Global Bunker fuel prices showed mixed movements in Week 47, with HSFO easing, VLSFO broadly flat and MGO LS edging higher. The market remains directionless, but the HSFO–VLSFO scrubber spread continued to widen, strengthening the case for scrubber-fitted tonnage.
The 380 HSFO index slipped again to just under $430/MT, while the VLSFO index hovered close to $510/MT and MGO LS moved higher to around $820/MT. Overall, the main bunker grades continue to demonstrate diverging price movements with no clearly defined trend.
The global MABUX Scrubber Spread (SS) – the price gap between HSFO and VLSFO – extended its upward trend, rising to more than $85/MT on average. In Rotterdam the spread reached about $50/MT and in Singapore it moved close to $100/MT, levels that further support the economics of HSFO plus scrubber installations.
At the port of Sines, LNG bunker prices were assessed at around $769/MT versus $823/MT for MGO LS, keeping LNG at a discount of roughly $50/MT. The gap has narrowed compared with earlier weeks but still signals competitive pricing for LNG-fuelled vessels.
Across the major hubs, the MABUX Market Differential Index (MDI) showed a clear predominance of undervaluation for all three fuel grades. By the end of the week, all four key ports had moved into the undervalued zone, and MABUX expects this trend to persist.
On the macro side, LNG imports to Asia remained strong and European gas storage stayed high, while the latest IEA outlook points to a sizeable oil market surplus in 2025–26. Against this backdrop, the global bunker market is still in the process of forming a sustained trend, and MABUX expects bunker indices to continue fluctuating in different directions next week.
Source: MABUX
