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  • MABUX: Bunker Weekly Outlook, Week 03, 2022
  • 2022 January 20 13:19

    MABUX: Bunker Weekly Outlook, Week 03, 2022

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

    On a Week 03, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO Index rose by 18.72 USD: from 525.17 USD/MT to 543.89 USD/MT. The VLSFO Index gained 30.98 USD from 662.95 USD/MT to 693.93 USD/MT, while the MGO Index increased by 29.59 USD (from 787.30 USD/MT to 816.89 USD/MT). All three fuel Indexes topped October 2021 highs (380 HSFO - 542.16 USD/MT on 20.10, VLSFO - 657.89 USD/MT on 26.10; and MGO LS - 779.20 USD/MT on 27.10) and continue rising.

    The weekly average Global Scrubber Spread (SS) - the difference in price between 380 HSFO and VLSFO -- posted a gain of $9.38 during the week to over $140.00 ($143.96 vs. $134.58 last week). Meanwhile, in Rotterdam SS Spread widened even more: from $124.83 to $142.33 (up $17.50 compared to the last week). The average weekly SS Spread in Singapore also rose by $11.00 to $194.00 from $183.00 last week. The SS Spread is well above the $100 psychological mark at the largest hubs and continues to rise. More information is available in the "Price Difference" section of the website www.mabux.com.

    So far this month, the European Union has received U.S. natural gas volumes five times higher than Russia’s pipeline deliveries. Despite this, even with normal winter weather conditions, Europe faces storage inventories dropping to a record low of below 15 billion cubic meters (bcm) by the end of March. The price of LNG as marine fuel at the port of Sines (Portugal) on January 17 decreased further by 82 USD to 2315 USD / MT. The price of LNG still significantly exceeds the price of MGO LS (807 USD/MT as of January 19).

    On a Week 03, the correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Bunker Prices (benchmark)) showed that 380 HSFO fuel grade was overpriced at two ports out of four selected (versus three out of four selected last week): in Rotterdam - plus $5 and in Houston - plus 23. In Singapore and Fujairah, the MABUX MBP/DBP Index registered an underestimation of 380 HSFO by $14 and $5 respectively. At the moment, the Index does not have a single trend in the global 380 HSFO market segment.

    VLSFO fuel grade, according to the MABUX MBP / DBP Index, remained overvalued in three ports out of four selected against two last week: Houston moved into the undercharge zone - minus $5. For other ports, the overcharge was registered as: plus $18 in Rotterdam, plus $49 in Singapore and plus $47 in Fujairah. Overpricing at three ports is still at significant levels.

    As for MGO LS, the MABUX MBP/DBP Index recorded an underestimation of this type of fuel in three of the four selected ports: Fujairah (minus $4) added to Rotterdam (minus $18) and Singapore (minus $19). The only port where the MABUX MBP/DBP Index recorded an overpricing is Houston - plus $8.

    A new study from Transport & Environment (T&E) has found that more than 25 million tonnes of CO2 emissions would be exempt from the European Union’s Emission Trading Scheme (ETS). As per Report, ‘arbitrary’ exemptions of ships such as those servicing oil and gas facilities, as well as yachts, will ‘undermine the EU’s shipping law’ and let ‘millions of tonnes of emissions off the hook.’ Last July the European Commission (EC) announced that the ETS would apply to all shipping emissions from vessels calling at an EU port on intra-EU voyages as well as 50% of emissions from extra-EU voyages and emissions while at berth in EU ports. The regulation applies to ships above 5,000 GT, although T&E highlighted that fishing and military vessels and ships such as those servicing offshore gas and oil vessels were exempt, ‘despite emitting more on average than bulk carriers and oil tankers.’ This  means just over half of Europe’s ships are exempt from the proposal, ‘despite them accounting for nearly 20% of the EU’s shipping emissions.’

    By Sergey Ivanov, Director, MABUX

2022 May 29

13:42 Evolving EU sanctions keep ship owners on alert
12:19 Leaders of Greek shipping join Greece’s leading class to discuss ABS advances in technology, sustainability and the future of classification
11:38 Port of Virginia to implement a dredging project to accommodate two-way traffic of ultra-large container ships
10:27 CMA CGM further develops the environmental projects portfolio included in POSITIVE OFFSET

