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  • MABUX: Bunker market this morning, Nov 12
  • 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.




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