• 2022 September 8 17:16

    MABUX: Bunker Weekly Outlook, Week 36, 2022

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

    Over the Week 36 MABUX global bunker indices showed a moderate decline. The 380 HSFO index fell by 20.05 USD from 572.51 USD/MT last week to 552.46 USD/MT, still below the 600 USD mark. The VLSFO index, in turn, fell by 22.56 USD: from 836.93 USD/MT to 814.37 USD/MT. The MGO index lost 16.75 USD (from 1206.45 USD/MT to 1189.70 USD/MT), dropping below 1200 USD again.

    The Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO - fell slightly over the Week 36 by minus $3.36 ($258.43 vs. $261.79 last week). In Rotterdam, the average SS Spread, on the contrary, rose moderately: $212.17 vs. $207.33 (up $4.84 compared to last week). In Singapore, the average weekly price differential of 380 HSFO/VLSFO showed a downtrend: minus $12.33 ($260.17 vs. $272.50 last week). In general, SS Spread still does not have any stable trend. More information is available in the Price Differential section on mabux.com.

    Natural gas prices in Europe are still on records levels. The EU approved a bloc-wide 15-percent gas consumption reduction plan, which is voluntary but if the cuts do not materialize could become obligatory. Meantime, LNG as a bunker fuel at the port of Sines (Portugal) fell on September 05 by 823 USD/MT to 3942 USD/MT (versus 4765 USD/MT a week earlier). LNG prices are still more than three times higher than the most expensive type of traditional bunker fuel: the price of MGO LS at the port of Sines was quoted on September 07 at 1211 USD/MT.

    Over the Week 36, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an undervaluation of 380 HSFO fuel in all four selected ports: Houston moved into the undervaluation zone with a minus $13. In other ports, the underestimation grew slightly and amounted to: Rotterdam - minus $66, Singapore - minus $127 and Fujairah - minus $118.

    VLSFO fuel grade, according to MDI, remained, on the contrary, overpriced in all four selected hubs: plus $15 in Rotterdam, plus $27 in Singapore, plus $54 in Fujairah and plus $48 in Houston. Downward trend in overcharge margins continued in all ports.

    As for MGO LS, MDI registered an overpricing of this fuel grade in two ports out of four selected: Houston joined Fujairah - plus $ 18 and plus $ 150, respectively. In Rotterdam and Singapore, MGO LS fuel remained undervalued: minus $35 and minus $78. Undervaluation as well as overvaluation ratio grew moderately in all ports.

    Stena Line, DFDS, Ørsted and Liquid Wind are partnering with the Port of Gothenburg to establish an electromethanol (e-fuels) hub. Green electrofuel, e-methanol, is made from 100% biogenic sources combined with 100% renewable wind energy, and, claim the companies, does not add CO2 to the atmosphere. As the largest port in Scandinavia, the partners noted that Gothenburg is the ‘ideal choice’ for the first delivery and bunkering point for the green e-fuels. Swedish ferry line Stena Line and shipping and logistics company DFDS are partnering with FlagshipONE which is jointly owned by Ørsted and Liquid Wind. FlagshipONE, which is in late-stage development and approaching a final investment decision, will be the largest e-fuels facility in the world, producing 50,000 tonnes of e-methanol annually. This collaboration is supported by the Port of Gothenburg, said to be the first shipping port to actively pursue a green fuels policy ensuring carbon neutral operations by 2030.

    There are no upward drivers in the global bunker market so far. We expect fuel prices to fluctuate about the present levels.

    By Sergey Ivanov, Director, MABUX




2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels
12:09 Consortium of MOL, ITOCHU Corporation, HIF Asia Pacific and JFE Steel Corporation to pioneer synthetic fuel supply chain and CO2 marine transport initiative
11:42 CMA CGM, COSCO SHIPPING, Evergreen and OOCL to extend OCEAN Alliance until 2032
11:18 The 7th Hydraulic Engineering Structures and Dredging Congress kicks off in Moscow
10:52 Port of Oakland container volume up in January 2024
10:23 CMA CGM updates FAK rates from India to Europe and the Mediterranean
09:57 Biofuel reduces the climate impact from a Green Sea Conference by 90 per cent

2024 February 26

18:06 Cetus Maritime merge with Nachipa Corp
17:32 HD Korea Shipbuilding wins US$1.08 bln order for LNG ships