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  • 2022 November 24 13:17

    MABUX: Bunker Weekly Outlook, Week 47, 2022

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

    Over the Week 47, MABUX global bunker indices demonstrated a firm downward trend. The 380 HSFO index fell by 17.52 USD: from 522.11 USD/MT last week to 504.59 USD/MT, coming close to the psychological mark of 500 USD. The VLSFO index, in turn, fell by 39.57 USD (722.45 USD/MT versus 762.02 USD/MT last week). The MGO index also lost 41.16 USD (from 1129.54 USD/MT last week to 1088.38 USD/MT), breaking through 1100 USD mark for the first time since October 03.

    Global Scrubber Spread (SS) - the price differential between 380 HSFO and VLSFO - continued its firm decline over the week 47 - minus $ 22.05 ($ 217.86 vs. $ 239.91 last week), approaching $ 200. In Rotterdam, SS Spread showed even more significant reduction - by $30.00 to $170.00 versus $200.00 last week. In Singapore, the price differential of 380 HSFO/VLSFO has narrowed by $20.00 ($230.00 vs. $250.00 last week). We expect SS Spread decline to continue next week. More information is available in the Differentials section at mabux.com.

    Natural gas prices in Europe continued upward trend this week. The price of LNG as bunker fuel at the port of Sines (Portugal) rose to 1806 USD/MT on November 21 (plus 90 USD compared to last week). Thus, the price of LNG exceeds the cost of the most expensive traditional bunker fuel grade by 729 USD: on November 21, the price of MGO LS at the port of Sines was quoted at 1077 USD/MT.

    Over the week 47, the MDI (comparison of MABUX market bunker prices (MBP Index) vs MABUX digital bunker benchmark (DBP Index)) continued to register underestimation of 380 HSFO fuel in all four selected ports. The underprice margins declined slightly and showed: in Rotterdam - minus $117, Singapore - minus $120, Fujairah - minus $180 and in Houston - minus $73.

    In the VLSFO segment, according to MDI, Houston returned to the underpricing zone again, joining Rotterdam and Fujairah: minus $10, minus $63 and minus $5, respectively. Singapore thus remains the only overvalued port - plus $ 8. Undercharge premium has increased, and overvaluation has narrowed.

    In the MGO LS segment, MDI registered fuel underpricing in two out of four selected ports: Rotterdam - minus $55 and Houston - minus $108. Singapore and Fujairah remained in the overpricing zone: plus $42 and plus $167, respectively. MDI did not have a sustainable trend in this bunker fuel segment.

    A new report from the Global Maritime Forum on the development of Green Shipping Corridors has found that ‘activity during 2022 exceeded expectations’ – but urged that ‘some key industry stakeholders, especially cargo owners and fuel producers, will need to be engaged as soon as possible’. The Report also argued that policy support from national governments will need to ‘embrace the challenge of closing the fuel cost gap between zero-emission and fossil fuels. 24 countries express support for the creation of Green Shipping Corridors as a way to demonstrate and deploy the zero-emission solutions necessary for shipping’s transition to zero greenhouse gas emissions. The report found that there has been an encouraging level of activity this year with more than 20 initiatives and 110 stakeholders from all main shipping segments involved – but it added that most of these initiatives remain at a ‘very early stage of development’, with only a handful reaching the feasibility and planning stages so far. Furthermore, the report warned that, so far, the maritime Green Corridors tend to be ‘too shipping-centric’, and therefore more needs to be done to ‘involve cargo owners and producers of future fuels’. Previous analysis has indicated that for shipping’s transition to get on track, 5% of fuels used on deep sea routes would need to be scalable, zero-emission fuels such as clean ammonia, methanol, or hydrogen.

    Global bunker indices may continue to trend lower next week ahead the sanctions against the oil products’ export from Russia to Europe to be imposed on December 05.

    By Sergey Ivanov, Director, MABUX




2022 December 4

10:02 Hupac announces new rail connection Antwerp Combinant and Duisburg

2022 December 3

15:49 Schedule reliability continues on its upwards trend - Sea-Intelligence
13:07 Concordia Maritime announces delivery of sold vessel and continued review of its fleet
11:18 Trinidad and Tobago targets 4 Mtpa green hydrogen by 2065
09:34 SITC accepts delivery of M/V “SITC CHENMING”

