• 2019 December 6 09:36

    MABUX: Bunker market this morning, Dec 06

    The Bunker Review was contributed by Marine Bunker Exchange (MABUX)

    MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) slightly rose on December 05:

    380 HSFO: USD/MT – 340.36 (+4.94)
    180 HSFO: USD/MT – 385.58 (+5.54)
    MGO: USD/MT – 665.74 (+0.16)


    Meantime, world oil indexes were stable on Dec.05 supported by expectations that OPEC will deepen output curbs but pressured by the prospect that gas condensate will be excluded from cuts for non-member producers.

    Brent for February settlement increased by $0.39 to $63.39 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for January unchanged from the previous settlement: $58.43 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $4.96 to WTI. Gasoil for December delivery added $4.50.

    Today morning oil indexes turned into slight downward evolution.

    OPEC and allies led by Russia on Dec.05 agreed one of the deepest output cuts this decade to prevent oversupply in a deal that will apply for an unexpectedly short period of the first three months of 2020. OPEC began a meeting to discuss policy in Vienna yesterday and today will meet with Russia and other producers, a group known as OPEC+ that accounts for more than 40% of global oil production. Existing supply curbs of 1.2 million barrels per day, aimed at supporting oil prices and preventing a global glut, are set to expire in March. Russian Energy Minister Alexander Novak said a panel of energy ministers including Saudi Arabia and Russia had recommended OPEC+ deepen the cuts by 500,000 bpd. A cut of 1.7 million bpd would amount to 1.7% of global supply.

    Non-OPEC member Russia, the world’s second largest oil exporter, had previously opposed extending or deepening cuts as its companies are arguing that reducing output during winter months amid low temperatures damages the fields. Meantime, it was reported that OPEC agreed to allow all OPEC+ members to exclude condensate from their oil output calculations, same as OPEC does with its own figures. Condensate is a high-value light type of crude oil extracted as a by-product of gas production. For Russia, it means that some 760,000 bpd of condensate would be excluded from calculations, meaning Russian baseline production used for cuts would decline to around 10.66 million bpd from 11.42 million.

    Saudi Arabia, the world’s top exporter, was more keen on reducing output as the kingdom needs higher oil prices to support its budget revenue and the initial public offering (IPO) of Saudi Aramco. On Dec.05, the state oil giant priced its IPO at the top of its price range, raising $25.6 billion and topping Alibaba’s record $25 billion listing in 2014.

    The International Energy Agency (IEA) predicts that a combination of supply side pressure and demand uncertainty will trouble OPEC well into 2020. The challenge facing OPEC ministers is the big wave of supply growth from non-OPEC countries hitting the market already, and certainly growing in 2020 supply is going to continue to grow from the US, although there is some debate as to how high that will be. IEA cited Brazil, Canada, Norway and Guyana as other key sources of oil supply growth. Some of these are more similar in terms of crude quality to OPEC crude grades than the additional lighter sweeter US shale growth.

    U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.9 million barrels from the previous week. At 447.1 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Forecasts had expected an inventory decline of 1.798 million barrels and the American Petroleum Institute estimated inventories had gone down by 3.72 million barrels.

    The United States exported more crude oil and petroleum products than it imported in September 2019—the first month in which America was a net petroleum exporter since monthly records began in 1973. In September 2019, the U.S. exported 89,000 barrels per day (bpd) more crude oil and petroleum products than it imported, due to surging U.S. crude oil production and the lifting of export restrictions in 2015, and to continuously growing oil products output and exports. The U.S. continues to import more crude oil than it exports, but it exports more petroleum products than it imports, as U.S. refineries continue to raise their gross inputs of crude oil and produce and export more petroleum products such as jet fuel, gasoline, and distillate fuel.

    Market is also monitoring progress on resolving a 17-month-old Sino-U.S. trade war that has hit global growth and demand for oil. U.S. President Donald Trump on Dec.04 described trade talks with China as going "very well," a day after saying it could take until after next year's presidential election to complete an agreement.

    We expect bunker prices will not have any firm trend today with possible fluctuations in a range of plus-minus 1-4 USD.




