• 2024 July 26 14:12

    Bunker price trends in the world's four largest hubs, July 22-28 – MABUX

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

    In the 30th week, the MABUX global bunker indices continued their moderate downward trend. The 380 HSFO index fell by 11.25 USD: from 552.94 USD/MT last week to 541.69 USD/MT, breaking through the 550 USD mark. The VLSFO index decreased by 9.58 USD (643.10 USD/MT versus 652.58 USD/MT last week), falling below 650 USD. The MGO index declined by 12.29 USD (from 837.80 USD/MT last week to 825.51 USD/MT). At the time of writing, the world bunker indices demonstrated a slight upward correction.

    MABUX Global Scrubber Spread (SS) - the price difference between 380 HSFO and VLSFO - returned to the phase of the moderate growth: plus $1.67 ($101.41 versus $99.74 last week), breaking again the $100.00 mark (SS Breakeven). The weekly average also increased by $1.75. In Rotterdam, the SS Spread narrowed by $2.00 to $64.00 from $66.00 last week, while the weekly average, on the contrary, widened by $3.84. In Singapore, the 380 HSFO/VLSFO price differential rose by $4, from $101.00 last week to $105.00, remaining above the $100.00 mark. The port's weekly average increased by $5.84. At the moment, there is no clear trend in the dynamics of the Global SS Spread and SS indices in ports, and the indicators change in different directions. We expect that a similar situation with SS Spread will continue next week. More information is available in the “Differentials” section of www.mabux.com.

    Global liquefied natural gas (LNG) markets are in a prolonged state of flux due to ongoing geopolitical tensions and conflicts. This instability has led to significant price volatility across global energy markets. Although LNG prices have recently declined, they remain extremely high—double the average price of the past five years—putting significant pressure on net importers of this fossil fuel. During week 30, the European gas benchmark TTF showed a moderate decline: minus 1.175 EUR/MWh (31.622 EUR/MWh versus 32.797 EUR/MWh last week.

    The price of LNG as bunker fuel in the port of Sines (Portugal) showed an increase for the first time in the last four weeks, reaching 741 USD/MT on July 22 (plus 29 USD compared to the previous week). Meanwhile, the price difference between LNG and conventional fuel decreased to 75 USD in favor of LNG, down from 120 USD a week earlier. On July 22, MGO LS was quoted in the port of Sines at 816 USD/MT. More information is available in the LNG Bunkering section of www.mabux.com.

    In Week 30, the MDI index (the correlation ratio of market bunker prices (MABUX MBP Index) vs. MABUX digital bunker benchmark (MABUX DBP Index)) indicated the following bunker price trends in the world's four largest hubs: Rotterdam, Singapore, Fujairah and Houston:

    In the 380 HSFO segment, all four ports remained undervalued, with weekly averages up 1 point in Rotterdam, 3 points in Singapore, and 4 points in Houston, but down 1 point in Fujairah.

    In the VLSFO segment, all four ports were in the undercharge zone, with average weekly levels declining by 5 points in Rotterdam, 4 points in Singapore, and 4 points in Houston. The MDI index in Fujairah remained unchanged.

    In the MGO LS segment, Houston was the only overvalued port, while the weekly average decreased by 15 points, staying close to the 100% correlation mark between market price and the MABUX digital benchmark. The three other ports remained undercharged. The weekly averages narrowed by 5 points in Rotterdam, 5 points in Singapore, and 16 points in Fujairah. MDI indices in Rotterdam and Singapore were close to the $100 mark.

    Over the week, the balance of overvalued/undervalued ports did not change, still registering the only overvalued port in the MGO LS segment - Houston. In other ports, all types of bunker fuel remained undervalued.

    For more details on the correlation between market prices and the MABUX digital benchmark, visit the “Digital Bunker Prices” section on www.mabux.com.

    The International Council on Clean Transportation (ICCT) compared the proposed North Atlantic Emissions Control Area (ECA) to a scenario without ECA regulations. The ICCT found that, depending on the dominant method used to comply with the regulations, the ECA could lead to an 82% reduction in SOx emissions, a 64% reduction in PM2.5 soot particles, and a 36% reduction in black carbon (BC) emissions. If adopted, the proposed North Atlantic ECA could become the world’s largest, covering waters from Greenland in the north to Spain in the south. The ICCT has recommended that the Atlantic ECA member states include the full exclusive economic zones of Spain, Portugal, France, the United Kingdom, Ireland, Iceland, the Faroe Islands, and Greenland. In March, the climate action NGO Opportunity Green, along with several other NGOs, called on the UK government to extend the existing North Sea and English Channel ECA to all UK waters. They also urged the UK to collaborate with neighboring coastal states to integrate into the proposed North Atlantic ECA.

    We expect the world bunker indices to continue their moderate downward movement next week in the absence of potential growth movers in the market.

