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  • MABUX: Bunker market this morning, Nov 13
  • 2020 November 13 09:51

    MABUX: Bunker market this morning, Nov 13

    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 to rise on November 12:

    380 HSFO: USD/MT 312.81 (+4.87)
    VLSFO: USD/MT 370.00 (+2.00)
    MGO: USD/MT 435.14 (+2.64)

    Meantime, world oil indexes decreased on Nov.12 amid mixed inventory numbers and a new explosion of coronavirus cases in the United States.

    Brent for January settlement decreased by $0.27 to $43.53 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December fell by $0.33 to $41.12 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.41 to WTI. Gasoil for December delivery lost $4.75.

    Today oil indexes continue to decline after a gloomy forecast from the International Energy Agency weighed on the demand outlook.

    According to the U.S. Energy Information Administration, crude oil inventories across the country rose 4.3 million barrels last week, versus expectations for a draw of 913,000 barrels. Crude stored at the Cushing, Oklahoma delivery point for contracted barrels of WTI declined 518,000 barrels last week, against expectations for a draw of 1.6 million barrels. But offsetting the crude numbers were fuel statistics which indicated better demand. Gasoline stockpiles fell by 2 million barrels above forecast. Diesel-led distillate inventories slid 3.5 million barrels more than expected.

    The trend divergence between crude and fuels was probably due to industry disruptions caused by the end-October Storm Zeta. A record of nearly 30 hurricanes has occurred in the U.S. Atlantic region this year, affecting crude production in states like Louisiana and the broader Gulf Coast of Mexico. Each of these storms resulted in near total shutdowns of crude production that invariably sprung back quickly, forcing estimators to sharply pare crude inventory/fuel demand estimates at first, only to ratchet them much higher later.

    Fears over demand have capped a week of gains for oil as a second wave of COVID-19 cases builds across the U.S. and Europe, threatening to reduce economic activity even further. U.S. coronavirus cases hit a new daily record high on Nov.12, with 140,543 reported, marking the ninth straight day where they stood at above 100,000. According to Johns Hopkins University, some 10.4 million Americans have contracted the Covid-19 so far and nearly 242,000 have died from complications caused by the virus.

    The EIA said in its latest Short-Term Energy Outlook (STEO), that this year, WTI Crude prices are expected to average $38.24 per barrel. Brent prices will likely stay near $40 a barrel through the end of 2020. Both benchmarks are down slightly compared to its estimates in the October STEO.  EIA sees the record high global cases of COVID-19 and the return of Libyan oil sooner than expected as the main headwinds to oil prices now. The administration expects global inventories to continue falling in the coming months, but “high global oil inventory levels and surplus crude oil production capacity will limit upward pressure on oil prices.

    In its monthly Oil Market Report, the International Energy Agency (IEA) said that permanent shutdowns of refinery capacity had reached 1.7 million barrels per day (bpd). But another more than 20 million bpd crude oil distillation capacity now sits idle, pointed, that there remains significant structural overcapacity.

    The good news on the vaccine front from Pfizer Inc and BioNTech at the start of the week supported oil prices. At the same time, there’s still a lot of uncertainty about how quickly it could be rolled out. Three of the world’s top central bankers warned that it wouldn’t be enough to put an end to the economic challenges created by the pandemic. The IEA also cautioned the breakthrough won’t quickly revive energy.

    Responding to the global conditions, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman has said that OPEC+ is looking into maintaining its current supply cuts well into 2021, given agreement between its members. Algeria’s energy minister also said, that OPEC+ could extend the group’s current oil production cuts into 2021 or deepen them further if market conditions require.

    We expect bunker prices may slight down today: 1-3 USD down for IFO and 2-4 USD down for MGO.

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