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  • MABUX: Bunker market this morning, Dec 07
  • 2020 December 7 10:12

    MABUX: Bunker market this morning, Dec 07

    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) rose on Dec.04:

    380 HSFO: USD/MT 330.19 (+3.59)
    VLSFO: USD/MT 400.00 (+5.00)
    MGO: USD/MT 467.25 (+4.19)

     

     

     

     

     

     

     

     

     

    Correlation between the Market Bunker Price Index (MBP) vs MABUX Digital Bunker Price Index (DBP) in four major hubs on Dec.04 still showed overcharging of 380 HSFO and VLSFO bunker grades in all selected ports, including 380 HSFO in Rotterdam (plus 1 USD against minus 6 USD on Dec.03). MGO LS remained slightly undervalued in all ports except Houston (plus 5 USD on Dec.04).

     

     

     

     

     

    Meantime, world oil indexes rose on Dec.04 as expectations of a U.S. economic stimulus package and the possibility of a vaccine for the coronavirus overrode rising supply and increased COVID-19 deaths.

    Brent for February settlement rose by $0.54 to $49.25 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery increased by $0.62 to $46.26 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $2.99 to WTI. Gasoil for December delivery gained $1.00 – $397.50 .

    Today morning oil indexes do not have any firm trend so far.

    OPEC and Russia last week agreed to slightly ease their deep oil output cuts from January by 500,000 barrels per day but failed to find a compromise on a broader and longer term policy for the rest of next year. The increase means the OPEC+ would move to cutting production by 7.2 million bpd, or 7% of global demand from January, compared with current cuts of 7.7 million bpd. The curbs are being implemented to tackle weak oil demand amid a second coronavirus wave. Russia noted that the group would now gather every month to decide on output policies beyond January with monthly increases not exceeding 500,000 bpd.

    The development of multiple vaccines that are expected to allow a return to normal life next year, coupled with the fact that the dip in demand caused by the latest wave has not been as severe as many feared, allowed the OPEC+ bloc to accommodate pressure from countries led by the United Arab Emirates who had argued for raising the production ceiling.

    The International Energy Agency (IEA) said energy efficiency is expected to record this year its weakest progress in a decade, creating additional challenges to the world achieving international climate goals. Plunging investments and the economic crisis have markedly slowed the progress in energy efficiency this year, to half the rate of improvement seen in the previous two years. As a result, global primary energy intensity, a key indicator of how efficiently the world’s economic activity uses energy, is expected to improve by less than 1 percent in 2020, the weakest rate since 2010.

    Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd. To compare, the Saudis shipped as much as 1.3 million bpd to the United States in April, when they sent a fleet of supertankers to flood the U.S. market with oil during the price war with Russia at the end of March and early April. U.S. total oil imports, meanwhile, have been on the decline, too. For the four weeks to November 27 these averaged 5 million bpd, down by 10.5 percent on a year ago.

    Meantime, Saudi Aramco expects oil prices are set to see a meaningful recovery in the second half of next year. The prospects of vaccine rollout early next year and signs of a strong recovery in oil demand in Asia makes Aramco optimistic about the oil market’s prospects next year, especially in the latter half. Aramco continues to bet on expanding in the downstream to take advantage of expected growth in petrochemicals.

    The number of oil rigs in the United States rose by 5 to 246—the highest number of rigs since mid-May. Total oil and gas rigs in the United States are now down by 476 compared to this time last year. The EIA’s estimate for oil production in the United States is now at 11.1 million barrels of oil per day as of the most recent reporting period, with U.S. production still rangebound between 9.7 million bpd and 11.1 million bpd for months.

    We expect IFO bunker prices may add 2-4 USD today while MGO prices may rise by 1-3 USD.




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
13:30 ABS awards sustainability notations to two Harvey Gulf vessels
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
10:38 MABUX: Bunker prices may demonstrate multidirectional changes with tendency to grow on Dec 3
10:29 The Korean Register publishes guidance for containers loading on bulk carriers
10:20 MSU-1 to perform reconstruction of Gorodetsky hydrosystem locks
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
12:40 Rolls-Royce to supply eight mtu engines for new Svitzer tugs in Brazil
12:01 Throughput of Azov port in 11M’2021 climbed by 1% YoY
12:00 NORDEN simplifies business unit structure
11:36 Norway’s Eksfin tops NOK 10bn in offshore wind financing as Dogger Bank C reaches financial close
11:34 Annual throughput of Severnaya Zvezda project on Taimyr peninsula to exceed 7 million tonnes from 2026
11:10 MABUX: Uncertainty on Global bunker market to continue on Dec 02
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

2021 December 1

19:15 PortNews to hold Ship Repair, Modernization and Components Conference on 20 September 2022 in Saint-Petersburg
18:31 DP World celebrates 2,000 members of the Digital Freight Alliance
18:07 CMA CGM and Shell perform first Bio-LNG bunkering operation in Rotterdam
17:42 8 new fuel-efficient ships to join the X-Press Feeders fleet
17:26 Danish Smyril Lines Cargo starts second service between Iceland, the Faroe Islands and Rotterdam