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  • MABUX: Bunker Weekly Outlook, Week 02, 2022
  • 2022 January 13 14:42

    MABUX: Bunker Weekly Outlook, Week 02, 2022

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

    On a Week 02, the MABUX World Bunker Index continued to grow steadily, continuing the upward trend started from the first week of the new year. Index 380 HSFO rose by 19.37 USD: from 504.92 USD / MT to 524.29 USD / MT. The VLSFO index surged by 21.11 USD: from 641.20 USD / MT to 662.21 USD / MT, while the MGO index added 25.79 USD (from 756.44 USD / MT to 782.23 USD / MT). The VLSFO and MGO LS indices for 380 HSFO have already exceeded the highs of October 2021 (VLSFO - 657.89 USD / MT on 26.10; and MGO LS - 779.20 USD / MT on 27.10).

    The weekly average Global Scrubber Spread (SS) - the difference in price between 380 HSFO and VLSFO - showed a moderate decline of $ 2.33 during the week ($ 134.58 versus $ 136.91 last week). At the same time, SS Spread in Rotterdam increased slightly from $ 120.00 to $ 124.83 (plus $ 4.83 compared to the previous week). On the contrary, the average weekly SS Spread in Singapore fell by $ 3.83 to $ 183.00 from $ 186.83 last week. SS Spread indicators in the major hubs are still above the psychological $ 100 mark. More information is available in the "Price Difference" section of the website www.mabux.com.

    A flotilla of liquefied natural gas (LNG) from the US has finally arrived in Europe, increasing LNG imports to Europe to a two-year high. Fresh supplies of LNG are helping to ease supply problems, but stockpiles are still at very low levels for this time of year. The price of LNG as marine fuel at the port of Sines (Portugal) on January 10 decreased by 39 USD to 2397 USD / MT, nevertheless more than three times higher than the price of MGO LS (762 USD / MT as of January 11).

    On a Week 02, the MABUX MBP Index (Market Bunker Prices) vs. MABUX DBP Index (MABUX Digital Bunker Benchmark) correlation showed that 380 HSFO fuel grade was overpriced in three out of four major ports selected: Rotterdam - plus $ 3, Fujairah - plus $ 2 and Houston - plus $ 12. The only port where the MABUX MBP / DBP Index registered an underestimation of the 380 HSFO is Singapore - minus $ 13. 380 HSFO Index fluctuations are close enough to the 100% correlation point.

    VLSFO fuel grade, according to the MABUX MBP / DBP Index, remained overpriced in all selected ports: plus $ 6 in Rotterdam, plus $ 49 in Singapore, plus $ 41 in Fujairah and plus $ 1 in Houston. Meanwhile, the VLSFO overcharge margins at all major ports are gradually decreasing.

    As for the MGO LS, the MABUX MBP / DBP Index recorded an underestimation of this fuel grade in two of the four selected ports: in Rotterdam by minus $ 36 and in Singapore by minus $ 28. In Fujairah and Houston, the Index showed an overestimation of $ 15 and $ 2, respectively. Thus, the MABUX MBP / DBP Index for MGO LS does not yet have any firm trend so far.

    In its first batch of allotments for 2022, China has reportedly issued 6.5 million tons of quotas for exporting low sulphur fuel oil (LSFO). This would be a 30% increase on the 5 million tons released in the first batch of 2021. As per Chinese officials, the LSFO export quotas hike ‘lends support to a further increase in Chinese production of the marine fuel’ and is also ‘a reflection of China's drive to establish itself into a bunker fuel hub in Northeast Asia’.

    According to DNV statistics, there are now 251 LNG-fuelled vessels in operation and 403 on order. It is notable that orders are now building across a wider range of vessel segments. There are currently 28 LNG-fuelled container ships in operation and 98 on order, while 25 crude oil tankers are in service with an order book of 55 vessels. The order tally for car carriers is now 56, and for bulk carriers and cruise ships it is 49 and 26, respectively.

