• 2019 May 17 08:25

    MABUX: Bunker market this morning, May 17

    The Bunker Review was contributed by Marine Bunker Exchange

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) demonstrated slight upward movement on May 16:

    380 HSFO – USD/MT 411.14 (+0.14)
    180 HSFO – USD/MT 457.93 (+0.29)
    MGO – USD/MT 663.21 (+7.28)


    Meantime, world oil indexes continued upward trend on May 16 amid tensions in the Middle East linked to stealth attacks on Saudi oil tankers and pipelines.

    Brent for July settlement increased by $0.85 to $72.62 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for June delivery rose by $0.85 to $62.87 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of 9.75 to WTI. Gasoil for June gained $14.75.

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

    International Energy Agency (IEA) said in its monthly report that it predicts the world will require very little extra oil from OPEC this year as booming U.S. output will offset falling exports from Iran and Venezuela. The IEA estimated growth in global oil demand to average 1.3 million barrels per day in 2019. In contrast, U.S. production of oil and condensates alone was forecast to rise by an average of 1.7 million bpd this year.

    The IEA also predicted, that the contamination issue with Russian oil pipeline supply will impact European refinery runs to the tune of 250,000 bpd in the second quarter, which is below 2 percent of Europe’s refined oil product demand. Hungary, Poland, and the Czech Republic were said earlier this month to be releasing a total of 8 million barrels from their respective strategic petroleum reserves to keep refineries operating after the contaminated crude oil forced the shutdown of the pipeline. Normal deliveries via the pipeline are expected to resume in the second half of May. One consequence could be a loss of confidence in the quality of the crude flows and thus a search for alternative supplies.

    A panel of OPEC and Russian ministers is going to meet this weekend in Saudi Arabian city of Jeddah to assess oil market conditions ahead of the full OPEC+ meeting in Vienna next month. While Saudi Arabia has not yet rushed to pump more to offset the expected loss of Iranian barrels, Iran warned earlier this month that it would respond to threats from fellow OPEC producers. It is expected that the next OPEC meeting could be very volatile as OPEC members don't see how Iran and Venezuela will vote in favor of a supply increase by Saudi Arabia and the UAE in order to replace their restricted exports due to US sanctions.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) rose by 5.4 million barrels last week, versus expectations for a decline of 800,000 barrels. In the previous week, crude inventories fell by almost 4 million barrels.

    Boston Consulting Group said that the marine industry's January 2020 shift to using very low sulfur fuel oil (VLSFO) to power ships worldwide will launch a one- to five-year disruption in oil and refined products markets. The changeover may increase profits for refiners, especially on the U.S. Gulf Coast, where plants are designed to process high-sulfur crudes. It could also benefit producers of shale oil, which has a lower sulfur content than other varieties. Study also said that the shortest period for the transition would be one year if the IMO were to postpone the start to 2022, allowing refiners and shippers more time to prepare for the change, which was first announced in 2016. The longest period – five years – would be expected if the world economy falls into recession and shippers widely do not comply with the regulation, narrowing the expected price spread between HSFO and VLSFO.

    Venezuela has stopped upgrading crude oil as PDVSA finds itself without buyers in the wake of US sanctions. Venezuela hasn’t shut down its upgraders completely, instead, leaving some of them running without producing new oil in order to prevent damage to the facilities. Venezuela’s oil production fell to just 768,000 barrels per day in April 2019. As Venezuela’s oil exports plummet to new lows, it is finding itself short on storage space, sending yet another bullish signal to the market.

    We expect bunker prices may continue firm upward evolution today in a range of plus 3-5 USD for IFO and plus 8-11 USD for MGO.




