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MABUX: Global bunker indices to reverse to downtrend on Sep.14.

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) did not have a firm trend and changed irregular on Sep.13:

380 HSFO - USD/MT – 541.45 (-0.89)

VLSFO - USD/MT – 805.36 (+1.34)

MGO - USD/MT – 1 184.36 (+4.37)

As of September 13, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices vs. the MABUX digital bunker price benchmark) registered no firm trend in the HSFO segment, irregular changes in the VLSFO segment, and a decrease of both: under- and overvaluation margins in the MGO LS segment.

According to MDI, 380 HSFO fuel grade was undervalued on September 13 in all four selected ports. Underprice ratio was registered as: Rotterdam - minus $90 (minus $103 the day before), Singapore - minus $154 (minus $151), Fujairah - minus $147 (minus $123), Houston - minus $35 (minus $36). The MDI index did not have any firm dynamics in this fuel segment: underestimation dropped in Rotterdam and Houston but rose in Singapore and Fujairah.

In the VLSFO segment, all ports were still overvalued on September 13: Rotterdam - plus $ 21 versus plus $ 10 the day before, Singapore - plus $ 26 (plus $ 16), Fujairah - plus $ 28 (plus $ 44) and Houston - plus $ 28 (plus $33). Overprice margins changed sideways, up in Rotterdam and Singapore and down in Fujairah and Houston.

In the MGO LS segment, the Rotterdam-Singapore pair remained undervalued by minus $45 (minus $49 a day earlier) and minus $80 (minus $86), respectively, while the Fujairah-Houston pair was overvalued by plus $146 (plus $156) and plus $11 (plus $23). The underprice ratio as well as overprice one declined moderately.

We expect Global bunker indices to overturn to downward movement on Sep.14: 380 HSFO – minus 1-4 USD/MT, VLSFO – minus 2-6 USD/MT, MGO LS – minus 10-20 USD/MT.