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  • MABUX: Bunker market this morning, Dec.03
  • 2020 December 3 09:48

    MABUX: Bunker market this morning, Dec.03

    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) fell slightly on Dec.02:

    380 HSFO - USD/MT - 324.45 (-2.68)

    VLSFO - USD/MT – 392.00 (-3.00)

    MGO - USD/MT – 460.88 (-0.50)

    Comparison between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in the four major hubs on Dec.02 still showed slight overcharging of 380 HSFO and VLSFO bunker fuels in all selected ports, with the exception of Rotterdam (380 HSFO fuel at the port was undervalued by 6.00 USD on Dec.02), while MGO LS prices were undervalued in all ports except Houston (plus 14 USD).

    Meantime, world oil indexes rose slightly on Dec.02 as the market awaited a pact from producers on output.

    Brent for February settlement rose by $0.83 to $48.25 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery increased by $0.73 to $45.28 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.97 to WTI. Gasoil for December delivery gained $4.25 – $390.50 .

    Today morning oil indexes have turned into slight downward correction.

    OPEC+ postponed a decision on its next steps until Dec.04 after talks proved harder than expected. It was expected the group to extend its current agreement by three months or so, rather than allowing the cuts to taper beginning in January. However, some members are itching to increase production. Russia has suggested easing by 0.5 mb/d each month beginning in January. At the same time, the UAE is uncomfortable with low compliance levels of other members.

    Middle East producers led by Saudi Arabia are widely expected to raise their official selling prices for January loading crude in December, although the outcome of the OPEC and non-OPEC meetings in coming days could affect the size and even the direction of any price change. Saudi Aramco is expected to raise the price of medium, sour Arab Light for January by 50-60 cents/b from December.

    Fitch Ratings has revised its global shipping sector outlook to stable, reflecting improving fundamentals for container shipping and dry bulk, albeit a relatively weak tanker segment. Prudent capacity management, particularly in container shipping, should enable operators to benefit from a partial rebound in demand across freight categories in 2021 based on our current expectations for a global economic recovery. Developments in emissions regulations by the International Maritime Organization (IMO) or EU could affect the medium-term outlook for sector cost structures and the earnings capacity of relevant shipping segments.

    Fifteen countries in the Asia-Pacific region—including China and Australia—recently signed the world’s newest and largest trade pact. The Regional Comprehensive Economic Partnership (RCEP) Agreement is set to gradually reduce and, in some cases, eliminate, trade tariffs on goods, including commodities. The pact could further sideline U.S. exporters of energy (incl. LNG) to the world’s most resource-thirsty region.

    The United States briefly returned to being a net importer of crude oil and petroleum products in May and June this year, as U.S. crude oil and refinery output slumped at the start of the pandemic. But on an annual basis, U.S. net imports of petroleum dropped from a high of 12.5 million bpd in 2005 to 700,000 bpd last year. Meantime, the decline in U.S. crude oil production and the lower refinery runs resulted in a decline in America’s gross crude oil and petroleum product exports.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.7 million barrels from the previous week. At 488.0 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. A day before the EIA released its latest weekly inventory numbers, the American petroleum Institute reported an inventory build of over 4 million barrels for last week.

    Gazprom will attempt to restart construction on the Nord Stream 2 pipeline, which has been held up for a year due to U.S. sanctions. Forecasts believe that Russia has the ability to complete the project. Sanctions have targeted pipelaying vessels, which have complicated Russia’s construction effort.

    We expect IFO bunker prices may add 3-5 USD today while MGO prices may rise by 4-6 USD.


2022 January 26

14:13 Fincantieri’s U.S. shipyards join Green Marine
13:48 Yakutia LNG project may need new port facilities in Sea of Okhotsk
13:27 Konecranes provides 17 Automated Rubber-Tired Gantry Cranes in fully integrated solution for Port of Felixstowe
12:37 Freeport of Ventspils handled over 11.1 million tons of cargo in 2021
12:01 DNV selected to lead “pioneering" ammonia bunkering safety study in Singapore
11:32 Superyacht Phi delivered to ABS class
11:23 Smart Ports Russia 2022 to bring together ports and terminals in Moscow
10:58 KN transhipped the first bulk bitumen to a tanker
10:58 Port Houston annual TEUs set record with 15 percent growth
10:37 CIMAC World Congress is postponed to June 2023
10:01 Klaipeda Port handled 45.6 million tonnes of cargo in 2021
09:53 KCC signs pilot agreement for Yara Marine’s ‘FuelOpt’ energy efficiency system
09:39 Baltic Dry Index as of January 25
09:18 Crude oil prices start decreasing
08:33 MABUX: Global bunker market compensates losses from the day before

