2026-09-23 — bunker note

The HSFO board is doing the work today. Fujairah HSFO at $584.86/mt against Singapore at $709/mt is a $124.14/mt spread — $148,968 on a 1,200 tonne stem. Rotterdam HSFO at $592/mt against Singapore VLSFO at $858.50/mt is $266.50/mt on paper, $319,800 on the same stem, but that is a grade switch, not a deviation, and is only real if the vessel can burn it. On the Fujairah-versus-Singapore like-for-like stem: one day of deviation on a mid-size hull at $15,000 hire is $15,000, plus the fuel burned getting there — call it another 40–60 tonnes of the same fuel at the prices above, roughly $23,000–$43,000. That takes $38,000–$58,000 off the headline before a litre is delivered, leaving the bulk of the $148,968 intact only if the deviation is short and the stem is full.