• 2022 February 24 14:34

    MABUX: Bunker Weekly Outlook, Week 08, 2022

    The Weekly Outlook was contributed by Marine Bunker Exchange (MABUX)

    On a Week 08, the MABUX World Bunker Index changed sideways with no firm trend. The 380 HSFO Index rose by 14.55 USD: from 585.76 USD/MT to 600.31 USD/MT. The VLSFO Index went up by 13.26 USD: from 749.95 USD/MT to 763.21 USD/MT. Meantime, the MGO Index fell by 2.11 USD (from 882.26 USD/MT to 880.15 USD/MT). The escalation of tensions in Eastern Europe in recent days may send bunker indexes further up.

    The Global Scrubber Spread (SS) weekly average - the difference in price between 380 HSFO and VLSFO - showed a slight increase during the week: plus $2.12 ($164.13 vs. $162.01 last week). At the same time, in Rotterdam, the SS Spread weekly average dropped from $168.83 to $166.67 (minus $2.16 compared to the last week) and lost 10 points in an absolute value. The SS Spread’s weekly average in Singapore continued widening: plus $5.17 from $210.00 to $215.17. More information is available in the Price Differences section of www.mabux.com.

    Gas prices in Europe have returned to the uptrend, approaching the mark of $1,000 per thousand cubic meters on February 23. Despite this, prices for LNG as a bunker fuel at the port of Sines (Portugal) on February 21 fell by 229 USD to 2100 USD/MT. However, LNG prices are still significantly higher than those of traditional bunker fuel grades. The cost of MGO LS at the port of Sines on February 21 was quoted at 875 USD/MT.

    During Week 08, the average correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark) showed that 380 HSFO fuel grade remained overpriced in two ports out of four selected: in Rotterdam - plus $1 and in Houston - plus $6. In Singapore and Fujairah, the MABUX MBP/DBP Index registered an undercharge of 380 HSFO by $21 and $20, respectively. The MABUX MBP/DBP Index continues to shift towards the underpricing of 380 HSFO fuel.

    VLSFO fuel grade, according to the MABUX MBP/DBP Index, remains significantly overpriced at all selected ports: plus $22 in Rotterdam, plus $42 in Singapore, plus $48 in Fujairah and plus $11 in Houston. The most significant was the drop of overcharge ratio at the port of Rotterdam by 11 points.

    As for MGO LS, the MABUX MBP/DBP Index registered an underestimation of this fuel grade in two of the four selected ports: Fujairah moved into the overprice zone at the end of the week: plus 17 (minus $ 6 last week). Houston remains another overvalued port - plus $47. In Rotterdam and Singapore, according to the MABUX MBP/DBP Index, MGO LS was underpriced by $14 and $4 respectively.

    Shell reported the global trade in LNG increased 6% to 380 million tonnes during 2021 as many countries rebounded from the impact of COVID-19. China and South Korea led the growth in LNG demand in 2021. China increased its LNG imports by 12 million tonnes to 79 million tonnes, surpassing Japan to become the world’s largest LNG importer. Overall, global LNG demand is expected to cross 700 million tonnes a year by 2040, a 90% increase on 2021 demand. Asia is expected to consume the majority of this growth as domestic gas production declines, regional economies grow and LNG replaces higher-emissions energy sources.

    Germany’s nine largest seaports say they are ‘sceptical’ as to whether the European Union’s (EU) proposal to expand shore power is the right strategy to obtain a sustainable reduction in emissions by shipping. The port of Bremen/Bremerhaven says that providing on-grid shore power facilities for the approx. 550 berths for seagoing vessels at the German ports – or even only a larger percentage of berth – would require investments of ‘billions of Euros’. It argues investments would have to be borne by the taxpayer and by the ports without any significant support from the ship operators who are responsible for causing the emissions. Moreover, the port of Bremen/Bremerhaven points out that only certain ships would be obliged to use the provided shore power facilities.

    We expect bunker fuel prices to move up next week amid rising tensions in Eastern Europe.

    By Sergey Ivanov, Director, MABUX




2024 May 16

12:14 HHLA's revenue decreased by 0.3 percent to € 363.6 millions in Q1 2024
11:42 MOL and TotalEnergies sign time charter contracts for 2 newbuilding LPG-fueled LPG carriers
10:40 Kalmar and Uniport Livorno agree on new terminal tractor order to enhance reliability, safety and service quality at Italian terminal
10:04 AMSA collaborates on a trial providing more recycling options for visiting foreign ships
09:59 SunGas Renewables and C2X announce strategic partnership

2024 May 15

18:07 MOL holds naming ceremony for newbuilding LNG carrier Greenergy Ocean to serve China National Offshore Oil Corporation
17:30 ClassNK and StormGeo mark significant collaboration to advance maritime decarbonization
17:02 Newly certified methanol valves to improve dual-fuel shipbuilding
16:45 HD KSOE to lease Subic shipyard in Philippines
16:25 Eidsvaag receives two forage carrier vessels designed and equipped by Kongsberg Maritime
15:58 ADNOC delivers first ever bulk shipment of CCS-enabled certified low-carbon ammonia to Japan
15:35 World's 1st wind challenger-equipped coal carrier achieves fuel savings of 17%
14:57 LR to support the retrofit of two Stena Line ferries to methanol
13:52 Port of Los Angeles nets record $58 million for harbor maintenance
13:32 CMA CGM to launch MCX - West Coast Central America
12:51 Port of Long Beach cargo volumes up 14.4% in April
12:21 First Ro-Pax vessel receives DNV Silent notation following successful sea trials with Wartsila propellers
11:41 Hapag-Lloyd transport volumes increased by 6.8 percent to 3 million TEU in Q1 2024
11:10 Cavotec signs two-year service agreement with Port of Salalah
10:41 China overtakes Korea in global shipbuilding competitiveness
09:58 The ports of Rotterdam and Delft join the CLARION project

