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  • MABUX: Bunker Weekly Outlook, Week 03, 2022
  • 2022 January 20 13:19

    MABUX: Bunker Weekly Outlook, Week 03, 2022

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

    On a Week 03, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO Index rose by 18.72 USD: from 525.17 USD/MT to 543.89 USD/MT. The VLSFO Index gained 30.98 USD from 662.95 USD/MT to 693.93 USD/MT, while the MGO Index increased by 29.59 USD (from 787.30 USD/MT to 816.89 USD/MT). All three fuel Indexes topped October 2021 highs (380 HSFO - 542.16 USD/MT on 20.10, VLSFO - 657.89 USD/MT on 26.10; and MGO LS - 779.20 USD/MT on 27.10) and continue rising.

    The weekly average Global Scrubber Spread (SS) - the difference in price between 380 HSFO and VLSFO -- posted a gain of $9.38 during the week to over $140.00 ($143.96 vs. $134.58 last week). Meanwhile, in Rotterdam SS Spread widened even more: from $124.83 to $142.33 (up $17.50 compared to the last week). The average weekly SS Spread in Singapore also rose by $11.00 to $194.00 from $183.00 last week. The SS Spread is well above the $100 psychological mark at the largest hubs and continues to rise. More information is available in the "Price Difference" section of the website www.mabux.com.

    So far this month, the European Union has received U.S. natural gas volumes five times higher than Russia’s pipeline deliveries. Despite this, even with normal winter weather conditions, Europe faces storage inventories dropping to a record low of below 15 billion cubic meters (bcm) by the end of March. The price of LNG as marine fuel at the port of Sines (Portugal) on January 17 decreased further by 82 USD to 2315 USD / MT. The price of LNG still significantly exceeds the price of MGO LS (807 USD/MT as of January 19).

    On a Week 03, the correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Bunker Prices (benchmark)) showed that 380 HSFO fuel grade was overpriced at two ports out of four selected (versus three out of four selected last week): in Rotterdam - plus $5 and in Houston - plus 23. In Singapore and Fujairah, the MABUX MBP/DBP Index registered an underestimation of 380 HSFO by $14 and $5 respectively. At the moment, the Index does not have a single trend in the global 380 HSFO market segment.

    VLSFO fuel grade, according to the MABUX MBP / DBP Index, remained overvalued in three ports out of four selected against two last week: Houston moved into the undercharge zone - minus $5. For other ports, the overcharge was registered as: plus $18 in Rotterdam, plus $49 in Singapore and plus $47 in Fujairah. Overpricing at three ports is still at significant levels.

    As for MGO LS, the MABUX MBP/DBP Index recorded an underestimation of this type of fuel in three of the four selected ports: Fujairah (minus $4) added to Rotterdam (minus $18) and Singapore (minus $19). The only port where the MABUX MBP/DBP Index recorded an overpricing is Houston - plus $8.

    A new study from Transport & Environment (T&E) has found that more than 25 million tonnes of CO2 emissions would be exempt from the European Union’s Emission Trading Scheme (ETS). As per Report, ‘arbitrary’ exemptions of ships such as those servicing oil and gas facilities, as well as yachts, will ‘undermine the EU’s shipping law’ and let ‘millions of tonnes of emissions off the hook.’ Last July the European Commission (EC) announced that the ETS would apply to all shipping emissions from vessels calling at an EU port on intra-EU voyages as well as 50% of emissions from extra-EU voyages and emissions while at berth in EU ports. The regulation applies to ships above 5,000 GT, although T&E highlighted that fishing and military vessels and ships such as those servicing offshore gas and oil vessels were exempt, ‘despite emitting more on average than bulk carriers and oil tankers.’ This  means just over half of Europe’s ships are exempt from the proposal, ‘despite them accounting for nearly 20% of the EU’s shipping emissions.’

