• 2022 January 13 14:42

    MABUX: Bunker Weekly Outlook, Week 02, 2022

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

    On a Week 02, the MABUX World Bunker Index continued to grow steadily, continuing the upward trend started from the first week of the new year. Index 380 HSFO rose by 19.37 USD: from 504.92 USD / MT to 524.29 USD / MT. The VLSFO index surged by 21.11 USD: from 641.20 USD / MT to 662.21 USD / MT, while the MGO index added 25.79 USD (from 756.44 USD / MT to 782.23 USD / MT). The VLSFO and MGO LS indices for 380 HSFO have already exceeded the highs of October 2021 (VLSFO - 657.89 USD / MT on 26.10; and MGO LS - 779.20 USD / MT on 27.10).

    The weekly average Global Scrubber Spread (SS) - the difference in price between 380 HSFO and VLSFO - showed a moderate decline of $ 2.33 during the week ($ 134.58 versus $ 136.91 last week). At the same time, SS Spread in Rotterdam increased slightly from $ 120.00 to $ 124.83 (plus $ 4.83 compared to the previous week). On the contrary, the average weekly SS Spread in Singapore fell by $ 3.83 to $ 183.00 from $ 186.83 last week. SS Spread indicators in the major hubs are still above the psychological $ 100 mark. More information is available in the "Price Difference" section of the website www.mabux.com.

    A flotilla of liquefied natural gas (LNG) from the US has finally arrived in Europe, increasing LNG imports to Europe to a two-year high. Fresh supplies of LNG are helping to ease supply problems, but stockpiles are still at very low levels for this time of year. The price of LNG as marine fuel at the port of Sines (Portugal) on January 10 decreased by 39 USD to 2397 USD / MT, nevertheless more than three times higher than the price of MGO LS (762 USD / MT as of January 11).

    On a Week 02, the MABUX MBP Index (Market Bunker Prices) vs. MABUX DBP Index (MABUX Digital Bunker Benchmark) correlation showed that 380 HSFO fuel grade was overpriced in three out of four major ports selected: Rotterdam - plus $ 3, Fujairah - plus $ 2 and Houston - plus $ 12. The only port where the MABUX MBP / DBP Index registered an underestimation of the 380 HSFO is Singapore - minus $ 13. 380 HSFO Index fluctuations are close enough to the 100% correlation point.

    VLSFO fuel grade, according to the MABUX MBP / DBP Index, remained overpriced in all selected ports: plus $ 6 in Rotterdam, plus $ 49 in Singapore, plus $ 41 in Fujairah and plus $ 1 in Houston. Meanwhile, the VLSFO overcharge margins at all major ports are gradually decreasing.

    As for the MGO LS, the MABUX MBP / DBP Index recorded an underestimation of this fuel grade in two of the four selected ports: in Rotterdam by minus $ 36 and in Singapore by minus $ 28. In Fujairah and Houston, the Index showed an overestimation of $ 15 and $ 2, respectively. Thus, the MABUX MBP / DBP Index for MGO LS does not yet have any firm trend so far.

    In its first batch of allotments for 2022, China has reportedly issued 6.5 million tons of quotas for exporting low sulphur fuel oil (LSFO). This would be a 30% increase on the 5 million tons released in the first batch of 2021. As per Chinese officials, the LSFO export quotas hike ‘lends support to a further increase in Chinese production of the marine fuel’ and is also ‘a reflection of China's drive to establish itself into a bunker fuel hub in Northeast Asia’.

    According to DNV statistics, there are now 251 LNG-fuelled vessels in operation and 403 on order. It is notable that orders are now building across a wider range of vessel segments. There are currently 28 LNG-fuelled container ships in operation and 98 on order, while 25 crude oil tankers are in service with an order book of 55 vessels. The order tally for car carriers is now 56, and for bulk carriers and cruise ships it is 49 and 26, respectively.

    By Sergey Ivanov, Director, MABUX




2024 March 18

18:13 Brunvoll propulsion chosen for ESVAGT's growing fleet of SOVs
17:42 ADNOC signs second long-term Heads of Agreement for Ruwais LNG Project
17:37 Cemre Marin Endustri shipyard holds launching ceremony for CMAL's MV Isle of Islay
17:24 Fortescue successfully conducts world’s first use of ammonia as a marine fuel in a dual-fueled ammonia-powered vessel in the Port of Singapore
17:02 APL updates on European Union’s Import Control System 2
16:03 MED Marine contracted to build MED-A2575 series tug for SVS Maritime
15:31 Hanwha Ocean and BV join hands to develop a 270K LNG carrier
15:17 HD Korea Shipbuilding awarded contracts for three VLACs
14:18 Port of Skagen and Stillstrom partner to decarbonise anchorage zone with offshore charging solutions
13:22 Sanmar delivers 6th battery electric power tugboat to Norwegian operator
13:16 COSCO SHIPPING Lines announces the launch of OCEAN Alliance DAY 8 product this year
12:21 Dutch offshore wind farm approved by LR
11:39 ClassNK awards first-ever notation for improvements in living and working environment to Fuyo Kaiun's bulk carrier "ELETTRA"
11:31 Davie strengthens Québec’s shipbuilding industry by supporting the reorientation of AFCDC
10:44 Storylines and Brodosplit shipyard renew ship building contract to construct private residence ship
10:25 BOEM announces environmental review of proposed wind energy project offshore New Jersey
09:51 First ‘flying’ electric ferry to debut in New Zealand in 2025

