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MABUX: Slight irregular fluctuations to prevail again in Global bunker market on Jul.29.

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated firm upward evolution on July 28:

380 HSFO - USD/MT – 624.36 (+11.81)

VLSFO - USD/MT – 926.77 (+11.66)

MGO - USD/MT – 1 231.23 (+26.08)

As of July 28, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices vs. the MABUX digital bunker price benchmark) had no significant changes: the HSFO segment was mainly underestimated, the VLSFO segment was considerably overestimated, and the MGO LS segment changed irregular.

Fuel 380 HSFO, according to MDI, was undervalued on July 28 in three ports out of four selected: Houston remained the only port with fuel overcharged: plus $36 versus plus $33 a day earlier. In other ports, the underpricing premium was registered as: Rotterdam - minus $108 (vs. minus $118 the day before), Singapore - minus $132 (minus $138) and Fujairah - minus $131 (minus $154). The overcharge premium rose moderately, while the underpricing continued to expand.

VLSFO fuel grade, according to the MDI index, remained overvalued on July 28 in all four selected ports: Rotterdam - plus $ 37 (plus $ 34 the day before), Singapore - plus $ 119 (plus $ 136), Fujairah - plus $ 115 (plus $ 144) and Houston - plus $85 (plus $89). VLSFO overcharge premium increased slightly in Rotterdam, but declined in Fujairah, Singapore and Houston.

In the MGO LS segment, the port of Rotterdam remained in the underestimation zone on July 28 for two days in a row (the first time in the last 7 days with no fluctuations between the zones): minus $ 10 versus minus $ 3 the day before. Singapore also remained in the underestimation zone: minus $47 (minus $51). In Fujairah and Houston, the MDI index registered fuel overpricing by plus $193 (plus $180) and plus $34 (plus $54), respectively. The MDI index still does not have a firm trend in the MGO LS segment.

We expect slight irregular fluctuations to prevail again in Global bunker market today: 380 HSFO – plus-minus 2-5 USD / MT, VLSFO – plus-minus 2-6 USD / MT, MGO LS – plus-minus 2-10 USD/MT.