2022 December 2

18:25 Queues to pass through Bosporus Strait worse than past year - Lloyd's List Intelligence
18:07 e1 Marine, NAVTEK partner to develop hydrogen-powered car carrier vessel - H2 View
17:59 IAA PortNews’ summary of past week news
17:40 MacGregor introduces an electric transloading crane to complete the electric crane series
17:21 Wartsila to act as system integrator for Binary Marine Installation Solution
17:00 Nuclear-powered icebreaker Ural of Project 22220 leaves Murmansk for the first operational voyage
16:52 The ports in Szczecin and Swinoujscie cargo transshipments up by 9.4 percent in Jan-Nov 2022
16:24 GTT receives two orders from Samsung Heavy Industries for the tank design of seven new LNG сarriers
15:53 15 empty containers at Keppel Terminal in the port of Singapore fall into the water due to squall 
15:46 Krasnoye Sormovo may be contracted for building river/sea class ships for Belarussian companies
15:29 Hyundai Heavy Industries Group to present 'ocean transformation' plans at CES 2023
15:07 Demand for Eastern Polygon traffic to exceed capacity by 70-80 million tonnes after 2025 - expert
14:58 Deal to resume Russian ammonia exports via Ukraine close – Reuters
14:24 Freeport LNG delays restart target to end of year amid US regulatory hurdles - S&P Global
13:55 FSUE Rosmorport supports 6th Hydraulic Engineering and Dredging Congress as its General Partner
13:13 Giant wave kills passenger and injures four on new Viking cruise ship - TradeWinds
12:56 Aker BP’s Board approves field development projects
12:31 Waiting list for civil ship repair in Arkhangelsk Region is 2‒3.5 years long
11:52 Indian port operator orders three Generation 6 Konecranes Gottwald Mobile Harbor Cranes to electrify bulk handling
11:35 LR authorised to carry out certification activities for non-SOLAS ships in Italy
11:26 A batch of reefer containers delivered to Vladivostok Sea Fishing Port
11:03 Singapore and Netherlands accept IMO Convention amendments
10:58 Accelleron launches new all-inclusive service agreement for auxiliary engine turbochargers
10:35 Sempra announces sale and purchase agreement with INEOS for Port Arthur LNG Phase 1
09:44 Winter-spring navigation season begins on the Northern Sea Route
09:40 NYK concludes investment and strategic partnership agreements with Pertamina
09:15 Rosmorport receives new certificate of conformity of Novorossiysk VTS

2022 December 1

18:07 Plans for increased gas extraction from Oseberg approved
17:56 Court confiscates FESCO shares owned by Ziyavudin Magomedov
17:23 ClassNK issues AiP for a dual fuel generator engine using hydrogen gas as fuel
16:57 New supply chain R&D project aims to revolutionise zero-emissions shipbuilding
16:35 KSOE wins 399.9 bln-won order for 2 ethane carriers - Yonhap
16:27 Eurochem held public hearings on engineering communications project for methanol plant in Leningrad Region
15:03 Unionized workers at the three shipbuilders of Hyundai Heavy Industries to go on joint strike - BusinessKorea
14:39 Adjustment is planned for construction schedule and cost of CNF11CPD ferries for Vanino-Kholmsk line
14:15 Road access to Brazil's busiest Paranagua port cut off by landslide - Reuters
14:08 MABUX: Bunker Weekly Outlook, Week 48, 2022
14:03 Anemoi renews Rotor Sail testing base with Port of Blyth
13:36 ESL Shipping sells agency business in Sweden to GAC
13:18 Oboronlogistics’ ships start operating on Kaliningrad – Great Port of Saint-Petersburg line
13:12 ONE to launch a new weekly service between India and the UAE
12:56 A new first regular train connection launched from the Croatian port of Rijeka and Enns in Austria
11:50 Russian Railways' network loading in 11M’2022 fell by 3.6%, year-on-year, to 1.13 billion tonnes
11:42 King Abdulaziz Port welcomes first ever Grimaldi RoRo vessel
11:13 Shell signs agreement with Alfa Laval to develop a Gas Combustion Unit for hydrogen boil-off gas
10:34 Singapore accepts amendments to the International Maritime Organization Convention
10:13 Stena Line chooses Nowhere Networks's solution for 32 of its ships
09:39 Draft law on transportation of Russian cargo by domestic ship owners can be temporarily withdrawn from consideration

2022 November 30

18:11 duisport and VITRONIC present solution for automatic detection of containers
17:54 New report identifies pathway for £75bn for UK shipping's energy transition
17:37 RF Federation Council approved amendments into Federal Law regulating passage of foreign warships across NSR
17:23 A.P. Moller - Maersk opens integrated logistics park at Port Qasim in Pakistan
17:02 European shipowners welcome the provisional agreement on the EU ETS maritime
16:53 ABS launches a new maritime software company dedicated to fleet operations
16:28 WinGD becomes the first marine engine designer to gain cybersecurity type approval for its engine control system