• 2020 October 19 09:39

    MABUX: Bunker market this morning, October 19

    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 Oct.16:

    380 HSFO - USD/MT - 298.38 (+1.15)

    VLSFO - USD/MT – 354.00 (+1.00)

    MGO - USD/MT – 417.13 (-0.76)

    Meantime, world oil indexes also demonstrated irregular changes on Oct.16 amid fears that the Covid-19 pandemic will cause the global market to slip into surplus again next year.

    Brent for December settlement decreased by $0.23 to $42.93 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for November declined by $0.08 to $40.88 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.05 to WTI. Gasoil for November delivery added $3.25.

    Today oil indexes decline after China released data showing a smaller-than-expected rise in GDP during the third quarter.

    China reported a 4.9% growth in GDP year-on-year for the third quarter earlier in the day, smaller than the 5.2% growth in forecasts. However, other indicators showed a strong recovery overall for the world’s second largest economy. Industrial production grew 6.9% year-on-year and retail sales grew 3.3% year-on-year. The unemployment rate was 5.4%, down from the previous quarter’s rate of 5.6%. There were hopes that positive data from China, a top oil importer, would be indicative of recovery and outweigh ongoing concerns over fuel demand as the number of global COVID-19 cases continues to increase, as well as increasing supply. Chinese oil purchases are expected to slow down during the current quarter as the country continues to fight a COVID-19 outbreak in the city of Qingdao, and as independent refiners face high inventories as well as limited import quotas.

    The OPEC+ Joint Technical Committee during the meeting on Oct.15 reportedly warned that a prolonged second wave of the COVID-19 in Europe and a jump in Libyan output could lead to oversupply in 2021, in the worst-case scenario. In September, the panel had not seen a surplus under any scenarios it considered. The gloomy outlook could see changes to OPEC+’s plans to ease output cuts, which would see 2 million barrels per day added to the market in 2021.

    The coalition of crude producers gathers on Oct.19 to assess the state of the market. No supply decisions are expected until Dec. 1 but leading members Saudi Arabia and Russia are already stepping up diplomacy. President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman have spoken twice by phone in a week.

    Another factor complicating the supply picture is the return of Libyan production after months of disruption from civil war. Libya, which is an OPEC member but which isn't covered by the output restraint deal, is now producing some 500,000 barrels a day and some forecasts say it could rise to 700,000 b/d or more by year end.

    Meanwhile, U.S. House of Representatives Speaker Nancy Pelosi set a Tuesday deadline for Congress to pass the latest stimulus measures ahead of the Nov. 3 presidential elections, around two weeks away. President Donald Trump also renewed his offer to increase the measures’ price tag.

    According to the Energy Information Administration, U.S. crude stockpiles tumbled 3.8 million barrels last week after rising by just over 500,000 barrels the previous week. The EIA also reported that distillates inventories plunged by 7.2 million barrels for the week ended Oct. 9 versus a slide of just 962,000 in the week to Oct. 2.

    This week’s global spike in Covid-19 caseloads has also raised alarm across markets. Infections in Italy again moved near the danger zone last seen in March, while the U.K. and France imposed new movement restrictions. In the United States, new cases are up in 39 of the 50 U.S. states.

    Baker Hughes reported on Oct.16 that the number of oil rigs in the United States rose the last week by 12 to 205—a gain that may push prices down further. The total number of active oil and gas rigs increased for the week by 13, with oil rigs rising by 12 and gas rigs rising by 1. Total oil and gas rigs in the United States are now down by 569 compared to this time last year.

