• 2020 September 28 08:48

    MABUX: Bunker market this morning, Sept 28

    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) demonstrated slight irregular changes on September 25:

    380 HSFO: USD/MT 292.71 (+1.90)
    VLSFO: USD/MT 342.00 (+3.00)
    MGO: USD/MT 404.80 (-0.38)

    Meantime, world oil indexes also demonstrated multidirectional changes on Sep.25.

    Brent for November settlement decreased by $0.02 to $41.92 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November declined by $0.06 to $40.25 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.67 to WTI. Gasoil for October delivery added $4.50.

    Today morning oil indexes decline as COVID-19 infection rates in the U.S. threaten a recovery in demand.

    The continued revival of coronavirus cases in both Europe and North America fed fears about the demand outlook, as local restrictions on social mixing were tightened further in a raft of U.K. cities, including London and the Welsh capital Cardiff. In the U.S., a rapid rise in COVID-19 cases across Great Plains and Southern states has exacerbated concerns over future U.S. demand.

    According to the Norwegian labor union– Norwegian Oil and Gas Association (NOG) - Norwegian oil and gas workers are to strike on Sept. 30 - an action that could take some 900,000 barrels of oil equivalent a day off world markets. Much of that is gas output, which will have no direct bearing on oil prices, but any action could cause a short term deficit in Europe.

    More crude is also being exported from OPEC producers Iran and Libya despite efforts by the OPEC+ to limit output.

    Iranian exports had risen sharply in September, despite the pressure from U.S. sanctions. TankerTrackers consultancy could see close to 1.5 million bpd in both crude and condensate this month. These are levels haven’t been seen in a year and a half. Iran is typically forced by U.S. sanctions to disguise the final destination of its exports. But however they reach global markets, any increase in Iranian supplies can only depress prices at a time when demand growth is flattening out after rebounding in the third quarter.

    Libya’s National Oil Corp said last week it expects production to rise to around 260,000 barrels per day, by this week, up from some 100,000 bpd before the blockade of its oil ports and oilfields lifted by forces aligned to renegade general Khalifa Haftar. It is estimated now that total Libyan production could reach 550,000 bpd by the end of the year and nearly 1 million bpd by mid-2021. The shifting market dynamics could force OPEC back to the drawing board, to figure out what to do with unexpected new supply.

    Still, OPEC Secretary General Mohammad Barkindo said on Sep.27 that commercial oil inventories in OECD countries are expected to stand only slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year.

    According to Baker Hughes, U.S. energy firms last week added oil and natural gas rigs for a second week in a row as some drillers return to the wellpad now that crude prices have held gains made since recovering from coronavirus-linked lows in the spring. The oil and gas rig count, an early indicator of future output, rose by 6 to 261 in the week to Sep. 25. In September, the rig count rose a second month in a row. U.S. oil rigs rose by 4 - to 183 rigs last week, while gas rigs rose by 2 - to 75

    Russia was the biggest exporter of crude oil to China last month, for the second month in a row. Saudi Arabia came the second, but its exports to the world’s top importer fell by 300 percent in August. Russia shipped 1.37 million bpd to China last month, down both on the month and on the year but ahead of Saudi Arabia’s average of 1.24 million bpd. Russia was also China’s top oil supplier for the first eight months of the year, according to the customs data.

    We expect bunker prices may demonstrate slight irregular changes today in the limits of plus/minus 1-3 USD.

2020 October 24

14:51 OOCL announces services changes and enhancements on Asia-Europe trade
13:28 Port Authority launches new campaign against litter
12:41 Hapag-Lloyd announces Ocean Tariff rates on East Asia - NEC and Mediterranean trade
11:06 CSD Hussein Tantawy successfully launched at IHC's shipyard in The Netherlands

