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  • MABUX: Bunker Weekly Outlook, Week 38, 2022
  • 2022 September 22 20:03

    MABUX: Bunker Weekly Outlook, Week 38, 2022

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

    Over the Week 38, MABUX global bunker indices continued moderate sliding downward. The 380 HSFO index fell by another 15.93 USD: from 532.70USD/MT last week to 516.77 USD/MT. The VLSFO index, in turn, fell by 11.55 USD: from 794.96 USD/MT to 783.41 USD/MT. The MGO index lost 47.69 USD (from 1159.95 USD/MT to 1112.26 USD/MT), remaining below the 1200 USD mark for the third week in a row.

    The Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO –continued to increase over the Week 38 - plus $4.38 ($266.64 vs. $262.26 last week). In Rotterdam, the average SS Spread declined: $241.00 vs. $248.50 (down $7.50 ). In Singapore, the average weekly price differential of 380 HSFO/VLSFO added plus $17.83 ($286.83 vs. $269.00 last week). The indicators of the Global SS Spread and the values of SS Spread in the largest hubs are practically at the same level. More information is available in the Price Differences section of mabux.com.

    Gas prices are now down by nearly 50% from their peak earlier in the summer, when Russia's decision to stop all gas flows through the Nord Stream 1 pipeline due to repair works triggered fears of widespread rationing across the continent. Russian imports typically account for 40% of the European total, but they are currently running at less than 10% of imports, reflecting European success in sourcing alternative gas over recent months, largely in the form of LNG. $Price for LNG as a bunker fuel at the port of Sines (Portugal) fell on September 19 by another 430 USD/MT to 3324.00 USD/MT (versus 3754 USD/MT a week earlier). LNG prices are still nearly three times higher than the most expensive type of traditional bunker fuel: the price of MGO LS at the port of Sines was quoted on September 21 at 1114.00 USD/MT.

    Over the Week 38, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an underpricing of 380 HSFO fuel grade in all four selected ports. The underestimation margins continued to grow and amounted for: Rotterdam - minus $105, Singapore - minus $152, Fujairah - minus $153 and Houston - minus $51.

    VLSFO fuel grade, according to MDI, remained, on the contrary, overpriced in all selected ports: plus $11 in Rotterdam, plus $36 in Singapore, plus $40 in Fujairah and plus $22 in Houston. In this fuel segment, the MDI index did not have any firm dynamics: the overprice premium down all ports except of Singapore.

    In the MGO LS segment, MDI registered overpricing in two ports out of four selected over the Week 38: Fujairah - plus $ 209 and Houston - plus $17. In Rotterdam and Singapore, MGO LS fuel remained undervalued: minus $ 31 and minus $ 91. MDI index increased for all selected ports except of Singapore.

    China exported 1.94 million tonnes of very-low-sulphur fuel oil (VLSFO) in August, measured mostly by sales from bonded storage for vessels plying international routes, data from the General Administration of Customs showed. Data on general merchandise exports and imports and on container traffic show international shipping activity in Chinese ports, and therefore opportunities to supply VLSFO to foreign ships, was weak in August. Fuel oil imports into bonded storage, including both high-sulphur and low-sulphur products, were down 64.18% from a year earlier at 0.67 million tonnes.

    Meanwhile, Russian President Vladimir Putin's move on Sep.21 to call up 300,000 reservists, marking an escalation of the war in the Ukraine, could further hurt supply and send bunker prices into upward trend.

    The global bunker market is still in a state of high volatility. At the same time, there are premises for turning price indexes into upward deviation in the market.

    By Anastasia Pervova, Marketing analytic, MABUX

2022 December 8

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16:47 Terminal operators upgrade rail-shortsea connection at Rotterdam
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16:05 OOCL presents 2023 OCEAN Alliance products
15:28 Oil tankers with P&I club insurance piled up at The Bosphorus Strait
15:25 Oboronlogistics to continue acting as cargo agent for two ferries operating on Ust-Luga-Baltiysk line
14:46 Total dividends paid by CPC-R this year to exceed RUB 66 billion
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08:27 CMA CGM to upgrade its Zanzibar Feeder service

2022 December 7

18:27 SBTi launches world-first roadmap for net-zero shipping by 2040
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17:44 NYK conducts successful demonstration of new cargo hold monitoring system featuring IoT sensors
17:23 Sempra Infrastructure announces agreement with ENGIE for supply of U.S. LNG from Port Arthur LNG Phase 1
17:16 ASOP expects throughput of Russian seaports to grow by 3-5% in 2023
16:47 The major shipping lines post an operating profit of USD 122bn in Jan-Sept 2022 - Sea-Intelligence
16:30 Market players report idle time of ships in the Far East ports of Russia of up to three months
15:45 Oil exports from Russia in the first 11 months of 2022 increased by +11.2% to 199.4 mln tonnes
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14:45 LR certifies DriX uncrewed surface vessel
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13:34 GPA approves a plan to renovate the docks at the Port of Savannah’s Ocean Terminal
13:29 Container traffic on Russian Railways’ internal network in 11M’2022 rose by 3.4% YoY
13:04 OSR plan approved based on drill results in CPC Marine Terminal water area
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2022 December 6

18:36 SCZONE receives an economic delegation from the European Union
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