Baltic MGO premium balloons; Rotterdam still the cheap side of both grades

Northern European MGO ran up hard against Rotterdam today. Baltic ports quoted 1,859.75 (Ventspils) against Rotterdam's 1,408 — a spread of 451.75/mt. On a 1,200-tonne stem that is $542,100 on paper. Set against a mid-size hull at $15,000/day, the spread would cover 36 days of hire before deviation fuel; even a few days of repositioning plus the burn eats a real slice, but the residual gap is large enough that the arithmetic survives most deviation scenarios. The same comparison holds across the Baltic/Continent range: Hamburg 1,823.75, Klaipeda 1,856.75, Ust-Luga 1,799.75 — all roughly $400–450 over Rotterdam. Hamburg was the outlier on VLSFO, at 783.75 against Rotterdam's 702.5, an 81.25/mt gap worth $97,500 on the same stem. Russian-loading Baltic VLSFO at Ventspils printed 623, a 79.5 discount to Rotterdam and $302,400 on 1,200 tonnes — again before deviation and delivery costs, which the buyer prices.