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  • 2020 September 8 09:04

    MABUX: Bunker market this morning, Sept 08

    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) declined on September 07:

    380 HSFO: USD/MT 303.68 (-3.33)
    VLSFO: USD/MT 349.00 (-4.00)
    MGO: USD/MT 425.77 (-1.93)


    Meantime, world oil indexes also decreased on Sep.07 as Saudi Arabia made its deepest monthly price cuts to supply for Asia in five months and uncertainty over Chinese demand clouds the market's recovery.

    Brent for November settlement decreased by $0.65 to $42.01 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October fell by $0.69 to $39.08 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.93 to WTI. Gasoil for September delivery lost $7.50.

    Today morning oil indexes are mixed on looming demand worries about a possible rise in COVID-19 cases following the U.S. Labor Day long weekend, which also marks the end of the peak U.S. driving season.

    The Labor Day holiday on Sep.07 marks the traditional end of the peak summer demand season in the United States and that renewed investors' focus on the current dim fuel demand in the world's biggest oil user.

    Oil is also under pressure as U.S. companies increased their drilling for new supply after the recent recovery in oil prices. According to the weekly report by Baker Hughes Co on ep.04, U.S. energy firms last week added oil and natural gas rigs for the second time in the past three weeks.

    Additionally, the second wave of COVID-19 in Europe and the virus' continued spread through India, two other huge importers, is also weighing on prices. Moreover, coronavirus cases rose in 22 of the 50 U.S. states on the holiday weekend traditionally filled with gatherings to mark the end of summer. However, hopes for potential COVID-19 vaccines lent support to prices after Australian officials said they expected to receive their first batches of vaccines in January, and said the vaccines could offer "multi-year protection".

    The world's top oil exporter, Saudi Arabia, cut the October official selling price for Arab Light crude it sells to Asia by the most since May. That situation shows that the demand recovery in the region, home to the second and third largest oil consumers, is running out of steam.

    China, the world's biggest oil importer which has been supporting prices with record purchases, slowed its intake in August and increased its products exports. Crude oil imports into the country dropped 7.4% month-on-month to 47.5 million tons (11.2 million barrels/day) in August as demand for inventories slowed due to capacity constraints and price recovery. China’s demand slowdown comes at a time when the OPEC+ group has been easing production cuts and increasing supplies.

    The International Energy Agency (IEA) said that the pace of global oil demand recovery has stalled in recent weeks on the back of weak refining margins, a lack of recovery in jet fuel demand, and uncertainties over global economic growth, including in the world’s top oil importer, China. Although the IEA doesn’t forecast major slowdowns in demand going forward, global oversupply has yet to show strong signs of drawdowns. The market will be waiting for the most recent assessment from the IEA in its next report scheduled to be released on September 15.

    Russia complied nearly 100 percent with its share of oil production cuts in August as per the OPEC+ deal. In August, when OPEC+ started easing the record cuts by 2 million bpd, Russia's oil production rose by 5 percent from July, to reach 9.86 million bpd. Russia's production figures include condensate, while the OPEC+ deal excludes it. The Joint Ministerial Monitoring Committee (JMMC), which meets every month to assess compliance and the market situation, is meeting on September 17.

    We expect bunker prices may decrease today: 3-5 USD down for IFO and 6-8 USD down for MGO.




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