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MABUX: Global bunker indices to turn to upward evolution on Jul.28.

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) turned into downward movement on July 27, interrupting an upward correction a day earlier:

380 HSFO - USD/MT – 612.55 (-5.49)

VLSFO - USD/MT – 915.35 (-4.29)

MGO - USD/MT – 1 205.15 (-3.71)

As of July 27, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices and the MABUX digital bunker price benchmark) had no significant changes: the HSFO segment was mostly undervalued, the VLSFO segment on the contrary was significantly overvalued, multidirectional fluctuations remained in the MGO LS segment.

Fuel 380 HSFO, according to MDI, was undervalued on July 27 in three ports out of four selected: Houston remained the only port with fuel overpriced: plus $33 versus plus $21 the day before. In other ports, the undercharge was amounted to: Rotterdam - minus $118 (versus minus $116 a day earlier), Singapore - minus $138 (minus $137) and Fujairah - minus $154 (minus $134). Changes in the MDI index were insignificant.

VLSFO fuel grade, according to the MDI index, remained overvalued on July 27 in all four selected ports: Rotterdam - plus $ 34 (plus $ 23 a day earlier), Singapore - plus $ 136 (plus $ 137), Fujairah - plus $ 144 (plus $ 137) and Houston - plus $89 (plus $90). VLSFO overprice premium slightly increased in Rotterdam and Fujairah, but declined in Singapore and Houston.

In the MGO LS segment, the port of Rotterdam once again returned to the underprice zone on July 27: minus $ 3 versus plus $ 1 the day before. Singapore also remained underestimated: minus $52 (minus $63). In Fujairah and Houston, the MDI index registered fuel overpricing by plus $180 (plus $201) and plus $54 (plus $75), respectively. The MDI index had no firm dynamics in the MGO LS segment.

We expect global bunker indexes could head upwards today: 380 HSFO – plus 5-15 USD / MT, VLSFO – plus 8-18 USD / MT, MGO LS – plus 10-35 USD/MT.