2024 March 17

16:31 Norwegian Shipowners' Association names Harald Fotland as its President
15:22 ABS Wavesight Nautical Systems now supports fully digital, streamlined SIRE 2.0 inspections
14:15 TechnipFMC selected by NEP to deliver the first all-electric iEPCI for CCS
13:03 US sanctions shipping company, targeting Iran and Houthi rebels
11:01 The first hybrid electric vessel built in South America will use a Corvus battery system
09:47 Kalmar and Forterra sign JDA for autonomous terminal tractor

2024 March 16

16:24 The Netherlands selects Naval Group for its submarine replacement program
15:41 Equinor exercises options to extend four-year drilling contracts
14:17 GONDAN Shipbuilders hosts launching ceremony for Edda Wind's CSOV C503
13:47 Van Oord, Van Aalsburg partner to further develop circular fascine mattresses
12:13 Snam wins "A" raing in CDP's Suppliers Engagement Rating for efforts against climate change
10:54 ULSTEIN unveils new subsea vessel for offshore energy tasks

2024 March 15

18:07 DNV gives nod to Friede & Goldman BargeRack solution
18:02 New partnership enables faster offshore wind installations in the U.S.
17:53 First production line at ‘World’s Largest Monopile Factory’ to go live in July
17:21 Brunvoll DP2 upgrades for more Mokster vessels
16:55 CMA CGM to suspend its calls at Port au Prince, Haiti
16:03 GEFO's LNG DF chemical tanker Tosca gets Green Award
15:19 CEVA Logistics develops new vehicle logistics business at the Port of Dunkirk
14:11 MPA: SaR operation continues for a missing crew member of the Liberia-flagged UTOPIA
13:07 To develop the Far East it makes sense to build a new shipyard in the country’s eastern regions, President Putin said
12:48 World’s first use of ammonia as a marine fuel in a dual-fuelled ammonia-powered vessel in the Port of Singapore
11:39 COSCO Shipping calls Port of Genoa, Italy with 20,000 TEU vessels on regular basis
10:03 DMC contracted to supply rudder systems for the world’s largest PCTCs

2024 March 14

18:04 Shearwater awarded seismic survey for UK carbon capture and storage project
17:15 UAE, world leaders discuss maritime corridor for aid to Gaza
16:05 Marine fuel sales at Singapore drop to a three-month low in February
15:43 World Shipping Council selects NCB for liner shipping Cargo Safety Program
15:00 ZIM reports results for 2023
14:57 DP World announces 2023 results
14:29 HaiSea unveils new operations facility for the world’s greenest tugboat fleet
13:44 DEME awards KENC with engineering and fabrication scope on multiple offshore wind installation projects
13:25 MABUX: Bunker Outlook, Week 11, 2024
12:43 Wartsila Lifecycle Agreement to support optimised low-emission operations for two P&O Ferries vessels
11:35 Hapag-Lloyd transport volumes up by 0.5% to 11.9 million TEU in 2023
10:51 NYK and Astomos Energy christen new dual-fuel LPG carrier
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2024 March 13

18:02 Lebanese, French officials float a plan to rebuild Beirut port nearly 4 years after huge explosion
17:23 Ascenz Marorka obtains type approval for cyber-security from Bureau Veritas for its digital solutions
16:58 USDOT announces $500 mln for ports available through the Port Infrastructure Development Program
15:44 RINA wins contract to create global investment plan for cruise sector
15:23 Hede International Shipping enters the Transpacific container trade
14:43 Concordia Damen wins contract to deliver a CDS2410 River Pusher to Transporte Fluviales Frey Bentos
14:13 CMA CGM Group launches its first loyalty program SEA REWARD
13:13 Cargill posts results of the six-month test period of the world’s first wind-powered ocean vessel
12:24 Rotterdam's Gate Terminal sees need for more LNG bunkering capacity at Rotterdam
11:58 MOL announces delivery of LNG-fueled car carrier CERULEAN ACE
11:24 Panama Canal announces increase in daily slots at Panamax locks
10:25 thyssenkrupp Veerhaven plans the climate-friendly pusher tug

2024 March 12

18:04 Cosco Shipping installs Iridium Global Maritime Distress and Safety System on PCTC Cosco Tengfei
17:30 LR issues Project Certificate for CrossWind Hollandse Kust Noord wind farm
17:16 The shipping industry to need €3.7 trillion by 2050 to move towards a zero-pollution era
16:25 China Classification Society and MAN ES sign dual-fuel methanol engine agreement