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  • 2020 September 1 09:01

    MABUX: Bunker market this morning, Sep 01

    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 31:

    380 HSFO: USD/MT 315.63 (+2.80)
    VLSFO: USD/MT 367.00 (+4.00)
    MGO: USD/MT 444.57 (+3.24)


    Meantime, world oil indexes changed irregular on Aug.31 as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well-supplied market.

    Brent for November settlement rose by $0.23 to $45.28 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery fell by $0.36 to $42.61 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.67 to WTI. Gasoil for September delivery lost $3.50 – $362.00.

    This morning, global oil indexes have turned into slight upward trend.

    The price crash and the capital expenditure (capex) cuts from exploration and production (E&P) companies have impacted the drilling rig market with less work contracted with offshore drilling providers than initially anticipated. This has caused drilling rig contractors in the North Sea to either remove rigs from their fleets permanently or cold-stack some of them, leading to a looming shortage of offshore rigs available for work in 2021. Drilling rig owners have removed six semisubs from the UK and Norwegian fleet since 2018. Currently, the total number of rigs in the UK fleet has diminished to just 11, of which three are cold stacked and not available for near-term work.

    Twenty Saudi soldiers arrived last week at a U.S. military base close to an oilfield in northeastern Syria. It was reported that the arrival of the Saudi soldiers at Syria’s biggest oilfield coincided with the arrival of around 30 trucks carrying drilling and digging machinery. At the end of last year, Saudi troops were also reportedly stationed near Syria’s largest oilfield, Al-Omar in the oil-rich Deir Ezzor region, in what was thought to be Saudi protection for experts of Saudi oil giant Saudi Aramco. Meantime, incidents and altercations between the superpowers backing different sides in the Syrian conflict continue.

    In recent months, the world’s biggest oil exporter, Saudi Arabia, has lost market share in China to the United States as the world’s top oil importer has boosted imports from America and reduced purchases from the Kingdom. After September, the Saudis could claw back some market share lost to the U.S. over the past two months, as the opportunistic Chinese buying of American oil may have come to an end.  China has imported record volumes of crude oil in recent months, taking advantage of the lowest crude prices in two decades in April stock up on dirt-cheap oil.  Last month, Saudi Arabia slipped to the third spot on the list of China’s key oil suppliers behind Russia and Iraq—the first time in two years that the Kingdom has not been the number-one or number-two oil supplier to the world’s top oil importer.

    Responding to the impact of coronavirus on transportation patterns, US refineries have cut back on motor gasoline and jet fuel products and upped distillate fuel oil output. These three products generally have the highest yield from refineries - refinery yields reflect the volumetric ratio of a finished product to refineries’ total inputs of crude oil and net inputs of unfinished oils. According to the Energy Information Administration (EIA), refiners responded to reduced demand for transportation fuels by decreasing overall refinery runs from April onwards. Refinery runs were 22% lower in April 2020 compared with the full year 2019 average of 17.0 million barrels per day (bpd).

    Chinese factory data saw its expansion slow down slightly in August, but the services industry was strongest level since early 2018. August’s non-manufacturing PMI rose to 55.2, higher than July’s reading of 54.2. The manufacturing Purchasers’ Managers Index (PMI) slipped to 51 in the same month, lower than July’s 51.1 figure and the forecasted 51.2. The lack of demand remains a hurdle to recovery, with firms suffering even with new orders rising to 52 and new export orders increasing to 49.1.

    Next to positive data from China, a weaker U.S. dollar remains an important factor for crude markets. Other key crude importers in Asia continue to be tempted to purchase oil as a weaker dollar results in lower import bills.

    We expect bunker prices do not have any firm trend today and may change irregular in a range of plus-minus 1-3 USD.