2019 August 22

18:04 Australian Maritime College and KONGSBERG eye potential for VR training with renewed support program
17:39 Nordic Engineering sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
17:04 DOF Subsea issues Financial Report for 2nd quarter of 2019
16:47 Karelia proposed construction of deep-water freight and passenger port Kem’
16:25 Bunker prices go down at the Far East ports of Russia (graph)
16:04 Navios Acquisition reports results for H1 2019
15:53 PJSC TransContainer reports its Financial Results under IFRS for 6M'2019
15:12 ReCAAP ISC has released Guidance on Abduction of Crew in the Sulu-Celebes Seas and Waters off Eastern Sabah
15:04 Essar Ports expects to meet 60 MT target for FY20
14:31 Höegh LNG announces interim results for the quarter and half year ended 30 June 2019
14:14 Peel Ports takes important step towards being Brexit ready
13:56 Yamal LNG shipped twenty million tons
13:35 Arctic block of Far East Investment and Export Agency headed by Dmitry Fishkin
13:13 Sea Machines successfully deploys industry’s first autonomous spill-response vessel
12:28 Fire onboard MV Pyotr Tchaikovsky kills one in Saint-Petersburg
12:13 Frontera Offshore and DOF Subsea join forces for the Subsea Construction and IMR Mexican market
11:31 Kalmar to enhance STS crane capabilities at EUROGATE Tanger
11:21 HELCOM publishes report on noise sensitivity of animals in the Baltic Sea
10:59 HELCOM gets a new Executive Secretary
10:35 Caterpillar Eurasia and Admiral Makarov University agreed on establishing a brand new up-to-date training center
10:10 Steps towards new treaty to protect marine biodiversity
09:38 Brent Crude futures price is down 0.41% to $60.04, Light Sweet Crude – down 0.38% to $55.47
09:20 Hapag-Lloyd announces changes of North Europe Mediterranean Express Service
09:13 Baltic Dry Index is up to 2,061 points
08:44 MABUX: Bunker market this morning, Aug 22

2019 August 21

18:06 BBC Chartering appoints Ulrich Ulrichs as CEO
17:57 BPO joined World Ports Sustainability Program
17:36 Napier Port’s shares commence trading on the NZX
17:06 ZIM announces Q2 2019 results
16:41 Waterfront Shipping and Marinvest welcome second-generation low emission methanol-fuelled vessels
16:35 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:32 Grady-White Boats honors MaineMax Pensacola as the worldwide sales leader
16:05 Hapag-Lloyd launches new South East Asia to Australia Services // SEA and S2A to start in October
15:42 Ferry in Estonia upgraded to battery-hybrid by Norwegian Electric System
15:21 Organisations release Joint Industry Guidance on the supply and use of 0.50%-sulphur marine fuel
14:55 Multipurpose small-draft salvage ship of MPSV12 project left for sea trials
14:30 BC Ferries releases first quarter results
14:04 DOF awarded two AHTS contracts to support drilling operations in New Zealand
13:27 Vladivostok offers second venue of “Import Substitution in Russian Shipbuilding: Ambition and Reality” roundtable
13:03 Workshop in Malaysia to help bring into operation the Regional Oil Spill Contingency Plan in South East Asia
12:46 Rosneft BOD recommended 1H’19 dividends at RUB 15.34 per share
12:25 Registration is underway for “Development of Icebreaking and Support Fleet” conference to be held as part of Neva-2019 exhibition
12:03 Ocean Yield extends option with Aker Energy for long-term charter of the FPSO Dhirubhai-1
11:41 Rosneft reports 9-pct increase of its 1H 2019 net income to RUB 325 bln
11:24 Vasily Boitsov appointed as USC Vice-President for Technological Development
11:02 Jan De Nul completes installation of all twenty foundations on the 120MW Formosa 1 Phase 2 wind farm in Taiwan
10:45 RF Ministry of Industry and Trade to prevent outflow of shipbuilding contracts from Russian shipyards
10:17 Scotline orders newbuild vessel from Royal Bodewes
10:16 Brazil readies its biofouling task force
09:51 Clean Arctic Alliance calls on Nordic Prime Ministers to support a ban on heavy fuel oil
09:47 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:28 Brent Crude futures price is up 0.48% to $60.32, Light Sweet Crude – up 0.36% to $56.33
09:13 Baltic Dry Index is down to 2,059 points
09:00 MABUX: Bunker Market this morning August, 21

2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation support post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe
17:29 Wallem-managed bulk carrier rescues Indonesian fishermen lost at sea for 10 days
17:06 MAN Energy Solutions and Samsung Heavy Industries sign a strategic cooperation agreement for the digitization of marine engines
16:35 CMA CGM announces GRR from Asia to East and South Africa
16:34 IAA PortNews offers its video on Russian bunkering market being prepared for 2020 sulphur cap