• 2020 September 14 09:38

    MABUX: Bunker market this morning, Sept 14

    The Bunker Review was contributed by Marine Bunker Exchanged (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 11:

    380 HSFO: USD/MT 288.39 (-2.88)
    VLSFO: USD/MT 332.00 (0.00)
    MGO: USD/MT 407.65 (-2.15)


    Meantime, world oil indexes demonstrated slight irregular changes on Sep.11 amid signs of a growing imbalance between supply and demand as the world economy struggles to return to pre-pandemic levels of activity.

    Brent for November settlement decreased by $0.23 to $39.83 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for October rose by $0.03 to $37.33 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.50 to WTI. Gasoil for October delivery added $1.25.

    Today morning oil indexes increase as a tropical storm in the Gulf of Mexico forced rigs to shut down.

    Tropical Storm Sally gained in strength in the Gulf of Mexico west of Florida on Sunday and was poised to become a category 2 hurricane. The storm is disrupting oil production for the second time in less than a month after hurricane Laura swept through the region. Typically oil rises when production is shut but with the coronavirus pandemic getting worse demand concerns are to the fore, while global supplies continue to rise.

    At the same time, Baker Hughes reported on Sep.11 that the number of oil rigs in the United States fell by 1 to 180. The total number of active oil and gas rigs decreased for the last week by 2, with oil rigs falling by 1 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by 632 compared to this time last year.

    The U.S. government confirmed that crude stockpiles snapped a streak of six straight weekly declines.  Inventories rose 2.03 million barrels last week, in contrast to expectations of a draw of 1.34 million barrels. In six previous weeks, the EIA had reported a total crude drawdown of more than 38 million barrels.

    Moreover, Energy Information Administration’s report showed U.S. supplies of refined products to the domestic market were down 11% last week from their average of the last five years. At the same time, the EIA raised output estimates for U.S. crude by 300,000 barrels per day to 10 million bpd, accounting for the redeployment of production platforms on the Gulf Coast that were preemptively shut during last month’s Hurricane Laura.

    The major traders such as Trafigura, Royal Dutch Shell, Vitol and others had all resorted to booking tankers to use as floating storage, a tactic often used to avoid dumping sport cargoes at depressed levels. Trafigura has chartered 12 very large crude carriers (VLCC), which can collectively hold 24 million barrels of oil. BP is said to have provisionally booked a supertanker to hold oil in floating storage offshore Malaysia. The demand made day rates for supertankers have tripled in a week.

    The United Arab Emirates (UAE), currently OPEC’s third-largest producer, is estimated to have exported a lot more crude oil in August as it produced more than its quota under the OPEC+ deal, undermining the oil market’s faith in the group’s unity in the cuts. Crude oil production in the UAE averaged 2.693 million barrels per day (bpd) in August. This is some 100,000 bpd above the country’s production ceiling under the OPEC+ pact—2.59 million bpd. The key reason for the increased production in the UAE in August was said to be the high electricity demand in the hottest months in the Middle East, which this year was further boosted by more people staying and vacationing at home because of COVID-19-related travel restrictions.

    Meanwhile, Libyan commander Khalifa Haftar on Saturday committed to ending a blockade of oil facilities that has been in place since January. The lifting of the blockade could add further oversupply pressure to the market, but Haftar’s statement did not specify whether oil fields and ports would also recommence operations.

    We expect bunker prices may demonstrate slight irregular changes today: 1-3 USD down for IFO and 1-3 USD up for MGO.




2021 September 26

17:45 USCG, Japanese navy conduct exercise near Dutch Harbor
14:51 Hidden Gem’ arrives in Rotterdam to be transformed into nodule collection vessel for The Metals Company
13:21 LR projects win funding to accelerate research into maritime decarbonisation
12:28 ESVAGT takes delivery of third newbuilt SOV vessel
11:07 ABS Awards AIP to Ned Project’s wind turbine installation vessel design

2021 September 25

15:03 Rolls-Royce and Sanlorenzo add new dimension to partnership with mtu engines and integrated bridge solutions
13:27 JAX LNG and TOTE complete first renewable LNG bunkering in the United States
12:41 Babcock cuts steel for Royal Navy’s Type 31 frigate HMS VENTURER at Rosyth
11:37 Höegh LNG Partners LP announces a new long-term FSRU contract for the Höegh Gallant
10:52 MYCRANE set to launch in four more countries as franchisees are appointed