2021 October 27

18:22 IMC Shipping appoints Mingfa Liu as managing director for ship services
18:07 TotalEnergies and MOL hold naming ceremony of France’s first LNG bunker vessel
17:51 Damen built LNG bunkering vessel enters service in the Gulf of Finland
17:42 Rosmorport takes delivery of LNG-powered Ro-Ro ship Marshal Rokossovsky
17:40 DEME Offshore installs final foundation at Hornsea Two offshore wind farm
17:34 Port of Zeebrugge posts a strong growth in nine months of 2021
15:40 Dublin Port volumes down by 3.3% after nine months of 2021
14:33 IMO considers midterm-measures for GHG reduction from ships
14:12 BIO-UV Group adds 3d scanning to turnkey BIO-SEA BWTS retrofit services
13:50 Ocean Yield agrees to invest in six VLCCs with 10-year bareboat charters to International Seaways
13:02 WinGD invests in training as gas-fuelled fleet grows
12:52 Vyborg Shipyard contracted to build an 18 MW icebreaker for Rosmorport
12:38 Zero emissions by 2050 is not enough for most developed countries if planetary warming is to be limited to 1.5 degrees - DNV
12:37 The LNG Fleet, LNG Bunkering and Other Alternatives Conference kicks off in Moscow
12:06 FESCO to supply Indian stations in Antarctica for another 5 years
11:51 Constructora Vale Verde places a repeat order for a cutter suction dredger with Damen Shipyards
11:19 MarineMax reports record fourth quarter and fiscal year results
11:18 FSRU Marshal Vasilevskiy completes maiden voyage with LNG cargo on the Northern Sea Route
10:09 Siemens Gamesa solidifies offshore presence in U.S. with Virginia blade facility
09:55 MABUX: No firm trend on Bunker market on Oct 27
09:33 Baltic Dry Index as of Oct 26
09:25 Aquadrill announces sale of a semisubmersible drilling unit
08:57 Oil prices edge lower

2021 October 26

18:06 FarSounder and NAVTOR announce a new partnership
17:49 Russian State Duma approves a bill on wrecks removal in the first reading
17:36 FuelEU can do more for the decarbonisation of shipping – World Shipping Council
17:08 First global hydrographic innovation and technology laboratory established in Singapore
16:31 BIO-UV Group adds 3D scanning to turnkey BIO-SEA BWTS retrofit services
16:24 Wärtsilä commits to carbon neutrality by 2030
16:05 CSL Americas takes delivery of second converted self-unloading ship
15:27 Damen Maaskant Shipyards Stellendam delivers 38-metre Beam Trawler to Rederij Long Ships
15:17 Vard Electro dual-battery pack to reduce emissions for Siem Offshore subsea vessel
15:01 Baltic Shipyard marks successful loading of shield tank duo onto the 22220 nuclear icebreaker Yakutia
14:13 BW Energy signs an agreement for the acquisition of semi-submersible drilling rig for the Kudu development
13:19 Wallem Group appoints John-Kaare Aune as new Chief Executive Officer
12:13 DP World: RWG terminal to be the first carbon neutral container terminal in the world
11:32 ClassNK grants Innovation Endorsement for Products & Solutions to Weathernews’s CIM
11:02 AIDA Cruises’ new cruise ship completes its first voyage on the river Ems
10:51 Sea Machines names Trevor Vieweg as new chief technology officer
10:14 TECO 2030 receives NOK 50 million in government support for fuel cell development
10:07 MABUX: Bunker prices may demonstrate irregular changes on Oct 26
09:54 Baltic Dry Index as of Oct 25
09:51 San Pedro Bay ports announce new measure to clear cargo
09:09 Oil prices continue to climb

2021 October 25

19:59 Severnaya Verf readies the 170701 series factory freezer trawler Kapitan Sokolov for shore power connection
18:13 CMA CGM applies Winter Surcharge in the Russian ports of St Petersburg, Bronka and Ust-Luga
17:44 Estonia’s Elenger takes delivery of first Damen LGC 6000 LNG bunkering vessel
17:34 Carnival Cruise Line christens Mardi Gras in first naming ceremony in the U.S. since industry restart
16:57 Sembcorp Marine clarifies report on the Johan Castberg Project
16:47 Two ways to experience the Fort Lauderdale Int'l Boat Show
15:23 Trafigura Group closes USD2.4 billion-equivalent syndicated revolving credit facility and term loan facilities
14:22 Sea Port of Saint Petersburg’s employees support package during COVID-19 pandemic
14:02 Svanehøj launches a new control system makes P&C offloading faster and easier
13:20 PIL launches new direct China to Gulf Service – Gulf China Service
12:15 Port of Hamburg honoured as ‘Best Seaport – Europe’
11:35 LR granted AiP to Samsung Heavy Industries for liquefied hydrogen carrier
11:12 Rosmorport updates Port of Ust-Luga data in the Register of Russia’s seaports
10:17 MABUX: Bunker prices may demonstrate upward changes on Oct 25
09:38 Russian Gov’t gives green light to imposing some port services tariffs in foreign currency
09:21 Baltic Dry Index as of Oct 22