- All major MABUX bunker indices posted declines, with 380 HSFO, VLSFO, and MGO nearing key psychological thresholds.
- Scrubber spreads narrowed further across key ports, staying well below the $100 breakeven mark.
- LNG bunkering prices held steady, but INTERTANKO warns of operational risks from heavy LNG hydrocarbons (C6+).
At the close of Week 33, the MABUX global bunker indices continued their downward trend:
380 HSFO: Down USD 11.71 to USD 456.90/MT, approaching the USD 450 level.
VLSFO: Down USD 11.21 to USD 542.56/MT.
MGO: Down USD 14.94 to USD 752.76/MT.
The market remains on a moderate bearish path, with potential for a slight rebound later next week.
Scrubber Spread (SS) Trends
The global 380 HSFO–VLSFO spread edged up just $0.50 to $85.66, still far from the $100 breakeven.
Rotterdam: Spread narrowed to $55.00, with weekly average down $7.34.
Singapore: Spread fell $8.00 to $91.00, with average down $6.66.
Outlook suggests continued downward momentum, with VLSFO likely to retain stronger margins over HSFO plus scrubber.
Global Gas and LNG Market
Despite geopolitical tensions, global gas prices held within a narrow range. LNG Canada’s commissioning has yet to shift market balance. European gas storage reached 72.27% as of August 12, up 2.31% week-on-week, with TTF prices dropping 1.997 euros/MWh to 32.409 euros/MWh.
LNG Bunker Prices (Sines): Flat at USD 768/MT.
Price Gap: LNG vs. conventional fuel widened to USD 39 in favor of conventional fuel, up from USD 4 the prior week.
MABUX Market Differential Index (MDI)
All four major bunkering hubs—Rotterdam, Singapore, Fujairah, Houston—registered undervaluation across 380 HSFO, VLSFO, and MGO LS segments.
380 HSFO: Undervaluation narrowed in all ports (down 2–15 points).
VLSFO: Undervaluation declined in all ports (down 2–15 points).
MGO LS: All hubs in undervaluation; Rotterdam moved into this zone for the first time in 2025.
INTERTANKO Alert on Heavy LNG Hydrocarbons
INTERTANKO cautions LNG carriers and LNG-fuelled ships about risks from C6+ hydrocarbons, which can cause fuel-system fouling, commercial losses, and costly debunkering. The association advises proactive testing using GPA 2286 to detect low concentrations not visible on standard certificates.
Moderate, mixed price movements expected to continue into next week, with possible upward momentum by the week’s close.
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Source: MABUX on LinkedIn
