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  • MABUX: Bunker Weekly Outlook, Week 32, 2022
  • 2022 August 11 13:02

    MABUX: Bunker Weekly Outlook, Week 32, 2022

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

    Over the Week 32 MABUX global bunker indices continued firm downward trend. The 380 HSFO index went down by another 2.17 USD: from 601.86 USD/MT to 599.69 USD/MT, dropping below 600 USD mark for the first time since February 21, 2022. The VLSFO index, in turn, fell by 39.53 USD: from 877.01 USD/MT to 837.48 USD/MT. The MGO index also lost 36.13 USD (from 1165.22 USD/MT to 1129.12 USD/MT).

    The Global Scrubber Spread (SS) weekly average - the differential between 380 HSFO and VLSFO - continued its sharp fall for the fifth week in a row - minus $39.11 ($253.03 vs. $292.14 last week). In Rotterdam, the average SS Spread dropped more significantly to $238.00 from $289.17 (down $51.17 from last week). However, the most notable decline in the average weekly price differential 380 HSFO/VLSFO was recorded again in Singapore: minus $106.00 ($275.33 vs. $381.33 last week). More information is available in the Price Differential section on mabux.com.

    Natural gas prices in Europe remain at their highest levels. LNG as a bunker fuel in the port of Sines (Portugal) decreased on August 8 by a symbolic 10 USD/MT to 3013 USD/MT (versus 3023 USD/MT a week earlier). LNG prices are well above the cost of the most expensive fossil bunker fuel: the price of MGO LS in the port of Sines was quoted at 1179 USD/MT on August 08.

    Over the Week 32, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an undercharge of 380 HSFO fuel in three out of four ports selected: Houston remains the only overestimated port: plus $6.  In other ports, the underpricing decreased slightly and amounted to: Rotterdam - minus $68, Singapore - minus $92 and Fujairah - minus $121.

    VLSFO fuel, according to MDI, remained, on the contrary, overpriced in all four selected ports: plus $37 in Rotterdam, plus $73 in Singapore, plus $166 in Fujairah and plus $76 in Houston. Here, the MDI index did not have a firm trend: the overcharge decreased in Singapore and Houston but rose in Rotterdam and Fujairah. VLSFO fuel is still the most overvalued segment in the global bunker market.

    As for MGO LS grade, MDI index registered a fuel overcharge in two out of four selected ports: Fujairah - plus $ 229 and Houston - plus $ 39. Rotterdam and Singapore are still in the underestimation zone: minus $ 13 and minus $ 51, respectively. The underestimation premium did not virtually change over the week. Overpricing ratio rose in Fujairah but fell in Houston.

    CO2 emissions from North American waterborne transportation was approximately 47 million tonnes in 2018, according to a new report released by the Blue Sky Maritime Coalition (BSMC). The report provides a current benchmark for CO2 emissions from the major vessel sectors that make up maritime transportation in North America. Of the total North American maritime-related emissions, the offshore support vessel fleet and the inland tug and push-boat fleets make up nearly 50% of all emissions. Coastal and harbour tugs and ferries make up another 14%, and tankers and articulated tug-barges contribute 6%.

    FOBAS says is it is continuing to see more cases of contaminated bunker fuel in the ARA region – mainly in Rotterdam and Amsterdam – which suggests that the problem is an ongoing one. In June FOBAS said it had investigated a number of very low sulphur fuel oil (VLSFO) samples taken in the ARA region after reports that vessels using these fuels had experienced operational problems such as excessive wear of fuel pump plungers, barrels and fuel injectors. In a new bulletin issued this week, FOBAS said it had also seen a similar contamination case from Ulsan, Korea and a recent case with lower levels of the same contaminants from Singapore. Detailed analysis on these fuels has shown a range of compounds, more specifically, high levels of phenolic compounds. The fuel testing agency noted that phenol related compounds are often linked with fuel pump wear and damage.

    We expect downward trend to continue in Global bunker market next week.

