European MGO breaks away from Rotterdam; Baltic VLSFO quoted below ARA

Rotterdam MGO fell $58.50 to $1,297/mt while nearly every other European port moved the other way — Hamburg $1,712.25 (+$122), Bremerhaven $1,650.75 (+$126.75), Gothenburg $1,608.25 (+$126), and the Baltics at $1,744.25–$1,748 (+$121–124). On the printed numbers the gap between Rotterdam MGO and, say, Klaipeda is $1,747 − $1,297 = $450/mt; on a 1,200-tonne stem that is $540,000 of headline difference. Against that, one day of deviation at $15,000 hire is $15,000, and any additional fuel and canal or port costs come off the remainder — the arithmetic the reader should run before assuming the spread is capturable. Note also Rotterdam MGO sits below Houston MGO ($1,303.50, −$14.50) and below Singapore ($1,245 is lower still, at −$1).