• 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.




2024 April 25

18:07 MSC collaborates with GSBN to trial integrated safe transportation certification verification process
17:23 China launches construction of cutting-edge marine research vessel
17:06 CMA CGM and Bpifrance launch €200mln fund to decarbonize French maritime sector
16:46 Avenir LNG orders two 20,000 M3 LNG bunker delivery vessels
16:05 Port of Amsterdam revenues up to €190.4 million in 2023
15:46 OOCL launches Transpacific Latin Pacific 5 to offer express linkage between Asia and Mexico
15:23 MOL is 1st Japanese shipping company to raise funds through transition linked loan using performance-based interest subsidy system
14:53 Trident Energy enters the Republic of Congo with strategic deal
14:21 LNG-powered ship moored in Koper for the first time
13:38 MABUX: Bunker Outlook, Week 17, 2024
13:32 The Grimaldi Group's Great Abidjan delivered in South Korea
13:12 European Parliament updates trans-European transport network guidelines
12:40 ClassNK releases route correction factors calculation tool "WACDAS"
12:10 MOL and Gaz System enter into agreement on FSRU project in Gdansk, Poland
11:31 Wartsila Gas Solutions to supply cargo handling system for a new 12.5k LNG bunkering vessel for Scale Gas
11:09 Wartsila secures China’s largest-ever methanol newbuild order
10:42 Valencia port community increases waste recovery by 75%
10:22 Kongsberg completes factory acceptance testing of the first production long-range autonomous underwater vehicle system HUGIN Endurance
09:53 Vladimir Putin: The BAM carrying capacity to reach nearly 42 million tonnes in 2024
09:47 Hanwha Ocean reports an operating profit of $38.6 mln on a consolidated basis in January-March 2024

2024 April 24

18:02 Incat to commence design study for new electric-hybrid ferry in partnership with DFDS
17:39 FESCO's 2023 revenue was up 6% Y/Y to RUB 172 billion
17:20 Peninsula adds chemical tanker Aalborg to supply in the Port of Barcelona
17:17 NCSP Group’s Q1 net profit rises 1.9 times to RUB 4.8 billion
17:03 AtoB@C Shipping reveals names for the rest of its new hybrid vessels
16:45 Red Sea conflict brings massive carbon emissions increases in ocean freight shipping
16:17 Wallenius Wilhelmsen signs a 20-year lease agreement with the Georgia Ports Authority
15:46 AD Ports Group secures a 20-year agreement to operate and upgrade Luanda multipurpose port terminal in Angola
14:43 Hengli Heavy Industries receives an order for four bulkers from Ciner Shipping
14:27 TotalEnergies, OQ to launch $1.6bn LNG bunkering project in Oman
13:54 Major shipping companies may resume limited calls to the Port of Baltimore
13:10 HD HHI inks MOU with Philly Shipyard for US vessel MRO business
12:45 MSC adds King Abdul Aziz Port in Dammam to its East Africa Express service
12:16 Norton Rose Fulbright advises Citibank on $450m facility for Danaos Corporation to acquire eight newbuild vessels
10:40 DEME and Jan De Nul build the foundation for an energy island on behalf of Elia Transmission
10:08 Salzgitter AG and Uniper SE sign pre-contract for the supply and purchase of green hydrogen
09:18 Norwegian Cruise Line and Fincantieri float out the first ship of the extended Prima Plus Сlass

2024 April 23

18:02 SFL acquires two LNG dual-fuel chemical carriers in combination with long term employment
17:31 Pioneering Spirit completes its first pipeline pull-ins in Kalsto, Norway
17:04 Valenciaport admits the four bids for the construction of the North Terminal
16:54 Vancouver welcomes its first resident battery electric tugs
16:24 Shanghai Port and Lianyungang Port strengthen partnership
15:44 WinGD to debut short-stroke engine design after successful shop test
15:24 Overseas Shipholding Group awarded federal grant to design marine transport for liquified CO2 captured by Florida’s largest emitters
14:53 H2Carrier to establish Norway's first integrated PtX and wind power project
14:23 IBIA and BIMCO sign collaboration deal
13:52 Container ship Xin Xin Shan arrested in Singapore
13:22 MOL to merge its subsidiaries in the Philippines
12:53 Haiti fuel terminal operations halted as gangs seize trucks
12:30 HHLA acquires interest in Austrian intermodal service provider Roland
11:42 South Korean yards built 500 LNG carriers for export in 30 years
11:19 Wartsila to provide a range of solutions for the six PCTCs being built for Sallaum Lines
10:36 Thecla Bodewes Shipyards successfully launches 'Vertom Anette’ for Vertom Group
10:12 Carras Aquataurus becomes world’s first vessel to earn ABS Biofuel-1 notation

2024 April 22

18:10 Cosco Shipping and Shenzhen port partner for automobile exports
17:42 SBM Offshore signs a US$250 million short-term corporate facility
17:06 MSC Group, MSC Foundation and Mercy Ships to build a hospital ship
16:45 Port of Valencia container volumes up to 459,749 TEUs in March 2024
16:13 TotalEnergies launches the Marsa LNG project and deploys its multi-energy strategy in the Sultanate of Oman
15:24 ABS and DOE sign MOU to collaborate on clean energy development and maritime decarbonization research
14:51 MOL becomes first Japanese operator to commercially install onboard CO2 capture system
14:24 Wartsila receives contracts to supply cargo handling and fuel gas supply systems for three new VLECs
13:54 Yang Ming revamp Far East-East Coast of South America Service
13:24 Cunard officially welcomes new ship Queen Anne with ceremony at Fincantieri shipyard
12:01 Value Maritime and MOL sign contract to supply an Exhaust Gas Cleaning System for an LR1 Product Tanker
11:43 Diamond Line enhances its NET2 service
11:24 Kotug International selected EST-Floattech for the containerized battery system for world’s first fully electric pusherboat
10:51 Torqeedo to integrate ocean plastics into its pioneering products

2024 April 21

15:07 Steerprop selected to supply main propulsion and tunnel thrusters for CCG's multi-purpose vessels program
13:51 First of its kind TRAktor V3900-DF launched at Uzmar Shipyard