2024 May 14

18:02 ICTSI to invest in new Southern Luzon gateway
17:31 ACL, BG Freight Line and Peel Ports Group start container service between Ireland and North America
17:10 Port of Hamburg is the first port in Europe to offer shore power for both container and cruise ships
16:31 Port of Gothenburg launches the platform "Digital Port Call"
16:18 NS United, NSY, Imabari Shipbuilding and Japan Marine United Corporation sign MOU for the construction of Cape-size bulk carriers using dual methanol fuel
15:56 Port of Antwerp-Bruges launches the world's first methanol-powered tugboat
15:29 The Ports of Barcelona and Shanghai will work together on innovation and decarbonisation projects
13:55 AD Ports Group announces Q1 results
12:58 NYK, NBP, TSUNEISHI SHIPBUILDING and Drax sign MOU to develop ‘bioship’ technology and plans to construct the world’s first biomass-fuelled ship
11:30 Maris Fiducia team up with HAV Hydrogen, Norwegian Hydrogen and Ankerbeer for zero emission bulk shipping
11:05 ABS and HD Hyundai Group sign MOU to advance medium-voltage power systems on ships
10:43 Finnlines’ new freight-passenger Superstar-class vessel Finnsirius awarded by Shippax
10:23 Kongsberg Maritime to design and equip two new salmon farm forage carrier vessels for Norwegian coastal cargo carrier Eidsvaag AS
09:48 Yara International and Kongsberg Digital enter collaboration on digital twin technology

2024 May 13

18:00 Capital dredging commences for Lowestoft Eastern Energy Facility
17:06 Berlin’s oldest passenger vessel enters a new green era powered by Torqeedo
16:22 Russia’s seaborne diesel trading partners shifted after Feb 2023 sanctions
16:18 Denis Manturov: Russian shipyards to deliver more than 110 civil ships this year
16:05 CMA CGM and China’s Contemporary Amperex Technology plan to set up joint venture
15:39 Yara Clean Ammonia and AM Green sign term sheet for sale of renewable ammonia from India to Yara Clean Ammonia’s global market
15:23 Maersk suspends methanol ship order to Chinese shipbuilder
14:59 Hamad Port сontainer volumes up 30% in 2023
14:04 Hanwha buys S’pore Dyna-Mac’s stake for $73.8 mn from Keppel
13:41 The EU plans to allocate more than $220 million to combat drug trafficking in ports
13:08 Subsea Integration Alliance awarded contract offshore Turkey
11:46 India to sign 10-year Chabahar port pact with Iran
10:22 QatarEnergy to acquire two new exploration blocks offshore Egypt
09:51 IMO promotes safe ship recycling in Bangladesh

2024 May 12

16:09 Yang Ming reports net profit of US$ 298.42 million for Q1 2024
15:13 Drydocks World unveils major propeller repair enhancements and new facilities
14:06 NYK launches trial to utilize 3D models in design of new LPG tanker
13:29 GCMD and NYK Line team up to address concerns of long-term, continuous biofuels use on vessel operations
12:13 State-of-the-art ammonia reforming technology from Amogy verified by ABS
11:41 MABUX: Bunker Outlook, Week 19, 2024
11:38 MOL joins project to develop frozen and refrigerated warehouse in Singapore
10:52 Jan De Nul EBITDA rose 39% to 610 million euro in 2023

2024 May 11

18:01 Drewry: Investments surge on strong demand outlook for LNG bunkering
17:19 Seatrium signs multi-year technology collaboration agreement with ABS to accelerate decarbonisation and energy transition
16:49 Kotug Canada holds keel laying ceremony for two RAsalvor 4400 DFM methanol fuelled tugs
15:47 Two RAmparts 3500 ASD tugs enter service at Tianjin Port
13:17 TotalEnergies announces first oil production on Eldfisk North
11:02 Petramina welcomes VLGC duo in its tanker fleet
10:38 Fairplay Towage Group places order for two additional Damen ASD tugs

2024 May 10

15:37 MITSUI E&S production volume of large marine engines reaches 155 units in FY2023
13:51 Fincantieri: Vard to build a hybrid Ocean Energy Construction Vessel for the norwegian shipping group Island Offshore
11:46 Med Marine selects Kongsberg Maritime thrusters for six stern-drive tugs for Tunisian port authority
09:52 Seatrium signs multi-year technology collaboration agreement with ABS to accelerate decarbonisation and energy transition

2024 May 9

16:04 Wallenius Wilhelmsen announces another solid quarter
14:23 Stena Line to increase cargo capacity by 30% on Stena Forerunner and Stena Foreteller