    By Sergey Ivanov, Director, MABUX




2022 September 26

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14:43 MSC adds a new call to its Himalaya Express Service to connect Jeddah Islamic Port with 10 global ports
14:14 DP World moves 10 millionth unit at London Gateway
14:03 IMO launches a new initiative to harmonize ballast water management procedures in Mediterranean Sea
13:36 Port of Oakland August volume drops 8 percent from August 2021
13:29 Hydrographic survey vessel Yakov Lapushkin to undergo tests at the delivery base
12:52 Maersk Drilling secures work for Maersk Viking offshore Malaysia into 2024
12:24 Austal Philippines launches the largest ferry constructed by an Austal Shipyard
11:46 Unifeeder and ABP start new weekly service Klaipeda-Immingham
11:35 The 1st Ship Repair, Modernization and Components Conference gathered about 1,000 in-person and online participants
11:07 Artemis Technologies unveils 100% electric passenger ferry
10:28 Bangladesh boat capsize kills 31 pilgrims - Australian Associated Press
09:56 CMA CGM announces Peak Season Surcharge for cargo from Europe to West Africa
09:54 Hydrographic Company’s new ship Aleksandr Parfyonov starts operation on Northern Sea Route
09:21 Crude oil futures fall below $85 per barrel
09:02 MABUX: Sharp decline of price indices is expected in Global Bunker market on Sep 26

2022 September 25

15:49 Companies from Riba-roja confirm the urgency of the new north container terminal at the Port of Valencia
13:27 Palantir Technologies and HHI Group grow partnership to +$45M with expansion into shipbuilding
12:33 DNV signs MOU with SIT to promote maritime decarbonization and digitalization
10:21 Gasunie raises the SDG flag

2022 September 24

15:03 Australia leads SAR exercises in the Indian Ocean
13:19 17 MOL Group-managed vessels earn commendations from Japan Coast Guard
12:33 Sea-LNG response to UCL report exploring methods for understanding stranded value: case study on LNG capable ships
10:38 coZEV unites 19 global brands for 2040 zero-carbon ocean shipping ambition

2022 September 23

18:30 Bergen welcomes 236 cruise ships and 300 000 passengers this season
18:07 Hurtigruten Norway launches its first hybrid ship, part of a EUR100 million green upgrade
17:34 Carbon Ridge secures $6 million investment
17:26 The National Fund of Greece receives two offers for the acquisition of 67% of two ports
17:04 Greek tanker hit by fire after leaving port of Ust-Luga - TradeWinds
16:40 Equinor and Poland’s PGNiG agree long term gas sales contract
16:26 MAN Energy Solutions aims to halve own CO2 emissions by 2030
15:59 RF Ministry of Industry and Trade and USC to build and upgrade docks for ship repair
15:51 Port of Antwerp-Bruges first port to introduce GDP certificate for distribution of pharmaceuticals
14:53 Hafnia enters into agreement with F-Drones
14:40 Russia’s first LNG bunkering operation held in the port of Ust-Luga
14:23 ADNOC and TAQA close a $3.8 billion strategic project to power and significantly decarbonize offshore production operations
14:03 CMA CGM orders seven new biogas-powered ships to serve the French West Indies
13:43 Green shipping corridors highlight how shipping to drive the energy transition, says ABS Chairman
13:13 Maersk Drilling secures four-well contract offshore Denmark
12:54 The number of ships ensuring transport communication with Kaliningrad Region to grow from 8 to 12
12:31 Spot rates from the Far East to US West Coast collapsed by 46.3% over last 12 weeks - Xeneta
12:12 Rosmorport announced tender for development of modernization project for Kapitan Dranitsin and Kapitan Khlebnikov icebreakers
12:01 Furetank orders vessel 14 and 15 in the climate friendly Vinga series
11:43 Port of Argentia and Torrent Capital establish joint venture focused on port infrastructure
11:13 U.N. calls for unblocking Russian fertilizer exports to avoid food crisis
10:28 Kongsberg Digital delivers DP simulators to MOL Marine & Engineering for MOL Dynamic Positioning training center in Tokyo, Japan
09:58 Tripartite subsea energy MoU signed between Baker Hughes, Mocean Energy and Verlume
09:19 Crude oil futures are slightly down after rising at the previous session
09:02 MABUX: Bunker indices to turn into upward trend on Sep 23

2022 September 22

20:03 MABUX: Bunker Weekly Outlook, Week 38, 2022
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15:46 DP World starts work on new speculative warehouse at London Gateway