Global bunker indices experience moderate growth

During the seventh week of the year, the Marine Bunker Exchange (MABUX) indices have shown moderate increases.

The 380 HSFO index saw a rise of US$1.73 to US$530.68/MT, the VLSFO index gained US$3.26, reaching US$621.61/MT, while the most notable increase was seen in the MGO index, which surged by US$25.83, surpassing the US$800 mark, and rising from US$783.83/MT to US$809.66/MT.

“As of this writing, the bunker indices have entered a phase of slight downward correction,” commented a MABUX official.

The MABUX Global Scrubber Spread (SS), which represents the price difference between 380 HSFO and VLSFO, continued to widen moderately, increasing by US$1.53 to US$90.93. It is gradually approaching the US$100.00 mark (SS Breakeven). The weekly average value of the index saw a slight increase of US$0.71.

In Rotterdam, however, the SS Spread narrowed significantly by US$21.00 to US$76.00, remaining well below the US$100.00 threshold. The weekly average in Rotterdam also decreased by US$4.84. In Singapore, the price difference between 380 HSFO and VLSFO fell by US$8.00 to US$66.00, with the weekly average declining by US$14.83.

While the Global SS Spread remained stable throughout the week, regional indices continued to contract, staying well below the US$100.00 mark and further diminishing the profitability of the 380 HSFO + Scrubber combination.

“We expect the SS Spread dynamics to remain largely unchanged next week,” noted a MABUX representative.

According to MABUX, many of Northern Europe’s largest economies have significantly increased gas-fired power generation in 2025, driving regional gas prices to their highest levels since early 2023. In January, gas-fired power generation in Germany, the UK, the Netherlands, and Poland rose by more than 10% compared to the same month in 2024, reaching its highest January level since at least 2022. As of February 11, European regional storage facilities were 47.89% full, marking a decrease of 4.08% from the previous week and 23.44% since the beginning of the year. The gas withdrawal process remains active. At the end of the seventh week, the European gas benchmark TTF continued its upward trend amid stable demand, rising by 5.718 euros/MWh and edging closer to the 60.00 euros/MWh mark (57.766 euros/MWh compared to 52.048 euros/MWh the previous week).

The price of LNG as a bunker fuel in the port of Sines (Portugal) experienced a significant increase of US$99 over the week, reaching US$1,090/MT on 10 February. At the same time, the price difference between LNG and conventional fuels expanded: on 10 February, MGO LS was priced US$317 lower than LNG, compared to a US$221 gap the week before. On that day, MGO LS was quoted at US$773/MT in the port of Sines.

During Week 07, the MABUX Market Differential Index (MDI), which compares market bunker prices (MBP Index) to the MABUX digital bunker benchmark (DBP Index), displayed mixed trends across the four major hubs: Rotterdam, Singapore, Fujairah, and Houston.

• 380 HSFO segment: Singapore remained the only overvalued port, with the weekly average overcharge rising by an additional 12 points. In contrast, Rotterdam, Fujairah, and Houston continued to be undervalued, with their weekly averages dropping by 10, 13, and 13 points, respectively.
• VLSFO segment: Rotterdam and Singapore were overcharged, with weekly averages rising by 4 points in Rotterdam but falling by 1 point in Singapore. Fujairah and Houston stayed undervalued, with no change in Fujairah and a 9-point decline in Houston.
• MGO LS segment: All ports were undervalued. The weekly average increased by 5 points in Rotterdam, 8 points in Singapore, and 5 points in Fujairah, but dropped by 13 points in Houston. In Rotterdam, the MDI index remained close to the 100% correlation mark between the market price (MBP) and the MABUX digital bunker benchmark (DBP), while Fujairah’s index hit the US$100.00 mark.

“We anticipate that, amid escalating trade and economic tensions between the U.S. and
Canada/Mexico in North America, as well as with Western Europe and China, global
bunker indices will maintain their potential for further growth next week,” stated Sergey Ivanov, Director of MABUX.

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