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  • MABUX: Bunker Weekly Outlook, Week 32, 2022
  • 2022 August 11 13:02

    MABUX: Bunker Weekly Outlook, Week 32, 2022

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

    Over the Week 32 MABUX global bunker indices continued firm downward trend. The 380 HSFO index went down by another 2.17 USD: from 601.86 USD/MT to 599.69 USD/MT, dropping below 600 USD mark for the first time since February 21, 2022. The VLSFO index, in turn, fell by 39.53 USD: from 877.01 USD/MT to 837.48 USD/MT. The MGO index also lost 36.13 USD (from 1165.22 USD/MT to 1129.12 USD/MT).

    The Global Scrubber Spread (SS) weekly average - the differential between 380 HSFO and VLSFO - continued its sharp fall for the fifth week in a row - minus $39.11 ($253.03 vs. $292.14 last week). In Rotterdam, the average SS Spread dropped more significantly to $238.00 from $289.17 (down $51.17 from last week). However, the most notable decline in the average weekly price differential 380 HSFO/VLSFO was recorded again in Singapore: minus $106.00 ($275.33 vs. $381.33 last week). More information is available in the Price Differential section on mabux.com.

    Natural gas prices in Europe remain at their highest levels. LNG as a bunker fuel in the port of Sines (Portugal) decreased on August 8 by a symbolic 10 USD/MT to 3013 USD/MT (versus 3023 USD/MT a week earlier). LNG prices are well above the cost of the most expensive fossil bunker fuel: the price of MGO LS in the port of Sines was quoted at 1179 USD/MT on August 08.

    Over the Week 32, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an undercharge of 380 HSFO fuel in three out of four ports selected: Houston remains the only overestimated port: plus $6.  In other ports, the underpricing decreased slightly and amounted to: Rotterdam - minus $68, Singapore - minus $92 and Fujairah - minus $121.

    VLSFO fuel, according to MDI, remained, on the contrary, overpriced in all four selected ports: plus $37 in Rotterdam, plus $73 in Singapore, plus $166 in Fujairah and plus $76 in Houston. Here, the MDI index did not have a firm trend: the overcharge decreased in Singapore and Houston but rose in Rotterdam and Fujairah. VLSFO fuel is still the most overvalued segment in the global bunker market.

    As for MGO LS grade, MDI index registered a fuel overcharge in two out of four selected ports: Fujairah - plus $ 229 and Houston - plus $ 39. Rotterdam and Singapore are still in the underestimation zone: minus $ 13 and minus $ 51, respectively. The underestimation premium did not virtually change over the week. Overpricing ratio rose in Fujairah but fell in Houston.

    CO2 emissions from North American waterborne transportation was approximately 47 million tonnes in 2018, according to a new report released by the Blue Sky Maritime Coalition (BSMC). The report provides a current benchmark for CO2 emissions from the major vessel sectors that make up maritime transportation in North America. Of the total North American maritime-related emissions, the offshore support vessel fleet and the inland tug and push-boat fleets make up nearly 50% of all emissions. Coastal and harbour tugs and ferries make up another 14%, and tankers and articulated tug-barges contribute 6%.

    FOBAS says is it is continuing to see more cases of contaminated bunker fuel in the ARA region – mainly in Rotterdam and Amsterdam – which suggests that the problem is an ongoing one. In June FOBAS said it had investigated a number of very low sulphur fuel oil (VLSFO) samples taken in the ARA region after reports that vessels using these fuels had experienced operational problems such as excessive wear of fuel pump plungers, barrels and fuel injectors. In a new bulletin issued this week, FOBAS said it had also seen a similar contamination case from Ulsan, Korea and a recent case with lower levels of the same contaminants from Singapore. Detailed analysis on these fuels has shown a range of compounds, more specifically, high levels of phenolic compounds. The fuel testing agency noted that phenol related compounds are often linked with fuel pump wear and damage.

    We expect downward trend to continue in Global bunker market next week.

