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  • MABUX: Bunker Weekly Outlook, Week 44, 2021
  • 2021 November 4 13:48

    MABUX: Bunker Weekly Outlook, Week 44, 2021

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

    On a Week 44, the MABUX World Bunker Index turned into a directional decline. The 380 HSFO Index dropped by 14.08 USD: from 532.45 USD / MT to 518.37 USD / MT. The VLSFO Index lost 10.74 USD: from 656.82 USD / MT to 646.08 USD / MT, while the MGO Index decreased by 10.45 USD (down from 779.20 USD / MT to 768.75 USD / MT).

    The gas prices in Europe retreat from all times highs amid a prospect of higher LNG supplies and potential higher supplies from Russia following the Putin’s statement last week. Gas prices have lowered for the whole curve in 2022 and there is further downside potential when Nord Stream 2 starts its operation. However, the market is likely to stay volatile in medium term and the demand will be largely driven by the weather and renewables output.

    The average weekly Global Scrubber Spread (SS) - the difference in price between 380 HSFO and VLSFO - continued to rise moderately during the week, reaching $ 127.35 (versus $ 115.81 last week, plus $ 11.54). The weekly SS Spread average in Rotterdam also rose to $ 137.50 (up from $ 126.67 last week, plus $ 10.83), while the SS Spread average in Singapore added $ 23.84: $ 144.17 versus $ 120.33 last week. In general, all SS Spread indicators are currently consistently above the psychological mark of $ 100. More information is available in the Differentials section of the website www.mabux.com.

    Correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Benchmark) in the four global largest hubs over the past week showed that 380 HSFO fuel grade was overvalued in only one port - Fujairah (plus $ 2). In all other ports MABUX MBP / DBP Index registered underestimation: in Rotterdam - by minus $ 12, in Singapore - by minus $ 20; in Houston - by minus $ 6. It is assumed that the underpricing trend of the 380 HSFO will continue next week.

    VLSFO fuel grade, according to the MABUX MBP / DBP Index, was overpriced at two of the four selected ports. In Rotterdam, the overvaluation margin was plus $ 2 and in Fujairah - plus $ 8. In Singapore, there was registered a 100% MABUX MBP / DBP Index’s correlation and in Houston, on the contrary, this type of fuel was underestimated by minus $ 5. In general, the VLSFO indicators for all selected ports are close to 100% correlation mark.

    On a Week 44, the MABUX MBP / DBP Index continued to register an undercharge of MGO LS fuel at all selected ports with the minimum rate in Houston (minus $ 4) and with the maximum in Rotterdam (minus $ 37).

    The International Energy Agency has launched a new online resource which it says will bring together key energy and emissions indicators to provide an overview of the progress being made towards net zero emissions both globally and for individual countries. The IEA’s Energy Transitions hub includes a range of crucial metrics on emissions and clean energy from the array of global energy data that the Agency collects, processes and publishes. The data will be updated regularly and will be ‘freely available to everyone’. The new hub will also offer users a gateway to the IEA’s major energy transition tracking resources that combine data and analysis to provide insights into key global trends. This includes the Sustainable Recovery Tracker, which assesses the amount of recovery spending going towards clean energy investments, and the implications for energy emissions, transitions and employment.

