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  • MABUX: Bunker market this morning, Nov 02
  • 2020 November 2 10:50

    MABUX: Bunker market this morning, Nov 02

    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) continued moderate downward trend on Oct.30:

    380 HSFO: USD/MT 289.21 (-1.64)
    VLSFO: USD/MT 334.00 (-1.00)
    MGO: USD/MT 399.75 (-2.71)


    Meantime, world oil indexes changed irregular on Oct.30: rising COVID-19 cases in Europe and the United States heighten concerns over fuel consumption.

    Brent for December settlement decreased by $0.19 to $37.46 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery fell by $0.38 to $35.79 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.67 to WTI. Gasoil for November delivery gained $1.00 – $305.00.

    Today morning oil indexes continue downward trend.

    Governments across Europe imposed fresh restrictions this week to curb the spread of the coronavirus, with Germany saying its economy will not fully recover before 2022. While that has reduced mobility and fuel consumption within Europe, demand in the United States is holding up for now.

    The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia (OPEC+) had planned to raise output by 2 million barrels per day (bpd) in January. However, top producers Saudi Arabia and Russia are in favour of maintaining the group’s current output reduction of about 7.7 million bpd into next year in the face of lockdowns in Europe and rising Libyan oil output.

    It is also possible, that the three biggest OPEC producers behind Saudi Arabia may not be on board with extending the current cuts into next year. Iraq, the United Arab Emirates (UAE), and Kuwait - the biggest OPEC producers behind Saudi Arabia – are reportedly not particularly inclined to support a rollover of the cuts of 7.7 million barrels per day (bpd), because such cuts are too deep for their economies and budget incomes to sustain. The reported unwillingness of OPEC producers to agree to keep the deep cuts could become a source of renewed tension in the cartel and the larger OPEC+ group, and create new conflicts when the alliance meets later this year to set the course for 2021.

    According to the International Energy Agency (IEA), thirty-five percent is the size of the spending cuts oil and gas companies are likely to have made this year in response to the effects that the coronavirus pandemic is having on demand. Demand for oil has certainly improved in some parts of the world, notably in Asia, where governments have been more successful in containing the spread of the coronavirus than their counterparts in Europe and North and South America. But even in China—the world’s oil demand recovery driver—the rebound is slowing down. As per the IEA, the impact that the pandemic is having on investments in the oil industry will continue to be felt for years to come. The agency noted a 45-percent cut in investments by U.S. shale oil companies this year, combined with a 50-percent jump in financing costs.

    A refinery in northern Venezuela suffered a blast on Oct.29. An investigation into the attack has been launched. According to the report, a crude oil distillation unit at the Amuay refinery had exploded. The distillation unit has a capacity of 100,000 bpd. The Amuay facility as a whole has a capacity of 635,000 bpd. As for preliminary information, the damages to the distillation unit appear initially to be so severe that the unit could be irrecoverable and may have to be rebuilt completely.

    Prices for LNG earlier this year fell below $2/MMBtu (JKM prices), a dramatic collapse due to oversupply. The crash forced widespread LNG cancellations from the United States. JKM prices have since surged above $7/MMBtu, but the rally took a breather last week. U.S. LNG has returned, adding supply to the Asian market. Also, Asian buyers are finishing up their winter purchases, so the demand pressure could ease.

    The total number of active oil and gas rigs in the U.S. increased for the week by 9, with oil rigs rising by 10 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by 526 compared to this time last year. The EIA’s estimate for oil production in the United States rose in the week ending October 23—rebounding from 9.9 million barrels in the week prior to 11.1 million barrels of oil per day. U.S. oil production has been bouncing around between just under 10 million bpd to 1.1 million bpd for months now as the pandemic continues to sap demand for crude oil.

    We expect IFO bunker prices may decrease by 1-3 USD today while MGO prices may change irregular in a range of plus-minus 1-3 USD.




