• 2021 January 21 16:09

    MABUX Bunker Weekly Outlook, as of Jan 21, 2021

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

    The COVID-19 pandemic’s spread is taking center stage again and markets are getting increasingly worried about the long duration of European lockdown and about the new restrictions in China. Border closures, social distancing measures and shutdowns will continue to constrain fuel demand until vaccines are more widely distributed.

    The World Bunker Index MABUX displayed irregular fluctuations over a week. As a result, the 380 HSFO index fell from 367.25 USD/MT to 365.95 USD/ MT (-1.30 USD), VLSFO added 1.00 USD: from 461.00 USD/MT to 462.00 USD/MT while MGO gained 2.25 USD and changed from 515.58 USD/MT up to 517.83 USD/MT. The Global Scrubber Spread (SS) (price difference between 380 HSFOs and VLSFOs) continue firm widening trend: it has risen by 6.40 USD and averaged USD 94.96 (88.56 USD a week ago).

     

     

     

     

     

     

     

     

     

     

    Correlation of MBP Index (Market Bunker Prices) vs DBP Index (Digital Bunker Prices) in the four global largest hubs over the past week showed that 380 HSFO fuel remains undervalued in two ports: Rotterdam – by 9 USD and Singapore – by 10 USD, while being slightly overcharged in Fujairah and Houston by 1 and 12 UDSD respectively.  VLSFO fuel, according to DBP Index, was still slightly overpriced in all selected ports ranging from plus 6 USD (Singapore) to plus 25 USD (Houston). DBP Index also showed that MGO LS was undervalued in all ports ranging from minus 19 USD (Rotterdam) to minus 34 USD (Singapore), with the exception of Houston (overvalued by 8 USD).




     

     

     

    Despite the continued moderate growth in bunker prices in early 2021, this trend is largely hampered by the high rate of coronavirus pandemic and related concerns about a recovery in energy demand. Pressed by this factor, the MABUX long-term forecast until January 2023 for the port of Rotterdam (based on active oil-futures contracts as of Jan.20, 2021) shows a possible reversal of the 380 HSFO and VLSFO indices into a moderate downward trend, while prices for MGO LS remain quite stable. Thus, it is too early to speak about a sustainable recovery on the bunker market.




     

     

     

     

     

     

     

     

     

    We expect that in 2021 VLSFO and MGO LS will remain the main types of bunker fuel with a fairly stable demand. Despite concerns regarding the availability of the new conventional VLSFO fuel in the first half of 2020, this problem has now been completely resolved in the vast majority of ports worldwide. Also, by the end of 2020, quality issues of the VLSFO were mainly resolved.

    Traditional high-sulfur fuel 380 HSFO will retain its segment in the market in 2021. The gradual rise in the SS index again added to the attractiveness of using scrubbers in combination with the 380 HSFO. However, in the medium term, one should hardly expect an increase in demand for this type of fuel, both in terms of the further availability of 380 HSFOs and in view of the likely tightening of restrictions to use non-ecological fuels, discussions on which have already entered into an active phase.

    As for alternative types of bunkering fuel, primarily LNG, despite the significant results achieved in 2020 in creating the infrastructure for LNG bunkering (at the end of 2020, LNG bunkering was available in 96 ports of the world, and in 55 ports LNG bunkering terminals were under construction), it is still premature to talk about a significant growth in this segment of the global bunker market in 2021. According to DNV GL, there was no significant growth of the LNG fleet in 2020: 305 vessels versus 276 vessels in 2019. In 2021, the LNG fleet is expected to grow to 445 vessels, but this only amounts to about 1% of the world's total commercial fleet.

    Overall, we expect better results for the global bunker market in 2021, as the roll-out of coronavirus vaccination programs could stimulate global economic activity, which in turn could ultimately lead to higher refinery runs and growing demand for all types of fuels, including marine fuels.




