• 2020 September 29 08:58

    MABUX: Bunker market this morning, Sept 29

    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 insignificant and irregular on September 28:

    380 HSFO USD/MT 291.61 (-1.10)
    VLSFO USD/MT 344.00 (+2.00)
    MGO USD/MT 407.56 (+2.76)


    Meantime, world oil indexes edged up on Sep.28 as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand.

    Brent for November settlement increased by $0.51 to $42.43 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November delivery rose by $0.35 to $40.60 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.83 to WTI. Gasoil for October delivery gained $5.00 – $330.25.

    Today morning oil indexes do not have any firm trend so far.

    Oil followed Wall Street higher as American political talks continued for another COVID-19 relief bill after U.S. House Speaker Nancy Pelosi on Sunday said she thought a deal could be reached with the White House. However, the global health crisis, which has slashed global fuel consumption, kept prices from moving much higher.

    Norwegian oil firms plan to close down 22% of the country's oil and gas output, or 900,000 barrels of oil equivalent per day, if workers go on strike on Sep.30. Some 324 out of 7,300 employees on offshore platforms plan to strike if annual pay negotiations with employers fail. Norway pumps just over 4 million barrels of oil equivalent per day (bpd), half in the form of crude and other liquids and half from natural gas, making it a major global energy supplier.

    Russia said that the global oil market has been stable for the past few months and the demand-supply balance restored, but warned of the risks of a second wave of COVID-19 cases. Meantime, production of oil and gas condensate in Russia is projected at 507.4 mln tonnes in 2020, a 9.5% decrease compared with 2019, whereas gas output is expected to drop by 6.4% to 690.8 bln cubic meters. In 2019, Russia’s oil production stayed at a record level of 560.8 mln tonnes. However, Russia’s production will remain under the OPEC+ limitations through 2023. Its recovery to the previous maximum (560 mln tonnes) is probable in 2023.

    US crude exports have expanded sharply in recent years following the lifting of US oil export restrictions in December 2015, driven in large part by rising US shale oil production, which increased by 6.1 million bpd between 2012 and Q1 2020 to reach 8.3 million bpd. Shipments reached a record high of 3.5 million bpd in Q1 2020, supported by expanded pipeline infrastructure that boosted crude flows to export terminals.

    Iranian oil exports have risen sharply in September in defiance of U.S. sanctions. Exports have shrunk from over 2.5 million barrels per day (bpd) since the United States withdrew from a nuclear deal with Iran and reimposed sanctions in 2018. Still, Iran has been working to get around the measures and keep exports flowing. With the sanctions reducing sales, Iran has been storing unsold oil in tankers at sea. While onshore storage has increased, the volume in floating storage has fallen in 2020, suggesting Iran has found end-users for some of the oil.

    In the South Caucasus pipeline corridor, clashes between Azerbaijan and Armenia are giving rise to concerns over the stability of gas and oil supplies routed through the region. The fighting is reportedly the heaviest since 2016.

    Commodities trader Trafigura proposed a carbon levy of $250-$300 per tonne of carbon-dioxide (CO2) equivalent on shipping fuels to make zero and low carbon fuels more economically viable and competitive. The International Maritime Organisation (IMO) wants to halve the sector's greenhouse gas output by 2050 against 2008 levels. If left unchecked, global emissions from shipping could balloon by up to 130% by 2050, compared to 2008 levels. As per Trafigura, the revenue raised by the levy would be used to subsidise and incentivise low and zero carbon fuels, funding the research and development of alternative fuels and, in part, developing countries with the energy transition to mitigate the impact of climate change.

    We expect IFO bunker prices may add 1-3 USD while MGO prices will gain 3-5 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