• 2022 February 24 14:34

    MABUX: Bunker Weekly Outlook, Week 08, 2022

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

    On a Week 08, the MABUX World Bunker Index changed sideways with no firm trend. The 380 HSFO Index rose by 14.55 USD: from 585.76 USD/MT to 600.31 USD/MT. The VLSFO Index went up by 13.26 USD: from 749.95 USD/MT to 763.21 USD/MT. Meantime, the MGO Index fell by 2.11 USD (from 882.26 USD/MT to 880.15 USD/MT). The escalation of tensions in Eastern Europe in recent days may send bunker indexes further up.

    The Global Scrubber Spread (SS) weekly average - the difference in price between 380 HSFO and VLSFO - showed a slight increase during the week: plus $2.12 ($164.13 vs. $162.01 last week). At the same time, in Rotterdam, the SS Spread weekly average dropped from $168.83 to $166.67 (minus $2.16 compared to the last week) and lost 10 points in an absolute value. The SS Spread’s weekly average in Singapore continued widening: plus $5.17 from $210.00 to $215.17. More information is available in the Price Differences section of www.mabux.com.

    Gas prices in Europe have returned to the uptrend, approaching the mark of $1,000 per thousand cubic meters on February 23. Despite this, prices for LNG as a bunker fuel at the port of Sines (Portugal) on February 21 fell by 229 USD to 2100 USD/MT. However, LNG prices are still significantly higher than those of traditional bunker fuel grades. The cost of MGO LS at the port of Sines on February 21 was quoted at 875 USD/MT.

    During Week 08, the average correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark) showed that 380 HSFO fuel grade remained overpriced in two ports out of four selected: in Rotterdam - plus $1 and in Houston - plus $6. In Singapore and Fujairah, the MABUX MBP/DBP Index registered an undercharge of 380 HSFO by $21 and $20, respectively. The MABUX MBP/DBP Index continues to shift towards the underpricing of 380 HSFO fuel.

    VLSFO fuel grade, according to the MABUX MBP/DBP Index, remains significantly overpriced at all selected ports: plus $22 in Rotterdam, plus $42 in Singapore, plus $48 in Fujairah and plus $11 in Houston. The most significant was the drop of overcharge ratio at the port of Rotterdam by 11 points.

    As for MGO LS, the MABUX MBP/DBP Index registered an underestimation of this fuel grade in two of the four selected ports: Fujairah moved into the overprice zone at the end of the week: plus 17 (minus $ 6 last week). Houston remains another overvalued port - plus $47. In Rotterdam and Singapore, according to the MABUX MBP/DBP Index, MGO LS was underpriced by $14 and $4 respectively.

    Shell reported the global trade in LNG increased 6% to 380 million tonnes during 2021 as many countries rebounded from the impact of COVID-19. China and South Korea led the growth in LNG demand in 2021. China increased its LNG imports by 12 million tonnes to 79 million tonnes, surpassing Japan to become the world’s largest LNG importer. Overall, global LNG demand is expected to cross 700 million tonnes a year by 2040, a 90% increase on 2021 demand. Asia is expected to consume the majority of this growth as domestic gas production declines, regional economies grow and LNG replaces higher-emissions energy sources.

    Germany’s nine largest seaports say they are ‘sceptical’ as to whether the European Union’s (EU) proposal to expand shore power is the right strategy to obtain a sustainable reduction in emissions by shipping. The port of Bremen/Bremerhaven says that providing on-grid shore power facilities for the approx. 550 berths for seagoing vessels at the German ports – or even only a larger percentage of berth – would require investments of ‘billions of Euros’. It argues investments would have to be borne by the taxpayer and by the ports without any significant support from the ship operators who are responsible for causing the emissions. Moreover, the port of Bremen/Bremerhaven points out that only certain ships would be obliged to use the provided shore power facilities.

    We expect bunker fuel prices to move up next week amid rising tensions in Eastern Europe.

    By Sergey Ivanov, Director, MABUX




2024 March 29

12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas
12:59 Hanwha Ocean wins 2.4 tln-won order for 8 LNG ships
11:16 Inland Ports meet in Paris to talk about the innovation potential of inland ports
10:50 IMO agrees possible outline for maritime “net-zero framework”
10:24 Hapag-Lloyd to continue to avoid the Red Sea route
09:58 QatarEnergy enters time charter agreements with Nakilat for the operation of 25 LNG vessels

2024 March 24

16:18 Inchgreen Marine Park upgraded as part of £11m investment
15:14 A ribbon-cutting ceremony for Solent Rail Terminal Rail was held at the Port of Southampton