2021 March 3

11:33 IMO publishes guidelines to port State control for on board fuel oil sampling
11:14 Aleksandr Smirnov appointed as General Director of Rosmorport
11:12 Associated British Ports signs Mental Health in Maritime Pledge
10:25 Rates approved for investment harbor dues in Big Port Saint Petersburg, Vysotsk, Primorsk and Ust-Luga seaports
10:03 MABUX: Bunker market this morning, Mar 03, 2021
09:53 Bunker prices continue rising at the Port of Saint-Petersburg, Russia (graph)
09:32 Oil prices go up in expectation of OPEC+ meeting
09:18 Baltic Dry Index as of March 2
08:41 The Port of Sagunto will reduce energy consumption in roads by 54% with the installation of LED lights

2021 March 2

19:00 Zelenodolsk Plant lays down two high-speed passenger hydrofoils of Project 03830, Meteor-2020
18:45 Crowley promotes Dan Warner to Chief Financial Officer
18:05 The RSS Sir David Attenborough delivered to LR Class
17:54 Manufacture of auxiliary drilling modules for ice-resistant platform LSP “A” is underway
17:47 TORM purchases eight MR product tankers with chemical trading capabilities from TEAM Tankers in a partly share-based transaction
17:39 Inchcape’s new Port Cost Estimator is missing link in voyage cost puzzle
17:28 CMA CGM acquired a 50% interest minus one share in TTIA container terminal in Algeciras, Spain
17:25 First hydrogen filling station opened in Amsterdam port
17:21 Framo will supply pumping systems for foundations of Scotland’s largest offshore wind farm project
17:06 Haldor Topsoe joins Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping as Strategic Corporate Partner
16:21 USCG, partners rescue two pilots from downed aircraft off Lanai
16:15 The Prax Group agrees exclusive crude oil supply arrangement with Trafigura
15:48 Ardmore Shipping takes on commercial management of four Carl Buettner chemical tankers
15:47 Ocean Infinity acquires MMT
15:00 Bunker sales at Vladivostok port in 2M’2021 fell by 34% YoY
14:38 Tenderers sought for upcoming Port Hedland channel marker project
14:22 Local contractor wins Mt Bassett water reservoir demolition job
13:46 Mega RO-RO vessels handled in record time thanks to investment by PSA Zeebrugge
13:16 Wallenius Wilhelmsen returns three more vessels from cold lay-up
12:08 CMA CGM introduces PSS for cargo from Pakistan to North Europe, Scandinavia, Poland, Adriatic, North Africa, Morocco & the Mediterranean
12:01 Port of Antwerp carries out the first trial for increasing draught on the Western Scheldt river
11:42 Throughput of port Azov in 2M’2021 surged by 68% YoY
11:09 Four companies join forces in HAV Group ASA
10:55 Port of Tallinn comments on the claim filed by Tallink
10:38 Tallink Grupp brings legal action against Port of Tallinn
10:09 Port of Vancouver cargo throughput increased by 1% to 145.5 million metric tonnes in 2020
09:51 Oil shipments via CPC Marine Terminal in 2M’21 fell by 8.4% YoY
09:49 MABUX: Bunker market this morning, Mar 02, 2021
09:34 Oil prices go down in expectation OPEC+ meeting
09:18 Ports of Bremen container throughput down by 1.4 per cent to 51.1 million tons in 2020
09:09 Baltic Dry Index as of March 1
08:00 TORM purchases eight MR product tankers
07:53 Diana Shipping announces time charter contract for m/v Ismene

2021 March 1

17:39 Depth 2021 competition opens in the framework of the International Army Games
17:17 Vitol launches Green LNG offering
16:48 CMA CGM introduces PSS for cargo from/to North Europe to/from the Mediterranean & Black Sea
16:12 World’s largest steel company, China Baowu Steel Group, and Sibanthracite Group become strategic partners
15:34 NUTEP terminal sets new record of container handling
15:30 APM Terminals Kalundborg now operational
15:26 SEACOR Marine signs the Neptune Declaration on Seafarer Wellbeing and Crew Change
15:11 RF Navy’s small missile ship Orekhovo-Zuevo passes the Black Sea straits towards the Mediterranean Sea
13:33 Average spot market price for Russian M100 product climbed to RUB 22,193 pmt
13:12 Port of Antwerp to launch a new shipping guidance system
12:46 MOL to expand sharing of ship operation data
12:37 Finnlines announces bunker surcharge for Malmö-Travemünde-Malmö
11:48 China ports container volume rises 13.2% in January of 2021Ningbo Containerized Freight Index keep rises in February
11:46 Russian Railways' network loading declined by 0.9% in 2M’2021
11:23 Global maritime leaders to exchange ideas at Singapore’s Annual Maritime Public Leaders’ Programme
10:59 Nevskaya Environmental Dredging Company supports 4th International Congress “Hydraulic Engineering Structures and Dredging” as its Sponsor
10:41 New research: unlocking a triple-win for UK ports and shipping
10:25 MABUX: Bunker market this morning, Mar 01, 2021