• 2020 November 12 10:01

    MABUX: Bunker market this morning, Nov 12

    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 firm upward evolution on November 11:

    380 HSFO: USD/MT 307.94 (+5.58)
    VLSFO: USD/MT 368.00 (+10.00)
    MGO: USD/MT 432.50 (+6.89)

    Meantime, world oil indexes also rose on Nov.11 on hopes of an effective COVID-19 vaccine and an industry report showing U.S. crude inventories fell more than expected.

    Brent for January settlement rose by $0.19 to $43.80 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery added $0.09 to $41.45 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.35 to WTI. Gasoil for November delivery gained $7.50 – $358.50.

    Today morning oil indexes turned into moderate downward movement.

    Vaccine optimism is tempered by the negative short-term outlook, with Covid-19 cases out of control in the U.S. and in Western Europe. There’s still the problem of the second wave and that’s going to affect demand in the near-term.

    American Petroleum Institute data released on Nov.10 showed a 5.15 million barrel drop in crude stocks last week. The U.S. government’s inventory data will be published on Nov.12 this week, a day later than usual, owing to the Veterans’ Day holiday on Nov.11.

    The International Energy Agency said, renewable power generation capacity will increase by 7 percent this year despite a 5-percent forecast decline in global energy demand. The agency also said the use of biofuels in industrial activity and transportation will decline this year, but the increase in renewables use will be strong enough to offset it, with the net increase in renewable energy demand seen at 1 percent.

    OPEC in turn once again cut estimates for the amount of crude it will need to provide in the coming year as the return of measures to contain the global pandemic hits fuel use. The group reduced forecasts for the volume of crude it needs to pump this quarter by 960,000 barrels a day to 26.51 million a day. This follows significant downgrades in the past two months. OPEC’s new downward revision of its oil demand forecasts—the fifth consecutive this year—is giving the market all the more reasons to speculate that the OPEC+ group needs to roll over the 7.7-million-bpd cut into 2021, instead of easing it by 2 million bpd from January.

    Chinese refineries will likely have to lower utilization rate in 2021 amid growing refining capacity and limited oil product outlets overseas. The country is expected to add 440,000 bpd or 22 million mt/year of new capacity, set to be in commercial operation in 2021, in addition to the 260,000 bpd expected to come online in 2020. However, China’s oil product demand in 2021 would only recover to the level in 2019 while demand in the overseas [markets] would remain lower than that in 2019 due to the ongoing pandemic. As a result, the additional product supplies would have nowhere to go, so refineries have to cut utilization rate.

    India's energy demand is beginning to improve as businesses reopen. India, along with China, is expected to be the main driver of oil demand in the coming years. The country is the world's third-largest oil consumer in the world, trailing only the United States and China. Recently, India invited foreign companies to invest in an expansion of its strategic petroleum reserve capacity as it seeks to boost its energy security by storing more oil locally.

    Global LNG supply is expected to turn tight gradually in the next five years due to the delay of final investment decisions on many LNG projects, which would ultimately lift prices. It was expected that there would be 60 million mt/year of LNG projects to make Final Investment Decision (FID) in 2020 earlier, but many of these projects were said to have been either delayed or cancelled due to COVID-19. The move will surely affect LNG supply in the next 4-5 years. On the demand side, it is expected that COVID-19 impact on LNG demand would be mainly in 2020, with global LNG demand estimated to fall around 10 million-16 million mt, or 4% year on year.

    We expect bunker prices will not have any firm trend today and may change irregular: IFO – in a range of plus-minus 1-3 USD, MGO – in a range of plus-minus 2-6 USD.




2024 March 29

10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
13:07 First LNG powered vessel calls at HIP
12:49 Inter-array cable installation completed at Neart na Gaoithe offshore wind farm