• 2020 October 23 08:49

    MABUX: Bunker market this morning, Oct 23

    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) demonstrated slight downward changes on October 22:

    380 HSFO - USD/MT – 297.56 (-1.39)
    VLSFO - USD/MT – 348.00 (-2.00)
    MGO - USD/MT – 411.70 (-2.67)


    Meantime, world oil indexes increased on the hopes of a new stimulus package and the better-than-expected job figures.

    Brent for December settlement increased by $0.73 to $42.46 a barrel on the London-based ICE Futures Europe exchange. West Texas Intermediate for December rose by $0.61 to $40.64 a barrel on the New York Mercantile Exchange. The Brent benchmark traded at the premium of $1.82 to WTI. Gasoil for November delivery added $8.25.

    Today oil indexes continue to rise after Russian President Vladimir Putin indicated he would be prepared to extend record supply cuts in the face of the COVID-19 pandemic.

    Putin said on Oct.22 that Russia did not see a need for major oil producers to alter a deal on cutting global supply, but did not rule out extending oil cuts if market conditions warranted. That was the clearest indication so far from Russia that it is prepared to extend unprecedented curbs on output to meet the demand slump caused by the pandemic. His comments come as OPEC mulls easing the cuts, in place until the end of the year, and as the worsening COVID-19 pandemic threatens to further dampen fuel demand.

    At the same time, the semi-autonomous Kurdistan region in Iraq has agreed to reduce the region’s crude oil production as part of the ongoing OPEC+ agreement. The statement came after Iraq’s Oil Minister Ihsan Abdul Jabbar said earlier this week at an online petroleum conference that “the Kurdistan Region has not been contributing to OPEC+ cuts.” Iraq, the least compliant member of the OPEC+ production cut pact, has promised for months to reduce its oil production and fall in line with its quota—something it hasn’t done since 2017. In recent months, Iraq has come under pressure from its fellow OPEC+ partners led by Saudi Arabia to stop cheating on their production quotas and finally start complying with the agreement.

    Speaker Pelosi said that talks with Treasury Secretary Steven Mnuchin continue and a coronavirus relief deal could be imminent.

    Additional support to the markets came from the U.S. Department of Labor, which said that new weekly jobless claims in the U.S. were 787,000 for the last week. The figure was lower than analysts had expected— 870,000 unemployment benefit claims.

    Some pressures on oil indexes also remains from the gradual increase in production in Libya, which is now estimated to be producing at over 500,000 barrels a day, up from barely 100,000 barrels a day in the summer.

    At the same time, the number of COVID-19 cases continue to surge in Europe and the U.S., prompting the re-introduction of restrictive measures and putting further pressure on demand. With the weather cooling as winter approaches, several U.S. states saw a record number of daily new cases, suggesting that the spread of the virus is accelerating. France also extended curfews throughout two thirds of the country.

    We expect bunker prices may demonstrate upward changes today: 2-4 USD up for IFO and 6-8 USD up for MGO.




2020 November 23

18:24 North P&I Club pre-renewal report confirms corrective response to market challenges
18:00 RF Government is set to reorganize the structure of development institutions
17:13 4th International Congress “Hydraulic Engineering Structures and Dredging” slated for 25-26 February 2021
16:34 Damen completes Eidsvaag Opal conversion
16:28 STLC and VEB-Leasing to be consolidated into Unified Leasing Company
16:05 Aker Solutions wins maintenance and modifications contract in Brazil from Equinor
15:41 Vard secures contract for eight marine robotic vessels
15:17 RF Transport Ministry confirms its intention to introduce investment charges in seaports from 2021
14:53 Hydrographic boat of Project 19920 joins RF Navy’s Northern Fleet
14:31 Concordia Maritime CFO resigns from his position
14:09 Friendship 2020 joint exercise of the Egyptian Navy and the Russian Navy Bridge ends at the Black Sea Fleet
13:25 Ningbo Containerized Freight index rises by 19.8% in November 2020
12:34 Average spot market price for Russian M100 product climbed to RUB 13,184 pmt
12:12 The UK could increase its ambitions for renewable energy at a lower cost to consumers, new Wärtsilä analysis finds
12:02 Chinese ports container throughput down 0.03% to 217.2 million TEU from January to October 2020
11:53 Global Ports and TransContainer launch expedited delivery of pellets from Siberia to Europe via Saint Petersburg
11:11 Brodosplit lays keels for two coastal patrol vessels
10:19 HELCOM revamps its tool for tracking implementation progress
10:12 MacGregor supports China’s Lingshui 17-2 gas field development
09:57 MABUX: Bunker Market this morning, Nov 23
09:41 Container throughput of port Shanghai (China) in 10M’20 fell by 1.7%
09:25 Oil prices rise on hope for demand recovery
09:12 Baltic Dry Index as of November 20

