Latest Maritime News
7-20 June 2022
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Oil Markets Are Heading for an 'Insanely Difficult' Summer
Despite Russia's brutal invasion of Ukraine, the world has not been able to reduce its desperate thirst for the pariah state's energy.
Quite the opposite: Russia is now exporting more oil than before the war broke out, and soaring prices mean it's raking in roughly $20 billion a month from foreign sales.
But the European Union's agreement to ban most Russian oil imports is set to change all that. Analysts predict Russia's production will tumble by around 1 to 2 million barrels per day, or by 10% of current levels. Continue reading here (Source: Markets Insider).
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Baltic Index Gains on Higher Rates for All Vessels
The Baltic Exchange’s main sea freight index .BADI gained to its highest in nearly three weeks on Monday, helped by an uptick in capesize and panamax vessel rates.
* The overall index, which factors in rates for capesize, panamax and supramax vessels, added 18 points, or 0.7%, to 2,596, a peak since June 1.
* The capesize index .BACI gained 44 points, or 1.47%, to 3,031, the highest since May 26.
* Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose by $362 to $25,138.
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Oil Prices Stable as Market Balances Recession Fears with Tight Supply
Oil prices were stable on Monday, struggling to reverse last week's losses as the market balanced tightening supplies with concerns about slowing global economic growth.
Brent crude futures were down 14 cents, or 0.12%, at $112.98 a barrel by 1246 GMT. Front-month prices tumbled 7.3% last week for their first weekly fall in five.
U.S. West Texas Intermediate crude was up 13 cents, or 0.12%, at $109.69. Front-month prices dropped 9.2% last week for the first decline in eight weeks. Continue reading here (Source: Business Standard).
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Boom Times Not Over Yet: US Container Port Still Near Highs
There may be doom and gloom about the future, but America’s ports are still posting historically high numbers for the recent past. The ports of Long Beach, California, and Charleston, South Carolina, just reported exceptionally strong throughputs for May.
Long Beach had total throughput of 890,989 twenty-foot equivalent units, the second best tally ever, topped only by May 2021.
Imports totaled 436,977 TEUs, again the second highest except for May 2021. Imports last month were more than 30% above pre-pandemic levels in May 2018 and May 2019. Continue reading here (Source: American Shipper).
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Biden Signs the Ocean Shipping Reform Act Into Law
President Joe Biden signed into law the Ocean Shipping Reform Act yesterday marking the first major change to federal regulations for international container shipping in more than a generation.
The law will stop “shipping companies taking advantage of American families, farmers, ranchers and businesses,” the president said at a signing ceremony at the White House.
“They raked in the profits and the costs got passed on, as you might guess, directly to consumers,” he added. “Sticking it to American families and businesses because they could.” Continue reading here (Source: Splash247).
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Tanker Market Retreated in May
Dirty tanker spot freight rates fell back in May from the sharp gains seen during the previous month, OPEC said in its latest monthly report. Suezmax rates declined 37% m-o-m and Aframax fell 22% over the same period, as ample availability overwhelmed the upward pressure caused by trade dislocations. VLCC rates declined 20%, with losses both East and West of Suez. In contrast, clean rates continued to surge, up 37% on average amid tight product markets. Preliminary data for June, however, shows reduced momentum in recent weeks. Dirty spot freight rates are likely to remain capped by ample tanker supply, clean rates will benefit from trade shifts pointing to higher vessel demand. Continue reading here (Source: Hellenic Shipping News).
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Current Price Indications
*Prices are indications only.
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Bangkok, Thailand
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD1060/MT
MGO (DMA): USD1385/MT
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Busan, South Korea
HSFO IFO-380cst 3.5%: USD655/MT
VLSFO 0.5%: USD1075/MT
MGO (DMA): USD1364/MT
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Callao, Peru
HSFO IFO-380cst 3.5%: N/A
VLSFO 0.5%: USD1287/MT
MGO (DMA): USD1575/MT
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Hong Kong
HSFO IFO-380cst 3.5%: USD643/MT
VLSFO 0.5%: USD1145/MT
MGO (DMA): USD1336/MT
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Houston, TX, USA
HSFO IFO-380cst 3.5%: USD727/MT
VLSFO 0.5%: USD932/MT
MGO (DMA): USD1420/MT
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Kaohsiung, Taiwan
HSFO IFO-380cst 3.5%: USD736/MT
VLSFO 0.5%: USD1123/MT
MGO (DMA): USD1445/MT
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Long Beach/Los Angeles, CA, USA
HSFO IFO-380cst 3.5%: USD839/MT
VLSFO 0.5%: USD1163/MT
MGO (DMA): USD1460/MT
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Manta, Ecuador
HSFO IFO-380cst 3.5%: USD704/MT
VLSFO 0.5%: USD1339/MT
MGO (DMA): USD1344/MT
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New York Harbor, NY, USA
HSFO IFO-380cst 3.5%: USD739/MT
VLSFO 0.5%: USD961/MT
MGO (DMA): USD1555/MT
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Panama Canal
HSFO IFO-380cst 3.5%: USD670/MT
VLSFO 0.5%: USD1003/MT
MGO (DMA): USD1488/MT
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Singapore
HSFO IFO-380cst 3.5%: USD615/MT
VLSFO 0.5%: USD1077/MT
MGO (DMA): USD1355/MT
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Clipper Oil offers a weekly update with the latest positions of the high-seas fuel tankers working throughout the Pacific and all other oceans.
To view the latest positions of our high-seas tankers, please click here.
To be added to our weekly high-seas tanker email distribution list, please click here.
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Worldwide Wholesalers of Marine Fuels & Lubricants |
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USA Headquarters
2040 Harbor Island Drive
Suite 203
San Diego, CA 92101 USA
Tel: +1-619-692-9701
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Singapore Office
3 Coleman Street
#03-24 Box #8
Singapore 179804
Tel: +65-9640-7998
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bunkers@clipperoil.com
www.clipperoil.com
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