MABUX: Bunker Prices Expected to Rise Modestly Next Week in International Shipping News 23/01/2026 By the end of the Week 04, global bunker indices published by MABUX demonstrated a clear upward trajectory. The 380 HSFO index rose by USD 8.64, increasing from USD 405.68/MT last week to USD 414.32/MT. The VLSFO index gained USD 5.11, reaching USD 494.36/MT compared to USD 489.25/MT the previous week and moving closer to the psychological USD 500/MT threshold. The MGO LS index recorded the most significant growth, adding USD 12.93 and rising from USD 739.01/MT last week to USD 751.94/MT. However, as of the time of writing, early indications of a potential downward correction have begun to emerge in the global bunker market. The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—registered a moderate decline of USD 3.53, decreasing from USD 83.57 last week to USD 80.04. The index remains firmly below the psychological threshold of USD 100.00 (SS breakeven). Meanwhile, the weekly average value of the global SS index was virtually unchanged, edging down by just USD 0.07. In Rotterdam, the SS spread moved in the opposite direction, increasing by USD 5.00 to USD 60.00 compared with USD 55.00 last week, while the port’s weekly average value declined slightly by USD 0.33. In Singapore, the 380 HSFO/VLSFO price differential also widened by USD 1.00, rising from USD 72.00 last week to USD 73.00, although the weekly average value at the port decreased by USD 0.84. Overall, SS spread indices continue to move in mixed directions without forming a clear trend. They remain consistently below the USD 100.00 level, thereby sustaining the higher economic attractiveness of conventional VLSFO consumption relative to the 380 HSFO plus scrubber configuration. We expect the SS spread to maintain its mixed dynamics in the coming week. Detailed data are available in the “Differentials” section on mabux.com. By the end of the week, the Istanbul ECA Spread (ES) remained unchanged at USD 75.00, while its weekly average value increased by USD 10.83. In Venice, the ES narrowed by USD 1.00, declining from USD 100.00 to USD 99.00 and thereby slipping below the psychological USD 100.00 threshold, although the weekly average value rose by USD 6.33. Overall, no significant changes were observed in the ECA Spread dynamics at either port. We expect ES values to remain largely stable in the coming week. Detailed information is available in the “Differentials” section on mabux.com. In 2025, several European countries recorded sharp spikes in LNG purchases. For LNG exporters, the key question is whether Europe’s LNG imports in 2025 were artificially inflated as part of efforts by a number of countries to narrow their trade deficits with the United States. According to Kpler, European LNG imports from the U.S. last year rose by nearly 60% compared with 2024 levels. However, as international attention increasingly shifts toward geopolitical considerations, European countries may scale back their demand for U.S. LNG. If so, LNG import volumes from the United States that were aimed at reducing trade imbalances in 2025 could be curtailed in 2026. As of December 20, European regional gas storage facilities were filled to 49.12%, down by 3.37 percentage points compared to the previous week. Gas inventories continue to decline at an accelerated pace, with current storage levels already 12.34 percentage points below those recorded on January 1, 2026 (61