    By Sergey Ivanov, Director, MABUX




2022 September 30

18:05 Port of Cardiff celebrates new distribution centre lease with Owens Group
17:59 Yaroslavsky Shipbuilding Plant launches yet another multi-purpose boat of project 02220
17:28 Hoegh Autoliners offers customers carbon neutral operations
17:05 Maersk Drilling awarded contract offshore Brazil with Shell
16:57 Twelve Chinese sailors die of suspected food poisoning near Vietnam - Australian Associated Press
16:45 CMA CGM launches new early container return incentive
16:25 Kalmar’s EcoFlex rental solution to help Logent improve the sustainability of its cargo-handling activities
16:07 Container ship Sparta delivered 340 TEU of consumer goods to Baltiysk in the Kaliningrad Region
15:51 Aqaba Container Terminal announces zero-emission vision
15:27 RF Government to allocate RUB 2 billion for creation of LNG equipment prototypes
15:14 HHLA and Fraunhofer CML start IHATEC project
15:04 LR approval in principle for Maridea’s Moray Base floating wind concept
14:48 Albania implements the IMO Anti-fouling Systems Convention
14:03 Rolls-Royce and Lürssen to focus on methanol propulsion for large yachts
13:32 Successful delivery of 1800TEU container vessel M/V “ASL HONGKONG”
13:16 DNV confirms Nordseecluster wind farms will comply with German offshore regulations
13:13 Turnover of FESCO’s Far East coastal services in 8M’2022 rose by 6%, YoY
12:53 Orsted completes divestment of 50 % of Hornsea 2 Offshore Wind Farm
12:44 Handling of Belarus’ oil products in Russian ports can total 3 million tonnes in 2022
12:21 ABS and DSME team-up on decarbonization strategy
12:01 OOCL completes trial voyage with biofuel from Chevron
11:40 Ningbo Containerized Freight Index deceases by 31.0% in September 2022
11:22 POT and EMERCOM held joint firefighting exercise on oil tanker in Saint-Petersburg
11:05 Dutch fishing vessel struck anchored product tanker, oil leak
10:37 China's first 2,000-ton offshore wind power installation platform delivered in Guangzhou - China Daily
10:33 Russia convenes emergency meeting of UN Security Council on Nord Stream 1 and Nord Stream 2 gas pipeline blasts
10:09 China ports container volume rises 4.1% in January - August 2022
09:55 Delivery of second ice-class buoy laying vessel of Project BLV03 accepted in Murmansk
09:32 Crude oil futures are slightly up after a decrease at the previous session
09:32 Brazil’s CBO Group and Wartsila sign Decarbonisation Service agreement to speed up fleet sustainability
09:21 MABUX: Bunker index may turn into downward changes on Sep 30
08:34 MABUX: Bunker Weekly Outlook, Week 39, 2022

2022 September 29

18:36 Shift Clean Energy selected to electrify 17 new tugboats
18:10 Ulstein develops 8,000t foundation installation vessel
17:50 Volgotrans files suits against Lotos shipyard for over RUB 800 million in total
17:06 Vattenfall awarded major wind power project off the coast of Germany
16:44 Krasnoye Sormovo shipyard to build three cruise ships of ‘Karelia’ design
16:34 Yinson Greentech commences construction of all-electric cargo vessel
16:18 The largest shipyard in the MENA region signs a long-term agreement with Bahri Logistics
15:56 Container shipping and logistics experts Matson joins SEA-LNG
15:04 Aker Solutions joins to the Aiming for Zero Methane Emissions Initiative
14:58 Amount of cargo transported via Bosphorus rose 40% since 2005
14:36 Hoegh Autoliners joins First Movers Coalition and commits to using green fuels already by 2030
14:25 Maritime industry unites to call for earmarking of ETS revenues
13:45 Sanmar Shipyards delivers 7th tug to SAAM Towage
13:24 Port of Cork Company launches a new 13.5-hectare container terminal
12:56 Severnaya Verf shipyard launches lead factory freezer-longliner of Project MT1112XL, Gandvik-2
12:53 China delivers first VLCC equipped with four rigid sails - The Maritime Executive
12:05 Second ship of Project 03141, Kedon, left Khabarovsk Shipyard for delivery base
11:40 Mawani signs 7 agreements during the Saudi Maritime Congress
11:03 GTT receives AiP from Bureau Veritas for the design of a LNG-fuelled & “NH3 Ready” Very Large Crude Carrier
10:23 Keppel O&M secures repeat newbuild FPSO contract worth US$2.8b from Petrobras
10:10 CPC Marine Terminal handled 382 tankers by mid-September
09:48 Long-term contracted rates fell by 1.1% in September - Xeneta
09:43 State Duma approves the bill on estimation of ship construction costs
09:19 Crude oil futures show moderate decrease after growth at previous session
08:57 MABUX: Upward changes to continue in Global Bunker market on Sep 29

2022 September 28

18:30 Georgia Ports welcomes Nissan to Brunswick
18:01 Containerships increases frequency between Germany and England
17:52 Deferment of conscription for military service during mobilisation requested for those involved in bunkering of ships