Last week bunker prices continued to rise slightly. MABUX Global Bunker Index for 380 HSFO rose from US$274/tonne on 4 June up to US$287/tonne today, 11 June (plus US$13), VLSFO – from US$314/tonne to US$335/tonne (plus US$21), MGO LS – from US$387/tonne to US$409/tonne (plus US$22).
Bunker indexes followed the general trend of the global oil market which was also on the rise as the Oil Producing and Exporting Countries (OPEC+) and other oil producers agreed to a one-month extension of its oil production cuts (9.6 million barrels per day) and adopted a stricter approach to ensuring members compliance.
The average VLSFO-HSFO global spread (so called Scrubber Spread (SS)) has been steady over the last seven days and stands at US$42.47 (+US$1.42 for index a week ago). In Rotterdam weekly SS index is 42.33 USD (down US$ 0.17).
The highest SS index was registered in Singapore this week: US$87.17 (up US$17.84), while in Fujairah it fell to US$76.50 from US$102.17 a week ago (down US$25.67).
The 380 HSFO-VLSFO spreads are still rather narrow. As a result, scrubber prospects have received a setback and installations are getting delayed globally.