Global bunker prices moved in mixed directions in Week 06. The 380 HSFO index edged higher to around $426/MT, while VLSFO rose more firmly to just above $508/MT. In contrast, MGO LS slipped slightly to about $779/MT, although the market still showed a modest upward corrective bias overall.
The global scrubber spread (HSFO–VLSFO) widened to just above $80/MT but remained well below the $100/MT breakeven level. Port-level dynamics were mixed: the spread increased in Rotterdam but narrowed sharply in Singapore, suggesting conventional VLSFO generally remained more economical than HSFO plus scrubber operation.
In ECAs, spreads continued to strengthen in both Istanbul and Venice, pointing to emerging upward momentum. MABUX expects this trend to extend into next week.
European gas storage levels fell to below 40%, the lowest for this time of year since 2022, highlighting a structurally tight gas balance ahead of the summer injection season. The TTF benchmark nevertheless dropped to €32.86/MWh by the end of the week.
LNG bunker prices in Sines declined to $896/MT, leaving conventional fuels still more competitive on a price basis. Across major hubs, the MABUX Market Differential Index continued to signal broad undervaluation for all bunker grades.
Meanwhile, DNV data showed a sharp contraction in the alternative-fuelled vessel order book in 2025, though LNG strengthened its relative position within the segment, with bunkering infrastructure and dedicated LNG bunker vessels continuing to expand.
MABUX expects bunker prices to show a moderate upward trend next week.
Source: MABUX