    By Sergey Ivanov, Director, MABUX

2022 May 21

14:07 CIP proposes to build a hydrogen island in the North Sea by 2030
13:27 Sanmar Shipyards delivers highly manoeuvrable and powerful tug to Svitzer
12:37 ISS issues RFPs to construct North America’s first zero-emissions towboats for Zeeboat, LLC
11:32 Callan Marine christens 28” CSD General Bradley
10:51 DP World expands ambitious sustainability strategy

2022 May 20

18:15 Inland ports urge the true completion of the European Network
18:00 IAA PortNews’ summary of past week news
17:37 Port Kolomna holds keel-laying of Moskovsky-703 dredger, Project 4395
16:56 Gazpromneft Marine Bunker prolongs contract on operation of terminal in Saint-Petersburg port till 2027
16:05 Blue Tern to support jacket installation campaign on Neart na Goithe
15:51 RUSCON sent cargo to China via inland terminal in Nakhodka
15:29 DNV certifies first training platform provider Seably
14:24 USC is in talks with potential customers on construction of container ships
14:02 Port of Savannah moves nearly 500K TEUs in April 2022
13:59 RF Navy to take delivery of 20 warships in 2022 – Vice Prime Minister Yury Borisov
13:18 MOL holds joint public-private anti-piracy drill with LNG carrier 'LNG MARS'
12:54 Daewoo Shipbuilding сancels LNG сarrier order linked to Sovcomflot - The Maritime Executive
12:43 USC set to start serial production of components for ship propulsion units in 2024-2025
12:41 Russian oil producers start to book up an increasing number of tankers owned by Sovcomflot - Bloomberg
12:24 Corvus Energy sets up US battery factory to meet market demand for hybrid and zero-emission vessels
12:14 Wärtsilä extends leadership in hybrid vessel segment
11:52 GTT receives an order from Hyundai Samho Heavy Industries for the tank design of a new LNG carrier
10:55 Havyard Group ASA and HG Group AS merge to create a leading service provider
10:00 USC head forecasts increase of orders from defense industry
09:19 Crude oil futures decrease on possible rise of supplies to China
08:56 MABUX: Irregular changes to prevail in Global bunker market on May 20

2022 May 19

18:06 Valenciaport detects in April a decline in Spanish export activity
17:48 Border checkpoint opened at Ultramar terminal in Ust-Luga seaport
17:26 CIMC Raffles delivered the first of two record-breaking ships to Wallenius Sol
17:15 ClassNK certifies NAPA Fleet Intelligence and NAPA Performance Monitoring and Optimization, and adds new notations to ships
16:41 New zero-emission Côte d’Ivoire Terminal receives first port equipment
16:12 PortsToronto releases 2021 Audited Financial Statements
16:05 “K” Line Group’s Yokohama Daikoku C-4 Terminal starts operation utilizing renewable energy
15:38 OTEKO obtains ISO 9001 certificate for handling of dry bulk cargo
15:06 Port of Salalah commissions new equipment to increase efficiency and meet demand
14:13 The first ship equipped to utilize future fairway services tested at Port of Kokkola
13:49 Vladivostok Fish Terminal puts into operation refrigerating facility of 7,000 tonnes in capacity
13:02 Wärtsilä completes delivery of 15 LPG fuel supply systems
12:28 Development of programme for Ship Repair, Modernization and Components conference is underway
12:07 MABUX: Bunker Weekly Outlook, Week 20, 2022
12:03 Long-term rates for reefer containers on the key US West Coast to Far East route up 60% in April - Xeneta
11:50 H2-Industries set to clear the oceans of plastic waste and produce clean fuel from innovative ship design
11:32 EU policymakers still need more ambitious green measures - Danish Shipping
11:11 PortNews issues its annual analytical report “Civil Shipbuilding in Russia”
11:03 Ports Long Beach and Los Angeles give update on Clean Air Action Plan
10:36 Global Ship Lease announces new forward charter agreement
09:56 RS developed requirements on usage of alternative fuels
09:53 ZIM reports record financial results for Q1 2022
09:29 Russian oil exports in January-April 2022 declined by 0.6% to 66.3 million tonnes
09:13 Crude oil futures rise on US reserves reduction statistics
08:58 MABUX: Bunker prices may continue downward changes on May 19

2022 May 18

18:35 Jotun's new tool to forecast carbon intensity of vessel operations
17:56 Gasum considers that natural gas imports from Russia could end this week
17:20 RF Government to extend setting of quotas for exports of mineral fertilizers till December 2022
17:06 Port of Antwerp-Bruges & CMB.TECH prepare the first hydrogen-powered tugboat
16:18 Port of Hamburg container throughput up 1.8 percent to 2.2 million TEU in Q1 2022
16:05 Port Houston container volume up 21% to 334,493 TEUs in April 2022
15:18 EU regulators must recalibrate EU ETS reform to ensure shipping industry is green by 2050 - WSC
15:11 Container throughput of Russian ports in 4M’2022 totaled 1.7 million TEUs, down 5.4% YoY
14:48 Throughput of Russian seaports in 4M’2022 rose by 0.1% YoY