During the 13th week of 2025, global bunker indices monitored by MABUX experienced a moderate upward movement. The 380 HSFO index rose by US$9.36 to US$502.85/MT, surpassing the US$500 mark.
Similarly, the VLSFO index climbed by US$7.71, reaching US$583.58/MT, remaining below the US$600 threshold. Additionally, the MGO index saw a US$10.59 increase to US$766.27/MT.
“As of this writing, the market maintained its moderate upward movement,” stated a MABUX representative.
The Global Scrubber Spread (SS) Index, representing the price gap between 380 HSFO and VLSFO, narrowed slightly, falling by US$1.65 to US$80.73. It remains at the US$80 level and continues to stay below the $100 breakeven point. The weekly average, however, increased by US$0.26.
In Rotterdam, the SS Spread contracted by US$15.00, declining from US$54.00 to US$39.00, falling below the US$40 mark, with the weekly average also decreasing by US$10.50.
Conversely, in Singapore, the price differential widened by US$2.00, reaching US$52.00 from US$50.00, with the weekly average increasing by US$10.00. Overall, the spread trends suggest the cost-effectiveness of conventional VLSFO over the 380 HSFO + Scrubber combination.
Several EU nations, including Germany and France, are advocating for a more adaptable approach to the bloc’s 90% mandatory gas storage target by November 1 each year. They argue that such flexibility is necessary to avoid price surges and market speculation. Germany, Italy, and the Netherlands are particularly concerned that high forward gas prices for the summer may discourage energy companies from maintaining full storage. Countries like the Netherlands, Slovakia, and Hungary propose a 10% deviation from the 90% target, while Poland suggests a flexible timeframe from 1 October to 1 December.
As of March 25, European gas storage levels were at 33.91% capacity, marking a 0.62% weekly decline and a substantial drop of 37.42% from the start of the year (71.33%). Warmer temperatures have slowed gas withdrawals. By the end of the 13th week, the European gas benchmark TTF showed moderate growth, rising by 0.800 euro/MWh to 41.555 euro/MWh from 40.755 euro/MWh the previous week.
At the end of the week, LNG bunker fuel prices in Sines (Portugal) increased by US$37 compared to the prior week, reaching US$874/MT on 24 March. Simultaneously, the price difference between LNG and conventional fuel widened to US$147 in favor of MGO LS on 25 March, compared to US$121 the previous week. On that date, MGO LS was priced at US$727/MT in Sines.
By the end of Week 13, the MABUX Market Differential Index (MDI), which compares market bunker prices (MBP) with the MABUX digital benchmark (DBP), indicated a growing trend towards fuel undervaluation in VLSFO and MGO LS segments.
- 380 HSFO Segment: Rotterdam and Singapore remained in the overcharge zone, with Rotterdam’s weekly average MDI increasing by 2 points while Singapore’s dropped by 12 points. Fujairah and Houston remained undervalued, with Fujairah’s underprice level rising by 13 points, whereas Houston saw a 5-point decrease.
- VLSFO Segment: Rotterdam moved into the undercharge zone, making all four ports undervalued. Weekly MDI averages increased by 10 points in Rotterdam, 3 points in Singapore, and 9 points in Fujairah, while Houston remained stable. Rotterdam stayed close to the 100% MBP-DBP correlation.
- MGO LS Segment: Rotterdam re-entered the undercharge zone, making all four ports undervalued. Weekly MDI averages increased by 5 points in Rotterdam and Singapore, 8 points in Fujairah, and 12 points in Houston. Rotterdam remained near the 100% MBP-DBP correlation.
“We anticipate that a moderate upward trend will continue to dominate global bunker
market dynamics in the coming week,” commented Sergey Ivanov, Director, MABUX.
