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  • 2022 September 22 20:03

    MABUX: Bunker Weekly Outlook, Week 38, 2022

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

    Over the Week 38, MABUX global bunker indices continued moderate sliding downward. The 380 HSFO index fell by another 15.93 USD: from 532.70USD/MT last week to 516.77 USD/MT. The VLSFO index, in turn, fell by 11.55 USD: from 794.96 USD/MT to 783.41 USD/MT. The MGO index lost 47.69 USD (from 1159.95 USD/MT to 1112.26 USD/MT), remaining below the 1200 USD mark for the third week in a row.

    The Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO –continued to increase over the Week 38 - plus $4.38 ($266.64 vs. $262.26 last week). In Rotterdam, the average SS Spread declined: $241.00 vs. $248.50 (down $7.50 ). In Singapore, the average weekly price differential of 380 HSFO/VLSFO added plus $17.83 ($286.83 vs. $269.00 last week). The indicators of the Global SS Spread and the values of SS Spread in the largest hubs are practically at the same level. More information is available in the Price Differences section of mabux.com.

    Gas prices are now down by nearly 50% from their peak earlier in the summer, when Russia's decision to stop all gas flows through the Nord Stream 1 pipeline due to repair works triggered fears of widespread rationing across the continent. Russian imports typically account for 40% of the European total, but they are currently running at less than 10% of imports, reflecting European success in sourcing alternative gas over recent months, largely in the form of LNG. $Price for LNG as a bunker fuel at the port of Sines (Portugal) fell on September 19 by another 430 USD/MT to 3324.00 USD/MT (versus 3754 USD/MT a week earlier). LNG prices are still nearly 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 21 at 1114.00 USD/MT.

    Over the Week 38, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an underpricing of 380 HSFO fuel grade in all four selected ports. The underestimation margins continued to grow and amounted for: Rotterdam - minus $105, Singapore - minus $152, Fujairah - minus $153 and Houston - minus $51.

    VLSFO fuel grade, according to MDI, remained, on the contrary, overpriced in all selected ports: plus $11 in Rotterdam, plus $36 in Singapore, plus $40 in Fujairah and plus $22 in Houston. In this fuel segment, the MDI index did not have any firm dynamics: the overprice premium down all ports except of Singapore.

    In the MGO LS segment, MDI registered overpricing in two ports out of four selected over the Week 38: Fujairah - plus $ 209 and Houston - plus $17. In Rotterdam and Singapore, MGO LS fuel remained undervalued: minus $ 31 and minus $ 91. MDI index increased for all selected ports except of Singapore.

    China exported 1.94 million tonnes of very-low-sulphur fuel oil (VLSFO) in August, measured mostly by sales from bonded storage for vessels plying international routes, data from the General Administration of Customs showed. Data on general merchandise exports and imports and on container traffic show international shipping activity in Chinese ports, and therefore opportunities to supply VLSFO to foreign ships, was weak in August. Fuel oil imports into bonded storage, including both high-sulphur and low-sulphur products, were down 64.18% from a year earlier at 0.67 million tonnes.

    Meanwhile, Russian President Vladimir Putin's move on Sep.21 to call up 300,000 reservists, marking an escalation of the war in the Ukraine, could further hurt supply and send bunker prices into upward trend.

    The global bunker market is still in a state of high volatility. At the same time, there are premises for turning price indexes into upward deviation in the market.

    By Anastasia Pervova, Marketing analytic, 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