• 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.




2020 July 14

18:11 Wärtsilä contracted to deliver a scope of integrated solutions for CDWE's MIV
17:57 More States need to act on crew changes, says IMO Secretary-General
17:33 Throughput of Russian seaports in 6M’2020 climbed by 0.1% (detalization)
17:11 Alewijnse completes electrical installation TSHD Anchorage
16:46 Vladimir Putin signs the package of federal laws on the system of privileges in the Arctic
16:21 Mark Sickles named Interim CEO & Executive Director of DCA
15:55 Reconstruction of hydraulic facility No 9 of Tushinsky District’s HES obtains state expert approval
15:32 Green Yard Group takes over Kleven Verft business
15:04 Engineering and geological survey began for construction of Port Dalny terminal in Khabarovsk Territory
14:39 LISCR hires former USCG LNG expert to boost its global team
14:20 Young Russian sturgeon released to Volga as compensatory measure for dredging on Volga Caspian Canal
13:57 Rosmorport releases young keta salmon as compensatory measure for dredging in Shakhtersk
13:36 Straatman BV built solar-powered mooring systems for Port of Hamburg
13:12 ABB to power the world’s largest diamond recovery vessel for De Beers
12:48 Bunker prices are stable at the Far East ports of Russia (graph)
12:23 COMSAT bolsters Inmarsat network with increased C-band and L-band capabilities
11:55 IMO's informal discussions focus on cutting shipping’s carbon intensity
11:31 G3 Terminal Vancouver opens on Canada’s West Coast and transforms Canada’s grain supply chain
11:13 Further progress towards greener and safer ship recycling in Bangladesh reported at SENSREC meeting
10:50 Polish Ministry of Climate signs letter of intent on cooperation in the development of offshore wind energy
10:32 USCG investigates uninspected passenger vessel allision
10:07 Gdynia to be the installation port of Polish wind farms on the Baltic Sea
09:42 More information needed on the impacts of emissions trading in maritime transport
09:26 Oil prices decrease amid demand concerns
09:21 MABUX: Bunker market this morning, July 14
09:08 Baltic Dry Index as of July 13

2020 July 13

18:24 Canada joins Global Ocean Alliance
18:00 Interim report and independent audit of KS1437 Multipass Port project approved by related authority
16:59 Port of Ventspils (Latvia) handled 6.8 million tonnes of cargo in 6M’2020
15:32 Oboronlogistics ensures Northern delivery
15:04 Ørsted and Van Oord have successfully installed all array cables of the Borssele I & II offshore wind farm
14:21 Dublin Port throughput declines by 10.9% in the six months to June
13:53 FSUE Rosmorport’s revenue in HI’2020 grew by 6% YoY
13:30 Average wholesale prices for М-100 HFO grew to RUB 10,425 in RF spot market
13:04 CMA CGM announces FAK rates from Asia to the Mediterranean
12:41 CMA CGM announces FAK rates from Asia to North Europe
12:19 Tallinks’s vessel Romantika to offer two direct sailings from Riga to Helsinki this July and August
12:18 ISO releases environmental report assurance standard
11:55 NOVATEK reports preliminary operating data for the second quarter and first half 2020
11:32 KN increases the volume of biofuel handling
11:02 XELLZ acquires additional 100.000sqm to develop a Free Zone at Rosslare Europort
10:14 Gibdock completes an extensive two-vessel drydocking and maintenance project for returning customer Shearwater GeoServices
10:13 Port of Helsinki throughput in 6M’2019 fell by 9.2% to 6.6 million tonnes
09:58 The Fjords takes delivery of second all-electric passenger ship
09:49 Oil prices continue going down
09:32 RF Government to allocate RUB 320 million as support of shipping companies
09:10 Baltic Dry Index as of July 10
09:05 MABUX: Bunker market this morning, July 13

2020 July 12

16:21 Carnival Corp announces change in leadership team
15:38 UMS Skeldar gets contract to supply mine countermeasures drones system
15:23 Samson introduces the latest in mooring line innovation
14:19 Coast Guard halts 2 illegal charters near Star Island
13:41 Carnival Corporation's AIDA Cruises to restart sailing vacations in August
13:18 New OCIMF Committee structure
12:51 American P&I Club and ABS Consulting join forces to drive cyber awareness for maritime insurance
11:49 Royal Caribbean Group acquires remaining interest in Silversea

2020 July 11

15:28 Cox Powertrain celebrates as first 300hp diesel outboards roll off the production line ready for delivery
14:51 WCI names Tracy R. Zea as President & CEO
13:45 NOS expands its fleet with two additional M-Class vessels
11:37 Huisman to deliver 250mt Knuckle Boom Crane and 500mt Towing Winch for Nanhai Rescue Bureau