Over Week 38, Marine Bunker Exchange (MABUX) global bunker indices continued moderate sliding downward with the 380 HSFO index falling to US$496.37/MT, the VLSFO index decreasing to US$748.81 USD/MT and the MGO index dropping to US$1075/MT
Meanwhile, the Global Scrubber Spread (SS) weekly average – the price differential between 380 HSFO and VLSFO – declined over Week 39 to US$258.21.
In Rotterdam, the average SS Spread continued to decline, falling to US$214.33 and in Singapore, the average weekly price differential of 380 HSFO/VLSFO also decreased to US$284.33.
“The indicators of the Global SS Spread and the values of SS Spread in the largest hubs are still very close to each other,” commented MABUX in its report.
The price for LNG as a bunker fuel at the port of Sines (Portugal) fell on 26 September to US2,591/MT. The spread between LNG price and price for MGO has now reduced: LNG prices are about 2.5 times higher than the most expensive type of traditional bunker fuel: the price of MGO LS at the port of Sines was quoted on 28 September at US$1,062/MT.
Over the Week 39, the MDI index (comparison of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)) showed an underpricing of 380 HSFO fuel grade in all four selected ports. The underestimation margins declined during the week in all ports except Houston and amounted to: Rotterdam – minus US$91, Singapore – minus US$144, Fujairah – minus US$141 and Houston – minus US$64.
VLSFO fuel grade, according to MDI, remained, overpriced in all selected ports: plus US$8 in Rotterdam, plus US$51 in Singapore, plus US$60 in Fujairah and plus US$48 in Houston. In this fuel segment, the MDI index still does not have any firm dynamics, according to MABUX analysts.
In the MGO LS segment, MDI registered underpricing in three ports out of four selected over Week 39: Rotterdam – minus US$37, in Singapore – minus US$87, and Houston – minus IS$1. MGO LS fuel remained overvalued in Fujairah – plus $198. MDI level decreased for all selected ports, according to MABUX.
“The global bunker market is still in a state of high volatility. We expect that downward trend may continue in Global bunker market,” commented Anastasia Pervova, marketing analytic at MABUX.
