During the third week of the year, the Marine Bunker Exchange (MABUX) global indices exhibited a steady upward trajectory.
The 380 HSFO index increased by US$16.79 to US$537.94/MT, the VLSFO index rose by US$17.19, reaching US$621.98/MT and the MGO index experienced a significant gain of US$31.70 to US$802.83/MT.
“At the time of writing, the global bunker market continued to exhibit a moderate upward trend,” stated a MABUX official.
The MABUX Global Scrubber Spread (SS) — the price gap between 380 HSFO and VLSFO — experienced minimal fluctuations this week, edging up by just US$0.40 to US$84.04, remaining significantly below the US$100.00 breakeven point.
The weekly average for the index rose by US$4.21. In Rotterdam, the SS Spread expanded by US$4.00, reaching US$80.00, with the port’s weekly average showing a larger increase of US$11.83.
Meanwhile, in Singapore, the price gap between 380 HSFO and VLSFO narrowed slightly by US$1.00 to US$96.00, staying close to the US$100.00 benchmark. However, the weekly average in Singapore increased by US$4.83. Throughout the week, the Global SS Spread and regional indices showed no definitive trend, consistently remaining below the US$100.00 threshold.
“Looking ahead, we expect the SS Spread dynamics to remain largely unchanged next week, with fluctuations likely to continue in both directions,” pointed out a MABUX official.
According to MABUX, Europe’s early winter cold snap drove liquefied natural gas (LNG) imports to near-annual highs in December, with US LNG supplies reaching their highest level since January 2024. After two consecutive milder winters, this year’s winter has been the coldest since the 2022 energy crisis.
Consequently, natural gas inventories in European storage are depleting at their fastest rate in seven years, now below the five-year average for this time of year. In December, European LNG imports surged to an 11-month high of 10.89 million metric tons, with half of that volume (5.22 million metric tons) sourced from the US.
The steep drop in European gas inventories signals a growing need for increased LNG imports—not only to meet demand through the current winter but also to replenish storage levels during spring and summer in preparation for the 2025/2026 winter. As of January 13, European regional storage facilities were 64.98% full, reflecting a decrease of 3.85% compared to the previous week and 6.35% compared to the beginning of the year. The gas withdrawal process remains ongoing. By the end of the third week of 2025, the European gas benchmark TTF experienced a slight decline, dropping by 0.527 euro/MWh to 46.947 euro/MWh, down from 47.474 euro/MWh last week.
By the end of the week, the price of LNG as a bunker fuel in the port of Sines, Portugal, dropped by US$49, settling at US$982/MT on January 13. At the same time, the price gap between LNG and conventional fuel narrowed significantly to US$175 in favour of MGO LS, down from US$274 the previous week. On the same date, MGO LS was priced at US$807/MT in the port of Sines.
In the thrid week of the year, the MABUX Market Differential Index (MDI), which compares market bunker prices (MBP) to the MABUX digital bunker benchmark (DBP), displayed varied trends across the major hubs of Rotterdam, Singapore, Fujairah, and Houston. A notable trend was the significant reduction in underpricing levels within the MGO LS segment.
- 380 HSFO Segment: The weekly average undervaluation dropped by 2 points in Rotterdam and 27 points in Singapore. In contrast, it rose by 6 points in Fujairah and 12 points in Houston. Singapore’s MDI is approaching a 100% correlation between MBP and the DBP benchmark.
- VLSFO Segment: Undervaluation fell sharply, decreasing by 45 points in Rotterdam and 20 points in Singapore, while it edged up by 1 point in Fujairah and 4 points in Houston. The MDI in Singapore is nearing a 100% alignment between MBP and DBP.
- MGO LS Segment: Singapore shifted into the overvalued zone, with the weekly average overcharge surging by 113 points. In contrast, the other three ports remained undervalued, with Rotterdam’s weekly average declining by 129 points, while Fujairah and Houston saw slight increases of 8 points and 1 point, respectively. Rotterdam’s MDI is nearing a 100% correlation between MBP and DBP, while Fujairah’s index stayed above the US$100.00 threshold.
“We expect the global bunker market to maintain its moderate upward momentum next
week,” stated Sergey Ivanov, Director of MABUX.
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Global bunker indices rise steadily
