• 2022 June 16 12:19

    MABUX: Bunker Weekly Outlook, Week 24, 2022

    We expect bunker prices to continue moving in different directions next week

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

    Over the Week 24, the world bunker indices did not have a firm trend and showed moderate irregular changes. The 380 HSFO index fell by 6.11 USD: from 766.23 USD/MT to 760.12 USD/MT. The VLSFO index, in turn, rose by 5.02 USD: from 1088.43 USD/MT to 1093.45 USD/MT, coming close to $ 2000 mark. The MGO index also showed a growth: plus 17.15 USD (from 1374.52 USD/MT to 1391.67 USD/MT) . The VLSFO and MGO indices are at their all-time highs.

    The Global Scrubber Spread (SS) weekly average – the price difference between 380 HSFO and VLSFO - continued its firm upward trend over the week – plus $ 32.06 ($ 332.26 versus $ 300.20 last week). In Rotterdam, the average SS Spread rose more significantly: $321.50 vs. $250.17 (up $71.33 from last week). In Singapore, the average weekly price difference of 380 HSFO/VLSFO also rose by $20 to over $500: $502.50 from $482.50 last week, but dropped back to $475 on June 15. For more information, see "Price Difference" on mabux.com.

    Natural gas prices in Europe have turned again into moderate growth. The price for LNG as bunker fuel in the port of Sines (Portugal) rose on June 14 by 171 USD to 1992 USD/MT (versus 1821 USD/MT a week earlier). LNG prices are still significantly higher than those of traditional bunker fuels: the price index for MGO LS in the port of Sines was quoted at 1508 USD/MT as of June 14. Meanwhile, the development of 25 LNG export terminal projects in the US could result in more than 90 million tonnes of greenhouse gas (GHG) emissions a year, according to US-based NGO the Environmental Integrity Project (EIP). In March 2022, America exported 7.6 million tonnes of LNG, quadruple the amount four years earlier.

    Over the week 24, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) continued to register an underestimation of 380 HSFO fuel in three ports out of four selected: Rotterdam - minus $ 14, Singapore - minus $ 94 and Fujairah - minus $3. The only overpriced port is Houston - plus $11. Underprice premium continued to rise slightly, while overcharge ratio declined.

    VLSFO fuel grade, according to MDI, remained overpriced at all four selected ports: plus $77 in Rotterdam, plus $198 in Singapore, plus $170 in Fujairah and plus $32 in Houston. Here, the MDI index had no a firm trend, increasing in Rotterdam and Fujairah, but declining in Singapore and Houston. VLSFO fuel remains the most overvalued segment in the global bunker market.

    As for MGO LS, over the week MDI registered an undercharge of this type of fuel in two ports out of four selected: in Rotterdam - minus $ 2 and in Singapore - minus $ 16. In other ports, the overcharge margins were: Fujairah - plus $ 137 and Houston - plus $27. Undercharge premium is gradually decreasing while overcharge one is going up.
     
    Thus, high volatility remains in the global market. There is still no any firm trend in the correlation of market and digital MABUX bunker prices benchmark (MDI).

    The 4,115,500 metric tonnes (mt) of marine fuel sold in Singapore in May was the highest monthly total of the year. Last month’s total represented a 1.1% increase on the 4,071,800 mt of bunkers sold in May 2021 and a 10.0% increase on the 3,742,300 mt registered in April.. During the first five months of the year a total of 19,162,900 mt of marine fuel was sold in the Port of Singapore – 9.4% down on the 21,150,700 mt of bunker sales in the corresponding period in 2021. The number of vessels calling for marine fuel at the global bunker hub rose from 3,025 in April to 3,168 in May.

    There is some stabilization of fuel indices registered in the market recently. We expect bunker prices to continue moving in different directions next week.

    By Sergey Ivanov, Director, MABUX




2024 March 29

13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
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
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
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
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
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
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

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
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route