Slight upward trend for global bunker indices

By the end of the 17th week of the year, the global bunker indices published by Marine Bunker Exchange (MABUX) continued a moderate upward correction.

The 380 HSFO index increased to US$470.18/MT, the VLSFO index climbed to US$541.60/MT, while the MGO index rose to US$730.93/MT.

“At the time of writing, the market remained in a phase of moderate upward correction,” commented a MABUX official.

MABUX Global Scrubber Spread (SS) – the difference between 380 HSFO and VLSFO – continued its moderate decline: minus US$3.33 (from US$74.75 last week to US$71.42). The weekly average of the index also decreased by US$3.51.

In Rotterdam, the SS Spread rose by US$5 to US$35, while the weekly average in the Dutch port, on the contrary, decreased by US$10.33.

In Singapore, the 380 HSFO/VLSFO spread decreased by US$1 to US$57.00, and the weekly average in the Asian port lost US$6.50.

Ä MABUX analyst explained: “At the moment, the global and port SS Spread indices are quoted well below the US$100 mark (SS Breakeven), which maintains the higher profitability of using VLSFO compared to the 380HSFO + Scrubber combination. We do not expect significant changes in the dynamics of the SS Spread next week.”

According to the latest IEA Gas Report, LNG imports into Europe are projected to increase by 25% in 2025, approaching record levels due to heightened storage needs and reduced Russian pipeline gas supplies. In contrast, LNG imports into Asia are expected to decline, primarily driven by a downturn in demand from China.

As of April 22, European regional gas storage facilities were 37.02% full—down 6.67% from the previous week and 34.31% lower than at the start of the year, when storage levels stood at 71.33%. After two consecutive weeks of growth, gas reserves in EU storage facilities have resumed their decline. By the end of the 17th week, the European gas benchmark TTF remained largely unchanged, slipping by just 0.163 euro/MWh to 34.244 euro/MWh from 34.407 euro/MWh the previous week.

The price of LNG as a bunker fuel at the port of Sines in Portugal rose sharply by US$127 at the end of the week, reaching US$790/MT, up from US$663/MT the previous week. On April 21, the price gap between LNG and conventional fuel widened to US$108 in favor of conventional fuel, compared to just US$2 the week before. On the same day, MGO LS was quoted at US$682/MT in Sines.

At the end of the 17th week, the MABUX Market Differential Index (MDI)—which reflects the ratio between market bunker prices (MBP) and the MABUX Digital Bunker Benchmark (DBP)—showed the following trends across the 380 HSFO and VLSFO segments:

• 380 HSFO segment: Rotterdam and Singapore remained in the overvalued zone, with the average weekly MDI declining by 8 and 1 points, respectively. The other two ports—Fujairah and Houston—were in the undervalued zone, with average undervaluation levels rising by 6 and 11 points, respectively. Notably, Rotterdam’s MDI stayed close to the 100% correlation mark between MBP and DBP.
• VLSFO segment: All four key ports remained undervalued. The average weekly MDI increased by 12 points in Rotterdam, Singapore, and Fujairah, and by 6 points in Houston, indicating a slight narrowing of the undervaluation gap.
• MGO LS segment: Rotterdam was the only port in the overvalued zone, with its average weekly MDI increasing by 21 points. The other three ports—Singapore, Fujairah, and Houston—remained undervalued. MDI rose by 9 points in Singapore and 26 points in Fujairah, while Houston’s index remained unchanged.

“Overall, the week saw no significant shifts in the balance between overvalued and undervalued ports. This structure is expected to remain stable into next week,” pointed out a MABUX analyst.

“The global bunker market is exhibiting signs of a moderate upward correction. We anticipate that the upward trend will continue to dominate the movement of global bunker indices next week,” noted Sergey Ivanov, Director of MABUX.

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