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Decline in global bunker indices

During the 17th week of the year, the global Marine Bunker Exchange (MABUX) indices saw a slight downturn.

The 380 HSFO index dropped by US$3.01 to US$550.73/MT. Similarly, the VLSFO index experienced a decrease of US$5.85 reaching US$688.77/MT, consistently remaining below the US$700 threshold. Additionally, the MGO index also declined by US$16.81 to US$876.93/MT.

"At the time of writing, the global bunker indices showed signs of modest growth," stated a MABUX official.

The MABUX Global Scrubber Spread (SS) - representing the price gap between 380 HSFO and VLSFO - continued its gradual decline, reaching minus US$2.84, surpassing the US$140.00 mark. The weekly average also decreased by US$6.55. In Rotterdam, the SS Spread contracted by US$7.00, edging closer to the US$100.00 mark (SS Breakeven). The port's weekly average also dropped by US$2.66. Meanwhile, in Singapore, the 380 HSFO/VLSFO price difference decreased by US$13.00, with the weekly average declining by US$10.34.

"We expect the SS Spread reduction trend to persist next week," stated a MABUX spokesperson.

According to Rystad, LNG bunkering achieved a record high in 2023, reaching 4.7 million cubic meters delivered globally, representing a 62% increase from 2022. This surge was primarily driven by a substantial doubling of ship-to-ship (STS) deliveries in 2022. As of the end of March 2024, LNG bunkering sales have commenced strongly, with 1.9 million cubic meters already sold. This figure is approaching the total sales volume for 2022, indicating the potential for a significant annual upswing. If this trajectory persists, total LNG bunker sales could surpass 7 million cubic meters by the end of 2024, highlighting LNG's growing importance in maritime commerce and trade.

In the port of Sines, Portugal, the price of LNG as bunker fuel has risen to US$776/MT as of 22 April, marking a US$46 increase compared to the previous week. Concurrently, the price gap between LNG and traditional fuel has narrowed, currently standing at US$77 in favour of LNG. This reflects a notable decrease from the US$165 difference observed just a week earlier. On the same day, MGO LS was priced at US$853/MT in Sines.

During Week 17, the MDI index (the ratio of market bunker prices represented by the MABUX MBP Index versus the MABUX digital bunker benchmark, MABUX DBP Index) exhibited the following trends across major world hubs: Rotterdam, Singapore, Fujairah, and Houston.

In the 380 HSFO segment, all selected ports remained in the undervalued zone. Weekly averages decreased by 4 points in Rotterdam, 16 points in Singapore, and 13 points in Houston while increasing by 8 points in Fujairah.

For the VLSFO segment, according to the MDI, all ports were undercharged, with average weekly levels declining by 4 points in Rotterdam, 10 points in Singapore, 15 points in Fujairah, and 4 points in Houston. The MDI indexes in Singapore and Fujairah approached the 100% correlation mark between market price and the MABUX digital benchmark.

In the MGO LS segment, Houston remained the only overpriced port, with the average weekly ratio increasing by 5 points. All other ports remained undervalued, with the weekly average increasing by 1 point in Rotterdam but decreasing by 5 points in Singapore and 68 points in Fujairah. MDI indices in Rotterdam and Singapore consistently remained below the US$100 mark.

"We expect that next week, the global bunker market will lack clear movers to establish a
sustainable trend, with bunker indices likely to continue shifting sideways," stated Sergey Ivanov, director of MABUX.





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