2022 January 25

18:10 Ports of Los Angeles & Long Beach postpone Container Excess Dwell Fee
17:55 Joint Russian-Chinese naval exercise Peaceful Sea-2022 took place in the Arabian Sea
17:36 Broad scope of Wärtsilä power solutions selected for gas-fuelled ferry trio
17:26 ICTSI's Cavite Gateway Terminal beefs up operations
17:04 BLRT Grupp is constructing a unique floating exhibition centre for Norway
16:45 Port of Los Angeles launches first-of-its-kind cyber resilience center
16:25 IDFA, Port of Los Angeles, and CMA CGM form joint initiative to advance U.S. dairy exports
15:52 MOL announces the world's first successful sea trial of autonomous sailing on a commercial container ship voyage
15:13 Damen commissions Rolls-Royce business unit to supply automation solutions for German Navy’s F126 frigates
15:02 Valenciaport and COSCO collaborate in the automation of the delivery of container seals
14:41 Flag-raising ceremony held on Sibir, first serial nuclear-powered icebreaker of Project 22220
14:02 7.6 million tonnes of goods handled in record quantities at the Port of Kiel
13:36 Glavgosexpertiza approves installation of NSR maritime distress safety system at “Dickson” station
13:12 European shipowners support EU parliamentary proposal on commercial operators and a sector-dedicated fund
12:54 Damen signs up ERMA FIRST to supply world’s smallest Ballast Water Treatment System
12:30 TotalEnergies launches Port of Marseille Fos’ first ship-to-containership LNG bunkering operation
12:11 OOCL posts results for 2021
11:24 RF Accounts Chamber found Russian IWW potential not to be used in full
11:00 European Parliament proposed amendments to EU ETS put Green Deal goals at risk, says World Shipping Council
10:17 Saimaa Canal Commission grants permit to Transport Infrastructure Agency for construction in Saimaa Canal lease area
09:43 Baltic Dry Index as of January 24
09:28 Crude oil prices continue moderate increase
09:15 MABUX: Global bunker prices to trend lower on Jan 25

2022 January 24

18:22 Nakilat takes delivery and management of fourth LNG carrier newbuild
18:09 CMA CGM and TotalEnergies launch Port of Marseille Fos’ first ship-to-containership LNG bunkering operation
17:55 Detachment of RF Navy’s Baltic Fleet went to sea to fulfill tasks of long-distance campaign
17:32 Raiffeisenbank opens USD 20 million credit facility for Sea Port of Saint-Petersburg
17:13 GTMaritime guide sets out future of maritime communications
16:50 Glavgosexpertiza approves construction of coal terminal Port “Vera” in Primorye
16:29 Salus Technical introduces its the cloud-based software Bowtie Master
15:58 Tersan shipyard lays down trawler for Magadan based fishing company Tikhrybkom
15:11 Wärtsilä hits methanol milestone with first newbuild engine order
14:30 Sea Port of Saint-Petersburg to take delivery of over 40 units of handling equipment and one 63-tonne crane in 2022
14:01 Dogger Bank announces supplier events for O&M phase
13:44 BW Offshore signed an agreement for the sale of the FPSO BW Joko Tole
13:21 Loko-Bank shareholder increased his share in FESCO to 26.52%
13:07 Royal Dutch Shell plc changes its name to Shell plc
12:44 FESCO increases number of transit container trains from CPV almost twice in 2021
12:23 EdgeTech rolls out the 6205s2 Swath Bathymetry & Side Scan Sonar System
12:18 PGS secures Northern Lights CO2 storage acquisition contract
11:52 Maersk Drilling secures 21-month contract with TotalEnergies
11:17 Second episode of a creative multimedia project named The Ecologist was launched in cooperation with Van Oord
10:49 Heerema announces contract with McDermott for Saudi Aramco’s Marjan Increment Program
10:42 Eastern Shipbuilding completes major infrastructure improvement project to support OPC program
09:28 Crude oil prices rise as demand increases