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  • MABUX: Bunker market this morning, Nov 16
  • 2020 November 16 10:07

    MABUX: Bunker market this morning, Nov 16

    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) demonstrated slight downward trend on November 13:

    380 HSFO: USD/MT 310.05 (-2.76)
    VLSFO: USD/MT 367.00 (-3.00)
    MGO: USD/MT 433.70 (-1.66)

     

     

     

     

     

     

     

     

     

     

    Meantime, world oil indexes also fell on Nov.13 pressured by fears about a slow recovery in the global economy and fuel demand due to rising COVID-19 infections.

    Brent for January settlement fell by $0.75 to $42.78 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December delivery decreased by $0.99 to $40.13 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.65 to WTI. Gasoil for December delivery lost $9.00 – $344.75 .

    Today morning oil indexes turned into moderate downward movement.

    New coronavirus infections in the United States and elsewhere are at record levels and tightening restrictions to contain the spread have dampened the prospect of a near-term end to the global health crisis.

    It is expected that OPEC+ could extend the group’s current oil production cuts into 2021 or deepen them further if market conditions require. OPEC+ is due to reduce their existing cuts of 7.7 million barrels per day (bpd) by about 2 million bpd in January. Algeria, which currently holds the OPEC presidency, supported an extension of the current cuts into next year, adding that the next OPEC+ meeting could consider a six-month extension. An extension until the end of March is also being considered as an option. OPEC+ is due to meet next on Nov. 30 and Dec. 1, following a high-level ministerial meeting on Nov. 17.

    Goldman Sachs cut its 2021 Brent crude price forecast but said a surge in COVID-19 cases in Europe and the U.S. only represented a “speed bump” before a potential vaccine and continued supply cuts by top producers tightened market fundamentals. The Bank cut its 2021 forecast for Brent to $55 per barrel from $59.4 per barrel previously and for the WTI price to $52.8 per barrel from $55.9 previously. The Bank also said that a year-end supply surplus forecast at about 1 million barrels per day (bpd) in December, and an uncertain demand outlook would prompt OPEC+ to delay a planned output rise in January by three months. This could bring the oil market back to a “shallow” 0.9 million bpd deficit in the first quarter of next year.

    The five largest producers of crude oil in Africa face a combined production decline of 19 percent as a result of the pandemic’s effect on oil demand and the acceleration of energy transition efforts. The report published by PwC suggested that African countries—particularly the oil producers, including Nigeria, Angola, Egypt, Libya, and Algeria—could benefit if they choose to use their oil revenues for the early adoption of renewable energy. In fact, African oil exporters have a tough challenge to overcome if they are to diversify away from oil and into renewable energy, especially since governments there cannot afford to be as generous with green-focused economic stimulus as EU governments.

    India reported its first yearly increase in petroleum consumption since February, proving the fuel-guzzling nation’s demand is back despite rising coronavirus cases. Total petroleum demand rose 2.7% year-on-year in October, reaching 17.8 million tons. Road fuels reached pre-pandemic levels, but it was demand for naphtha that really soared. Consumption of the petrochemical industry feedstock surged 15%.

    At least 18 oil tankers are expected to load oil for export from Venezuela in the coming weeks in a sign the sanctioned OPEC nation’s crude exports may rebound this month. Venezuela’s oil exports fell to their lowest levels since the 1940s in October. Venezuela is also preparing to send this month several tankers that it had hired for domestic transportation under time-charter contracts to exports destinations, a strategy it began in August after some vessel owners stopped shipping Venezuelan oil due to sanctions.

    We expect IFO bunker prices may decrease today by 3-6 USD while MGO prices may drop by 6-9 USD.






