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  • MABUX: Bunker Weekly Outlook, Week 33, 2022
  • 2022 August 18 13:04

    MABUX: Bunker Weekly Outlook, Week 33, 2022

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

    Over the Week 33 MABUX global bunker indices moved into moderate irregular fluctuations with no firm trend. The 380 HSFO index fell by 8.62 USD: from 599.85 USD/MT to 591.93 USD/MT, remaining below the 600 USD mark. The VLSFO index, in turn, decreased by 7.00 USD: from 837.14 USD/MT to 830.14 USD/MT. The MGO index, on the contrary, added 16.11 USD (from 1128.02 USD/MT to 1144.13 USD/MT).

    The Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO - continued its moderate decline for the sixth straight week - minus $15.19 ($237.74 vs. $253.03 last week). In Rotterdam, the average SS Spread dropped more considerably to $212.50 from $238.00 (down $25.50 from last week). However, the biggest decline in the average weekly price differencial of 380 HSFO/VLSFO remains in Singapore: minus $33.33 ($242.00 vs. $275.33 last week). In general, the SS Spread ratio is gradually approaching the $200 mark, but it is unlikely to break this mark in the short term. More information is available in the Price Differential section on mabux.com.

    Over the Week 33, the MDI index (comparison MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an undervaluation of 380 HSFO fuel in three of the four selected ports: Houston still remains the only overestimated hub: plus $43 ($18 reduction from last week). In other ports, the fuel underestimation moderately decreased and amounted to: Rotterdam - minus $35, Singapore - minus $67 and Fujairah - minus $183.

    VLSFO fuel grade, according to MDI, remained, on the contrary, overpriced in all four selected ports: plus $44 in Rotterdam, plus $66 in Singapore, plus $135 in Fujairah and plus $54 in Houston. Here, the MDI index still did not have firm dynamics: the overpricing premium rose in Rotterdam but decreased in the other three ports. VLSFO is still the most overvalued fuel on 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 $ 4. Rotterdam and Singapore are still underestimated: minus $ 15 and minus $ 48, respectively. The underestimation premium did not virtually change over the week. Overcharge fell in Houston but remained unchanged in Fujairah.

    Sales of marine fuel have risen in Panama for a second successive month. Some 448,037 metric tonnes (mt) of marine fuel were sold at the Central American bunker hub in July – 14,064 mt more than the 433,973 mt registered in June, Very low sulphur fuel oil (VLSFO) sales (316,311 mt) rose 22.5% on the month and 14.8% on the year. Despite the rise in overall bunker sales, there was a sharp drop off in sales of high sulphur fuel oil (HSFO), which dipped below the 100,000 mt mark for only the second time this year. The 69,060 mt of recorded sales was the lowest monthly total of 2022 and the lowest since the 64,637 mt registered in December 2021. The decline in HSFO sales was partly offset by sales of low sulphur marine gasoil (LSMGO). The 51,533 mt of sales for the distillate grade was the highest monthly total of 2022. A total of 639 vessels were bunkered in July, two more than in June and 73 more than in July 2021.

    Meantime, Singapore bunker sales reach 2022 high. The 4,120,600 metric tonnes (mt) of marine fuel sold at the Port of Singapore in July. Sales of very low sulphur fuel oil (2,009,100 mt) – which accounted for almost half of bunker sales last month - exceeded the 2 million mt mark for the second time the year. The 1,255,300 mt of high sulphur fuel oil sales - the highest monthly total of 2022 - also contributed to a 9.8% month-on-month (m-o-m) increase and 1.4% year-on-year (y-o-y) uplift in bunker sales in July. There were 3,181 calls for bunkers last month, 241 up on the 2,940 recorded in June but 113 fewer than the 3,294 registered in July 2021.

    We expect moderate irregular fluctuations to prevail on the global bunker market next week.

    By Sergey Ivanov, Director, MABUX




2022 October 3

18:23 Preparing container vessels for conversion to green fuels – Maersk Mc-Kinney Moller Center
18:13 Candela's electric hydrofoil ferries could unlock the potential of Seattle's waterways
17:56 Russia needs bulker fleet of 70 million dwt to ensure transport independence in this segment
17:49 Accelleron completes successful spin-off from ABB with shares admitted to trading on SIX Swiss Exchange
17:27 USC to commence building 60,000-dwt bulkers upon completion of Severnaya Verf modernization
17:05 Conti Seafrigo Antwerp realises new frozen food warehouse
16:05 Suez Canal Economic Zone signs contract with Agility to to develop and operate a customs and logistics center
15:48 Russia not to face dredging problems on the Northern Sea Route in the coming years – Rosatom
15:24 Amogy launches operations in Norway
15:01 Rosmorrechflot expects throughput of Russian seaports in 2022 to remain flat, year-on-year
14:29 DP World launches a new strategic arm focused on supporting the growth ambitions of large companies
14:06 Performance Shipping announces agreement to acquire eighth Aframax vessel
13:49 Rosmorrechflot plans to have about 50 ships built by 2024-25
13:43 Expro completes subsea decommissioning project on Ireland’s first indigenous gas wells
13:26 Rosmorrechflot considers it necessary to shift container flows from Far East ports to southern ones
12:48 Seven new container lines opened in the Far East Basin this year
12:10 DNV and Pavilion Energy partner to bring fully digital LNG bunkering to Singapore
12:01 Russia’s drifting polar station North Pole-41 commences operation in the Arctic Ocean
11:57 Weathernews launches new service supporting ‘Greener shipping and Sea Logistics’
11:35 Solstad Offshore announces contract for PSV in Brazil
11:34 EverWind and Svitzer announce joint development of green fueled vessels
10:42 Aker Solutions and Siemens Energy to provide the grid connection infrastructure for the Norfolk Boreas Offshore Wind Farm
10:12 The project for a deepening of fairway in the Port of Gothenburg receives permit
09:59 Coal terminal Port Elga planned for construction in Khabarovsk Territory obtains environmental approval
09:35 Mawani and Tabadul sign MoU to develop a new Port Community System
09:16 Crude oil futures rise on possible output cut by OPEC+
09:01 MABUX: Downward changes expected in Global bunker market on Oct 03

2022 October 2

14:13 MISC strengthens its partnership with Seariver Maritime
13:51 Salt designs Bay du Nord FPSO hull
11:27 North Italian terminal orders Generation 6 Konecranes Gottwald Mobile Harbor Crane to lift productivity and eco-efficiency
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2022 October 1

15:31 International carbon collaboration could reshape shipping markets - ICS
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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
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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
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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
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10:37 China's first 2,000-ton offshore wind power installation platform delivered in Guangzhou - China Daily