MABUX: Global bunker prices to change irregular on August 10 with no firm trend
MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) still did not have a firm trend and changed irregular on Aug. 09:
380 HSFO – USD/MT – 598.50 (+6.59)
VLSFO – USD/MT – 831.15 (-4.53)
MGO – USD/MT – 1 116.04 (-6.07)
As of August 09, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices and the MABUX digital bunker price benchmark) did not have a firm trend: fuel underpricing was growing in the HSFO segment, overpricing was decreasing in the VLSFO segment, and growing in the MGO LS segment.
380 HSFO fuel grade, according to MDI, was undervalued on August 09 in three ports out of four selected: Houston remained the only port with fuel overpricing: plus $58 versus plus $59 the day before. In other ports, the underestimation was registered as: Rotterdam – minus $63 (vs. minus $58 a day earlier), Singapore – minus $99 (minus $97) and Fujairah – minus $121 (minus $109). Fuel underpricing premium increased slightly in all selected ports.
In the VLSFO segment, there was no change in trend: as per the MDI index, fuel remained overvalued on August 09 in all four selected ports: Rotterdam – plus $ 30 (plus $ 33 a day earlier), Singapore – plus $ 43 (plus $ 57), Fujairah – plus $129 (plus $152) and Houston – plus $66 (plus $70). VLSFO overprice premium continued to decline moderately across all ports.
In the MGO LS segment, Rotterdam moved to the overcharge zone on August 09: plus $ 7 vs. minus $ 1 the day before. Also overpriced were Fujairah – plus $299 (plus $224) and Houston – plus $42 (plus $44). Singapore remained the only port in the MGO LS underestimation zone – minus $24 vs. minus $65. Thus, in the MGO LS segment, there is a gradual shift towards fuel overpricing.
We expect Global bunker prices to change irregular on August 10 with no firm trend: 380 HSFO – minus 1-3 USD / MT, VLSFO – minus 1-3 USD / MT, MGO LS – plus 10-28 USD/MT.