2021 December 5

15:03 GasLog Ltd. places order at DSME for four 174000m3 gas carriers
13:27 USCG holds annual SaR exercise off Maui
12:33 Port of Felixstowe tops 100 million TEU
11:51 Vuosaari fairway deepening project completed on schedule, safely and under budget
10:47 New regional technology clusters in WA and Qld driving growth in Australia’s hydrogen sector

2021 December 4

15:21 MOL and Flotation Energy to explore offshore floating wind in Japan
14:51 Sembcorp Marine's LMG Marin to design world’s first zero-emission fuel tanker
13:09 USCG, royal Turks and Caicos Islands Police Force sign MOU
12:34 The Hurtigruten terminal has been renamed Jektevik terminal
11:02 Port of Rotterdam Authority embarks on partnerships with three promising maritime companies

2021 December 3

18:26 Hydrographic Company set to establish Center of Engineering and Technical Expertise
18:07 ABP Humber complete oil spill incident management exercise
17:52 Wärtsilä OPTI-DP Engagement Tool supporting the marine industry to configure optimised propulsion arrangements for DP vessels
17:45 Ocean Network Express conducts a joint crisis management drill with Seaspan Corporation
17:40 Transport Strategy of Russia until 2030 with forecast until 2035 published on official portal
17:22 MSC adds Hamburg to its feeder service „Baltic Loop 3“
17:02 Vyborg Shipyard launches KMT01 trawler named Kara Sea
16:32 South African minister visits Port of Rotterdam to discuss hydrogen exports
16:05 PD Ports contracts Konecranes to convert four RTGs to electric
15:31 Four Jones Act CTVs built to ABS Class to support U.S. offshore wind development
15:17 ABS, NYK, MTI and WinGD team-up to verify design with modeling and simulation
14:03 Jurong Port joins the Castor Initiative
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13:04 Kapitan Dranitsyn and Admiral Makarov icebreakers reinforced icebreaker group on NSR
12:57 Royal IHC delivers key components for “R.B. Weeks” to Weeks Marine
12:42 Icebreaker assistance season begins in White Sea waters
12:17 Sailing practice of 2021 on Mir sailing ship successfully completed
11:21 NCSP Group's consolidated revenue for 9M’2021 rose by 9.3%
10:53 Foreign contractors can be involved to build LNG-powered icebreakers for Arctic
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10:29 The Korean Register publishes guidance for containers loading on bulk carriers
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09:57 Annual repair dredging in Gulf of Ob from 2023 estimated at 5 million cbm
09:35 Crude oil prices rise on OPEC+ decision to keep oil output increase in January
09:18 Baltic Dry Index as of December 2

2021 December 2

18:36 NRP buys handysize drybulk carrier
18:06 2M Alliance’s Far East liner service „AE 7/Condor“ calls at Hamburg again
17:54 Icebreaker assistance season starts in Big Port St. Petersburg on December 7
17:36 Vitol is first customer to approve completely digital inspection of cargo tanks
17:15 BIMCO launches new contract for employment of security escort vessels
16:45 GTT will design the tanks of four new LNG carriers ordered by Daewoo Shipbuilding & Marine Engineering to operate in Arctic waters
16:25 MOL announces delivery of next-generation coal carrier 'EeneX' series
16:05 PSA & ONE launch environmentally friendly barge service at Jurong Island Terminal
15:42 “K” Line conducts trial use of marine biofuel for decarbonization on car carrier
15:38 Wärtsilä wins order to supply cargo handling system for second LNG bunker vessel being built by Fincantieri Bay Shipbuilding
15:23 Verifavia launches industry’s first real-time carbon intensity indicator dashboard
14:55 Two more LK-60 icebreakers needed for regular year-round navigation on Northern Sea Route
14:28 Equinor and SSE reach financial close on the third phase of the world's biggest offshore wind farm
14:04 Nuclear-powered icebreaker Sibir to commence operation in Kara Sea in early January 2022 – Vyacheslav Ruksha
13:42 MABUX: Bunker Weekly Outlook, Week 48, 2021
13:02 European shipowners call for further action in the Gulf of Guinea
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12:00 NORDEN simplifies business unit structure
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10:00 Digital Twin Conference 2022 to be held virtually on 11-12 May 2022
09:33 Crude oil prices are rising in expectation of OPEC+ meeting
09:19 Baltic Dry Index as of December 1