    By Sergey Ivanov, Director, MABUX

2022 May 19

18:06 Valenciaport detects in April a decline in Spanish export activity
17:48 Border checkpoint opened at Ultramar terminal in Ust-Luga seaport
17:26 CIMC Raffles delivered the first of two record-breaking ships to Wallenius Sol
17:15 ClassNK certifies NAPA Fleet Intelligence and NAPA Performance Monitoring and Optimization, and adds new notations to ships
16:41 New zero-emission Côte d’Ivoire Terminal receives first port equipment
16:12 PortsToronto releases 2021 Audited Financial Statements
16:05 “K” Line Group’s Yokohama Daikoku C-4 Terminal starts operation utilizing renewable energy
15:38 OTEKO obtains ISO 9001 certificate for handling of dry bulk cargo
15:06 Port of Salalah commissions new equipment to increase efficiency and meet demand
14:13 The first ship equipped to utilize future fairway services tested at Port of Kokkola
13:49 Vladivostok Fish Terminal puts into operation refrigerating facility of 7,000 tonnes in capacity
13:02 Wärtsilä completes delivery of 15 LPG fuel supply systems
12:28 Development of programme for Ship Repair, Modernization and Components conference is underway
12:07 MABUX: Bunker Weekly Outlook, Week 20, 2022
12:03 Long-term rates for reefer containers on the key US West Coast to Far East route up 60% in April - Xeneta
11:50 H2-Industries set to clear the oceans of plastic waste and produce clean fuel from innovative ship design
11:32 EU policymakers still need more ambitious green measures - Danish Shipping
11:11 PortNews issues its annual analytical report “Civil Shipbuilding in Russia”
11:03 Ports Long Beach and Los Angeles give update on Clean Air Action Plan
10:36 Global Ship Lease announces new forward charter agreement
09:56 RS developed requirements on usage of alternative fuels
09:53 ZIM reports record financial results for Q1 2022
09:29 Russian oil exports in January-April 2022 declined by 0.6% to 66.3 million tonnes
09:13 Crude oil futures rise on US reserves reduction statistics
08:58 MABUX: Bunker prices may continue downward changes on May 19

2022 May 18

18:35 Jotun's new tool to forecast carbon intensity of vessel operations
17:56 Gasum considers that natural gas imports from Russia could end this week
17:20 RF Government to extend setting of quotas for exports of mineral fertilizers till December 2022
17:06 Port of Antwerp-Bruges & CMB.TECH prepare the first hydrogen-powered tugboat
16:18 Port of Hamburg container throughput up 1.8 percent to 2.2 million TEU in Q1 2022
16:05 Port Houston container volume up 21% to 334,493 TEUs in April 2022
15:18 EU regulators must recalibrate EU ETS reform to ensure shipping industry is green by 2050 - WSC
15:11 Container throughput of Russian ports in 4M’2022 totaled 1.7 million TEUs, down 5.4% YoY
14:48 Throughput of Russian seaports in 4M’2022 rose by 0.1% YoY
14:32 Fluxys and Gasunie join forces to connect Belgian and Dutch hydrogen networks at North Sea Port
14:13 UAE to build LNG plant to double its export capacity - Bloomberg
14:02 Bureau Veritas and Climate Neutral Commodity join forces
13:44 Subsidies for construction of crab catchers at Far East shipyards to be raised from 20% to 28%
13:23 ECSA welcomes European Parliament’s decisive vote on commercial operators and Ocean Fund
13:01 Admiral Makarov frigate may become new flagship of Russia’s Black Sea fleet
12:40 CIMC Raffles delivers the first of two record-breaking ships to WALLENIUS SOL
12:03 Eastern Pacific Shipping and Value Maritime announce agreement
11:49 CF Industries joins the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping
10:54 MODIFI launches partnership with DP World to enable digitisation of trade
10:30 The changes in the oil market are tectonic - Vladimir Putin
09:19 Crude oil futures show moderate growth after a recent fall
08:58 MABUX: Global bunker indices to drift lower on May 18

2022 May 17

18:37 United Heavy Lift orders two additional Eco-Lifter newbuildings
18:07 Global shipping community updates Maritime Labour Convention
17:46 Euroseas signs contract for the construction of two additional fuel efficient feeder containerships
17:26 The keel laying of Landing Platform Dock for Qatari Ministry of Defence takes place at the Palermo shipyard
17:06 Norsepower installs Rotor Sail on second Scandlines hybrid ferry
16:35 New data shows future-fuel demand for shipping industry equal to entire current global production of renewables - International Chamber of Shipping
16:22 Atomenergomash manufactured first RITM-200 reactor for icebreaker Yakutia
15:04 YILPORT starts a new X-PRESS Feeders service ACX
14:28 Port of Southampton completes shore power commissioning of three AIDA cruise ships
14:03 Titan LNG and Brittany Ferries embark on a long-term partnership for the supply of fuel for Brittany Ferries’ newbuild hybrids
13:25 Marcor Stevedoring B.V. to operate dry bulk terminal at Steinweg Hartel Terminal
13:16 Sovcomflot’s fleet reduced to 111 ships after recent sales
12:20 DP World breaks ground on its new container terminal, silo and quay in the port of Novi Sad