2021 November 28

15:17 PGS awarded 4D contract in the North Sea
14:08 Cruises return to the Port of New Orleans with 285 ship calls estimated for 2022
13:54 Kalmar to deliver significant order of Straddle Carriers to MPET and PSA in Antwerp
12:41 Skipper ordered to pay reparation of $10,400 after collision with kayaker on the Whanganui River, NZ
12:17 Port of San Diego extends public review period for Draft EIR for PMPU
11:57 HAROPA PORT elected “Best Green Seaport 2021”
11:33 Contract award for MPSV Siem Dorado
10:48 Port of Dunkerque announces new appointments to its Executive Board

2021 November 27

14:38 Liquid Wind secures SEK 151 million for production of fossil free fuel
13:21 TECO 2030 receives NOK 50 million in government support for fuel cell development
11:09 Inmarsat offers future-proof remote control connectivity for latest sea-kit uncrewed surface vessel trials
10:54 J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels

2021 November 26

18:17 TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik
18:00 TransContainer’s IFRS-based net profit in 9M'2021 increased by 51% to RUB 14.8 bln
17:35 Royal Niestern Sander signs contract for walk to work vessel conversion
17:26 PortNews offers final edition of its magazine for 2021
17:15 Konecranes and Cargotec note CMA’s announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
17:03 IMO appoints Special Advisor on Maritime Security
16:55 Nord Stream 2 delay weighs on gas prices - Gasum
16:40 Nevsky Shipyard lays down two research vessels of Project 17050
16:25 BIMCO calls for continued naval support in Gulf of Guinea after piracy incident
16:05 Alfa Laval and Orcan Energy sign a cooperation agreement for the marine market
15:43 Wärtsilä launches power limitation solutions for EEXI compliance
15:25 Hiab launches HIAB iQ.1188 HiPro loader crane with new control system
14:47 RF Government approves Transport Strategy of Russia until 2030 with forecast until 2035
13:59 Sredne-Nevsky Shipyard launches Anatoly Shlemov minesweeper of Project 12700
13:11 The Port of València hosts a rescue drill for a crane operator
12:10 GTT obtains tank design order for three new LNG Carriers from Hyundai Heavy Industries and Hyundai Samho Heavy Industries
11:54 Phase 2 of Bagayevsky hydrosystem construction begins
11:52 Ardmore moderates COP26 ‘ShipZero’ panels, discussing the realities of zero emission ships
11:17 ClassNK signs MOU on cybersecurity with Panama Maritime Authority (PMA)
10:51 MSC starts new In-Transit Cargo service
10:32 MABUX: Global bunker market to keep slight irregular fluctuations with no firm trend on Nov 26
10:22 Oboronlogistics' Ambal ferry obtaines certificate on safety management from RS
09:48 MPA and maritime partners maintain cybersecurity readiness through inaugural exercise
09:33 Baltic Dry Index as of November 25
09:17 Oil prices decrease on concerns over reduction of demand

2021 November 25

18:06 Rolls-Royce and Zhenjiang Shipyard to jointly promote tugs and workboats with mtu engines in China
17:44 Delo Group presented own Digitalization Strategy
17:16 Keppel awarded FSRU conversion and FPSO integration work worth around S$200 million
16:25 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14% in 2021
16:03 Great Lakes Dredge & Dock announces receipt of $92.5 mln Houston Ship Channel widening and improvement project 11 award
15:59 Damen Shipyards achieves official EU Stage V certification for its Emission Reduction system
15:30 RF State Duma ratifies Nairobi Wreck Removal Convention, 2007
15:02 Navigator Holdings announces approval in principle for new CO2 carrier designs for its Dan-Unity CO2 joint venture with Evergas
14:59 RINA, ABB, Helbio, the Liberian Registry, Wärtsilä and an Energy Major enter in proposal with hydrogen as fuel to meet IMO2050 targets
14:44 Rosterminalugol shipped 21 million tonnes of export coal over 10M’2021
14:21 BAE Systems launches next-generation power and propulsion system to help marine operators reach zero emissions
13:55 MABUX: Bunker Weekly Outlook, Week 47, 2021
13:12 Kongsberg Maritime and Norsepower MoU agreement facilitates Rotor Sail integration for shipowners
12:31 Sea Port of Saint-Petersburg allocated over RUB 21 million for implementation of its environmental programme
12:06 Port of Kiel describes path to climate neutrality by 2030
11:06 Third Finnlines hybrid ro-ro launched in China Merchants Jinling Shipyard
10:35 Mitsubishi Heavy Industries receives a major turbomachinery order for Ust-Luga LNG export plant
10:31 MABUX: Bunker prices may demonstrate slight upward changes on Nov 25
10:30 Navigation season closed on Volga-Baltic Waterways
10:06 Port of Long Beach named the best West Coast Seaport in North America
09:41 Oil market sees mixed price movements
09:22 Baltic Dry Index as of November 24
09:08 The second of Damen’s new Shoalbuster 2711 class handed over to Ports of Jersey in christening ceremony