2020 November 22

16:23 Ørsted and NABTU sign landmark MOU for U.S. offshore wind workforce transition
15:18 Port Canaveral cruise terminal parking to feature E-PASS® contactless transaction technology
14:21 USCG Cutter Stratton returns home after crewmembers test positive for COVID
13:26 New Wallenius SOL service delivers 200,000 extra tonnes of paper reels to PSA Zeebrugge terminal
12:18 Port NOLA's Brandy D. Christian receives 2020 C. Alvin Bertel Award
11:41 BPA announces the release of UK Ports industry magazine
10:42 Coast Guard Cutter Diligence returns to homeport from Caribbean patrol

2020 November 21

16:12 Impact assessment agency of Canada interim report an incomplete analysis omitting a number of important facts
15:49 Cummins introduces X15 Stage V solution for European inland waterways
15:18 Belfast Harbour supports launch of Maritime Belfast Trust
14:07 Remote repair helmet overcomes pandemic restrictions
13:39 Armstrong Marine USA of Port Angeles, Wa. launches new identity as BRIX MARINE
12:24 Mackay provides electronics package for two Vigor-built pilot boats commissioned by Los Angeles Pilot Service
11:38 Third quarter 2020 business activity strong CMA CGM Group operating performance

2020 November 20

18:00 CMA CGM to launch the FLAMINGO EXPRESS service
17:49 Senior Arctic Officials’ plenary meeting held in a virtual format
17:05 Australia to end crew contract extensions
16:52 Port of Algeciras was awarded the ESPO Award 2020
16:33 FSUE "Rosmorport" takes part in International Forum "Transport of Russia"
16:05 MOL's new app boosts efficiency with real-time processing of ship operational data
15:40 Novotrans ensured 100-pct loading of Baltiysk ferry on Ust-Luga-Baltiysk line
15:08 ABP invests around £2 million in new lock gates in Ipswich
14:22 PD Ports unveils plans for River Tees Digital Platform
14:05 Rosterminalugol handled over 23.4 million tonnes year-to-date, up 8% YoY
13:44 Tallink receives Finnish Government guarantee for additional loan
13:21 Golar and Black & Veatch announce collaboration in floating ammonia production, carbon capture, green LNG and other emerging technologies
13:03 Zvezda starts cutting steel for lead LNG tanker of new ARC 7 class series
12:10 The “ECO Valencia” arrives to València
11:37 Maersk works with the Long Beach Harbor Trucking Association
10:55 MABUX: Bunker Market this morning, Nov 20
10:46 Wärtsilä 14 EU Stage V compliant engines selected for Swiss Inland ferries
10:44 Sovcomflot expects revival of global trade in 2021
09:51 Bunker prices decrease at the Port of Saint-Petersburg, Russia (graph)
09:33 Oil prices are recovering
09:18 Baltic Dry Index as of November 19

2020 November 19

18:25 Klaveness Combination Carriers posts Q3 2020 results
18:06 Lloyd’s Register appointed Commercial Manager for North Europe