• 2021 March 4 18:03

    Bunker Weekly Outlook, Week 09, 2021

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

    The main driver for bunker prices this week is the decision of OPEC+ alliance according further oil production cuts.

    MABUX World Bunker Index has shown firm downtrend during the week. The 380 HSFO index has declined from 418.58 USD/MT to 411.01 USD/ MT (-7.57 USD), VLSFO has lost 11.82 USD: from 527.73 USD/MT to 515.91 USD/MT. MGO LS also fell by 9.87 USD 592.37 USD/MT down to 582.50 USD/MT.




     

     

     

     

     

     

     

     

     

    The Global Scrubber Spread (SS) – the difference in price between 380 HSFO and VLSFO – has not had any drastic changes during the week and averaged 105.27 USD (105.66 USD last week).

    SS Spread in Rotterdam has narrowed during the week from 108.00 USD down to 101.00 USD (-7.00 USD), the average SS spread for the week has decreased by 6.00 USD from 110.50 to 104.50 USD. In Singapore, SS Spread has declined during the week by 6.00 USD: from 129.00 USD to 123.00 USD, however, the average weekly SS index has fallen by 2.00 USD: from 126.17 USD last week to 124.17 USD. No it is visible, that SS turned into downward correction in the short term.




     

     

     

     

     

     

     

     

     

    Correlation of MBP Index (Market Bunker Prices) vs DBP Index (MABUX Digital Benchmark) in the four global largest hubs during the past week showed that 380 HSFO and MGO LS fuels remain undervalued in all selected ports except of Houston where those kind of fuel are overcharged (+ 8 USD and +14 USD respectively). According to DBP Index, 380 HSFO was undercharged on average from minus 15 USD in Fujairah to minus 24 USD in Singapore. The MGO LS was also underpriced ranging from minus 13 USD in Fujairah to minus 41 USD in Singapore. VLSFO according to DBP Index, is overvalued in Rotterdam (+1 USD), Fujairah (+2 USD) and Houston (+21 USD) while it is undercharged in Singapore (-6 USD).




     

     

     

    OPEC and its allies will decide on Mar.04 whether to freeze oil output or raise it slightly from April as a recent price rally is clouded by concern over the fragility of economic recovery during the COVID-19 pandemic. It was expected the OPEC+ group of producers to ease supply cuts by about 500,000 barrels per day (bpd) from April. OPEC's de facto leader Saudi Arabia has also been expected to partially or fully end its voluntary production cut of an additional 1 million bpd. At the same time there are singes that some key members of the OPEC had suggested that output across the OPEC+ group should be kept unchanged for example, Russia has been insisting on raising output to avoid prices spiking any further and lending support to shale oil output from the United States, which is not part of OPEC+.
    Bunker Indexes were also supported U.S. official data that showed a record drop in domestic fuel inventories from the aftermath of a deep freeze that shuttered refineries in several states. U.S. gasoline inventories tumbled last week by the most since 1990 after a polar blast wiped out more than 5 million barrels a day of refining capacity in late February along the U.S. Gulf Coast. Crude stockpiles swelled with refineries still shut. Meanwhile, much of the crude production hit by the cold temperatures has been restored. Crude supplies grew by a record 21.56 million barrels, signaling weak demand from refiners at the time.