2020 August 8

15:32 NOAA, U.S. Navy will increase nation’s unmanned maritime systems operations
14:31 Sanmars Sirapinar commences operations in Baltic Sea
13:42 USCG accepts newest fast response cutter
12:03 SCHOTTEL propulsion for first-class expedition cruise vessels
11:18 Australia’s new icebreaker on the move

2020 August 7

18:32 Maersk revamps Europe to Middle East & Indian Subcontinent network
18:00 Rosmorport's to beef up its icebreaking fleet to 38 units in 2020
17:00 World’s first zero-emissions top handlers performing well at Port of Los Angeles
16:01 Port of HaminaKotka seven-month volume fell 16.7%
15:09 Launching of Russia’s first LNG-powered passenger ship Chaika held at Zelenodolsk Shipyard
14:21 North Carolina Ports records year-over-year increases in Fiscal Year 2020
14:09 Cargo traffic at Port Kavkaz in January-July rose 9%
13:21 ABP invests in Port of Lowestoft to support UK Southern North Sea energy sector
13:19 Krasnoye Sormovo Shipyard hosts launching ceremony for the RSD59 series MS Pola Marina
12:49 Rosmorport plans expansion of its fleet by 24 newbuilds
12:08 Jan De Nul signs contract with Dogger Bank Wind Farm
11:22 The second tanker manufactured in Azerbaijan launched for the next stage of construction
10:37 MSC’s Golden Horn service links China, Korea & Russia’s east coast
09:59 Ecochlor receives IMO BWMS Code Type Approval
09:51 MABUX: Bunker market this morning, Aug 07
09:16 Baltic Dry Index as of Aug 6
09:12 Crude futures prices turn down again

2020 August 6

19:00 FSL Trust agrees to sell three containerships
18:27 Sumitomo Heavy Industries has been granted an “Approval in Principle” for a medium-size high-pressure LNG dual-fueled tanker
18:21 Port of Rostov-on-Don seven-month volume rises 4% to 12.7 million tonnes
18:07 ICTSI 1H2020 net income down 12% to US$113.4mln
17:26 Royal IHC awarded major contract for supply of FPSO equipment for Yinson
17:25 Vodohod’s newbuild Mustai Karim arrives at Saint Petersburg
16:36 Nevsky Shipyard launches the Pavel Leonov, last ship of PV22 series duo
16:15 North Sea Port, Flemish Waterways plc, Port of Antwerp, Port of Oostende, Port of Zeebrugge, the Agency for Maritime and Coastal Services, and the Joint Nautical Management to introduce SWINg in 2021
15:43 Zelenodolsk Shipyard to host tomorrow launching and keel-laying ceremonies
15:41 Maritime Autonomous Surface Ships Port Network was established in Singapore
14:27 MABUX Bunker Weekly Review
13:54 Tolyattii bound heavylift project cargo successfully handled at Port Bronka
13:27 Alaska Marine Lines rail barges upgrade ballast systems
12:46 Davie confirms polar leadership with icebreaker launch
12:35 Transit container transport by RZD network soars 30% in Jan-Jul
11:40 CMA CGM to launch its ever-faster service connecting Spain with Algeria
11:35 Carnival Cruise Line joins industrywide pause in U.S. through October 31
10:18 Shell signs charter contracts for six newbuild LNG carriers
10:15 Fourth IMO Greenhouse Gas Study: Shipping emissions are projected to increase by up to 50% until 2050, relative to 2018
09:58 The Flemish government, Port of Antwerp and SeReAnt together improve the water quality at the Port of Antwerp
09:26 Baltic Dry Index as of Aug 5
09:21 Crude futures prices resume climb
09:10 MABUX: Bunker market this morning, Aug 06
08:11 NYK starts operation of its first finished-car logistics terminal in Japan

2020 August 5

18:57 Valenciaport triples air quality control cabins
18:16 U.S. Coast Guard suspends search for missing spearfisher off Maui
18:04 Port of Helsinki turnover decreased by 26.7% to EUR 33.4 million in January–June 2020
17:35 A delegation of the Port of Gdansk visits Klaipeda
17:06 Voluntary ship slowdown through Swiftsure Bank begins August 1
16:49 Mississippi River will get deeper
16:39 MOL introduces FOCUS Project Part Ⅲ: Virtual Ship Visit Application 'Fleet Tour'
16:29 Admiralty Shipyards starts building fourth CT-192 series trawler the Kapitan Martynov
15:27 Solstad secures contract from BP for three vessels in Australia
14:38 ABS to class first Taiwan-built offshore installation vessel
13:22 Hurtigruten temporarily suspends all expedition cruises
13:18 Krasnoye Sormovo to launch the MS Pola Marina cargo ship on August 7
13:12 The Vostochnaya Stevedoring Company completes the upgrade of more than 18,000m2 of storage yard
13:08 Concept of a modular composite fishing boat gets the thumbs up from MARINET