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MABUX: Irregular fluctuations to prevail in Global bunker market on Sep.15.

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO returned to the downtrend on Sep.14:

380 HSFO - USD/MT – 532.70 (-8.75)

VLSFO - USD/MT – 794.96 (-10.40)

MGO - USD/MT – 1 159.95 (-24.41)

As of September 14, the MABUX MBP/DBP Index (MDI) (comparison of market bunker prices and the MABUX digital bunker price benchmark) registered a growth of underprice premium in the HSFO segment, no single dynamics in the VLSFO segment, and significant irregular changes in the MGO LS segment.

According to MDI, 380 HSFO fuel grade was undervalued on September 14 in all four selected ports. The underprice premium was: Rotterdam - minus $106 (minus $90 the day before), Singapore - minus $153 (minus $154), Fujairah - minus $157 (minus $147), and Houston - minus $54 (minus $35). The underpricing rose in all ports except Singapore, where the MDI index remained virtually unchanged (minus $1).

In the VLSFO segment, all ports remained overvalued on September 14: Rotterdam - plus $ 17 versus plus $ 21 the day before, Singapore - plus $ 30 (plus $ 26), Fujairah - plus $ 33 (plus $ 28) and Houston - plus $ 27 (plus $28). The MDI index did not have any single dynamic in this fuel segment: the overcharge increased in Singapore and Fujairah, but fell in Rotterdam and Houston.

In the MGO LS segment, the Rotterdam-Singapore pair was still undervalued by minus $50 (minus $45 a day earlier) and minus $99 (minus $80), respectively, while the Fujairah-Houston pair was overvalued by plus $172 (plus $146) and plus $4 (plus $11). MDI registered significant irregular changes: undercharge premium increased in Rotterdam and Singapore. In Fujairah, the overcharge ratio also rose, while in Houston it fell, approaching the 100 percent correlation mark.

We expect irregular fluctuations to prevail in Global bunker market on Sep.15: 380 HSFO – plus 1-6 USD/MT, VLSFO – plus 3-9 USD/MT, MGO LS – minus 15-35 USD/MT.