• 2021 November 18 14:32

    MABUX: Bunker Weekly Outlook, Week 46, 2021

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

    On a Week 46, the MABUX World Bunker Index demonstrated a firm decline. The 380 HSFO Index dropped by 21.81 USD: from 523.74 USD / MT to 501.93 USD / MT. The VLSFO index fell by 17.24 USD: from 656.54 USD / MT to 639.30 USD / MT, while the MGO index lost 17.93 USD (from 778.54 USD / MT to 760.61 USD / MT).

    The weekly average Global Scrubber Spread (SS) - the difference in price between 380 HSFO and VLSFO - continued to rise during the week and reached $ 135.92 (versus $ 128.41 last week, plus $ 7.51). At the same time, the average SS Spread in Rotterdam remained practically unchanged, lingered at the level of $ 134 (minus $ 0.67 compared to the previous week), and the average SS Spread in Singapore, on the contrary, added $ 11.67 and reached $ 161.67 vs. $ 150.00 last week. The gradual growth of SS Spread and the steady surpassing of the psychological mark of $ 100 have increased the profitability of scrubber retrofits. According to DNV GL, the total number of vessels with scrubbers (in operation and on order) in 2021 will be 4,584, compared to 4,368 in 2020 and 3,167 in 2019. More information is available in the Differentials section of the www.mabux.com website.

    The European gas prices remain unstable. The recent upward driver came from Gazprom with no booking additional gas transit capacity via Ukraine or via the Polish section of the Yamal-Europe pipeline for December, while the company has booked short-term transit capacities and started refilling its European storage facilities last week. Anyway, extra supplies promised by Russia have so far been negligible and Norwegian flows have been reduced because of heavy maintenance. The future of Nord Stream-2 is still unclear.

    Correlation MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Benchmark) in the four global largest hubs over the past week showed that 380 HSFO fuel was undervalued in two out of four ports: Rotterdam (minus $ 17) and in Singapore (minus $ 15). In Fujairah and Houston, the MABUX MBP / DBP Index recorded an overcharge of plus $ 12 and plus $ 3, respectively.

    VLSFO fuel grade, according to the MABUX MBP / DBP Index, has been overpriced in two out of four ports: in Rotterdam by minus $ 5 and in Houston by minus $ 11. In Singapore and Fujairah, an overpricing by $ 24 was recorded for each port.

    With regard to MGO LS, the MABUX MBP / DBP Index continued to register overpricing of this fuel grade in two ports: in Fujairah - by plus $ 14 and in Houston - by plus $ 11. However, MGO LS is still undervalued in Rotterdam - minus $ 40 and in Singapore - minus $ 27.

    All in all, the MABUX MBP / DBP Index correlation shows that a firm trend for all fuel grades is still in the stage of formation.

    Over 20 countries - Australia, Belgium, Canada, Chile, Costa Rica, Denmark, Fiji, Finland, France, Germany, Ireland, Italy, Japan, Morocco, Netherlands, New Zealand, Norway, Spain, Sweden, the UK and the US - have signed the Clydebank Declaration to develop at least six green shipping corridors between two or more ports by 2025 and more by 2030. Corridors would arise from partnerships between willing ports and operators to decarbonize specific shared maritime routes, the declaration said. Voluntary participation by operators was a significant element for successful green shipping corridors. Over 200 businesses across the shipping value chain had committed to scaling and commercializing zero emission vessels and fuels by 2030 and on the demand side, Amazon, Ikea, Michelin, Unilever, Patagonia have announced they will only buy zero carbon freight from 2040. With electrification not seen as feasible, the choices for zero carbon shipping fuels are green methanol, liquid hydrogen and ammonia.

    Source: www.mabux.com




2024 March 28

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13:37 Konecranes launches its flagship Konecranes X-series industrial crane
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2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
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13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
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2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
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16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
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12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
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2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
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11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
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2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
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2024 March 23

17:19 Maersk opens new warehouse facility in Tijuana, Mexico for cross-border capabilities
14:01 Bollinger Shipyard marks keel laying ceremony for 10th Navajo-class T-ATS