MABUX: Uptrend to continue in Global bunker market on Sep.13
MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) continued irregular fluctuations with no firm trend on Sep.12:
380 HSFO – USD/MT – 542.34 (+12.30)
VLSFO – USD/MT – 804.02 (+9.60)
MGO – USD/MT – 1 179.99 (-1.25)
As of September 12, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices vs. the MABUX digital bunker price benchmark) registered no firm trend in the HSFO segment, approaching the 100% correlation mark in the VLSFO segment, and minor changes in the MGO LS segment.
According to MDI, 380 HSFO fuel grade remained undervalued on September 12 in all four selected ports. Underprice premium was registered as: Rotterdam – minus $103 (minus $100 the day before), Singapore – minus $151 (minus $139), Fujairah – minus $123 (minus $124), Houston – minus $36 (minus $22). The MDI index did not have a sustainable dynamics in this fuel segment: underestimation slid in Fujairah, but rose in other ports.
In the VLSFO segment, all ports were overpriced on September 12: Rotterdam – plus $ 10 vs. plus $ 27 the day before, Singapore – plus $ 16 (plus $ 37), Fujairah – plus $ 44 (plus $ 64) and Houston – plus $ 33 (plus $50). Overcharge margins continued to decline slightly and approached to the 100% correlation mark.
In the MGO LS segment, the Rotterdam-Singapore pair was still undervalued by minus $49 (minus $57 the day before) and minus $86 (minus $80), respectively, while the Fujairah-Houston pair was overvalued by plus $156 (plus $153) and plus $23 (plus $25). There were minor changes of the MDI index in the MGO LS segment.
We expect uptrend to continue in Global bunker market on Sep.13: 380 HSFO – plus 3-6 USD/MT, VLSFO – plus 3-8 USD/MT, MGO LS – plus 3-7 USD/MT.