2020 October 23

18:09 Baltic Data Flows: New HELCOM project seeks to harmonize and harvest environmental data at a pan-Baltic level
17:47 ICS welcomes legally binding agreement to significantly improve carbon efficiency of shipping
17:10 Anti-submarine ship Vice-Admiral Kulakov completes its business call to Greece
16:32 Bollinger Shipyards delivers 41ST fast response cutter to the U.S. Coast Guard
16:05 APM Terminals Poti signs a contract with Poti New Terminals Corporation for the development of dry bulk facility in the Poti Sea Port
15:31 HySHIP project clinches EUR 8M funding award
15:13 Krasnoye Sormovo shipyard launches dry cargo carrier Alfa Mercury
14:50 Self-propelled crane built for RF Navy’s Pacific Fleet arrived in Vladivostok having passed the Northern Sea Route
14:25 Equinor changes chief financial officer
14:06 Membrane technologies of GTT is an optimal solution for gas carriers, LNG bunkering and storage
13:23 MarineMax participates in the Fort Lauderdale International Boat Show
13:05 Wärtsilä selected to power new ‘super ferries’ series for P&O Ferries
12:55 An agreement made to explore the possibilities of green hydrogen export from Iceland to Rotterdam
12:04 Tallink Silja AB is forced to issue redundancy notice to Swedish crew members
11:41 Tallink to become the first shipping company to receive Sustainable Travel Finland label
11:09 Austal to further expand Australia support business through acquisition of BSE Maritime Solutions
10:53 NYK to make Gazocean a wholly owned subsidiary
10:19 Bunker market sees slight change of prices in the Port of Saint-Petersburg, Russia (graph)
09:55 National Gas Vehicle Association to propose priority measures for LNG bunkering support
09:33 Oil prices continue decreasing
09:18 Baltic Dry Index as of October 22
08:49 MABUX: Bunker market this morning, Oct 23
08:19 CMA CGM announces GRR from Asia to West Africa

2020 October 22

19:00 “K”Line online training for seafarers obtained DNV GL certification
18:04 Milaha reports QR 384 million in net profit for the nine months of 2020
17:41 Port of Los Angeles receives $9.9 million infrastructure development grant
17:36 Feasibility report on ship repair cluster development in Arkhangelsk Region to be completed in November 2020
17:29 MABUX releases weekly review of bunker market
17:05 Gothenburg Port Authority CEO becomes the member of newly established Electrification Commission
16:44 ABP’s ports in East Anglia keep agricultural products moving
16:14 ONE adds new service from Asia to Indian Subcontinent
15:50 Bunker prices are flat in the Far East ports of Russia (graph)
15:34 EU awards funding to Kapellskär-Naantali Maritime Bridge environmental initiative
15:04 Environmental Protection Agency signs a proposed rule for reducing the environmental impact of discharges
15:03 ABS and TCOMS join forces to research next generation marine & offshore and maritime solutions
14:44 Floating nuclear power plant covers over 50% of electric energy demand in Chukotka
14:20 The average value of the Ningbo Container Freight index 1 in October increases by 1.2%
14:20 MPA-SSG-WSG joint media release: 1000 traineeships, company attachments and training opportunities for more Singaporeans to join maritime sector
14:03 Global Ports Holding signs sale and purchase agreement for Port Akdeniz
13:57 Port of HaminaKotka specifies minimum requirements for berthing and unberthing services
13:25 Rosmorport's Murmansk Branch performed pilotage of Sedov barque
13:01 Container throughput of Chinese ports still decease slightly in January - September 2020
12:52 Zhigalovo Shipyard lays down fifth ship of Project 3052 for Rechvodput
12:26 MPA-ABS MoU to advance R&D activities in maritime Singapore
12:13 Multi-million-euro project transforms CO2 into green raw material in North Sea Port
11:56 Private investments in infrastructure of Arkhangelsk port totaled RUB 25 billion in 7 years
11:18 Port of Long Beach posts results for in September 2020
11:11 Russian President Vladimir Putin signs order on merging Sevmorzavod into USC
10:07 ZIM offers new service to the UAE
09:58 Sea Port of Saint-Petersburg expands its cargo space
09:36 Oil prices continue decreasing in response to growing US reserves
09:19 Baltic Dry Index as of October 21
09:05 The Grimaldi Group takes delivery of the Eco Valencia and Grande Florida
09:03 MABUX: Bunker market this morning, Oct 22
08:52 MSC Cruises to implement next-generation air sanitation system developed by Fincantieri for the cruise industry

2020 October 21

18:30 Hyundai Motors to ship 50 hydrogen trucks via the port of Antwerp