During the 36th week of the year, the Marine Bunker Exchange (MABUX) global indices showed a consistent downward trend.
The 380 HSFO index decreased by US$13.20 to US$513/MT, the VLSFO index declined by US$12.95 to US$620.51/MT and the MGO index saw a decrease of US$17.15 to US$770.68/MT.
“At the time of writing, global bunker indices continued their moderate decline,” stated a MABUX official.
The MABUX Global Scrubber Spread (SS), which measures the price difference between 380 HSFO and VLSFO, remained mostly stable, rising slightly by US$0.25 to US$107.51. The weekly average, however, increased by US$4.98.
In Rotterdam, the SS Spread held steady at US$101, with the weekly average climbing by US$10. In Singapore, the spread between 380 HSFO and VLSFO continued to widen, increasing by US$9 from US$166 to US$175, with the weekly average in the port rising by US$14.34.
Overall, the Global SS Spread and the index values at major ports remain above the US$100.00 SS Breakeven mark, indicating a return to profitability for the 380 HSFO plus scrubber combination in the global bunker market.
The global natural gas market is currently showing mixed trends, with a more positive outlook in Europe compared to the slower-paced US market. European natural gas futures have remained stable at around €40 per megawatt-hour, supported by supply constraints stemming from annual maintenance in Norway and ongoing geopolitical tensions. Maintenance work has reduced Norwegian gas supplies by 10 million cubic meters per day, affecting major pipelines like Franpipe, Emden, and Dornum. Despite these supply disruptions, European regional gas storage remains strong, with storage levels at 92.52% as of September 3. However, by the end of Week 36, the European gas benchmark TTF fell by 1.496 EUR/MWh, from 38.689 EUR/MWh last week to 37.193 EUR/MWh.
As of 3 September, the price of LNG as bunker fuel in the port of Sines, Portugal, rose by US$16 from the previous week, reaching US$863 per MT. At the same time, the price gap between LNG and conventional fuel (MGO LS) widened to US$112, up from US$76 the week prior. On that same day, MGO LS was priced at US$751 per MT in the port of Sines.
In Week 36, the MDI index, which measures the correlation between market bunker prices (MABUX MBP Index) and the MABUX digital bunker benchmark (MABUX DBP Index), showed the following trends across the four major global hubs: Rotterdam, Singapore, Fujairah, and Houston:
- 380 HSFO Segment: All four ports were undervalued, with weekly averages increasing by 2 points in Rotterdam, 6 points in Singapore, 2 points in Fujairah, and 1 point in Houston.
- Â VLSFO Segment: Singapore and Fujairah were in the overvalued zone, with weekly averages rising by 11 points in Singapore and 10 points in Fujairah. Rotterdam and Houston remained undervalued, with Rotterdam’s weekly average decreasing by 9 points and Houston’s MDI staying unchanged.
- MGO LS Segment: All four ports continued to show undervaluation. Weekly averages dropped by 10 points in Rotterdam and 7 points in Fujairah but increased by 5 points in Singapore and 1 point in Houston. The Rotterdam and Singapore MDIs remained stable above the US$100 mark, while Houston’s MDI approached the 100% correlation mark between the market price and the MABUX digital bunker benchmark.
“We anticipate that the global bunker market will continue its moderate downward trend
into next week,” commented Sergey Ivanov, Director, MABUX.
