“Over the Week 33 MABUX global bunker indices moved into moderate irregular fluctuations with no firm trend,” noted Sergey Ivanov, director of Marine Bunker Exchange (MABUX).
The 380 HSFO index fell by US$8.62, the VLSFO index decreased by US$7 while the MGO index increased by US$16.11.
The Global Scrubber Spread (SS) weekly average – the price differential between 380 HSFO and VLSFO – continued its moderate decline for the sixth straight week – minus US$15.19 (vs US$253.03 last week).
In Rotterdam, the average SS Spread dropped more considerably US$25.50 (vs US$238). However, the biggest decline in the average weekly price differencial of 380 HSFO/VLSFO remains in Singapore: minus US$33.33 (vs US$275.33 last week).
Over the Week 33, the MDI index showed an undervaluation of 380 HSFO fuel in three of the four selected ports: Houston still remains the only overestimated hub: plus US$43 (US$18 reduction from last week). In other ports, the fuel underestimation moderately decreased and amounted to: Rotterdam – minus US$35, Singapore – minus US$67 and Fujairah – minus US$183.
VLSFO fuel grade, according to MDI, remained, on the contrary, overpriced in all four selected ports: plus US$44 in Rotterdam, plus US$66 in Singapore, plus US$135 in Fujairah and plus US$54 in Houston. “Here, the MDI index still did not have firm dynamics: the overpricing premium rose in Rotterdam but decreased in the other three ports. VLSFO is still the most overvalued fuel on the global bunker market,” said Ivanov.
As for MGO LS grade, MDI index registered a fuel overcharge in two out of four selected ports: Fujairah – plus US$229 and Houston – plus US$4. Rotterdam and Singapore are still underestimated: minus US$15 and minus US$48, respectively. “The underestimation premium did not virtually change over the week. Overcharge fell in Houston but remained unchanged in Fujairah,” Ivanov continued.
“We expect moderate irregular fluctuations to prevail on the global bunker market next week,” concluded Ivanov.
