MABUX: Global bunker market to turn into moderate upward correction on Sep.09
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the pool of the main world hubs) turned into slight downward movement on Sep.08:
380 HSFO – USD/MT – 457.20 (-2.48)
VLSFO – USD/MT – 552.45 (-1.62)
MGO – USD/MT – 650.13 (-1.10)
The MABUX ARA LNG Bunker Index, calculated as the average price of LNG as a marine fuel in the ARA region, continued to decline on September 09: 1059.46 USD / MT (minus 2.96 USD). The MABUX LNG Bunker Index exceeds the cost of MGO LS in the port of Rotterdam by 475.46 USD (584 USD / MT as of 08 September), the difference in price compared to the day before has dropped by 2.96 USD. LNG bunker indices are available at www.mabux.com.
As of September 08, a correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (Digital Bunker Prices Benchmark) in four largest global hubs showed that 380 HSFO and VLSFO fuel grades were overvalued in all selected ports.
MABUX MBP / DBP Index recorded the following overcharge margins for 380 HSFO on September 08: in Rotterdam – plus $ 3 (unchanged), in Singapore – plus $ 38 (unchanged), in Fujairah – plus $ 30 (plus $ 27 the day before) and in Houston – plus $ 12 (plus $ 11). The overpricing ratio has not changed significantly.
VLSFO, according to the MABUX MBP / DBP Index, was overpriced on September 08 in Rotterdam – plus $ 7 (minus $ 5 the day before), in Singapore – plus $ 19 (plus $ 17), in Fujairah – plus $ 18 (minus $ 13) and in Houston – plus $ 10 (minus $ 9). VLSFO overcharge margins have also changed little.
On the contrary, MGO LS, according to the MABUX MBP / DBP Index, remained the only fuel grade that was underestimated on September 08 in all selected ports. Underpricing margins were registered as: in Rotterdam – minus $ 21 (minus $ 26), minus $ 29 (unchanged) in Singapore, minus $ 19 (minus $ 21) in Fujairah and minus $ 8 (minus $ 20) in Houston. The most significant change in the Index was recorded in Houston (undercharge reduction by $ 12).
We expect global bunker prices to turn into moderate upward correction today: 380 HSFO – plus 3-5 USD/MT, VLSFO – plus 4-7 USD/MT, MGO LS – plus 2-4 USD/MT.