- Bunker indices surged in Week 20, with 380 HSFO up $20.50, VLSFO up $21.40, and MGO LS up $22.25 per MT.
- European gas storage reached 43.1% capacity and TTF benchmark prices edged up to €35.74/MWh.
- Alternative‑fuel ship orders increased 5%, led by methanol and LNG vessels, including two hydrogen‑powered cruise ships.
During the 20th week, the MABUX global bunker indices continued their upward trend. The 380 HSFO index climbed from $444.90/MT to $465.40/MT, while the VLSFO index rose from $517.19/MT to $538.59/MT. Marine gas oil (MGO LS) also added $22.25, reaching $723.92/MT. By the time of writing, the market showed signs of a modest downward correction.
Scrubber Spread Developments
The global scrubber spread (380 HSFO vs. VLSFO) remained virtually flat, inching up from $72.29 to $73.19, with the weekly average essentially unchanged. In Rotterdam, the spread widened from $36.00 to $40.00, while in Singapore it narrowed from $82.00 to $79.00. Neither global nor port spreads have approached the $100 breakeven threshold, and little change is expected next week.
European Gas Storage and TTF Prices
Following the end of the heating season, Europe’s regional gas storage filled to 43.13% of capacity (up 1.72 points week‑on‑week but down 28.20 points year‑to‑date). The European Parliament approved lowering mandatory storage targets from 90% to 83% through 2027, with a 4% tolerance and a hard floor of 75%. The TTF benchmark rose modestly to €35.744/MWh from €34.743/MWh the previous week.
LNG Bunkering at Port of Sines
At Portugal’s Port of Sines, LNG bunker prices fell by $14 to $720/MT, narrowing the gap with conventional fuel to $47 (down from $77). On May 12, MGO LS was quoted at $673/MT. Further LNG bunkering details are available in the LNG Bunkering section at mabux.com.
MABUX Market Differential Index (MDI) Insights
The MDI, which compares market bunker prices to MABUX’s digital benchmark, showed port‑specific shifts:
- 380 HSFO: Rotterdam and Singapore moved deeper into overvaluation, Fujairah’s undervaluation eased, and Houston’s grew.
- VLSFO: Singapore entered overvaluation territory, while Rotterdam and Fujairah became less undervalued and Houston’s undervaluation increased.
- MGO LS: Rotterdam remained overvalued; Singapore and Houston saw higher MDIs, and Fujairah’s undervaluation diminished. Overall balance remained stable with no major shifts expected.
Alternative‑Fuel Ship Orders
DNV’s April report recorded 49 new alternative‑fuel ship orders—a 5% year‑on‑year increase—including two hydrogen‑powered cruise ships. Methanol orders totaled 24 vessels (primarily containerships and RoPax) and LNG orders reached 20 (mainly containerships, plus cruise and RoPax). DNV noted growing diversification in fuel strategies, with shipowners emphasizing flexibility, fuel availability, and segment‑specific needs.
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Source: MABUX on LinkedIn
