• 2020 August 26 09:08

    MABUX: Bunker market this morning, Aug 26

    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 25:

    380 HSFO: USD/MT 310.85 (+1.27)
    VLSFO: USD/MT 363.00 (+2.00)
    MGO: USD/MT 444.58 (+3.94)


    Meantime, world oil indexes rose on Aug.25 supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains.

    Brent for October settlement increased by $0.73 to $45.86 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery rose by $0.73 to $43.35 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.51 to WTI. Gasoil for September delivery gained $7.75 – $378.50.

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

    Energy companies moved to cut production at U.S. Gulf Coast oil refineries after shutting 82% of the area's offshore crude oil output as the rare double-storm assault on key U.S. oil regions threatens to bring days of heavy rains and strong winds this week. Producers have shut more than 1.5 million barrels per day of Gulf Coast offshore oil production, nearly 14% of the nation's total output. In addition, roughly 281 platforms, nearly 44% of the Gulf’s total, had been evacuated as Tropical Depression Marco and Tropical Storm Laura moved closer to the Gulf Coast. Also, six rigs, or 60% of the total in the region, had been evacuated. However, the risk of a major double hit has lessened. Storm Laura was still expected to become a major hurricane but storm Marco has weakened.

    A top U.S. infectious diseases expert warned that rushing out vaccines could undermine trials of other promising candidates, following a boost to markets after U.S. regulators authorised the use of blood plasma from recovered COVID-19 patients as a treatment option. Europe is also seeing a rise in coronavirus cases while the first documented case of human re-infection with COVID-19 was reported with a man in Hong Kong catching the virus again some four months after first being infected.

    Over the next few months, crude prices could come under further pressure because the oil supply is also set to increase from the United States, where producers are restoring shale production. As per a Rystad Energy,  most U.S. operators are set to restore nearly all shut-in oil volumes by the end of the third quarter, with only a handful maintaining some level of curtailment for the rest of the year. Last week, the oil rig count in the United States saw its largest weekly increase since January, with most of the rigs added in the Permian Basin.  This could be the sign that U.S. oil production is beginning a slow recovery.

    Venezuela’s December 2020 National Assembly elections are fast approaching. The U.S. appears to have lost the ability to spark regime change in Venezuela. Harsher sanctions and the Latin American country’s growing forced austerity has seen a hard-pressed Maduro seek closer ties with Russia, giving Moscow ever greater control of Venezuela’s vast oil reserves and potential productive capacity. This not only boosts Russian geopolitical standing but gives Moscow greater ability to influence oil prices by increasing its bargaining power with OPEC, with which Russia has partnered since 2016 in a series of petroleum production cuts to bolster prices.

    The spot price of liquefied natural gas for delivery to north Asia has more than doubled since hitting an all-time low earlier this year. The spot price LNG-AS ended last week at $4.10 per million British thermal units (mmBtu), its highest since mid-January and 122% above the record low of $1.85 touched in separate weeks at the beginning and end of May. However, the recovery in spot prices may not be driven mainly by improving demand, rather it may be linked to rising prices of natural gas in the United States and Europe due to a hotter than usual summer boosting air-conditioning demand for electricity.

    The American Petroleum Institute (API) reported on Aug.25 a draw in crude oil inventories of 4.524 million barrels for the week ending Aug. 21. Forecasts had predicted an inventory draw of 3.694-million barrels. In the previous week, the API reported a draw in crude oil inventories of 4.264 million barrels, after analysts had predicted a draw of 2.670 million barrels.

    We expect IFO bunker prices may rise today by 2-4 USD, MGO prices may add 4-7 USD.




2024 April 16

14:13 Asyad Shipping and OQ8 successfully complete first-of-its-kind blended crude oil delivery from Mina Al Fahal to Duqm Refinery
13:54 Hapag-Lloyd unveils its new Strategy 2030
13:14 Singapore aims for over 1 mln tons of low-carbon methanol bunker supply by 2030
12:43 Trafigura to commercially deploy Daphne Technology’s PureMetrics on LNG carrier for precise MRV and optimisation of GHG emissions
12:15 All 12 people rescued from fire on board Tanzanian-flagged cargo ship in Singapore waters
11:49 Drydocks World steel cutting ceremony marks start of UK Norfolk Vanguard Offshore Wind Platforms project
11:23 North Pacific Green Corridor Consortium aims to decarbonize transportation corridor between Canada, Japan and South Korea
10:48 Wartsila offers new high-performance thruster and propulsion control solution package
10:25 Port of Long Beach container volume up 8.3% to 654,082 TEUs in March 2024
09:58 Kalypso Offshore Energy signs LOI with Royal IHC