    By Sergey Ivanov, Director, MABUX




2024 July 26

16:23 Taiwanese ports resume bunkering after Typhoon Gaemi-induced suspension
15:41 Chinese ports container volume rises 8.5 % in the first half of a year 2024
15:17 Hanwha Ocean picked as preferred bidder for S. Korean Navy's logistics support ship
14:55 Vietnam's port system able to handle world's largest ships
14:36 Castor Maritime announces the acquisition of its first Ultramax vessel
14:12 Bunker price trends in the world's four largest hubs, July 22-28 – MABUX
13:30 Total Energies orders LNG bunkering vessels at Hudong Zhonghua
12:52 Philippines rushes to contain oil spill from sunken tanker
12:47 Bangladesh 'jam-packed' with cargo as curfew and internet restrictions continue
12:24 Helmerich & Payne announces agreement to acquire KCA Deutag
11:54 Two cruise ships were simultaneously bunkered with LNG at Port Canaveral
10:51 Associated British Ports announces new Chair
10:18 CMA CGM publishes Q2 2024 financial results

2024 July 25

18:00 Western sanctions and Houthi attacks boost appeal of Russia’s Arctic Sea Route - Bloomberg
17:46 Saudi Arabia imports fuel oil from Kuwait for first time in two years
17:24 Port of Thessaloniki implements the wireless reefer monitoring system
16:59 Hunan Jinhang Shipbuilding launches a 500m3 LNG bunkering pontoon
15:51 Chevron’s Taro Ultra advanced 40 granted LNG Validation status by WinGD
15:16 A Philippine-flagged tanker capsized off the coast of Bataan province, causing a spill
14:44 Cyan Renewables acquires Australian vessel operator MMA Offshore
14:23 Russia ships fuel to Bolivia as it increases Latin American sales - Reuters
13:59 Grimaldi-Minoan consortium acquires 67% of Heraklion Port Authority
13:12 Bumi Armada, Navigator Gas and Bluestreak CO2 announce MoU with Uniper for joint study on export of CO2 emissions from proposed UK carbon capture plant
12:52 ABS releases industry first advisory on ammonia bunkering
11:40 Drydocks World executes conversion and upgrade projects for FPSO and FSO vessels
11:10 EMA and MPA shortlist two consortia to further study viability of ammonia for power generation and bunkering
10:40 AW Shipping inks contract with CSSC Jiangnan Shipyard for the construction of two 93,000 cubic meters very large ammonia carriers
10:09 Corvus Energy Blue Whale ESS awarded RINA Type Approval
09:48 Opulent Maritime selects ADP Clear to digitize its bunkering operations

2024 July 24

18:00 MSC invests in multimodal terminal adjacent to Paris via MEDLOG
17:34 Frontera announces agreement between Puerto Bahia and GASCO to pursue LPG project in Cartagena, Colombia
17:00 Shipping firms respond to Houthi attacks in Red Sea
16:32 China’s shipbuilding output rises by 18.4% in H1 2024
16:04 The EU ETS to run the global tanker fleet more than €2bn by 2030
15:49 Typhoon Gaemi halts bunkering in Taiwanese ports
15:23 Container ship fleet expands by 11%, fastest growth in 15 years - BIMCO
14:55 MPC Container Ships takes delivery of final 5,500 TEU methanol-ready boxship from Korea
13:32 A methanol-powered cargo ship arrived in Estonia for the first time
13:13 Six feared dead and 14 rescued after fishing boat sinks off Falkland Islands
12:40 Wartsila to supply a hybrid-electric propulsion system for an 11,000 dwt Limestone Carrier
12:15 Rijeka Gateway adopts private 5G campus network
11:46 Valenciaport handled 2.7 million containers in H1 2024
11:24 Fincantieri signs order with Carnival Corporation for three mega-cruise ships
10:53 Energean takes FID for the Katlan development project in Israel
10:23 Australia announces three years’ worth offshore acreage for petroleum exploration and CCS
09:58 Valaris DS-17 to drill for the Raia project in Brazil

2024 July 23

18:00 Telemar to provide global safety support services to seven Ignazio Messina container vessels
17:27 KBR’s blue ammonia technology selected for Shell Blue Horizons project in Oman
17:16 The Federal Maritime Commission publishes final rule on unreasonable refusal to deal
16:42 Qatar Navigation and Qatar Steel sign a 5-year agreement to provide stevedore services
16:25 Spain detains cargo ship over fuel spill near Ceuta
15:23 The Indonesian company Pertamina adds Russian oil grades to its tender lists to buy September crude
14:58 Seatrium secures S$180 mln in repairs and upgrades projects
13:49 HD KSOE partners with UM to foster US ship engineers
13:24 IRGC seizes oil tanker smuggling fuel in Persian Gulf
11:25 ADNOC L&S joint venture awards $1.9bln contract to Chinese shipbuilder
10:59 Port of Valencia opens new combined transport terminal
10:24 NYK Bulkship installs NYK Group’s first wind-assisted ship-propulsion units
09:59 GTT entrusted by HD Hyundai Heavy Industries for the tank design of two new LNG carriers

2024 July 22

18:06 Manzhouli railway port handles 2,327 China-Europe freight train trips in 1st half of 2024
17:36 NORDEN to acquire Norlat Shipping to further grow projects and parcelling activities
17:23 2024 is expected to be a record year for cruises in the port of Heraklion
16:47 ABS and the U.S. Coast Guard Research and Development Center to collaborate on maritime technologies
15:56 Trafigura Group takes full ownership of High Heat Tankers
15:46 China delivers world’s first river-sea LNG bunker and transport vessel
14:51 Hartmann receives new LNG-powered LEG carrier
14:14 Jiangnan Shipyard supplies dual-fuel VLEC gas Huanghe
13:44 ABL to support offshore installation of French-Spanish interconnector
12:53 Hanwha Ocean gets deal to join potential projects on repair of U.S. warships
12:35 Ro-Pax vessel collides with 7 cargo boats in Dhubri, India