Baltic MGO repricing drags the board higher; the cheap-VLSFO ports are the story

Baltic and northern European MGO repriced hard on Saturday: Baltiysk MGO +275.50 to $1,809.75/mt, Ventspils +111.75 to $1,859.75/mt, Klaipeda +109.75 to $1,856.75/mt, Riga +109 to $1,856.75/mt, Muuga +108.25 to $1,855.75/mt, Liepaja +109.75 to $1,856.75/mt, Hamburg +111.50 to $1,823.75/mt, Wilhelmshaven +112.25 to $1,848.75/mt, Emden +108.50 to $1,838.75/mt, Bergen +126.75 to $1,703.75/mt, Cuxhaven +113.50 to $1,724.75/mt, Bremerhaven +106 to $1,756.75/mt, Gothenburg +108.50 to $1,716.75/mt, Primorsk +109 to $1,814.75/mt, Ust-Luga +112.50 to $1,799.75/mt, St Petersburg +111.50 to $1,799.75/mt, Murmansk +108.25 to $1,824. average of the ten Baltic MGO quotes is $1,846.55/mt, against Rotterdam MGO at $1,472.50/mt — a $374.05/mt gap. On a 1,200 tonne stem that is $448,860 of headline difference. One day of deviation on a mid-size hull at $15,000/day hire is $15,000, and the fuel burned getting there takes more of it; the gap has to survive the deviation before it is worth chasing. The same arithmetic on the VLSFO side: Rotterdam VLSFO $730/mt against Tallinn/Muuga $573/mt is $157/mt, $188,400 on 1,200 tonnes — and Livorno VLSFO at $549/mt is $181/mt under Rotterdam, $217,200 on the same stem. Brent $104.32, WTI $99.99, EUA €85.52/t. Market watching: Hormuz transits, Red Sea capacity returning, EUA transfer delays, Net-Zero Framework momentum.