• 2024 August 29 12:37

    Bunker price trends in the world's four largest hubs, Aug 26-30 – MABUX

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

    During Week 35, the MABUX global bunker indices resumed a moderate upward movement. The 380 HSFO index rose by USD 5.83, moving from USD 523.35/MT last week to USD 529.18/MT. The VLSFO index increased by USD 16.99 (USD 635.76/MT versus USD 618.77/MT last week). The MGO index added USD 6.07 (from USD 787.10/MT last week to USD 793.17/MT), edging closer to the USD 800 mark. At the time of writing, there was no clear trend in the global bunker market.

    The MABUX Global Scrubber Spread (SS) - the price difference between 380 HSFO and VLSFO - continued its steady increase, rising by $11.16 to reach $106.58, up from $95.42 last week, once again surpassing the $100.00 mark (SS Breakeven). The weekly average also saw a rise of $6.24. In Rotterdam, the SS Spread surged by $26.00 to $101.00 versus $75.00 last week, exceeding the $100.00 mark for the first time since May 1, 2024. The weekly average in the port also rose by $7.33. In Singapore, the 380 HSFO/VLSFO spread recorded the most significant growth, widening by $29.00 from $131.00 last week to $160.00, with the weekly average adding $31.66. This indicates a sustainable upward trend in both the Global SS Spread and SS indices in key ports, which is likely to continue into the following week. For more details, refer to the Differentials section on mabux.com.

    The recent rise in European natural gas prices seen in July is now fading due to high stockpiles and easing supply concerns. EU gas reserves have already surpassed the European Commission's target of 90%, achieving this milestone 10 weeks ahead of the November 01 deadline. As of August 28, the filling rate of European gas storage facilities continued to rise, reaching 91.83%. By the end of Week 35, the European gas benchmark TTF showed a moderate increase of 0.732 EUR/MWh (38.689 EUR/MWh vs. 37.957 EUR/MWh last week).

    The price of LNG as bunker fuel in the port of Sines, Portugal, dropped by another USD 32 this week compared to the previous week, reaching USD 847/MT on August 27. Additionally, the price difference between LNG and conventional fuel on August 27 decreased to USD 76 in favor of MGO LS, compared to USD 100 the previous week. On that day, MGO LS was quoted at USD 771/MT in the port of Sines. More detailed information is available in the LNG Bunkering section on www.mabux.com.

    In Week 35, the MDI index (the correlation ratio of market bunker prices (MABUX MBP Index) vs. MABUX digital bunker benchmark (MABUX DBP Index)) recorded the following trends across the four largest global hubs: Rotterdam, Singapore, Fujairah and Houston:

    • 380 HSFO segment: All four ports were undervalued, with weekly averages up by 2 points in Rotterdam and 1 point in Singapore, but down by 3 points in Houston. The MDI index in Fujairah remained unchanged.

    • VLSFO segment: Two ports at once: Singapore and Fujairah moved into the overvalued zone, with weekly averages increasing by 31 points in Singapore and 18 points in Fujairah. Rotterdam and Houston remained undervalued. The weekly averages decreased by 6 and 9 points, respectively.

    • MGO LS segment: Fuel was undervalued in all four ports. Weekly averages increased by another 3 points in Rotterdam but decreased by 3 points in Singapore, 14 points in Fujairah, and 5 points in Houston. MDI indices in Rotterdam and Singapore continued to stay steadily above the $100 mark, while the index in Houston approached the 100% correlation mark between the market price and the MABUX digital bunker benchmark.

    By the end of the week, the balance of overvalued/undervalued ports indicated a trend towards a gradual reduction in underpricing levels, with some ports transitioning to the overvalued zone We anticipate that this market dynamic—characterized by reduced fuel undervaluation and increased overvaluation — will persist into the next week.

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

    Singapore has been named the world’s leading shipping centre for the 11th consecutive year, with London once again in second place, according to the Xinhua-Baltic International Shipping Centre Development Index (ISCDI). Singapore achieved a score of 96.23 out of 100, while London scored 82.50. Shanghai secured the third position with a score of 81.84. London and Shanghai have consistently held the second and third spots in the Index for the past five years. Hong Kong (79.07) and Dubai (75.64) completed the top five, with Rotterdam maintaining its sixth-place ranking. This year, Piraeus and Ningbo Zhoushan each climbed one spot to rank seventh and eighth, respectively. Hamburg fell two places to ninth but has remained in the top 10 for the last decade. Similar to 2023, New York/New Jersey rounded out the top 10. The ISCDI report evaluated a total of 43 ports, assessing various metrics such as cargo throughput, number of cranes, container berth length, port draught etc.

    We expect a moderate upward trend to continue in the global bunker market next week.

