MABUX: Bunker Prices To Keep Rising Next Week in International Shipping News 30/01/2026 Following the results of the 5th week, global bunker indices published by MABUX continued their upward trajectory. The 380 HSFO index increased by USD 8.78, rising from USD 415.14/MT last week to USD 423.92/MT. The VLSFO index gained USD 8.46, climbing from USD 494.58/MT to USD 503.04/MT and once again surpassing the USD 500/MT threshold. The MGO LS index recorded the strongest growth, adding USD 23.06 and increasing from USD 753.46/MT last week to USD 776.52/MT. At the time of writing, the global bunker market continued to demonstrate a moderate upward movement. The MABUX Global Scrubber Spread (SS)—defined as the price differential between 380 HSFO and VLSFO—continued to narrow, declining by USD 0.32 from USD 79.44 last week to USD 79.12. The spread remains firmly below the psychological threshold of USD 100.00 (SS breakeven), while the weekly average value of the index decreased by USD 1.27. In Rotterdam, the SS Spread also contracted by USD 8.00, falling from USD 56.00 last week to USD 48.00 and dropping below the USD 50.00 level. The port’s weekly average SS value declined by USD 5.67. In Singapore, the 380 HSFO/VLSFO price differential decreased by USD 10.00, from USD 71.00 last week to USD 61.00, while the weekly average value in the port fell by USD 6.50. As a result, SS Spread indices resumed their downward trend this week. Under current global bunker market conditions, conventional VLSFO continues to remain more cost-effective than the combination of 380 HSFO plus scrubber operation. Nevertheless, we consider the present decline in the SS Spread to be temporary, and index values may begin to recover in the short term. Detailed data and analytics are available in the Differentials section at mabux.com. By the end of the week, the Istanbul ECA Spread (ES) remained unchanged at USD 75.00, despite reaching USD 90.00 earlier in the week. At the same time, the weekly average value of the index increased by USD 20.83. In Venice, the ECA Spread continued to narrow, declining by USD 34.00 from USD 99.00 to USD 65.00, while the weekly average value decreased by USD 15.67. Overall, ES dynamics in both ports remain downward, with spreads consolidating in the USD 75.00–65.00 range. This movement occurred against a backdrop of rising ULSFO prices, driven by a slight reduction in regional supply and, consequently, tighter market availability. Meanwhile, MGO prices remained relatively stable, supported by more balanced supply–demand fundamentals. We believe that as ULSFO supply increases, ECA Spread values are likely to stabilize again around the USD 100.00 level. Further details are available in the Differentials section at mabux.com. According to Kpler, around 37 million tons per year of new LNG production capacity could come online this year, in addition to the 51 million tons commissioned last year. This expansion in supply is expected to put downward pressure on prices, which could in turn dampen purchasing activity across Asia, particularly in China. However, potentially lower prices may also stimulate Chinese LNG import demand, which is projected to rise to 73 million tons this year from 68.43 million tons in 2025. Europe, meanwhile, imported well over 100 million tons of liquefied natural gas last year. For the current year, Kpler forecasts a further substantial increase in supplies, with total imports expected to reach approximately 145 million to