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


2020 December 4

17:46 BIMCO: EU ship recycling regime improved but gaps remain
17:26 Hapag-Lloyd announces PSS from Far East to North Europe and Mediterranean
17:04 Zvezda Shipyard lays down shuttle tanker of ARC6 class
16:52 Lloyd's Register to acquire C-MAP Commercial from Navico Group
16:35 WDP builds multimodal mega-distribution centre in North Sea Port
16:05 Volkswagen powers car freighters with used oil from restaurants
15:24 Marvesa and Koole Terminals sign an agreement to build and use a new tank storage terminal in the Port of Rotterdam
15:09 Cargo traffic within Azov-Don Basin of Russia’s IWWs grew by 7.6% in 2020
14:11 CMA CGM announces FAK rates from North Europe to Kenya and Tanzania
13:45 Nefteflot lays down third cruise ship of Project PV20S
13:13 The Finnish Financial Supervisory Authority approves the merger prospectus concerning the combination of Cargotec nd Konecranes
12:24 Kapitan Metsayk icebreaker arrives at Azov seaport
12:01 Austal Australia launches first of two cape class patrol boats for Trinidad and Tobago Coast Guard
11:40 Klaipėdos Nafta joins Lithuanian hydrogen platform
11:19 Bunker prices started decreasing at the Port of Saint-Petersburg, Russia (graph)
11:18 Odfjell SE agrees to acquire Lindsay Goldberg’s stake in Korea terminal
11:09 CMA CGM announces THC for import / export Finland, Sweden, Spain, Italy, Belfast (UK)
10:55 MABUX: Bunker market this morning, Dec.04
10:49 Port of Long Beach prioritizes dual transactions
10:37 NSR cargo traffic grew by 4.2% in 11M’2020
10:00 Online discussion of China’s inland shipping experience to continue on December 9 at joint PortNews/MEB webinar
09:26 Oil prices rise following OPEC+ meeting
09:14 Baltic Dry Index as of December 3

2020 December 3

18:31 ABS, Hyundai Heavy Industries Group and the Marshall Islands Registry JDP creates coating needing just one application
18:11 Lotos shipyard lays down two more dredgers of Project 93.159
18:03 Torqeedo powers Thailands first electric passenger ferry fleet
17:28 Krasnoye Sormovo shipyard delivers dry cargo carrier Alfa Mercury
17:06 Wärtsilä signs 5-year agreement with LMM for the main engines for two VLGCs
17:02 Bunker Weekly Outlook, Dec 03, 2020
16:50 The 1st Hackathon dedicated to innovation in the port sector in Morocco launches from December 18 to January 29
16:37 Timber and forestry products account for 24% of Riga port’s total turnover
16:05 Cargotec’s Board of Directors has decided to initiate a sales process for Navis software business
15:59 Rosatom to establish Marine Operations Headquarters for NSR
15:34 Port of Antwerp tightens regulations regarding byloads inside second-hand vehicles
15:22 Operation of unmanned navigation test basin on Neva river to continue next season
15:04 Maersk Tankers adds four Xihe-owned tankers to its pools
14:24 Equinor and SINTEF enter into a strategic collaboration agreement
14:02 Investment reaps rewards for Pilbara’s ports
13:40 Bunker market sees mixed price movements in the Far East ports of Russia (graph)
13:02 Trafigura becomes a major investor in green hydrogen with H2 Energy
12:34 RF Government drafted decree on providing state support to construction of large-capacity ships
12:01 Busiest month for Port of King’s Lynn in five years
11:55 The study by HTC identifies almost 30 measures that can lead to a reduction in CO2 emissions in the Port of Hamburg
11:29 AS Tallink Grupp published its tatistics for November 2020
11:00 BW LPG enters into agreements to sell two vessels
10:35 Ships of RF Navy's Pacific Fleet completed their visit to Sri Lanka
10:10 Rosmorport takes delivery of self-propelled hopper barge Morskaya
10:02 Soren Toft arrives at MSC as Chief Executive Officer
09:48 MABUX: Bunker market this morning, Dec.03
09:29 Oil prices are slightly down
09:16 Baltic Dry Index as of December 2

2020 December 2

18:37 Rolls-Royce acquires leading supplier of ship control systems Servowatch
18:05 Aker and MAN sign agreement to develop energy-efficient compression solutions for carbon capture and storage applications with heat recovery
17:53 Cargo traffic within Azov-Don Basin of Russia’s IWWs grew by 7% in 11M’20
17:20 Fincantieri finalizes new generation of thrusters
17:15 Hapag-Lloyd announces rates from East Asia (incl. Japan) to North Europe and Mediterranean
16:56 ESPO welcomes European Parliament’s own-initiative report on revision of TEN-T guidelines
16:35 ECSA applauds UN resolution on seafarers as key workers and supports IMO call for priority vaccination
16:20 RF Navy’s corvette "Boyky" passes the Baltic straits
16:04 Floating wind power to grow 2000-fold by 2050 but more comprehensive standards and risk management required - DNV GL