    Source: www.mabux.com

2023 February 1

18:07 Eleven offshore wind developers and the Carbon Trust to develop first industry-backed method for calculating life cycle carbon footprints
17:31 Ports of Stockholm cargo volumes decrease from 9.1 to 8.9 million in 2022
17:16 I/B Arktika escorted LNG tanker Eduard Toll along the Northern Sea Route
16:57 Port Saint John recieves two new post-Panamax cranes to the container terminal
16:10 Zero VAT rate to be set for ship repair yards investing in production development
15:44 DSME contracts TMC for BW LNG’s carriers
15:24 The Drewry Global Port Throughput Index up by 0.8% in December, but 1.6% lower year-on-year
15:04 KSOE wins 2.53 tln-won order for 12 methanol-fueled container ships - Yonhap
14:47 Aleksandr Masko appointed as General Director of Port One JSC and Transportation Assets Management LLC
14:32 KENC receives contract for design and build of lifting frame for US offshore wind projects
14:08 POSCO International breaks ground for 2nd LNG Terminal in Gwangyang, Korea - BusinessKorea
13:55 Nuclear-powered container carrier Sevmorput to make two round voyages between Saint-Petersburg and the Far East in 2023
13:21 Russia boosts LNG exports to Europe by 20% in 2022 – Refinitiv
13:02 Port of Los Angeles releases draft request for proposals on cruise terminal development
13:00 Russian Railways' network loading in January 2022 fell by 4.8% YoY to 99.2 million tonnes
12:41 Ningbo Containerized Freight Index decline in January 2023
12:13 Long-term ocean freight rates drop by 13.3% in January - Xeneta
11:58 Ministry for the Development of the Russian Far East and Arctic calls on facilitation of border crossing for RF-flagged cruise ships
11:42 PALFINGER awarded a contract by KNRM for twelve custom-built Rigid-Hulled Inflatable Boats
11:17 New Norwegian consortium plans develop a complete hydrogen value chain for Northern Xplorer AS first zero-emission cruise ship
10:49 7 berths to be repaired in the port of Makhachkala by the end of Q2’2023
10:41 Equinor leaves the Barents Blue project as agreement period ends
10:09 OSM is the first Greek ship owner and manager to partner with the Global Centre for Maritime Decarbonisation
09:31 MAN Energy Solutions signs MoU with SH Defence
09:17 FESCO dispatches a batch of electric cars from China to Russia for the first time
09:05 Capacity to increase on the main trade routes in 8 weeks post-Chinese New Year - Sea-Intelligence
08:06 SITC announces the delivery for M/V “SITC ANHE”

2023 January 31

18:02 NSSLGlobal wins coveted UK Ministry of Defence contract
17:28 Marubeni implements the first large-scale offshore wind power project in Japan at Akita Port and Noshiro Port
17:22 Total throughput of Chinese sea and river ports in 2022 climbed by 0.9% YoY
17:16 World’s oldest cruise ship sold for recycling - TradeWinds
17:10 King Abdullah Port registers 3.25% in container, 143% in break bulk and 108% in agri bulk in 2022
16:57 AMSA releases compliance strategy for next four years
16:31 January 2023 sees record-breaking fall in long-term container rates for ocean freight
16:25 Two sister vessels to join MISC’s eco-efficient LNG carrier fleet
15:24 WinGD and CMB.TECH co-develop large ammonia-fuelled engines
15:06 First cargo ship handled at Lugaport terminal in the port of Ust-Luga
14:45 Titan to retrofit two LNG carriers for bunkering in Europe - Ship & Bunker
14:13 Hapag-Lloyd revenues up to USD 36.4 billion in 2022
13:40 Oboronlogistics’ Sparta IV completed yet another voyage to the port of Tartus
13:24 Incident at the Pacific Entrance of the Panama Canal is under control
12:38 Economic efficiency of technologies for repair of hydraulic engineering facilities to be covered at dedicated event
12:15 Port of Valencia traffic decreased in all sectors in 2022
11:45 European Commission proposes $45/bl price cap for Russian fuel oil
11:42 Saint-Petersburg Governor signs law on ‘tax cash back’ for stevedoring companies
11:20 Four new Pacific International Lines container ships to benefit from integration of Wartsila solutions
11:05 IMO agrees draft revised Guidelines for the reduction of underwater noise from commercial shipping
10:54 ABS approves Bassoe Technology’s D-Floater floating wind foundation design for world’s largest turbines
10:34 Parliament vote positive step towards competitive ship finance in Europe - ECSA
10:14 NYK and Ghelia form business and capital alliance
09:59 Sevmash performs maintenance service of fourth-generation submarines
09:26 RF Government approves procedure for implementation of presidential order on measures in response to oil price cap

2023 January 30

18:37 Shell announces Executive Committee and Directorate changes
18:07 Biden-Harris administration announces more than $380 mln in grants to modernize ferry services
17:53 Port of Aberdeen welcomes Minister for Industry and Investment Security Nusrat Ghani
17:42 Boskalis acquires EUR 120 million contract for development and climate adaptive measures for Gulhifalhu in the Maldives
17:31 Euronav filed an application request for arbitration on the merits in relation to Frontline’s termination of the combination agreement
17:21 First Australian coal cargoes since end of ban to enter China in Feb - Reuters
17:08 Cemre Shipyard chooses NES for twin hull SOVs
16:47 ArcelorMittal Belgium and North Sea Port are to build the North-C Circular industrial estate on ArcelorMittal's Ghent site