MABUX: No firm trend in Global bunker prices on Jan.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued upward evolution on Jan.13:
380 HSFO – USD/MT – 529.52 (+4.35)
VLSFO – USD/MT – 668.60 (+5.65)
MGO – USD/MT – 794.26 (+6.96)
Correlation of MABUX MBP Index (Market bunker price) vs MABUX DBP Index (MABUX digital bunker price benchmark) on January 13 showed an overcharge of 380 HSFO in two out of four selected ports: in Rotterdam – plus $ 1 (100% index correlation the day before) and in Houston – plus $7 (plus $11 the day before). In Singapore and Fujairah, the MABUX MBP/DBP Index recorded an underpricing of 380 HSFO by $17 (minus $14) and $4 (minus $1), respectively. Changes in the 380 HSFO’s MBP/DBP Index ratio are insignificant.
VLSFO, according to the MABUX MBP/DBP Index, was overvalued on January 13 in three of the four selected ports: in Rotterdam – plus $ 4 (plus $ 5 a day earlier), in Singapore – plus $ 49 (plus $ 54) and in Fujairah – plus $39 (plus $44). Houston remains the only port where the MABUX MBP/DBP Index registered a $ 9 underpricing of VLSFO (minus $ 2 the previous day).
As for MGO LS, according to the MABUX MBP/DBP Index, this fuel grade was undervalued on January 13 in two out of four selected ports: in Rotterdam – minus $ 26 (minus $ 27 the day before) and in Singapore – minus $ 23 (no changes). In Fujairah and Houston, this type of fuel was overcharged by $ 1 (plus $18) and $ 9 (100% correlation of indices the day before), respectively. MABUX MBP/DBP Index does not yet have any firm trend in the MGO LS segment.
We expect global bunker prices do not have firm trend today: 380 HSFO – minus 1-3 USD, VLSFO – minus 1-4 USD, MGO LS – plus 1-4 USD.