• 2022 May 19 12:07

    MABUX: Bunker Weekly Outlook, Week 20, 2022

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

    Over the Week 20, the world bunker indices did not have a firm trend and changed irregular. The 380 HSFO index rose by 18.88 USD: from 718.62 USD/MT to 737.50 USD/MT. The VLSFO index went up more significantly: by 36.82 USD: from 933.73 USD/MT to 970.55 USD/MT. The MGO index, on the contrary, fell by 21.06 USD (from 1267.92 USD/MT to 1246.86 USD/MT). There are no signs of a sustainable trend’s formation in the global bunker market yet.

    The Global Scrubber Spread (SS) weekly average - the price difference between 380 HSFO and VLSFO - continued its firm growth over the week - plus $ 7.78 ($ 218.25 versus $ 210.47 last week). At the same time, in Rotterdam, the SS Spread’s average value, on the contrary, continued to decline: $ 178.33 vs. $ 184.43 (minus $ 6.50 compared to last week). In Singapore, the average price difference of 380 HSFO/VLSFO in turn showed an unexpectedly sharp growth, approaching again $200 mark: $191.50 vs. $121.83 (up $69.67 compared to last week). SS Spread values still don't have a firm dynamics. More information is available in the Price Differences section at mabux.com.

    Gas prices in Europe remain at high levels amid the ongoing escalation of the conflict in Ukraine. Prices for LNG as bunker fuel in the port of Sines (Portugal) fell on May 16 by 92 USD to 1917 USD/MT (versus 2009 USD/MT a week earlier). Nevertheless, LNG prices are still significantly higher than those of traditional bunker fuels: for comparison, the MGO LS price index at the port of Sines was quoted at 1293 USD/MT as of May 16.

    Over the week 20, the average correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark) has not changed: all major bunker fuels grades are in the overcharge area in all selected ports. Thus, 380 HSFO fuel’s overcharge margins in a week were: in Rotterdam - plus $ 16 (versus plus $ 29 the week before), in Singapore - plus $ 46 (plus $ 114), in Fujairah - plus $ 51 (plus $ 107) and in Houston - plus $79 (plus $102). In the 380 HSFO’s segment, MABUX MBP/DBP Index (MDI) showed a reduction in the overprice premium across all selected ports.

    VLSFO fuel grade, according to MDI, remained overpriced at all selected ports, while overprice premium narrowed here as well: plus $20 (plus $42 a week before) in Rotterdam, plus $50 (plus $51) in Singapore, plus $54 (plus $66) in Fujairah and plus $23 (plus $50) in Houston.

    As for MGO LS, MDI also registered an overpricing of this fuel grade over the week in all four selected ports: Rotterdam - plus $ 12 (plus $ 75 the week before), Singapore - plus $ 38 (minus $ 26), Fujairah - plus $ 178 (plus $126) and Houston - plus $118 (plus $155). Here MDI did not have a firm trend and changed irregular: an overcharge decline in Rotterdam and Houston, and rose in Singapore and Fujairah.

    In general, high volatility remains in the global bunker market, which prevents the formation of a sustainable trend in bunker prices.

    Some 3,742,300 metric tonnes (mt) of bunker fuel were sold in the Port of Singapore last month – 12.1% down on the 4,256,500 mt registered in April 2021. Last month’s total was also the second-lowest monthly total of 2022 after the 3,501,600 mt of bunker sales recorded in February. In March, reports of a bunker contamination crisis began to surface – and by mid-April, the Maritime and Port Authority of Singapore (MPA) estimated that the affected marine fuel had been supplied to around 200 ships of which 80 reported various issues with their fuel pumps and engines. The extent to which the episode has impacted confidence in the Singapore marine fuels market remains to be fully seen, nevertheless sales of HSFO saw a month-on-month (m-o-m) decrease. Marine fuel oil (MFO) 380 cSt fell from 962,600 mt in March to 914,500 mt in April while MFO 500 cSt sales plummeted from 124,900 mt to 27,200 mt. Despite the drop off in HSFO sales, low sulphur fuel oil (LSFO) sales held firm. Sales of LSFO 380 cSt rose from 1,741,700 mt in March to 1,832,600 mt in April. Low sulphur marine gasoil sales rose 2.5% on the month to 278,600 mt. The total amount of marine fuel sold during the first four months of the year at the Port of Singapore stands at 15,047,400 mt – 11.9% down on the 17,078,900 mt of bunker sales registered during the same period in 2021.

    We do expect bunker indices to change upwards next week amid high volatility and possible ban on Russian oil.

    By Sergey Ivanov, Director, MABUX

2024 March 2

11:18 Canadian Coast Guard issues fine for a hazardous vessel
09:37 IAA PortNews’ top headlines, Week 09

2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels
12:09 Consortium of MOL, ITOCHU Corporation, HIF Asia Pacific and JFE Steel Corporation to pioneer synthetic fuel supply chain and CO2 marine transport initiative
11:42 CMA CGM, COSCO SHIPPING, Evergreen and OOCL to extend OCEAN Alliance until 2032
11:18 The 7th Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:52 Port of Oakland container volume up in January 2024
10:23 CMA CGM updates FAK rates from India to Europe and the Mediterranean
09:57 Biofuel reduces the climate impact from a Green Sea Conference by 90 per cent