    Source: www.mabux.com


2021 April 20

18:19 China's Sinopec successfully starts up two Dupont™ STRATCO® alkylation technology units
18:05 MINT Fund grant scheme to provide maritime technology start-ups in Singapore
17:25 MPA launches Singapore’s first Maritime Drone Estate
17:15 SEA-LNG warns against delay in addressing shipping decarbonisation
17:08 Launch of Singapore’s MDE as test bed for drone technologies
16:44 RF President signs law on long-term agreements for providing services involving nuclear-powered icebreakers
16:15 ONE launches Green Strategy Department
15:43 Solstad Offshore signs long-term contract for PSV in UK
15:20 ABS and Rainmaking to support Singapore’s decarbonization entrepreneurs
15:05 Icebreaker assistance period ends at the port of Vysotsk in the Leningrad Region
14:26 Budget allocations for construction of LNG terminal in Kamchatka Territory to exceed RUB 21 billion
14:02 Hiab to supply 37 loader cranes in Spain to maintain railway infrastructure
13:23 Alfa Laval starts testing methanol fuel cell systems for sustainable marine power supply
13:01 Bollinger Shipyards acquires Gulf Island Fabrication’s shipyard facilities
12:57 Icebreaker assistance period ends at Big Port St. Petersburg from April 21
12:30 Port of Helsinki cargo traffic up 3.6% in Q1 2021
12:11 Port of Antwerp expands its fleet with energy-efficient tugs
11:59 Investments at the Port of Gdynia – earlier than planned
11:18 Crowley completes first U.S. design for fully electric tug with autonomous technology
11:06 Admiralteiskie Verfi shipyard commences mooring trials of diesel-electric submarine named Magadan
10:35 Northern Dvina Basin Administration opens navigation season of 2021
10:07 SMW 2021: Maritime innovation in Singapore receives boost
09:48 KN and AFRY sign agreement on long-term capacity allocation and pricing model study of Lithuanian LNG terminal
09:29 Oil prices rise on OPEC+ expectations
09:12 Baltic Dry Index as of April 19

2021 April 19

18:47 550 industry leaders discussed navigating maritime industry transformation through collaboration
18:30 Offshore International joins forces with Mammoet to deliver turnkey logistical solutions
18:16 Industry collaboration to develop guidance on the safe use of Ammonia as a fuel
17:57 RFC to provide personal scholarships to naval cadets
17:36 Milaha and Schlumberger commence well stimulation vessel operations in Qatar
17:16 CMA CGM launches SERENITY deductible guarantee
17:06 Dublin Port volumes down by 15% in Q1 2021
16:49 Rosmorport continues ensuring safe pilotage of gas tankers arriving from Russian Arctic to LNG handling facility
16:30 BAR Technologies and Yara Marine partner to bring WindWings to global shipping market
16:03 4th Advanced Maritime Leaders’ Programme to focus on leadership in times of global crisis
15:37 Average spot market price for Russian M100 product fell to RUB 22,219 pmt
15:36 Wärtsilä navigation systems to secure safe and efficient operation for 10 LNG gas carriers in Arctic operations
15:15 Throughput of Port Vanino in 3M’21 rose by 7%
14:48 Ten companies and one individual recognised for contributions to Maritime Singapore at Singapore International Maritime Awards 2021
14:22 BLRT Group builds unique Launch and Recovery System for Namibian offshore diamond recovery vessel
13:43 Economic effect of Sea Port of Saint-Petersburg’s production system project exceeded RUB 100 million
13:21 Equinor reveales the deviation in quality of welding and inspection of the Johan Castberg production vessel
12:46 Resilience, digitalisation, decarbonisation and talent take centre stage at Singapore Maritime Week 2021
12:12 DP World, UAE Region is the first in the region to explore the Quantum Computing technology
12:02 RF Government approves roadmap on implementation of Arctic Development Strategy
11:41 Samskip to participate in new Norwest Baltic Route
11:10 Klaveness Combination Carriers offers low-carbon freight to the growing Australian lithium industry
10:50 Freeport of Riga took part in international logistics exhibition “TRANSRUSSIA”
10:13 Container throughput of Hong Kong port (China) in January-March 2021 rose by 2.4%
09:45 Port of Helsinki throughput in January-March 2021 rose by 3.6% YoY
09:26 Oil prices are slightly down
09:09 Baltic Dry Index as of April 16

2021 April 18

16:18 USCG says two crewmembers recovered from capsized lift boat
14:27 Port Canaveral to host commercial vessels for U.S. reflag conversion process
13:48 ABP expands customer offer at Port of Garston
13:11 Suez Canal Authority permitted two personnel of the crew members of the Panamanian vessel to leave for urgent personal circumstances
12:34 IACS announces Incoming Council Chair
11:33 Maritime NZ welcomes new Chief Executive
11:03 RMC and TT-Line ink contract for car and passenger ferry duo
10:25 Local start-up Machine Eye wins £75k in funding from Techstart Ventures and Belfast Harbour