2024 April 15

18:04 Container shipping costs of S. Korea-EU route surge 40 pct amid Red Sea crisis
17:21 HMM to expand container ship fleet by 2030
17:09 Singapore retains its position as the world's leading maritime city
16:47 Iran says MSC Aries vessel seized for 'violating maritime laws'
16:24 ICTSI gets PPA OK to operate Iloilo Port
15:21 DEME’s offshore installation vessel ‘Orion’ successfully completes the near 15 MW turbine foundation installation project in Scotland and heads to US
14:55 Meriaura orders two biofuel powered 6750 DWT cargo vessels from Royal Bodewes shipyard
14:35 Methanol-fuelled MAN 21/31DF-M GenSet secures first propulsion order
13:32 Port of Valencia export freights grow by 2.13% in March 2024
12:48 Seatrium and Shell inks MOU to further collaborate on floating production systems
12:24 Seaspan launches second LNG bunkering vessel to deliver low-carbon energy solutions to the West Coast
11:57 Japan's 1st coastal module carrier to transport offshore wind turbine foundation components
10:36 EST-Floattech to provide the battery system for the purpose-built electric-landing utility vessel

2024 April 14

16:02 Shanghai's ship exports see considerable growth in Jan-Feb
14:13 Stena Drilling secures 1-well firm programme with Energean for Stena Forth in Morocco
12:07 GSBN: Lack of digital processes in shipping complicates decarbonization game
10:22 Panama Canal expects return to normal transit capacity by 2025

2024 April 13

15:04 Subsea7 awarded contract in the Gulf of Mexico
13:51 Shanghai Electric’s 'ZHI ZHEN 100' excels thorough offshore equipment test
11:18 WSC: Updated version released of “Prevention of Pest Contamination of Containers: Joint Industry Guidelines for the Cleaning of Containers”
09:43 Financiers and insurers ready to support electrification of the domestic harbour craft sector

2024 April 12

18:02 The first LNG bunkering operation performed at Klaipeda Port
17:32 Nexans announces keel laying ceremony for the CLV vessel
17:19 Arctia to map offshore wind farm area in Norway
17:17 SBM Offshore to construct and install FPSO Jaguar
16:46 OOIL's revenue decreases by 9% in Q1 2024
16:13 Wan Hai Lines holds ship naming ceremony for new vessels
14:45 Oil exports from Russia's Baltic ports set to rise 5% in April - Reuters
12:49 MABUX: Bunker Outlook, Week 15, 2024.
11:41 PaxOcean Group starts construction of the first all-electric tug and supply boat
11:27 MOL inaugurates the largest green hydrogen plant in Central and Eastern Europe
10:58 NYK set to achieve world's first truck-to-ship fuel ammonia bunkering

2024 April 11

18:03 INFODAS granted world’s first type approval for software-defined data diode
17:31 The Maritime and Port Authority of Singapore receives 19 proposals to support early adopters of electric port vessels
17:03 Japanese joint venture explores MAN B&W 60-bore ammonia engine for bulker
16:45 WTO forecasts rebound in global trade but warns of downside risks
16:02 Hitachi Zosen Corporation, MOL and Yanmar Power Technology achieve a 93.8% reduction in methane slip from LNG-powered vessels
15:42 MOL holds naming and launching ceremony for the 1st LNG-fueled ferry on Oarai-Tomakomai route
15:18 Bahamas port goes electric with Konecranes Gottwald Generation 6 Mobile Harbor Crane
14:45 Mediterranean shipwreck kills at least 8 migrants, dozens rescued
14:28 Siem Offshore announces sale of 9 vessels to majore shareholder
14:23 Russia begins diesel exports to Sudan, LSEG data shows
13:44 JSI Alliance completes scope in Basrah Refinery Upgrading Project
13:12 MITSUI to jointly develop ammonia fueled bulk carriers with five partners
12:32 Kongsberg Maritime to supply Promas propulsion systems for the USCG’s new OPC programme
10:54 CWS Airfin350 receives AiP from Bureau Veritas
10:22 Nesec contributes to the funding of maritime battery developer EST-Floattech
09:52 Finnlines launches new service between Malmo and Swinoujscie

2024 April 10

18:20 First companies confirmed for innovation hub NextGen Demo in the port of Antwerp-Bruges
17:01 ClassNK issues type approval certificate for CBM management software developed by Samsung Heavy Industries
16:40 DNV awards AIP to HMD for new ammonia-powered LPG carrier designs
16:09 Kongsberg to provide maritime surveillance services to Norway
14:42 NYK completes basic design process using only 3D drawings for new oceangoing vessel
14:26 Japan's 1st hydrogen and bio fuel hybrid passenger ship 'Hanaria' starts service in Kitakyushu
13:42 The Port of Antwerp-Bruges to receive €3.2 million in EU subsidies to install an onshore power installation for cruise ships in Zeebrugge
13:17 Maersk employees innovate a system to deliver fresh water from Maersk’s vessels to ports
12:43 PetroChina plans to increase the number of LNG tankers to 25 by 2030
12:07 Ningbo-Zhoushan port container volume up 11.7% to 9.14 million TEU in Q1 2024
11:50 Hambantota International Port, Sri Lanka, commences container operations
11:25 Galveston LNG Bunker Port plans to build liquefied natural gas plant at Houston port complex