MABUX: Bunker Prices Could Keep Deflating Next Week in International Shipping News 17/04/2026 Since the announcement of the ceasefire in the Middle East on April 8, the global bunker market has entered a phase of temporary stabilization, accompanied by a moderate downward correction. By the end of the week, the 380 HSFO index declined by USD 14.86, falling from USD 771.58/MT to USD 756.72/MT. The VLSFO index dropped by a further USD 25.10, from USD 901.43/MT to USD 876.33/MT, breaking below the USD 900.00 threshold. The MGO LS index recorded the most significant decrease, down by USD 68.97 from USD 1,525.64/MT to USD 1,456.67/MT, also breaching the USD 1,500.00 level. MGO LS continues to represent the most volatile segment of the global bunker market. At the time of writing, no clear directional trend has yet emerged in the dynamics of global indices. The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—entered a contraction phase, declining by USD 10.24 from USD 129.85 to USD 119.61, thus falling below the USD 120.00 mark. Despite this decrease, the spread remains comfortably above the psychological threshold of USD 100.00 (SS breakeven). The weekly average of the index also edged down by USD 10.22. At the port level, Rotterdam recorded a decline in the SS Spread of USD 15.00, from USD 42.00 to USD 27.00, briefly touching the USD 25.00 level. The weekly average in Rotterdam decreased by USD 2.67. In Singapore, the spread narrowed more sharply, dropping by USD 42.00 from USD 112.00 to USD 70.00, thereby breaking below the USD 100.00 mark. The weekly average in Singapore also fell significantly, down by USD 42.17. We expect the SS Spread to maintain its downward trajectory in the coming week. Further details are available in the “Differentials” section of mabux.com. The Istanbul ECA Spread (ES) closed the week unchanged at USD 100.00. However, against a backdrop of heightened market volatility, the index exhibited significant mixed fluctuations within a broad range of USD 50.00–125.00. The weekly average declined by USD 27.50. The calculation of the Venice ECA Spread has been temporarily suspended due to the absence of regular market quotations. Amid the ongoing de-escalation of the conflict in the Middle East, we expect the ECA Spread to remain near current levels in the short term, while continuing to display mixed fluctuations. Detailed information is available in the “Differentials” section of mabux.com. Europe’s gas prices have softened in recent weeks; however, the market appears to be underpricing emerging supply-side risks. Structural pressures are expected to intensify in the coming months, driven by below-average storage levels and ongoing disruptions to LNG flows—particularly from Qatar amid heightened geopolitical tensions in the Middle East. This leaves Europe increasingly exposed as it competes with Asia for constrained global supply. Even in the event of a ceasefire, normalization of LNG flows is likely to be gradual, suggesting that market tightness and elevated price levels will persist through the summer period and potentially extend beyond. As of April 14, the level of natural gas in European underground storage facilities showed a slight increase, reaching 29.55% of total capacity, up by 0.94 percentage points compared to the previous week. However, current storage levels remain significantly lower—by 31.91%—than those recorded on January 1, 2026 (61.46%). At the end of Week 16, the