• 2020 August 12 09:00

    MABUX: Bunker market this morning, Aug 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) rose slightly on August 11:

    380 HSFO: USD/MT 306.39 (+2.69)
    VLSFO: USD/MT 364.00 (+3.00)
    MGO: USD/MT 443.76 (+2.53)


    Meantime, world oil indexes changed irregular on Aug.11 as hopes dimmed for a swift stimulus package to relieve the U.S. economy as coronavirus cases increased globally.

    Brent for October settlement decreased by $0.49 to $44.50 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery fell by $0.33 to $41.61 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.89 to WTI. Gasoil for August delivery gained $8.25 – $376.00.

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

    Three versions of stimulus disbursing aid of more than $3 trillion to U.S. businesses and individuals have been passed by Congress thus far since the Covid-19 pandemic brought the U.S. economy down in March, triggering a 5% GDP decline in the first quarter and a near 33% slump in the second. A mulled fourth version of stimulus will likely add another $2 trillion to U.S. spending, weighing further on a battered dollar which should be supportive to commodities. However, the U.S. Senate’s top Republican and Democrat criticized each others’ approach to coronavirus aid on Aug.11, with no word on when talks on a new package might resume.

    President Vladimir Putin claimed on Aug.11 Russia had become the first country in the world to grant regulatory approval to a COVID-19 vaccine. But the approval has concerned some experts as the vaccine still must complete final trials.

    OPEC+ production discipline slipped in July, as Gulf members led by Saudi Arabia ended their voluntary extra output cuts, while some countries that have struggled to adhere to their quotas continued to pump above their caps. Now Quota compliance by the 22-country alliance fell to 96% for the month, from 106% in July, with its collective production increasing by 1.10 million bpd. In particular, Iraq, Nigeria, Angola and Kazakhstan have come under intense scrutiny from their OPEC+ counterparts for their excess output. Iraq has said it will cut an extra 400,000 b/d below its quota in August and September, after missing its target yet again in July, while Angola and Kazakhstan significantly improved their performance in the month. Nigeria, meanwhile, maintains that some of its production should be categorized as condensate, which is not subject to the quotas.

    The focus of Russia’s hydrocarbons-related power is now on its Arctic sector oil and gas reserves. These comprise over 35,700 billion cubic metres of natural gas and over 2,300 million metric tons of oil and condensate, principally located in the Yamal and Gydan peninsulas. It is expected, that the next 10-15 years will witness a dramatic expansion in the extraction of these Arctic resources, and a build-out of the Northern Sea Route (NSR) as the main transport route to monetise these resources in the global hydrocarbons markets. Last week the announcement of a joint venture (JV) was made between Russia’s third biggest oil company Gazprom Neft and Anglo-Dutch super-major, Royal Dutch Shell (Shell). The JV will focus on the exploration and development of oil and gas resources along the Gydan peninsula area.

    Libya’s Waha oil fields have had work carried out on them to maintain the production and service facilities after they were offline for more than seven months due to an oil blockade. The Waha oil fields in the Sirte Basin make up about a third of Libyan crude oil production, with the capacity to pump around 350,000 bpd. The repairs at Waha were being carried out to reduce the risk of the sudden stoppages at the fields which were caused due to the force majeure, which is in place at Libya’s key eastern oil terminals.

    The latest research has found that the average price for a kilo of hydrogen produced through electrolysis using solar or wind power will fall by about 50 percent between 2020 and 2050 in the United States and Europe. The results are certainly encouraging for companies seeking to make hydrogen the next dominant fuel. The EU has stated that hydrogen will have a leading part to play in decarbonizing transport and manufacturing. It has plans to build at least 40 GW of electrolysis capacity by 2030, with 6 GW of these to be up and running by 2024.

    The American Petroleum Institute (API) reported on Aug.11 a draw in crude oil inventories of 4.401 million barrels for the week ending August 7. Forecasts had predicted a modest inventory draw of 2.875-million barrels. Oil production in the United States now appears to be leveling off after falling from 13.1 million bpd on March 13 to 11.0 million bpd on July 31.

    We expect IFO bunker prices will not have any drastic changes today: plus-minus 1-2 USD variation. MGO prices may gain 2-8 USD during the day.




2020 September 30

12:09 Detachment of RF Navy’s Pacific Fleet returned to Vladivostok after long range campaign in Asia-Pacific region
11:31 Russia’s seaborne cargo traffic turnover to rise by some 10% in 2020
11:04 Port of Los Angeles and Port of Long Beach to host Clean Air Action Plan update meeting
10:50 Rosmorport announces tender for dredging in Kavkaz port’s water area
10:23 Bunker prices decrease in the Port of Saint-Petersburg, Russia (graph)
09:36 MABUX: Bunker market this morning, Sept 30
09:35 Scorpio Bulkers announces the sale of a Kamsarmax vessel
09:27 Oil prices continue decreasing
09:12 Baltic Dry Index as of September 29
08:33 Keppel reaffirms Vision 2030 and rolls out next steps for implementation
07:29 ADNOC signs 25-year agreement to service all petroleum ports in Abu Dhabi

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