Asia-Pacific maritime trade remains the backbone of global flows
December 4, 2025
Having disappointed for much of last year due to the Covid-19 impact and OPEC+ production cuts, the VLSFO- HSFO (Hi-5) spread is now back above $100/t. We believe the spread should be well supported as we move through the year. But much will depend on how quick OPEC+ brings back output, along with Chinese VLSFO production growth.
