• Home
  • News
  • MABUX: Bunker market this morning, Aug 14
  • 2020 August 14 09:12

    MABUX: Bunker market this morning, Aug 14

    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 13:

    380 HSFO: USD/MT 308.93 (+3.24)
    VLSFO: USD/MT 367.00 (+3.00)
    MGO: USD/MT 447.02 (+1.75)


    Meantime, world oil indexes fell on Aug.13 after the International Energy Agency lowered its 2020 oil demand forecast following unprecedented travel restrictions.

    Brent for October settlement decreased by $0.47 to $44.96 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for September delivery fell by $0.43 to $42.24 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.72 to WTI. Gasoil for September delivery lost $1.75 – $376.50.

    This morning, global oil indexes demonstrate some signs for upward correction.

    The International Energy Agency cut forecasts for global oil demand as air travel suffers from the coronavirus crisis even more than previously expected. The IEA reduced estimates for almost every quarter through to the end of 2021, with the second half of this year taking the steepest downgrades. Air travel remained two-thirds lower than last year in July, normally a peak month because of holiday flying. At the same time, global crude supplies increased last month as Saudi Arabia phased out some of the steepest production cuts it’s been making to offset the demand loss, and as improving prices helped the U.S. and Canada revive some operations. The agency cut global demand estimates for the last two quarters of this year by 500,000 barrels a day, projecting that consumption will average 95.25 million barrels a day in the period.

    The Energy Information Administration (EIA) in turn predicted, U.S. crude oil production will drop by an average of 990,000 barrels per day for an average of 11.26 million bpd. That is a far greater loss than the agency expected during its previous forecast made in the July: average of 620,000 barrels per day for the full year 2020. In addition to the reduced outlook for U.S. oil production, the EIA sees high crude inventory levels and excess production capacity as a drag on oil prices in the coming months.

    Fuel test Company VeriFuel reported, the global market share of VLSFO increased from 49% in Q1 2020 to 52% in Q2. The percentage for high sulphur fuel oil (HSFO) remained the same across both quarters, at 8%. Low sulphur marine gasoil fell back slightly, from 38% in Q1 to 36% in Q2. High sulphur marine gasoil remained the same at 1%, while the share of ultra-low sulphur fuel oil (ULSFO) changed from 4% in Q1 to 3% in Q2. Besides, in January this year, 4% of samples tested by VeriFuel were found to be off-spec. The percentage has changed slightly month on month, with June showing the lowest number of off-specs – just 2%.

    Russia said, the OPEC+ panels will not be discussing next week any revisions of the ongoing production cut pact and are not expected to make any major decisions to tweak the deal. The volatile oil market and the highly uncertain trajectory of global demand recovery has forced the OPEC+ group to have the Joint Ministerial Monitoring Committee (JMMC) hold meetings every month until the end of 2020, instead of ahead of every full OPEC+ meeting only. The meetings of the Joint Technical Committee (JTC) will and the Joint Ministerial Monitoring Committee (JMMC) for August are scheduled for August 17 and August 18, respectively.

    Vessel calls at Singapore would suggest that maritime trade and global economic activity has entered a recovery phase. Some 3,624 vessels called for bunkers in July which is the largest number seen in any month in 2020, and a considerable upswing from the 3,178 calls in June, which was the lowest number for the year so far.

    Turkey alleged on Aug.13 that its oil and gas exploration vessel, the Oruç Reis, has come under attack, in what is an alarming escalation of the tensions in the Eastern Mediterranean.
    The Greek-Turkish standoff over hydrocarbon exploration rights near the Greek border in the Eastern Mediterranean has been brewing for some time. Undeterred by Greece’s claim over the area, Turkey sent the Oruç Reis out this week to conduct seismic surveillance in its quest for energy resources, complete with a naval escort. Greece, who alleges that Turkey is exploring for resources in an area that is over its continental shelf, responded by deploying naval ships of its own.

    U.S. horizontal drilling activity in oil basins, which has plummeted due to the Covid-19 pandemic, is not likely to materially recover this year. July’s drilling permits number is the lowest since September 2010, when horizontal permits in oil basins amounted to 438. But unlike the current situation, activity then was on the increase, while the current downturn is still under way. Comparing to the previous downturn, the lowest count was in January 2016, when only 622 permits were awarded.

    We expect IFO bunker prices may go downward by 1-3 USD today, MGO prices will decline by 1-5 USD.




