exchange registered debut bond issue by FSUE "Rosmorport"
13:30 Blanket repair begins at Beloomut dam’s second section
13:12 Busan Port Authority concludes an agreement to establish a smart maintenance system for port facility
12:54 Average spot market price for Russian M100 product fell to RUB 11,773 pmt
12:11 Abu Dhabi Ports acquires MICCO to become a leading provider of fully integrated supply chain logistics solutions
11:36 RF Government approves National Programme for Far East Development
11:13 Aker Solutions awarded subsea contract for Breidablikk
10:51 Hornsea Two monopile installation scheduled to start next month
10:21 Shipbuilding, Ship Repair Corporation launches non-self-propelled suction hopper dredger of Project 4395
09:52 Tallink suspends operation of Helsinki-Riga route until end of October
09:30 Tallink changes weekend operating schedule of Tallinn-Helsinki route shuttle vessel Star
09:14 Baltic Dry Index as of September 25
08:48 MABUX: Bunker market this morning, Sept 28

2020 September 27

16:43 Milaha signs key deal with major oilfield services firm
15:31 RINA and SDARI: an innovative step towards 3D ship classification
14:28 Belfast Harbour is hosting an innovative study which could help change the way ports and harbours manage air quality
13:48 ABP invests £10 million to repair Swansea West Pier
12:49 Huntington Ingalls Industries restores drinking water, conducts steam testing during USS George Washington (CVN 73) refueling and complex overhaul
12:03 The Manor Endurance sets sail for her first charter
11:29 NYK and JMU introduce shipbuilding contract that guarantees propulsion in actual sea conditions

2020 September 26

15:52 Port Freeport enters partnership with CEMEX Servicios Logisticos and Union Pacific Railroad