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  • MABUX: Bunker market this morning, Dec. 2
  • 2020 December 2 09:25

    MABUX: Bunker market this morning, Dec. 2

    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 irregular changes on Dec.01:

    380 HSFO - USD/MT - 327.13 (+0.15)

    VLSFO - USD/MT – 395.00 (+1.00)

    MGO - USD/MT – 461.38 (-0.98)

    Meantime, world oil indexes declined on Dec.01 as OPEC+ failed to reach an agreement regarding production cuts in 2021, with the three most influential members all disagreeing on how to proceed.

    Brent for February settlement decreased by $0.17 to $47.42 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January fell by $0.79 to $44.55 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.87 to WTI. Gasoil for December delivery lost $0.75.

    Today oil indexes continue to slide down hit by a surprise build in oil inventories in the United States and as OPEC+ delayed a formal meeting to decide whether to increase output in January.

    The market was waiting for the decision of the OPEC+ to freeze output at its current level for at least another several months, rather than raise it by 1.9 million barrels a day, as had been foreseen when the group last met. However, the United Arab Emirates, reportedly supported by non-OPEC member Russia, had floated the idea of raising production by 500,000 barrels a day from January 1.

    The failure to agree on an output level for OPEC as a group meant that it pushed back until Thursday a final decision in concert with Russia and other non-OPEC members. Additional supply would undermine a recent rally which saw prices soar about 27% in November, and some nations are concerned about lower prices as demand remains weak and COVID-19 infections soar. However, the United Arab Emirates (UAE) said this week that even though it could support a rollover, it would struggle to continue with the same deep output reductions into 2021. Meanwhile non-OPEC+ member Norway's oil output curbs, in place since June, are set to end on Dec. 31, which could further dent prices.

    U.S. crude inventories rose by 4.1 million barrels last week, according to the American Petroleum Institute (API), after a build of 3.8 million barrels the previous week. Gasoline and distillates inventories rose by 3.4 million and 334,000 barrels. The build comes a day ahead of the official government report expected to show weekly U.S. crude supplies increased by about 2.4 million barrels last week. 

    Global demand for oil is running about 5 million to 6 million barrels per day (bpd) below pre-coronavirus crisis levels, according to Gunvor trading house. It is also said that the market would not recover to 2019 levels for at least a year and OPEC with its allies were likely to prolong existing production cuts into the first quarter of 2021. Demand plunged by almost a third and crude prices crashed in April as 4 billion people were placed under some form of lockdown to contain the spread of the novel coronavirus. A recovery in fuel consumption since June has stalled as major European states lock down to combat a second wave of COVID-19 infections. The vaccine will not change the realities on the ground for the next 5-6 months.

    We expect bunker prices may demonstrate slight downward changes today: 1-3 USD down for IFO and 1-3 USD down for MGO.


2022 December 5

18:27 ABP completes its annual Humber Oil Spill Incident Management Exercise
18:07 DNV enlarges its offerings portfolio to support businesses with EU Green Deal requirements
18:00 Oboronlogistics reports stable growth of ferry traffic in November 2022
17:44 Adani Ports and SEZ wins bid to buy Karaikal port - The Hindu Businessline
17:26 PD Ports welcomes first vessel on new short sea service from Iberia
17:04 Icebreaker assistance season begins in the port of Azov on December 7
16:57 Port of Rotterdam Authority and GoodShipping launch ‘Switch to Zero’ campaign to reduce shipping industry carbon emissions
16:17 Rosmorport to sign agreement with Gazpromneft Marine Bunker for supply of 10,000 tonnes of LNG to bunker ships in Ust-Luga
15:46 "Zykh" Ship Repair and Construction Yard completes the overhaul of the dry-cargo ship for ASCO
14:59 Nuclear-powered icebreaker Ural of Project 22220 commenced operation in the Kara Sea
14:25 Port of Baku signed MoU connecting Chinese and European hubs
14:13 Council of the EU issues conclusions on the "Ongoing development of inland waterway transport"
14:03 Optimarin highlights how to navigate the challenges of BWTS retrofits
13:30 Magdalena Bosson becomes the new CEO of Ports of Stockholm’s
13:02 ICTSI delivers the largest port equipment in Papua New Guinea
13:01 AEON to build methanol plant with annual capacity of 1 million tonnes by 2026
12:40 Wartsila Cargo Handling and Fuel Supply Systems selected for world’s largest LPG/Midsize gas carriers
12:13 TotalEnergies becomes the eighth partner of the Castor Initiative
12:12 Ice conditions of mild winder type expected in the Gulf of Finland this navigation season
11:40 ASCO’s dry-cargo ship Huseyn Javid resumes operation after major overhaul
10:54 EU agrees on level of price cap for oil from Russia
10:38 Ships certified by RINA and Bureau Veritas to be accepted for operation in navigation season 2022-2023
10:35 UK bans import of Russian oil and oil products from 5 December and introduces oil price cap guidance
09:41 EMA and the Maritime and Port Authority of Singapore invite interested parties to submit proposals to build, own and operate low or zero-carbon power generation and bunkering solutions in Jurong Island
09:29 Throughput of Eisk seaport totaled 3.77 million tonnes

