At the close of the 35th week, the global bunker indices MABUX showed a moderate upward trend. The 380 HSFO index rose by USD 8.97, moving from USD /MT the previous week to USD /MT, surpassing the USD 460 mark. The VLSFO index gained USD 10.63 (USD /MT versus USD /MT a week earlier), nearing the USD 550 threshold. Meanwhile, the MGO index advanced by USD 12.68, climbing from USD /MT last week to USD /MT, crossing the USD 760 level. At the time of reporting, the global bunker market displayed no pronounced dynamics.
The MABUX Global Scrubber Spread (SS)—the price difference between 380 HSFO and VLSFO—rose by $1.66, from $85.87 the previous week to $87.53, remaining steadily below the psychological threshold of $100.00 (SS Breakeven). The weekly average of the index likewise added $1.63. In Rotterdam, the SS Spread climbed by $6.00, reaching $66.00 compared with $60.00 a week earlier. The port’s weekly average also strengthened by $7.17. By contrast, in Singapore the 380 /VLSFO differential slipped by $1.00, from $91.00 to $90.00, while the weekly average in the port still showed a modest increase of $0.84. At present, SS Spread values have stabilized at their current levels. We expect this trend to persist into next week. With the indices holding below the $100.00 threshold, conventional VLSFO continues to demonstrate higher profitability compared with the HSFO + Scrubber option. More details are available in the “Differentials” section of .
The International Energy Agency recently reported that it expected demand for natural gas to continue growing—and specifically demand for liquefied natural gas. The report sees global demand growth picking up again in 2026 and accelerating to around 2% as a considerable increase in LNG supply eases market fundamentals and fosters stronger demand growth in Asia. In 2026, LNG supply is set to rise by 7%, or 40 bcm – its largest increase since 2019 – as new projects come online in the United States, Canada and Qatar.
As of 26 August, European regional gas storage facilities were 76.24% full, reflecting a 2.03% increase from the previous week. Current occupancy stands 4.91% higher than at the beginning of the year (71.33%), with the pace of injections showing a moderate rise. By the close of the 35th week, the European TTF gas benchmark advanced by 2.413 /MWh, reaching 33.460 /MWh compared with 31.227 /MWh a week earlier.
The price of LNG as a bunker fuel at the port of Sines (Portugal) rose by $14.00 over the week, reaching 755 /MT compared to 741 /MT the previous week. Meanwhile, the price gap between LNG and conventional fuel remained in favor of conventional fuel but narrowed significantly, dropping to 9 USD from 27 USD a week earlier. On the same day, MGO LS was quoted at 746 /MT in Sines. More detailed figures and analysis are available in the LNG Bunkering section of .
At the close of the 35th week, the MABUX Market Differential Index (MDI)—the ratio of market bunker prices (MBP) to the digital benchmark MABUX (DBP)—continued to indicate underpricing across all fuel types in the world’s largest hubs: Rotterdam, Singapore, Fujairah, and Houston:
• 380 HSFO segment: Average weekly underpricing widened by 10 points in Rotterdam, 3 points in Singapore, and 2 points in Fujairah, but narrowed by 4 points in Houston.
Notably, Fujairah’s MDI continued its movement toward the $100 threshold.
• VLSFO segment: Underpricing increased by 1 point in Rotterdam and 4 points in Singapore, while Fujairah and Houston saw declines of 2 and 3 points respectively.
• MGO LS segment: MDI values climbed by 20 points in Rotterdam, 11 points in Singapore, 14 points in Fujairah, and 5 points in Houston. Fujairah’s MDI remained firmly above $100.00.
Overall, the structure of over- and undervaluation across ports showed no significant shifts during the week, with the undervaluation trend persisting across all fuel segments. No major changes in MDI dynamics are expected in the coming week.
More details on the correlation between market prices and the MABUX digital benchmark are available in the “Digital Bunker Prices” section of .
In its newly published analysis of fuel quality trends for H1 2025, Lloyd’s Register’s Fuel Oil Bunker Analysis Service (FOBAS) reports that while routine off-spec issues—such as those relating to sulphur and viscosity—remain common, the first half of the year was also marked by significant regional quality problems. These included cases of chemical contamination in Istanbul and high sediment levels in the ARA region. The report highlights a notable incidence of cat fines (Aluminium + Silicon) during the period, with elevated levels detected at several major bunkering hubs, including Zeebrugge, Melbourne, Lagos, Long Beach, and Singapore. It also flags severe sediment issues: for example, high sulphur residual fuel supplied at Civitavecchia, Italy in April, and very low sulphur fuel oils (VLSFOs) in the ARA region in February. Another key trend identified by FOBAS is the increasing uptake of biofuels, both in routine use and in trials. The analysis points to the growing supply of /FAME blends—commonly referred to as B30—and stresses that biofuels have an inherently lower calorific value compared with fossil fuels. It further warns that the conventional calculation method for Net Specific Energy (NSE) under ISO 8217 does not account for biofuels, leading to a consistent overestimation of the energy content in FAME blends. Geographically, the majority of /FAME bunkering in H1 2025 occurred in Singapore, but FOBAS notes that Algeciras and ports in the ARA region have also become increasingly active supply points.
We expect the global bunker market to maintain its potential for moderate growth in the coming week.
Source: By Sergey Ivanov, Director, MABUX
