The global bunker market displayed mixed price dynamics at the close of Week 46, with no distinct directional trend. VLSFO and MGO indices recorded gains, while the 380 HSFO index saw a slight decline.
Bunker Fuel Index Movement
| Fuel Grade | Previous Week Price (USD/MT) | Current Price (USD/MT) | Change (USD/MT) | Direction |
| 380 HSFO | $438.61 | $435.64 | -$2.97 | Declined |
| VLSFO | $509.42 | $512.31 | +$2.89 | Rose |
| MGO | $794.68 | $815.48 | +$20.80 | Rose (surpassed $800) |
The MGO index saw the most notable movement, with a gain that pushed the price above the $800 threshold.
Scrubber Spread (SS) and Cost-Effectiveness
The MABUX Global Scrubber Spread (SS), representing the price difference between 380 HSFO and VLSFO, continued to widen, increasing by $5.86.
- Breakeven Trend: The SS Spread is gradually approaching the psychological mark of $100.00 (SS Breakeven).
- Medium-Term Outlook: If the SS Spread continues this clear widening trend and approaches the $100.00 level, it would further enhance the cost-effectiveness of using the HSFO + Scrubber combination compared with conventional VLSFO.
- Port Spreads: The spread widened significantly in Rotterdam and Singapore.
LNG Market and TTF Gas Benchmark
Global LNG markets were broadly stable in October, supported by ample supplies from the US, Qatar, and Africa, and easing Asian demand.
- European Stability: LNG continued to play a vital role in stabilizing the European gas market, with imports rising by 38% year-on-year in Q3 2025.
- Gas Storage: As of November 11, European regional gas storage facilities were 82.39% full, down slightly by $0.63 from the previous week as colder weather led to withdrawals slightly exceeding injections.
- TTF Benchmark: The European TTF gas benchmark declined moderately during Week 46.
- LNG Bunkering: The price of LNG as bunker fuel at the port of Sines (Portugal) declined. The price differential between LNG and MGO LS at Sines widened in favor of LNG to $83
MABUX Market Differential Index (MDI)
The MABUX Market Differential Index (MDI) trend at the end of Week 46 showed a shift toward undervaluation, which is expected to remain sustainable next week.
- VLSFO Segment: All four major hubs (Rotterdam, Singapore, Fujairah, and Houston) were undercharged. Houston’s MDI approached a 100% correlation between the market price (MBP) and the digital benchmark (DBP).
- MGO LS Segment: Singapore shifted into the undervalued zone, resulting in all four ports in this category being undervalued. Fujairah’s MDI notably approached the $100.00 mark.
- 380 HSFO Segment: Three ports (Rotterdam, Singapore, Fujairah) remained undervalued, while Houston was the only overvalued port.
Alternative Fuel Vessel Orders
Alternative fuel vessel orders showed a strong rebound in October but a significant decline year-to-date.
- October Rebound: 30 alternative-fuel vessels were ordered in October, more than double the 14 orders in September. The majority were for LNG-powered vessels (26 units), all in the container segment. Four methanol-powered vessels were ordered for the tanker segment.
- Year-to-Date Decline: A total of 222 alternative-fuel-capable vessels were ordered in the first ten months of 2025, representing a 52% decline compared with the same period in 2024.
- Bunkering Infrastructure: The orderbook for bunkering vessels continues to grow, with four additional LNG bunkering vessels and two methanol bunkering vessels ordered in October.
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Source: MABUX on LinkedIn