2022 May 28

16:31 18 students appointed as inaugural batch of MaritimeSG Youth Ambassadors
14:52 Singapore-based ocean carrier Sea Lead inaugurates new service with Virginia as first US East Coast stop
14:07 WinGD introduces compact on-engine emissions solution for X-DF portfolio
12:51 North P&I Club publishes briefing paper detailing the dangers of cargo liquefaction
12:19 TES Wilhelmshaven import terminal included as a “priority project” in the German Government LNG Acceleration law
11:29 SSF to help increase the preparedness of French Navy in collaboration with ECOsubsea and Naval Group
10:53 Northern Marine executes MOU with Provaris as technical partner for GH2 carrier development program

2022 May 27

18:37 First steel cut at Flensburger Schiffbau-Gesellschaft for SeaRoad’s newbuild ro-ro vessel
18:07 Houlder collaborates on autonomous vessel project with Maritime and Coastguard Agency
17:50 IAA PortNews’ summary of previous week news
17:37 Siemens to build one of Europe’s largest shore power connections in Kiel
17:34 Any new investments in fossil fuels is “moral and economic madness” - Ship It Zero
17:29 HII’s Newport News Shipbuilding to hire thousands this year to meet the shipbuilding needs of the Navy
17:16 Russian crude exports remain high - Vortexa
17:06 Member approval of North and Standard Club merger
16:47 China’s top oil trader hires more tankers to ship Russian crude - Bloomberg
16:28 USCG assists 2 aboard disabled sailing vessel off Galveston
14:43 U.S. scrubber barge propelled by SCHOTTEL
14:22 Austal Australia delivers 15th Guardian Class Patrol Boat
13:44 The Port of Tallinn and the Port of Gdynia sign a letter of intent on cooperation in the field of hydrogen management
13:02 U.S. and French Navy ships to visit Helsinki
12:40 Special Economic Zone ‘Ust-Luga’ established in the Leningrad Region
12:12 Three Saudi ports hit world records on CPPI 2021
11:35 Kostroma Plant of Marine Equipment delivers survey ship of Project 3330
11:12 Shipbuilding, Ship Repair Corporation launches yet another non-self-propelled dredger of Project 4395
10:24 Enauta’s FPSO Atlanta to be operated to ABS Class
10:07 Arkhangelsk based Association “Sozvezdye” supports Ship Repair, Modernization and Components Conference
09:38 Transmashholding and Sinara can design an engine for large ships – Yury Borisov
09:11 Crude oil futures decrease after a recent growth
08:52 MABUX: Bunker prices may continue to rise on May 27

2022 May 26

18:06 Russian Maritime Register of Shipping introduces ship’s carbon intensity calculation tool
17:54 Port Bronka continues talks with Belarussian companies on shipment of cargoes
17:29 Construction of new container ship for North-South transport corridor to take 14 months – USC President
17:06 Boskalis receives approval for sale KST and Maju to Rimorchiatori Mediterrane
16:48 Russian Maritime Register of Shipping develops alternative fuels requirements
16:18 Trade turnover between Saint-Petersburg and LAC can double to $5 billion amid EU sanctions
16:05 Antwerp to host The Tall Ships Races 2022 from Friday 22 to Monday 25 July
15:26 Vympel Shipyard launches Hydrographic Survey Vessel Yakov Lapushkin, Project 19910
15:04 Ardmore Shipping joins the All Aboard Alliance
15:00 Petronas LNG receives a new W-MAX Class LNG carrier
14:52 Second exchange area of the Vado Gateway Container Terminal now operational
14:03 ABP signs new concrete and aggregate partnership
13:55 Alexeev’s Hydrofoil Design Bureau laid down the fifth passenger hydrofoil Meteor 120R and launched the second one
13:14 Elogen partners with Valmax in Korea for the production of green hydrogen
13:12 Cherepovets shipyard launches its first vessel
12:31 NYK and PowerX form capital and business alliance
12:10 LR and partners unveil 'Silk Alliance' green corridor project
12:04 Nuclear-powered containership “Sevmorput” delivered 2,200 tonnes of cargo to Murmansk
11:35 Crowley inaugurates LNG facility in Peñuelas, Puerto Rico
10:23 Milaha announces resignation of President and CEO
10:09 Another batch of commercial cargo delivered from Novorossiysk to Tartus by Oboronlogistics' Sparta II
09:56 Palantir and Trafigura announce collaboration to deliver supply chain carbon emissions platform to market
09:17 Crude oil futures continue rising on US Department of Energy data
08:55 MABUX: Bunker prices may increase on May 26

2022 May 25

18:15 Maersk Supply Service wins long-term marine services contract in Angola
17:58 The first ship with Ukrainian ore left the port of Swinoujscie