• 2022 July 21 17:23

    MABUX: Bunker Weekly Outlook, Week 29, 2022

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

    Global bunker indices continued moderate decline over the Week 29. The 380 HSFO index went negative by another 1.09 USD: from 642.68 USD/MT to 641.59 USD/MT. The VLSFO index, in turn, fell by 12.28 USD: from 978.95 USD/MT to 966.67 USD/MT. The MGO index also lost 14.50 USD (from 1265.12 USD/MT to 1250.62 USD/MT).

    Following further decline of fuel prices, the Global Scrubber Spread (SS) weekly average - the difference in price between 380 HSFO and VLSFO - also continued its slight downtrend for the second week in a row - minus $ 5.70 ($ 336.82 vs. $ 342.52 last week). In Rotterdam, the SS Spread average also turned down: $321.67 vs. $330.17 (down $8.50 from last week). The average weekly price difference of 380 HSFO/VLSFO also continued to decline in Singapore: minus $2.67 ($532.83 vs. $535.50 last week). More information is available in the Price Differences section of mabux.com.

    Natural gas prices in Europe declined slightly over the week 29. LNG as bunker fuel in the port of Sines (Portugal) fell by 797 USD/MT on July 18 to 2583 USD/MT (versus 3380 USD/MT a week earlier). LNG prices are still significantly higher than those of traditional bunker fuels: the price of MGO LS at the port of Sines was quoted on July 20 at 1336 USD/MT.

    Over the Week 29, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) continued to demonstrate an undercharge of 380 HSFO fuel in all four ports selected: Rotterdam - minus $108, Singapore - minus $141, Fujairah - minus $112 and Houston - minus $19. Underestimation premium of HSFO fuel in all ports continue to widen.

    VLSFO fuel, according to MDI, remained, on the contrary, overpriced in all four selected ports: plus $64 in Rotterdam, plus $259 in Singapore, plus $269 in Fujairah and plus $76 in Houston. Here, the MDI index did not have any firm trend: the overcharge premium decreased slightly in Rotterdam, Singapore and Fujairah, but increased in Houston. VLSFO fuel is still the most overvalued segment of the global bunker market.

    As for MGO LS grade, MDI index registered a fuel overcharge in three ports out of four selected: Rotterdam again returned to the overcharge zone: plus $ 13. MGO LS fuel was also overpriced in Fujairah - plus $ 236 and in Houston - plus $71. Singapore was the only port where the MDI index registered underpricing - minus $18. MDI recorded a trend for a gradual increase of both underestimation and overestimation premiums.

    The Port of Amsterdam says that sea and river cruise ships will be able to connect to shore power at the Walstroom passenger terminal in 2025, and shore-power enabled vessels will be given priority when docking at the terminal. The Port has already started work on the design phase of the shore power installation in conjunction with the grid operator Liander. The port received a European subsidy for this phase, and it is expected that the European tender process will start after the summer, so that both sea cruise and river cruise ships will be able to use shore power at the Passenger Terminal Amsterdam (PTA) from the start of the cruise season in 2025.

    Fujairah’s bunker sales in June were more than 13% down on the previous month and down around 3% year-on-year. The Middle East bunkering hub accounted for a total of 647,184 cubic metres (cbm) of marine fuel and 5,036 cbm of lubricants. The main grade, 380cst low sulphur fuel oil, accounted for 482,926 cbm and sales of 380cst marine fuel oil (the higher sulphur fuel, which can used by scrubber-equipped ships) were 132,690 cbm. The 180cst low sulphur fuel oil grade accounted for 372 cbm. On the distillate side, sales of low sulphur marine gasoil were 29,909 cbm and (higher sulphur) marine gasoil sales were 1,287 cbm.

    We expect global bunker indices to continue slight downward trend next week.

    By Sergey Ivanov, Director, MABUX




2024 March 29

11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
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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
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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
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12:26 Ocean Network Express announces Transpacific service
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10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
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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
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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
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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
14:08 ESNA and Strategic Marine join forces to offer Surface Effect Ship (“SES”) Crew Transfer Vessels (“CTV”) to the market
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