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  • 2020 September 3 09:24

    MABUX: Bunker market this morning, Sept 03

    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) changed irregular on September 02:

    380 HSFO: USD/MT 315.00 (-0.82)
    VLSFO: USD/MT 366.00 (0.00)
    MGO: USD/MT 445.62 (+1.87)


    Meantime, world oil indexes fell on Sep.02 as gasoline demand fell in the United States in the latest week, an indication that economic recovery from the pandemic may be slower than expected.

    Brent for November settlement fell by $1.15 to $44.43 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery decreased by $1.25 to $41.51 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.92 to WTI. Gasoil for September delivery lost $10.50 – $355.25.

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

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.4 million barrels from the previous week. At 498.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year. The EIA also reported an inventory draw of 4.3 million barrels in gasoline and a 1.7-million-barrel decline in distillate fuel inventories for the last week of August. Refineries last week processed 13.9 million bpd of crude oil, compared with 14.7 million bpd during the previous week. Hurricane Laura had a big part to play in last week’s processing rates as some refineries had to close temporarily.

    It is expected that China’s refined fuel consumption to swing back to positive growth in the second half of this year. With China’s economic recovery taking hold, end-user demand for gasoline, diesel and kerosene may rise 1% in the second half from a year earlier, after a 13% fall in the first half.

    Meantime, China will ship in much less crude in September and October than it did in May and July, with private refiners seeing purchases drop as much as 40%. The drop-off is coming as the plants run out of quotas following a buying binge earlier this year. The reduction will test the resiliency of the oil market, which has seen prices recover from the lows of April but is still contending with virus lockdowns in major markets and OPEC+ members adding supplies after cutbacks. China’s independent refiners were the first to recover from the virus and have been among the most active buyers supporting oil’s rebound.

    Iraq’s crude oil exports fell in August compared to July, as OPEC’s second-largest producer is reducing supply in an attempt to comply with the OPEC+ production cut pact, which it had largely disregarded in previous deals. Iraq’s crude oil exports in August averaged 2.597 million barrels per day (bpd), down from the previous month. Oil revenues are critical to Iraq’s budget income, but in recent months the country has come under pressure from its fellow OPEC+ partners led by Saudi Arabia to stop cheating on their production quotas and finally start complying with the OPEC+ agreement. Iraq promised additional cuts of around 400,000 bpd in August in order to compensate for the lack of compliance with the OPEC+ deal in the previous months.

    By July 2020, Venezuela produced a daily average of 339,000 barrels of crude compared to 755,000 a year earlier and almost a seventh of a decade earlier. The outlook remains poor, particularly if the domestic rig count is used as a proxy measure of oil industry activity. At the end of July 2020, there were no active oil rigs in Venezuela and only one operational natural gas rig. That is compared to a total of 25 operational rigs for the same period a year ago and 70 rigs a decade earlier. Analysts predict Venezuela’s oil production could fall to zero by 2021.

    North Korea could have oil storage capacity of up to 1.5 million tons or almost 11 million barrels—an amount that could last it a full year if the country gets cut off from external oil suppliers. North Korea has a restriction on the amount of oil products it can receive from abroad, and this restriction stands at 500,000 barrels a year. However, North Korea may have been boosting its underground storage capacity. In July, more than 40 UN members, including the United States and Japan, told the UN that North Korea had breached the limit for oil imports using illegal ship-to-ship transfers. According to these members, the country had taken in some 1.6 million barrels of oil products between January and May through 56 ship-to-ship transfers at sea.

    We expect IFO bunker prices may fall by 5-8 USD while MGO prices will decrease by 8-13 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