At the close of Week 46, the global bunker market continued to display mixed dynamics across major fuel grades, according to MABUX. The 380 HSFO index declined by USD 2.97, dropping from USD 438.61/MT to USD 435.64/MT. In contrast, the VLSFO index rose by USD 2.89, reaching USD 512.31/MT compared to USD 509.42/MT a week earlier. The MGO index also recorded a notable gain of USD 20.80, climbing from USD 794.68/MT to USD 815.48/MT, surpassing the USD 800/MT threshold. As of the time of writing, global bunker prices continue to move in a mixed pattern, showing no distinct directional trend.

MABUX Global Scrubber Spread (SS) – the price difference between 380 HSFO and VLSFO – continued its moderate upward trend, gaining $5.86, from $70.81/MT last week to $76.67/MT, gradually approaching the psychological mark of $100.00 (SS Breakeven). The weekly average value of the index also increased by $4.39. In Rotterdam, the SS Spread also continued to rise, adding $13.00 ($40.00/MT versus $27.00/MT last week), forming a stable upward movement. The port’s weekly average SS Spread grew by $9.50. In Singapore, the price difference between 380 HSFO and VLSFO widened by $7.00, from $79.00/MT last week to $86.00/MT, exceeding the $80.00 mark. The weekly average value in the port also increased by $10.00. Overall, the SS Spread trend continues to demonstrate a clear widening of the price differential between 380 HSFO and VLSFO. In the medium term, the SS Spread may again approach the $100.00 level, which would further enhance the cost-effectiveness of using the HSFO + Scrubber combination compared with conventional VLSFO. Detailed information is available in the “Differentials” section on mabux.com.

Global LNG markets remained broadly stable in October 2025, supported by ample supplies from the US, Qatar, and Africa, alongside easing demand from key Asian buyers. Additional volumes from US projects—including progress at Rio Grande LNG—helped sustain the global supply-demand balance, while Asian demand growth stayed muted due to mild weather and elevated inventories. LNG continued to play a vital role in stabilizing the European gas market during the third quarter of 2025: imports rose by 38% year-on-year, and regasification rates stayed near the upper end of the seasonal range.

As of Nov. 11, European regional gas storage facilities were 82.39% full, down 0.63% from the previous week. With colder weather setting in, gas withdrawals have already slightly exceeded injection levels. Current storage fill remains 11.06% higher than the 71.33% recorded at the beginning of the year. The European TTF gas benchmark declined moderately during Week 46, falling by €1.449/MWh to €31.102/MWh, compared with €32.551/MWh a week earlier.

The price of LNG as bunker fuel at the port of Sines (Portugal) declined by another $2.00 this week, to $730/MT compared with $732/MT the previous week. The price differential between LNG and conventional fuel remained in favor of LNG, widening to $83 versus $48 a week earlier, as MGO LS was quoted at $813/MT at the port of Sines on the same day. More detailed information is available in the “LNG Bunkering” section of mabux.com.

At the end of Week 46, the MABUX Market Differential Index (MDI) – the ratio of market bunker prices (MBP) to the MABUX digital bunker benchmark (DBP) – reflected the following bunker fuel price trends across the world’s largest hubs: Rotterdam, Singapore, Fujairah, and Houston:

• 380 HSFO segment: Three ports — Rotterdam, Singapore, and Fujairah — remained undervalued. The average weekly MDI values increased by 4 points in Rotterdam and 2 points in Singapore, while remaining unchanged in Fujairah. Houston was the only overvalued port in this segment, with its MDI decreasing by 2 points.

• VLSFO segment: all four ports were undercharged. The average weekly MDI undervaluation levels decreased by 5 points in Rotterdam, 9 points in Singapore, 6 points in Fujairah, and 1 point in Houston. Notably, Houston’s MDI approached a 100% correlation between MBP and DBP.

• MGO LS segment: Singapore shifted into the undervalued zone, resulting in all ports in this category being undervalued. MDI levels rose by 24 points in Rotterdam, 24 points in Singapore, and 34 points in Fujairah, but declined by 4 points in Houston. Fujairah’s MDI approached the $100.00 mark.

By the end of the week, the overall balance of overvalued and undervalued ports continued to move toward undervaluation, most notably driven by Singapore’s shift in the MGO LS segment. We believe that the trend toward undervaluation in MDI values remains sustainable and is expected to continue in the global bunker market next week.

More detailed information on the correlation between market prices and the MABUX digital benchmark is available in the “Digital Bunker Prices” section on mabux.com.

According to DNV data, a total of 30 alternative-fuel vessels were ordered in October—more than double the 14 orders recorded in September and a strong rebound from zero in August. The majority of new orders were for LNG-powered vessels (26 units), followed by four methanol-powered vessels. All LNG-powered ships were ordered for the container segment, while the methanol-powered ones were ordered for the tanker segment. Despite the October increase, a total of 222 alternative-fuel-capable vessels were ordered in the first ten months of this year, representing a 52% decline compared with the same period in 2024. About two-thirds (67%) of this year’s orders have been for LNG-powered vessels (147 units), with a nearly identical number (146 vessels) placed in the container segment. Meanwhile, the LNG bunkering vessel orderbook continues to grow, with four additional units added in October. Since the start of the year, 21 LNG bunkering vessels have been ordered, bringing the global total to 38. Two methanol bunkering vessels were also ordered during the month.

We believe the global bunker market still retains growth potential. Global bunker indices may continue a moderate upward trend in the coming week.
Source: By Sergey Ivanov, Director, MABUX