2022 December 4

15:12 Global energy major joins The Castor Initiative - LR
13:29 The Port of Valencia activates an investment of 1,564 million euros for its new container terminal
11:42 Busole project awarded in the ESG Innovator competition
10:02 Hupac announces new rail connection Antwerp Combinant and Duisburg

2022 December 3

15:49 Schedule reliability continues on its upwards trend - Sea-Intelligence
13:07 Concordia Maritime announces delivery of sold vessel and continued review of its fleet
11:18 Trinidad and Tobago targets 4 Mtpa green hydrogen by 2065
09:34 SITC accepts delivery of M/V “SITC CHENMING”

2022 December 2

18:25 Queues to pass through Bosporus Strait worse than past year - Lloyd's List Intelligence
18:07 e1 Marine, NAVTEK partner to develop hydrogen-powered car carrier vessel - H2 View
17:59 IAA PortNews’ summary of past week news
17:40 MacGregor introduces an electric transloading crane to complete the electric crane series
17:21 Wartsila to act as system integrator for Binary Marine Installation Solution
17:00 Nuclear-powered icebreaker Ural of Project 22220 leaves Murmansk for the first operational voyage
16:52 The ports in Szczecin and Swinoujscie cargo transshipments up by 9.4 percent in Jan-Nov 2022
16:24 GTT receives two orders from Samsung Heavy Industries for the tank design of seven new LNG сarriers
15:53 15 empty containers at Keppel Terminal in the port of Singapore fall into the water due to squall 
15:46 Krasnoye Sormovo may be contracted for building river/sea class ships for Belarussian companies
15:29 Hyundai Heavy Industries Group to present 'ocean transformation' plans at CES 2023
15:07 Demand for Eastern Polygon traffic to exceed capacity by 70-80 million tonnes after 2025 - expert
14:58 Deal to resume Russian ammonia exports via Ukraine close – Reuters
14:24 Freeport LNG delays restart target to end of year amid US regulatory hurdles - S&P Global
13:55 FSUE Rosmorport supports 6th Hydraulic Engineering and Dredging Congress as its General Partner
13:13 Giant wave kills passenger and injures four on new Viking cruise ship - TradeWinds
12:56 Aker BP’s Board approves field development projects
12:31 Waiting list for civil ship repair in Arkhangelsk Region is 2‒3.5 years long
11:52 Indian port operator orders three Generation 6 Konecranes Gottwald Mobile Harbor Cranes to electrify bulk handling
11:35 LR authorised to carry out certification activities for non-SOLAS ships in Italy
11:26 A batch of reefer containers delivered to Vladivostok Sea Fishing Port
11:03 Singapore and Netherlands accept IMO Convention amendments
10:58 Accelleron launches new all-inclusive service agreement for auxiliary engine turbochargers
10:35 Sempra announces sale and purchase agreement with INEOS for Port Arthur LNG Phase 1
09:44 Winter-spring navigation season begins on the Northern Sea Route
09:40 NYK concludes investment and strategic partnership agreements with Pertamina
09:15 Rosmorport receives new certificate of conformity of Novorossiysk VTS