During Week 18, MABUX World Bunker Index continued firm upward movement following general trends on global crude oil market. 380 HSFO index rose by 11.23 USD: from 422.29 USD/MT to 433.52 USD/MT, VLSFO Index increased by 10.70 USD: from 518.22 USD/MT to 529.32 USD/MT, while MGO Index gained 14.76 USD (from 594.37 USD/MT to 609.13 USD/MT).
The MABUX ARA LNG Bunker Index, available from April 29, 2021 and calculated as an average price of LNG as marine fuel in the ARA region, showed weekly average 524.14 USD/MT. Gas Futures for TTF, NBP and Henry Hub, LNG Bunker Price Indices in major European ports and Regions, LNG Bunker Market news and more are available in new MABUX LNG Bunker Section on www.mabux.com
The average Global Scrubber Spread (SS) – the difference in price between 380 HSFO and VLSFO – widened slightly to 96.78 USD (versus 91.94 USD last week, plus 4.84 USD) and came closer to 100 USD keypoint. SS Spread in Rotterdam has narrowed again during the week (minus 3.17 USD) while still staying above 100 USD point (100.83 USD versus 104.00 last week). In Singapore, SS Spread has added 1.83 USD: from 111.00 USD to 112.83 USD and is well above 100 USD mark. More details are available in new MABUX Differential Section on www.mabux.com.
Correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Benchmark) in the four global largest hubs showed this week that 380 HSFO fuel was undercharged in all four selected ports ranging from minus 6 USD (Houston) and minus 7 USD (Fujairah) up to minus 26 USD in Rotterdam and minus 38 USD in Singapore. The margin of the underestimation has not had any drastic changes.
The situation with VLSFO bunker prices, according to MABUX DBP Index, practically has not changed as well: underpricing in Rotterdam by minus 15 USD, in Fujairah – by minus 28 USD, in Singapore – by minus 33 USD. In Houston, VLSFO remained overcharged by plus 2 USD (versus plus 10 USD last week).
MABUX DBP Index also registered undercharge of MGO LS in all selected ports ranging from minus 18 USD in Houston (versus minus 2 USD last week) up to minus 38 USD in Fujairah (versus minus 24 USD) and minus 47 USD in Singapore (versus 44 USD).
The International Maritime Organization (IMO) and Germany have signed an agreement on the development of a project proposal to help reduce maritime transport emissions in East and Southeast Asian countries. The full-size project, once approved, will target reduction of GHG and other pollutant emissions from ships within ports, and from hinterland transport through energy efficiency improvements, optimised processes and ‘innovative technologies’.
The agreement confirms the allocation of €385,697 in funds to develop a full-size project proposal. IMO added that, at the preparatory stage, it will work with the following focus partner countries to develop the full-size project proposal: China, Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Japan, the Republic of Korea and Singapore are expected to be invited to serve as knowledge partner countries and their level of involvement in the project will be identified and confirmed during the appraisal stage.
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