MABUX: Firm upward trend to continue in Global bunker market on Mar.09
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) did not have the firm trend demonstrating irregular changes on March 08:
380 HSFO – USD/MT – 747.70 (-5.05)
VLSFO – USD/MT – 1 017.19 (+9.50)
MGO – USD/MT – 1 214.60 (+38.47)
The market remained highly volatile. As a result, the correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker price benchmark) on March 08 showed that 380 HSFO fuel returned to the underestimation zone in Singapore – minus $ 31 (plus $ 15 the day before) and in Fujairah – minus $30 (plus $1). The other two ports: 380 HSFO remained overpriced by plus $32 (plus $31) in Rotterdam and plus $40 (plus $54) in Houston. The most significant change of the MABUX MBP/DBP Index was registered in Singapore – down 46 points.
In the VLSFO segment, the MABUX MBP/DBP Index registered an overcharge on March 08 in all four selected ports. The overprice levels were: Rotterdam – plus $ 83 (versus plus $ 52 a day earlier), Singapore – plus $ 52 (plus $ 62), Fujairah – plus $ 83 (plus $ 93) and Houston – plus $ 19 (minus $ 40). Overcharge ratio at all ports remains at a high level.
MGO LS, according to the MABUX MBP/DBP Index, remained undervalued on March 08 in two out of four ports selected: Singapore – minus $119 (minus $115 a day earlier) and Fujairah – minus $142 (minus $135). Rotterdam and Houston, according to the MABUX MBP/DBP Index, are in the overpice zone: plus $8 (plus $29) and plus $160 (minus $47), respectively. The most significant was the growth of the MABUX MBP/DBP Index’s correlation at Houston: plus 207 points.
We expect global bunker prices to continue firm upward trend on Mar 09: 380 HSFO – plus 10–20 USD/MT, VLSFO – plus 15-25 USD/MT, MGO LS – plus 90-130 USD/MT.