• 2021 January 28 17:14

    MABUX releases Bunker Weekly Outlook, Jan 28, 2021

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

    The World Bunker Index MABUX was steady over a week with no real firm trend. The 380 HSFO index rose slightly from 365.63 USD/MT to 365.92 USD/ MT (+0.29 USD), VLSFO added only 1.43 USD: from 460.00 USD/MT to 461.43 USD/MT while MGO gained 2.59 USD and changed from 515.42 USD/MT up to 518.01 USD/MT. The Global Scrubber Spread (SS) (price difference between 380 HSFOs and VLSFOs) was also stable: it added only 0.32 USD and averaged USD 95.28 (94.96 USD a week ago).

    The correlation of MBP index (market bunker prices) vs DBP index (digital benchmark MABUX) in the four global largest hubs over the past week showed that 380 HSFO fuel remains moderately undervalued in three of four selected ports: Rotterdam (minus 16 USD), Singapore (minus 14 USD) and Fujairah (minus 1 USD). In Houston, this type of fuel was slightly overestimated (plus 3 USD). Overall, the current trend shows a gradual rebalancing towards a moderate undercharging of heavy fuel in the global bunker market. The VLSFO fuel price, according to DBP Index, remained moderately overvalued in all selected ports, ranging from plus 6 USD (Rotterdam) to plus 23 USD (Houston). DBP Index also showed that MGO LS was undervalued in all ports ranging from minus USD 15 (Fujairah) to minus USD 30 USD (Singapore), with the exception of Houston (was overcharged by USD 12).

    Scrubber Spread (SS): The difference in price between the traditional 380 HSFO and VLSFO remains one of the most important indices for predicting the future development trend of global shipping in terms of compliance with IMO emissions requirements. One of the common ways of complying with IMO2020 emission requirements is use of scrubbers in combination with relatively cheap high-sulfur fuel oil: SS represents the economic attractiveness of such a solution.  According to MABUX, SS fell in the first half of 2020 from $350 (Singapore) and from $290 (Rotterdam) to $50 (Apr.14, 2020) and to $25 (Apr.27, 2020) respectively, led to a sharp decrease in a number of scrubber orders as well as delays and cancellations of contracts for the installation of already ordered devices.

    The second half of 2020 and early 2021 saw a gradual recovery in global bunker demand, supported by optimism for vaccines, which resulted in a moderate rise in bunker fuel prices and, as a consequence, gradual recovery of the SS spread.  Although not reaching the levels of early 2020, on January 13, 2021, the SS index for Singapore surpassed the $ 100 mark with SS for Rotterdam coming close to that level as well. This rise indicates increased relevance of scrubbers’ solutions.

    Current state of the oil futures market (with which the correlation of both types of fuel: 380 HSFO and VLSFO is traced) does not clarify further trends yet. However, the forecast price for Brent in 2021 at 60-65 dollars per barrel allows assuming that SS will continue growing moderately, reaching 120-130 dollars in the medium outlook. Whether it will be enough for increased demand for scrubber solution - time will tell. Future availability of 380 HSFO introduces uncertainty too, especially in context of actively discussed potential tightening of ecological requirements to marine fuels. In the meantime, the statistics from DNV GL on operating and ordered scrubbers does not look too optimistic so far: 2019 - 3154 ships, 2020 - 4389 ships and 2021 - 4555 ships, which is only 7.5% of the total number of global commercial fleets.




2021 February 27

15:39 Port Hedland named Australia’s Port of the Year
14:23 All sectors of activity impacted at Lerwick Harbour in 2020
13:48 JAXPORT unveils new Strategic Master Plan during 2021 State of the Port address
13:07 PSA & CDAS partner up to launch SmartBooking
12:32 NOAA begins transition exclusively to electronic navigation charts
11:43 USCG announces formal investigation into Coastal Reign capsizing
10:56 False allegation of attack 17nm west of Okwori terminal

