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  • 2020 September 11 09:25

    MABUX: Bunker market this morning, Sept 11

    The Bunker Review was contributed by Marine Bunker Review (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO (Gasoil) in the main world hubs) did not have firm trend and changed irregular on September 10:

    380 HSFO: USD/MT 291.27 (+0.89)
    VLSFO: USD/MT 32.00 (-2.00)
    MGO: USD/MT 409.80 (+0.70)


    Meantime, world oil indexes also changed irregular on Sep.10 after U.S. data showed a surprise build in crude stockpiles last week.

    Brent for November settlement fell by $0.73 to $40.06 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October delivery decreased by $0.75 to $37.30 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.76 to WTI. Gasoil for September delivery gained $5.50 – $322.75.

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

    The slide in crude oil prices accelerated after the Energy Information Administration reported a crude oil inventory build of 2 million barrels for the week to September 4. A day earlier, the American Petroleum Institute added gloom to an already pessimistic market by reporting an inventory build of 2.97 million barrels for the same period. Forecasts had expected the EIA to report a moderate draw of a little over 1 million barrels.

    As per Platts, OPEC’s 13 members produced in August 24.37 million bpd, a 4% rise from July, while its nine partners, including Russia, added 12.67 million bpd, a 6% increase. The higher volumes were not unexpected as the OPEC+ coalition’s record 9.7 million bpd production cut accord, implemented during the depths of the coronavirus crisis in May, had been scheduled to ease to 7.7 million bpd for the rest of the year starting in August. As such, the group achieved 97% compliance with its new quotas in the month. But the increased production is coming at a time when the rapid recovery of global oil demand appears to be stalling, amid fears of a growing second wave of COVID-19 infections.

    Meanwhile, Russia’s central bank has warned that crude oil prices could slump to $25 in its risk scenario for monetary policy over the next three years. That scenario, which is the bank’s worst case for 2021 to 2023, also includes heightened geopolitical tensions, a second wave of coronavirus infections, and other economic shocks. Debt problems and trade tensions are also included in that scenario.

    The U.S. Energy Information Administration raised its 2020 forecasts for West Texas Intermediate and Brent crude oil prices and U.S. crude-oil production. The EIA pegged its 2020 WTI oil price forecast at $38.99 a barrel, up 1.3% from its August forecast. It also lifted its Brent crude price forecast by 1.2% to $41.90 for 2020. The agency expects U.S. crude production of 11.38 million barrels a day this year, up 1.1% from the previous view. The EIA also lifted its forecast for natural-gas prices to $2.49 per million British thermal units, up 5.8% from the previous view.

    Libya’s National Oil Corporation (NOC) said that a warship had been staying at the Ras Lanuf oil terminal for several days, and has demanded that the military activity at vital Libyan oil facilities cease. Libya’s oil terminals remain out of service, and the country has not exported oil since January. Currently, oil production in Libya is just 100,000 bpd—down from 1.2 million bpd at the start of the year, just before paramilitary formations affiliated with the Libyan National Army (LNA) occupied Libya's oil export terminals and oilfields.

    Reports of rising oil and fuel inventories in floating storage pressured benchmarks as commodity traders chartered tankers to store fuel and crude offshore. A number of the vessels are newly-built and are due to store gasoil and diesel, for which unsold volumes are especially high after a modest recovery mid-summer. The news of rising floating storage is particularly worrisome because it means that onshore storage space is still full, despite a moderate increase in fuel demand after most lockdowns eased in May.

    We expect IFO bunker prices may fall by 3-5 USD while MGO prices may change irregular in a range of plus-minus 3-6 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