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MABUX: Global bunker indices to turn to upward correction on May 16

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued irregular changes as of May 13:

380 HSFO – USD/MT – 718.62 (-12.23)
VLSFO – USD/MT – 933.73 (-4.16)
MGO – USD/MT – 1 267.92 (+0.59)

The correlation of MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker price benchmark) showed overestimation in all selected ports on May 13. In particular, the overprice levels for 380 HSFO fuel were registered as: Rotterdam – plus $19 (plus $3 the day before), Singapore – plus $43 (plus $44), Fujairah – plus $52 (plus $66) and Houston – plus $81 (plus $94). Here, the MABUX MBP/DBP Index (MDI) did not have any firm dynamics: overprice premium rose in Rotterdam, but dropped in Singapore, Fujairah and Houston. Meantime, the overcharge values in the 380 HSFO fuel segment are below $100 mark in all selected ports.

In the VLSFO segment, the MDI index also registered an overpricing on May 13 in all four selected ports. Rotterdam – plus $16 (versus plus $8 the day before), Singapore – plus $41 (plus $29), Fujairah – plus 47 (no change) and Houston – plus $26 (plus $31). There was no clear trend in VLSFO segment as well: overpricing rose in Rotterdam and Singapore, fell in Houston, and remained unchanged in Fujairah.

As per MGO LS segment, Rotterdam returned back into overcharge zone on May 13: plus $37 vs. minus $13 a day earlier. In other ports, MDI recorded the following overcharge premium: Singapore – plus $ 60 (plus $ 4), Fujairah – plus $ 215 (plus $ 118) and Houston – plus $ 131 (no change). The most significant change was the growth of overpricing in the port of Fujairah by 97 points.

In general, high volatility remains in the global bunker market, which prevents the formation of a sustainable trend in bunker prices.

We expect bunker prices to turn to upward correction: 380 HSFO – plus 15-25 USD / MT, VLSFO – plus 20-35 USD / MT, MGO LS – plus 1-25 USD/MT.
Source: mabux.com

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