Global bunker indices on moderate decline

During the eighth week of the year, the Marine Bunker Exchange (MABUX) indices experienced a moderate decrease.

The 380 HSFO index declined by US$5.60 to US$522.46/MT, the VLSFO index fell by US$3.43 to US$615.46/MT, and the MGO index also saw a reduction of US$4.70 to US$803.55/MT.

“As of the time of writing, no sustainable trends were observed in the global bunker market,” stated a MABUX official.

The MABUX Global Scrubber Spread (SS), which measures the price difference between 380 HSFO and VLSFO, experienced a moderate increase of US$2.17 to US$93.

The weekly average expanded by US$3.18. In Rotterdam, however, the SS Spread fell by US$2 to US$73, comfortably remaining below the US$100 threshold, with the weekly average in the port declining by US$12.50.

Meanwhile, in Singapore, the 380 HSFO/VLSFO spread increased by US$8, climbing from US$62 to US$70, while the weekly average remained steady at US$67.50.

Overall, the global SS Spread showed minimal change, with regional indices displaying slight fluctuations in opposing directions but staying well below the US$100 mark.

“Next week, the SS Spread is expected to continue fluctuating without a clear trend,” noted a MABUX official.

According to MABUX, global LNG imports surged to a 12-month high of 38.12 million tonnes in January. Europe continues diverting LNG cargoes from Australia and Oman while European natural gas futures limb.

Meantime, European natural gas futures prices have slightly declined amid the start of negotiations over Ukraine. However, the potential for an upward trend in gas indices remains due to rapid reserve depletion caused by colder weather, decreased wind power generation from low wind speeds, and the cessation of Russian gas imports via Ukraine.

As of February 18, European regional storage facilities were at 43.37% capacity, down 4.52% from the previous week and 27.96% from the beginning of the year. This is significantly lower than last year’s level of 67% at the same stage and the 10-year average of 51% for this period. Gas withdrawals continue. By the end of the eight week, the European gas benchmark TTF decreased by €7.851/MWh, dropping below the €50.00/MWh mark to €49.915/MWh from €57.766/MWh the previous week.

By the end of the week, the price of LNG as a bunker fuel in the port of Sines (Portugal) dropped by US$87 compared to the previous week, settling at US$1,003 per metric ton (MT) on February 17. Additionally, the price gap between LNG and conventional fuel narrowed, with Marine Gas Oil Low Sulfur (MGO LS) priced US$227 lower than LNG, compared to a US$317 difference the week before. On February 17, MGO LS was quoted at US$776/MT in the port of Sines.

During Week 8 of 2025, the MABUX Market Differential Index (MDI), which compares market bunker prices (MBP Index) with the MABUX digital bunker benchmark (DBP Index), displayed mixed trends across the four major hubs: Rotterdam, Singapore, Fujairah, and Houston.

• 380 HSFO Segment: Singapore remained the only overvalued port, with its weekly average decreasing by 6 points. The other three ports—Rotterdam, Fujairah, and Houston—stayed in the undervalued zone. Rotterdam’s index dropped by 1 point, while Fujairah and Houston saw increases of 6 and 5 points, respectively. Notably, the MDI in Rotterdam approached the 100% alignment between market prices (MBP) and the MABUX digital benchmark (DBP).
• VLSFO Segment: Rotterdam and Singapore were overvalued, with their weekly averages falling by 10 and 7 points, respectively. Conversely, Fujairah and Houston remained undervalued, with Fujairah’s index unchanged while Houston recorded a 6-point increase.
• MGO LS Segment: All four ports stayed in the undervalued zone. Weekly averages rose by 5 points in Rotterdam, 12 points in Singapore, and 8 points in both Fujairah and Houston. Fujairah’s index once again exceeded the US$100.00 threshold.

“We anticipate that the ongoing conflict resolution process in Ukraine could set the stage
for a continued downward trend in bunker fuel prices next week,” stated Sergey Ivanov, director of MABUX.

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