The global bunker market has recently exhibited mixed trends, with the 380 High Sulphur Fuel Oil (HSFO) index rising to 426 USD/MT, while the Very Low Sulphur Fuel Oil (VLSFO) increased more significantly to over 508 USD/MT. Meanwhile, the market for Marine Gas Oil (MGO) Low Sulphur (LS) saw a slight decline to approximately 779 USD/MT. Overall, the market displayed a corrective upward bias.
Context and Background
This fluctuation in bunker prices coincides with a notable drop in gas storage levels across Europe, which have fallen below 40%, the lowest for this time of year since 2022. This scenario highlights a structurally tight gas balance ahead of the summer injection season. Despite this, the benchmark Title Transfer Facility (TTF) price dropped to 32.86 €/MWh by the end of the week.
Historically, bunker prices have been influenced by global supply and demand dynamics, as well as geopolitical factors. The relationship between HSFO and VLSFO is particularly pertinent due to the International Maritime Organization (IMO) regulations that limit sulphur content in marine fuels.
In-Depth Technical Analysis
Scrubber Spread: Economic Viability
The scrubber spread, defined as the price difference between HSFO and VLSFO, has widened to over 80 USD/MT, although it remains below the breakeven level of 100 USD/MT necessary for scrubber operations to be economically viable. Scrubbers are systems installed on vessels to reduce sulphur emissions, allowing the use of cheaper HSFO.
Trends in Alternative Fuels
According to data from DNV, there has been a sharp contraction in the order book for vessels using alternative fuels for 2025. However, Liquefied Natural Gas (LNG) has strengthened its relative position within this segment, with bunkering infrastructure and dedicated LNG vessels continuing to expand.
Operational Implications
What Changes for Industry Professionals
For vessel operators, these trends indicate the necessity to continually assess the viability of scrubber systems against the use of cleaner fuels such as VLSFO or LNG. Shipowners must factor in cost implications and environmental regulations when planning new builds or retrofits.
Impact on the Labour Market
The increased adoption of LNG and the expansion of bunkering infrastructure may heighten the demand for engineers specialised in LNG systems and deck officers experienced in alternative fuel operations. Interested professionals should consider upskilling in these emerging areas.
Geopolitical and Macro-Environmental Layer
The current macroeconomic context, characterised by declining gas storage levels in Europe and fluctuations in fossil fuel prices, underscores the importance of diversifying energy sources and accelerating the transition towards more sustainable fuels in the maritime sector. Geopolitical tensions and environmental regulations remain critical factors shaping the bunker landscape.
Outlook
In the short term, bunker prices are expected to trend moderately upwards, driven by adjustments in gas balances and regional demand dynamics. Shipowners and operators will need to closely monitor energy policies and market trends to optimise their fuel procurement strategies.
This news is based on “Global bunker prices mixed amid diverging fuel trends” from Global Maritime Hub, accessible via the original link.
Legal Notice: This article is an independent editorial analysis based on public information and technical knowledge of the maritime sector. It does not substitute for consultation with qualified professionals nor constitutes specific technical, legal, regulatory, or professional advice.
Editorial Note: This article has been professionally adapted from Spanish to British English
for the WishToSail.com international maritime audience. Original article published at
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