    By Sergey Ivanov, Director, MABUX




2024 November 2

18:06 Singapore’s first fully electric cargo vessel wins Green Ship Award at SRS Forum
17:20 VTTI looks to buy into LNG terminals in Asia
16:48 Hudong-Zhonghua Shipbuilding signs contracts for 12 large container ships in the past 10 days
16:32 CHIMBUSCO secures its first LNG refueling service in Europe
15:46 SLB OneSubsea awarded subsea boosting contract for bp’s Kaskida project in Gulf of Mexico
15:24 Wilson Sons to start construction of three new eco-friendly tugboats in 2025
14:57 Rem Offshore holds keel laying ceremony for REM Pioneer
12:30 World's first conversion of large container ship to run on methanol successfully completed
11:52 New offshore platform taps into potential of heavy-oil reserves in China
11:24 HRDD completes desulphurization tower system conversion for a PCTC
09:48 TOWT launches its first cargo sailing ship in Le Havre

2024 November 1

18:00 Marlink to deploy Sealink NextGen hybrid solution on 26 tankers for Transpetro
17:38 Austal Australia delivers 8th Evolved Cape-class Patrol Boat to Royal Australian Navy
17:23 Acteon and Applied Fiber enter MoU to collaborate on mooring solutions
16:54 KOTUG International and Maritalia S.A. secure major marine services contract for bp’s Greater Tortue Ahmeyim gas project
16:24 BW LPG takes delivery of vessel BW Chinook from Avance Gas
15:44 HD Hyundai may nearly double shipbuilding capacity in Vietnam
15:24 Samsung Heavy Industries secures $390 mln contract for four Suezmax tankers
14:36 EU imposes duties on unfairly subsidised electric vehicles from China
14:23 Port of Montreal workers at two terminals start new strike
13:41 Chinese ports container volume rises 7.7 % from January to September of 2024
13:22 MOL, COSCO Co-host 6th Shanghai International LNG Shipping Forum
12:43 Global schedule reliability drops to 51.4% in September 2024
12:22 GTT secures technical services contract with Maran Tankers for eight LNG Dual-Fuel Suezmax vessels
11:45 MSC inks up $2.1bn container ship at the reborn shipyard Rongsheng Heavy Industries
11:28 China's first 'smart factory' for offshore oil, gas equipment fully operational
10:43 Yanmar completes land-based demonstration testing of a hydrogen engine for power generation in coastal vessels
10:23 Samsung Heavy wins W358 bln LNG ship order in Asia
09:58 EU greenhouse gas emissions fell by over 8% in 2023

2024 October 31

18:00 MAN receives multiple orders for MAN B&W G95ME-LGIM Mk 10.5 methanol engines to power a series of VLCV
17:23 The Marechal Duque de Caxias platform ship starts producing in the pre-salt layer
17:06 IWS Seawalker CSOV makes it 1000 ship designs from Kongsberg Maritime
16:45 “K” Line Wind Service and Japan Marine United sign agreement for Phase 2 of NEDO’s Green Innovation Fund Project
16:04 Wärtsilä introduces its innovative NextDF feature for the Wärtsilä 25DF dual-fuel engine
15:45 MOL plans to change charter contract for vessels related to Russia business
15:44 MABUX: Bunker price trends in the world's four largest hubs, Oct 8 - Nov 1, 2024
15:23 HHLA raises expectations for fiscal year 2024
14:59 Major fire extinguished at UK nuclear submarine yard
14:16 AD Ports Group and Somali Ministry of Fisheries & Blue Economy sign MoU for maritime sector development
13:44 Maersk reports Q3 results
12:43 UECC orders four advanced multi-fuel battery hybrid pure car and truck carriers from China Merchants Jinling Shipyard Nanjing
11:39 Japanese сonsortium produces design concept for eco-friendly VLCC
11:12 TMC Compressors bags contract to supply four LNG carriers
10:46 Panama Canal operating costs down 5% in FY2024
09:29 HIF Global and Antarctica21 promote sustainable tourism with e-Fuels

2024 October 30

18:00 East Java Multipurpose Terminal partners with Sinarmas LDA Usaha Pelabuhan
17:22 Container traffic at Iranian ports up 5% in the first half of the current Iranian calendar year
17:06 CIMC SOE delivers second 7,600 cbm LNG bunkering vessel to Seaspan Energy
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16:23 Transport workers' strike in Argentina to affect port operations
15:59 South Korea's seaport container cargo up 3.5 pct in Q3
15:46 Stena Line marks significant milestones in build of NewMax ships, Stena Futura and Stena Connecta
14:55 DNV and LR grant AiP to HD Hyundai Heavy Industries for ammonia duel-fuel large container vessel
14:45 Jiaxing Port adds a new sea-river intermodal operation area
13:32 Maersk signs long-term methanol sourcing deal
13:08 MOL and Pyxis sign Collaboration Agreement for development and market expansion of electric vessels in Singapore and Japan
12:40 AD Ports Group and the General Department of Vietnam Customs sign MoU
12:21 TE H2, CIP, and A.P. Møller Capital Partner for a large-scale project in the Kingdom of Morocco
11:40 ClassNK issues AiP for Autonomous Navigation Assistance System developed by Samsung Heavy Industries
11:20 MacGregor launches Carbon Calculator
10:55 Russian seaports in Q3, 2024: Infographics and Analytics
10:30 World's first ammonia-fuel dual-fuel bulk carrier begins construction
10:09 Erik Thun launches the next-generation Lake Vanern Max vessel
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2024 October 29

18:00 The U.S. Environmental Protection Agency announces selections for nearly $3 bln of investments in Clean Ports
17:34 Asyaport becomes first Turkish port to provide shore power to container ships
17:00 Port of Los Angeles awarded $412 million grant from U.S. EPA for zero-emission transformation
16:42 Oil spill occurred during bunkering operations at the Port of Singapore
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15:46 Wallenius Wilhelmsen signs five-year, $766 million deal