At the close of Week 30, the global bunker indices tracked by MABUX displayed mixed dynamics. The 380 HSFO index edged down by 1.04 USD, dropping from 466.85 USD/MT to 465.81 USD/MT, and remained well below the 500.00 USD threshold. The VLSFO index also saw a decline, falling by 2.87 USD from 558.38 USD/MT to 555.51 USD/MT. In contrast, the MGO index rose by 4.71 USD, climbing from 787.68 USD/MT to 792.39 USD/MT—moving closer to the 800.00 USD level. As of this writing, the global bunker market was experiencing uneven fluctuations across indices, with no distinct trend emerging.
The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—continued its moderate decline, falling by $1.83 to $89.70 from $91.53 last week. The spread remains consistently below the psychological threshold of $100.00, also known as the SS Breakeven point. The weekly average of the global SS index mirrored this decrease, also down by $1.83. In Rotterdam, the SS Spread slipped by $1.00, from $68.00 to $67.00, while the port's weekly average saw a more pronounced drop of $8.83. In Singapore, the 380 HSFO/VLSFO spread fell by $4.00—from $103.00 to $99.00—dipping below the key $100.00 level. The weekly average in Singapore also edged down by $1.17. These modest declines in SS Spread values appear to be temporary but are expected to continue into next week, suggesting the emergence of a more sustainable trend. Nevertheless, with SS values remaining under $100.00, the use of conventional VLSFO continues to be more economically viable than the HSFO + Scrubber option. For further details, please refer to the Differentials section on mabux.com.
According to the latest data from the Joint Organizations Data Initiative (JODI), natural gas production in 58 countries declined by 4.8 billion cubic meters (bcm) in May 2025 compared to April. The decrease was primarily driven by lower output in Russia (-3.2 bcm), the United States (-1.6 bcm), and Norway (-1.3 bcm). However, compared to May 2024, global gas production rose by 0.7 bcm, supported by increased output in China, Qatar, Nigeria, and a modest year-on-year gain in the United States. Natural gas demand in JODI-reporting countries dropped by 12 bcm month-on-month and by 2.7 bcm year-on-year in May. This decline was attributed to relatively mild spring temperatures following the winter season. Notably, consumption fell in the US, South Korea, Japan, Turkey, and the UK. Within the EU and the UK, demand fell by 2.1 bcm compared to April, but increased by 2.8 bcm relative to May 2024.
As of July 22, European regional gas storage facilities were filled to 65.42%, reflecting an increase of 2.18 percentage points compared to the previous week. However, this level remains 5.91 percentage points lower than at the start of the year, when storage stood at 71.33%. The European Union continues its efforts to replenish gas reserves across the region.
By the end of Week 30, the European gas benchmark TTF recorded a decline of 1.334 euros/MWh, falling to 33.111 euros/MWh from 34.445 euros/MWh the previous week.
The price of LNG as a bunker fuel in the port of Sines (Portugal) declined by another USD 6 over the past week, reaching USD 809/MT, down from USD 815/MT the previous week. Notably, the price differential between LNG and conventional fuel shifted in favor of LNG for the first time since July 29, 2024. As of July 21, the price gap stood at USD 3 in favor of LNG, compared to USD 7 in favor of conventional fuel the week prior. On the same day, MGO LS was quoted at USD 812/MT in the port of Sines. More detailed information is available in the LNG Bunkering section on mabux.com.
At the end of Week 30, the MABUX Market Differential Index (MDI)—which reflects the ratio between market bunker prices (MBP) and the digital bunker benchmark MABUX (DBP)—revealed the following weekly trends in the world’s major bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
• 380 HSFO segment: All ports remained in the undervalued zone. MDI values in Rotterdam were unchanged from the previous week, while Singapore and Fujairah saw slight increases of 6 and 5 points, respectively. Houston, however, experienced a noticeable drop of 11 points..
• VLSFO segment: Rotterdam continued to be the only overvalued port, though its MDI index decreased by 8 points and moved very close to the 100% correlation mark between MBP and DBP. In contrast, Singapore, Fujairah, and Houston stayed in the undervalued zone. The level of undervaluation increased in Singapore and Fujairah by 5 and 2 points respectively, while Houston's MDI declined by 4 points.
• MGO LS segment: Rotterdam shifted into the overvalued zone, making it the only overvalued port in this category, with a 3-point increase in its MDI. Meanwhile, Singapore, Fujairah, and Houston continued to be undervalued. Their MDI levels dropped by 10, 13, and 3 points, respectively, with Fujairah's MDI remaining steadily above the $100.00 mark.
Overall, during the week, Rotterdam entered the overvalued category in both the VLSFO and MGO LS segments. Despite this movement, the broader global market remains dominated by a trend of undervaluation in bunker fuel prices. Based on current patterns, it is expected that the present MDI dynamics will likely continue into the next week.
More detailed information on the correlation between market bunker prices and the MABUX digital benchmark can be found in the “Digital Bunker Prices” section on the website mabux.com.
Climate NGO Transport & Environment (T&E) has urged the European Union to bring forward its deadline for mandatory shore power supply (SPS) installations in major European ports from 2030 to 2028. According to T&E, only 20% of the required infrastructure has been installed or commissioned to date, highlighting a significant shortfall in progress. T&E warns that most European ports are failing to act against toxic air pollution. Only four of the EU's 30 largest ports have invested in shore power infrastructure at even half the required level. Meanwhile, fossil fuel-powered ships continue to account for over 6% of CO₂ emissions in EU ports. The report singles out Antwerp, Dublin, Gdansk, and Lisbon as ports that have yet to launch any SPS projects. While ports like Rotterdam, Barcelona, Valencia, Bremerhaven, and Le Havre have taken steps by installing or contracting SPS systems, their pace of implementation remains insufficient to meet EU targets. Strikingly, half of the currently deployed SPS capacity is concentrated in just four ports: Algeciras, Livorno, Swinoujscie, and Valletta. In addition to urging a tighter deadline, T&E is calling on the EU to increase funding for port electrification and extend SPS regulations to cover all fossil fuel-powered ships—not just the largest passenger and container vessels.
The global bunker market continues to shape a sustainable trend. We anticipate that moderate and mixed movements will dominate the dynamics of bunker indices in the coming week.
Source: By Sergey Ivanov, Director, MABUX