2021 October 22

14:22 North Sea Port makes up for pandemic losses step by step in the first nine months of 2021
13:22 Bollinger Shipyards delivers 46th fast response cutter ahead of schedule despite direct hit from hurricane Ida
12:32 Port of Los Angeles reduces net air pollution during pandemic year
12:28 Navigation season officially closed in Lena Basin of RF IWW
12:01 GTT is selected by Samsung Heavy Industries to design the fuel tanks for six new LNG-fueled mid-size container vessels
11:49 Austal Australia delivers 13th Guardian-class Patrol Boat
11:22 Hyundai Heavy Industries awards no objection letter to Gazpromneft Ocean oils
10:21 Singapore crowned as the “Best Global Seaport” for the first time and won "Best Seaport in Asia" for the 33rd time
10:11 Delegation of MOL shipbuilding company visits Rosmorport’s Murmansk Branch
09:49 MABUX: Bunker prices may demonstrate downward changes on Oct 22
09:27 Crude oil prices decrease following the growth
09:10 Baltic Dry Index as of October 21

2021 October 21

18:26 Mermaid contract awards in Thailand, Angola and Saudi Arabia total 120 million USD
18:02 Non-self-propelled dredgers of Project 4395 laid down in Gorodets for Russian IWW Basin Administrations
17:46 Magseis Fairfield enters strategic collaboration with PGS for the hybrid towed streamer and OBN market
17:31 HELCOM adopts the updated Baltic Sea Action Plan, charting a way forward for a healthy Baltic Sea
17:16 DP World launches CARGOES Logistics
16:30 Proman and Stena jointly develop methanol as the pathway to sustainable shipping
16:14 APM Terminals and ZPMC enter into strategic alliance
15:33 MPC Container Ships ASA secures new financing facility, agrees on sale of six vessels and provides update on charter fixtures
15:32 Okskaya Shipyard lays down lead ship of Project RSD71 for Volga Shipping Company
15:03 NYK and Japan Marine Science to introduce and promote new mooring system to Japan ports together with Trelleborg Marine Systems
14:45 MABUX: Bunker Weekly Outlook, Week 42, 2021
14:03 NYK delivers new LNG carrier LNG Endeavour to TotalEnergies
13:49 Global Ports Investments published its Q3 and 9m 2021 operational results
13:28 Seaspan Ferries to reduce greenhouse gas emissions through using carbon-neutral Renewable Natural Gas in LNG-powered vessels
13:18 Consolidated cargo turnover of NCSP Group for 8M 2021, year-over-year
12:34 Dmitry Pankov appointed as new CEO of Management Company Delo
12:11 Port of Los Angeles cargo volume exceeds 903,000 TEUs in September 2021
11:53 Hydrographic Company installs first buoys with AIS receivers on the Northern Sea Route
11:32 Challenges and optimism: Mixed views from ports industry on business outlook
11:09 DP World is officially named Port Operator of the Year at 2021 Multimodal Award
10:39 Yara Marine’s FuelOpt offers IMO EEXI compliant Shaft Power Limitation solution
10:08 The Ocean Cleanup starts removal of plastic from Great Pacific Garbage Patch with System 002
09:52 MABUX: Bunker prices may demonstrate slight upward changes on Oct 21
09:50 Contract signed for Phase 2 of the Bagayevsky hydrosystem construction project
09:35 Crude oil market sees downward price correction
09:18 LR Digital Twin approval for Samsung Heavy Industries
09:09 Baltic Dry Index as of October 20
08:01 Aker Solutions wins FEED for Wisting FPSO

2021 October 20

18:51 Intellian and Inmarsat launch industry’s newest FleetBroadband terminals
18:31 Oceangate’s 2021 titanic survey expedition connected by Inmarsat satellite communications
18:11 P&O Ferries launches comprehensive Customs Clearance Service
17:46 Kongsberg launches new Kognifai Marketplace
17:06 Rolls-Royce plans to partner the Indian Navy for its ‘Fleet of the Future’
16:35 MAN Energy Solutions signs MoU with Mitsui E&S and Mitsui O.S.K.
16:23 “K” LINE successfully separates and captures CO2 from exhaust gas in world’s first CO2 capture plant on vessel
16:02 Seanergy Maritime announces acquisition of its 17th Capesize vessel
15:44 Rates for container transportation expected to decrease in 2022
15:25 ENI and Fincantieri sign an agreement for initiatives to support the energy transition
15:02 Wärtsilä and Solvang to collaborate on retrofitting carbon capture and storage system on Clipper Eos
14:20 Port of Rotterdam appoints Allard Castelein for a third term
13:52 Kawasaki Heavy Industries announces delivery of bulk carrier BBG GUILIN
13:20 Port of Oakland sees no backlog on docks, calls for cargo
12:52 Japanese company Kubota chooses port of Rotterdam for Northern European distribution
12:39 Crowley participates in Saildrone Inc’s $100M Series C round to advance ocean intelligence products
12:02 Global Ports terminal In Helsinki increases number of container services
11:54 Port Houston container volumes up 11% to 281,500 TEUs in September 2021
11:40 Sibanthracite Group acknowledged as best supplier of coal to China for second consecutive year
11:16 MPA and DMU signed MoU to drive talent and academic exchange in the maritime sector