2021 September 24

18:16 ABS and HHI design optimized LNG carriers
17:59 Admiralteyskie Verfi shipyard launches the Kapitan Martynov freezer trawler
17:55 Italian terminal operator orders two Konecranes Gottwald Mobile Harbor Cranes
16:12 Three Finnish icebreakers return to service after being repaired at Turku Repair Yard
15:03 Maersk invests in electrofuels startup company
14:40 International conference “Inland waterways: strategic potential for growth” focused on INFUTURE project was held on September 20
14:13 Dredge spoil disposal system planned for fairway deepening project
13:57 LAS Vice Admiral Kulakov went to the Atlantic
13:33 Wärtsilä ensures optimal performance and minimal carbon footprint for world’s most environmentally friendly ferry
13:09 Wan Hai Lines holds online ship naming ceremony for new vessels
12:38 Sredne-Nevsky Shipyard launched unmanned research ship Pioner-M
12:10 Record mid-year cargo volumes through the Port of Vancouver in 2021
11:46 SCF Group wins sci-tech award for development in Arctic exploration
11:02 Rolls-Royce and Overmarine continue cooperation with future-oriented mtu technologies
10:07 Tallink Grupp secures another short-term charter deal for vessel Silja Europa
09:59 MPA, SSA and GCNS sign MoU to raise carbon accounting capabilities amongst maritime companies in Singapore
09:41 MABUX: Global Bunker Market may continue firm upward trend on Sept 24
09:24 Crude oil prices continue increasing
09:09 Baltic Dry Index as of September 23

2021 September 23

18:05 Maersk calls Jafza home for its first Warehousing & Distribution facility in the UAE
17:25 GTT and Deltamarin receive AiP from American Bureau of Shipping for their new design applied for LNG fueled tanker
17:05 LR grows fleet optimisation offering with GreenSteam acquisition
16:25 The Port of Rotterdam Authority helps German DeltaPort to be a regional hydrogen hub
16:15 Panama Canal joins to the Call to Action for Shipping Decarbonization
15:39 Dry cargo vessel of RSD59 design, Alexander Ivanov, leaves for sea trials
15:21 ABS grants AIP for next generation liquified CO2 carrier JDP designs
15:05 Synergy Group to take over Maersk Tankers’ technical management business
14:37 DNV and LISCR award AiP to HHI for 40,000 CBM liquefied CO2 carrier design
14:17 Kaliningrad region and FESCO to cooperate in the field of logistics
13:48 Damen can build icebreaking ships for Russia’s Arctic projects within short timeframes
13:25 Sweden’s largest port solar cell system inaugurated at Stockholm Norvik Port
13:15 MABUX: Bunker Weekly Outlook, Week 38, 2021
12:56 Keel-laying of Damen tug series for Atomflot held in Saint-Petersburg
12:51 MSC invests in new efficiency solution to reduce emissions from fleet
11:00 13th Annual Capital Link Shipping & Marine Services Forum took place with great success on September 13, 2021
11:00 Rolls-Royce and Sea Machines sign partnership to cooperate on smart ship and autonomous ship control solutions
10:34 APM Terminals partners with Siemens for energy optimisation and emission reduction at terminals
09:58 Torqeedo and Fassmer Shipyard announce the CIT-E Ferry - a passenger ferry for public transport
09:46 MABUX: Global Bunker Market may demonstrate firm upward evolution on Sept 23
09:29 Crude oil prices continue increasing
09:14 Baltic Dry Index as of September 22

2021 September 22

18:05 ClassNK joins as signatory to Call to Action for Shipping Decarbonization
17:47 Localization level of LK-60 icebreakers estimated at 92% in finance terms
17:20 Torvald Klaveness joins over 150 industry leaders and organizations in call for decisive government action to enable full decarbonization of international shipping by 2050
16:55 SC Zvezda counts on signing contracts for 10 tankers under Vostok Oil project in October 2021
16:31 Transition to unmanned navigation and navigation with reduced crews will be possible in Russia in three years
16:30 LR, HHI and KSOE sign MoU to develop digital twin technology for an LNG carrier
16:10 APM Terminals Pipavav marks 1,000 days of safe operations
15:39 Wärtsilä and SHI agree to collaborate on ammonia fuelled engines for future newbuilds
15:14 NAVTEK proves first zero-emissions tugboat performance