2021 February 26

18:14 CADMATIC issued a certificate to ASCO's SRI Caspian Sea Project
17:56 Fincantieri and OCCAR to sign the contract for the construction of 2 new-generation submarines
17:38 IBIA announces the result of 2021 board elections
17:16 LNG-powered short-sea vessel Containerships Borealis makes first call to the port of Rotterdam
16:53 Volga Shipping Company opens river navigation season in the South of Russia
16:31 Port of Melbourne awards rail infrastructure contracts
16:25 ABS publishes guidance on methanol as marine fuel
16:05 Port of Corpus Christi and Port of Rotterdam sign MoU
15:48 Container giant MSC to open new depot in North Sea Port
15:05 Rosmorport announces changing of Dickson seaport boundaries
14:43 Corvette Stoyky and tanker Kola of RF Navy's Baltic Fleet started anti-piracy watch in the Gulf of Aden
14:19 PortNews offers new edition of its Hydrotechnika magazine
13:30 New edition of PortNews magazine is available now
12:14 CMA CGM to dedicate six new LNG-powered vessels to U.S. services
11:42 CPC system to transport 67.5 mln tons of crude oil in 2021
11:18 MPA awards LNG bunker supplier licence to Total Marine Fuels Private Limited
11:04 Wärtsilä and Ocean Technologies Group partner to deliver transformational learning solutions to improve safety and efficiency at sea
10:45 MABUX: Bunker market this morning, Feb 26, 2021
10:39 Car carrier Orca Ace earns ClassNK's 1st remote survey notation
10:36 Port of Baku Director General held online meeting with members of American-Azerbaijani Chamber of Commerce
10:14 Port of Gdynia welcomes largest single delivery of wind turbine propeller blades in Polish history
09:51 Bunker prices continue rising at the Port of Saint-Petersburg, Russia (graph)
09:32 Oil prices decrease amid dollar rise
09:18 Baltic Dry Index as of February 26

2021 February 25

20:19 Bunker Weekly Outlook, Week 08, 2021
18:37 Port of Oakland boss appointed CAPA Vice President
18:07 Port of Los Angeles announces launch of new ‘Control Tower’ data tool for tracking cargo
17:53 Admiral Nevelskoy ferry leaves Saint-Petersburg for Sakhalin
17:49 BPA reports lowest passenger numbers in 60 years
17:42 Finnlines Plc issues its Financial Statements 2020 and Financial Review for 2020
17:34 Cutting restrictive trade policies could boost global economic recovery from COVID-19 by 3.4%
17:31 ECSA: European shipping is central to the success of EU's new trade strategy
17:20 APM Terminals Algeciras reaches all employees with a safety campaign
16:58 Tallink Grupp reports net loss of EUR 108.3 million for pandemic year 2020
16:41 Terms of references for Klaipeda Seaport's Southern part development to be prepared by American specialists
16:19 BPO’s comprehensive ports report published today
16:15 Hiab to supply MV Commercial with 100 HIAB loader cranes
15:45 Rolls-Royce secures UK MOD funding for innovative technology to support naval autonomy
14:50 Consequences of COVID pandemic affect the Port of Hamburg’s 2020 throughput
14:25 Bunker prices are slightly up at the Far East ports of Russia (graph)
13:13 Nevsky Shipyard delivers Pola Gali, yet another ship of Project RSD59
13:07 DNV GL joins smart maritime network to enhance industry cooperation on digitalization
12:10 ClassNK grants its first remote survey notation for PCC ORCA ACE
11:32 NOVATEK and Shenergy Group sign SPA for LNG from Arctic LNG 2
11:04 “K”Line commences technical management of Singapore’s first LNG bunkering vessel “FUELNG BELLINA”
10:33 Telemar wins 50-vessel service and maintenance contract with Fairplay Towage group
10:21 MABUX: Bunker market this morning, Feb 25, 2021
10:13 BC Ferries releases its third quarter results
09:59 CMA CGM implements FAK rates from the Mediterranean, Adriatic, North Africa & Black Sea to the Indian Subcontinent
09:50 BC Ferries' fifth battery hybrid-electric vessel launched
09:28 Oil market sees mixed price movements
09:12 Baltic Dry Index as of February 24

2021 February 24

18:06 Parkwind selects DEME Offshore for foundation EPCI contract at Arcadis Ost I