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

    MABUX: Bunker market this morning, Nov 10

    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) did not have any firm trend and changed irregular on Nov.09:

    380 HSFO: USD/MT 293.77 (-1.91)
    VLSFO: USD/MT 345.00 (+1.00)
    MGO: USD/MT 409.02 (+3.37)


    Meantime, world oil indexes rose significantly on Nov.09 after Pfizer announced promising results for its COVID-19 vaccine candidate and Saudi Arabia said an OPEC+ oil output deal could be adjusted to balance the market.

    Brent for January settlement rose by $2.95 to $42.40 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery added $3.15 to $40.29 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.11 to WTI. Gasoil for November delivery gained $21.00 – $343.75.

    Today morning oil indexes turned into moderate downward correction.

    Pfizer said its experimental vaccine was more than 90% effective in preventing COVID-19. It is expected, a vaccine will help ensure no future lockdowns are needed and will bring people back to the streets, allowing road and air transport to recover.

    Saudi Arabia said the OPEC+ deal on oil output cuts could be adjusted if there was consensus among members of the group.

    Meantime, key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as U.S. President and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut. Biden could modify U.S. diplomatic relations with three members of OPEC – de facto leader Saudi Arabia, and sanctioned countries Iran and Venezuela, as well as with key non-OPEC producer Russia. Strict enforcement of U.S. sanctions on Iran and Venezuela has kept millions of barrels of oil per day off the market, and if Biden should relax measures on either in years to come an increase in production could make it harder for OPEC to balance supply with demand.

    The International Energy Agency (IEA) said, renewed lockdown measures in Europe aimed at containing a rise in COVID-19 cases appear set to push the outlook for global oil demand toward the downside. The IEA kept its 2020 and 2021 oil demand forecast steady in its monthly report on Oct. 14, before major European countries including Germany, France and the United Kingdom imposed strict new curbs on movement to check the spread of the virus. IEA also noted that China remains the world's major bright spot after suppressing the virus earlier this year and is on track to be the only major country to boost its year-on-year demand for oil.

    Libya boosted oil production to more than 1 million barrels a day. The country ramped up production in the past six weeks amid a truce between rival military forces. It was pumping 800,000 barrels a day last week, and now it was reported that that output exceeds the million-barrel level. That’s the first time the landmark has been reached since early January. The extra Libyan barrels are an unwelcome complication for OPEC+, which planned to increase output by almost 2 million barrels a day in January. But it may be forced into a delay with crude prices under pressure again.

    India wants OPEC to review its pricing policies for the Asian market and end the premium it puts on its crude for Asia. India depends on OPEC for 78 percent of its crude oil demand, 59 percent of liquefied petroleum gas (LPG) demand, and nearly 38 percent of its liquefied natural gas (LNG) demand, and imported US$92.8 billion worth of oil, gas, and petroleum from OPEC members in the 2019-2020 financial year.

    Diesel consumers are likely to face an uncomfortable fact: the capacity to refine crude oil into traditional diesel fuel is starting to shrink in the U.S. and ultimately the world. One of the reasons is that there is simply too much refining capacity in the world and there will be efforts needed to cull it. It is expected that worldwide refining capacity cuts to total about 5 million bpd, with about half of that coming from North America. Against a worldwide oil market of about 97 million bpd, down from the pre-pandemic level of 100 million bpd or slightly more, a cut that big is significant.

    We expect IFO bunker prices may jump by 15-20 USD today while MGO prices will also gain 18-23 USD. Downward correction is expected in the end of the day.




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