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  • MABUX: Bunker market this morning, Dec 09
  • 2020 December 9 10:21

    MABUX: Bunker market this morning, Dec 09

    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 in the main world hubs) changed slightly on December 08:

    380 HSFO: USD/MT 328.94 (-0.05)
    VLSFO: USD/MT 400.00 (0.00)
    MGO: USD/MT 470.23 (+1.93)









    Correlation of the Market Bunker Prices (MBP) Index vs the MABUX Digital Bunker Prices (DBP) Index in  four largest hubs showed on Dec.08 that in Rotterdam MBP for 380 HSFO and MGO LS were below the DBP index (i.e. fuel was undervalued) by 7 USD and 18 USD, respectively. Meantime, the VLSFO in Rotterdam was still overvalued by 9 USD. In Singapore, there was registered a 100% correlation between MBP and DBP indices for 380 HSFO and VLSFO, while MGO LS was still undervalued. In Fujairah and Houston, 380 HSFO and VLSFO remained overvalued. MGO LS showed undervaluation in Fujairah (minus 18 USD) but overvaluation in Houston (plus 9 USD).






    World oil indexes changed insignificant and irregular on Dec.08 after coronavirus cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements.

    Brent for February settlement rose by $0.05 to $48.84 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January delivery decreased by $0.16 to $45.60 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $3.24 to WTI. Gasoil for December delivery gained $0.50 – $402.00 .

    Today morning oil indexes demonstrate slight downward trend.

    A sharp rise in coronavirus cases globally has led to a string of renewed lockdowns, including strict measures in California, Germany and South Korea. France may have to delay unwinding some lockdown restrictions next week, after signs the downward trend in new cases had flattened after shops were allowed to reopen late last month.

    The American Petroleum Institute (API) reported on Dec.08 a build in crude oil inventories of 1.141 million barrels for the week ending December 4. Forecasts had predicted an inventory draw of 1.514 million barrels for the week. Besides, the API reported a large build in gasoline inventories of 6.442 million barrels of gasoline for the week ending December 4—compared to the previous week's 3.402-million-barrel build. U.S. oil production was up 100,000 bpd for the week ending November 27, at 11.1 million bpd—2.0 million bpd lower than the all-time high of 13.1 million bpd reached in March.

    The next OPEC+ group meeting on production policy is expected to be set for the first trading day of 2021, January 4. The group managed to avoid a no-deal outcome at its last week meetings, which went on for days amid disagreements over how the OPEC cartel and its Russia-led non-OPEC partners would act next year with the pandemic still depressing fuel demand in the world. The original plan for a 2-million-bpd increase of OPEC+ production as of January was watered down to a 500,000-bpd rise for January in a compromise agreement, largely seen as a positive outcome that avoided a break-up of the OPEC+ pact or even of OPEC.  

    Iran is preparing to start expanding its crude oil exports ahead of Joe Biden's inauguration in January in a clear sign it expects better bilateral relations with the U.S. during the next administration. The U.S. president-elect said although, he would only lift the sanctions imposed on Iran by President Trump if Iran returns to "strict compliance with the nuclear deal". In response, Iran said Washington had its own "commitments". It is expected Iran will be ready to return to pre-sanction production and exports within three months.

    Iraq said it is committed to all OPEC+ production cut agreements that help contain the volatility in oil prices because OPEC’s second largest oil producer seeks higher prices for its crude exports. Iraq has a production quota of 3.804 million bpd and had agreed to implement “compensation cuts” of 203,000 bpd below that in September and 165,000 bpd for October to December for its excess production from May to August. Iraq plans to base its 2021 oil budget on a price of $42/b. The country’s parliament is expected to start debating this month the budget draft bill.

    Japan said it will introduce ammonia into the fuel mix for thermal power generation as well as for shipping from the late 2020s as part of its efforts to achieve carbon neutrality in 2050. For introduction of fuel ammonia, Japan should consider ways to lower its production cost, which is “slightly expensive”, and be competitive against all other fuel and energy sources, including coal, gas, and renewables for power generation. To introduce ammonia for thermal power and as a shipping fuel in the late 2020s, Japan will also consider developing its supply chain spanning procurement, production, transportation, storage, utilization, and finance.

    We do not expect any drastic changes in bunker prices today with possible fluctuations of plus-minus 1-3 USD.

2022 January 26

18:06 Safe Bulkers announces agreement for the acquisition of one Capesize class dry-bulk Japanese vessel
17:54 Olga Naumova takes helm of Russian Fishery Company
17:41 Shearwater GeoServices awarded Western Australia multicomponent surveys by Santos
17:26 Heerema wins decommissioning contract for multiple Petrogas platforms
16:27 USCG to break ice along Penobscot, Connecticut, and Hudson Rivers
16:03 Deltamarin signs an engineering contract for Höegh Autoliners Aurora Class PCTCs
15:58 Avenir sells the world’s largest LNG bunker vessel
15:55 Rosmorport supports "Soul of the Caspian" expedition aimed at studying and conserving Caspian seal
15:33 Maersk Supply Service launches new venture company to deliver offshore vessel charging
14:40 Throughput of OTEKO Group terminals in Taman surged by 82%, year-on-year
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