HSFO spreads stay wide; MGO gaps worth more than the deviation

HSFO remains the widest graded spread on the board: Singapore at 890.5 against Rotterdam at 647 is a 243.5/mt gap, worth 292,200 on a 1,200 tonne stem. Fujairah at 753 against Rotterdam is 106/mt, or 127,200 on the same stem. Houston is the cheap HSFO at 584.5, up 9.5 on the day. MGO gaps are larger still: Buenos Aires at 2,062.07 against Houston at 1,384.5 is 677.5/mt, 813,000 on 1,200 tonnes, and Durban printed the board high at 2,230.5, up 178.5. Against that, one day of deviation on a mid-size hull at 15,000 hire is 15,000, plus the fuel burned getting there — on a 1,200 tonne stem that round trip can take a meaningful bite out of even the Singapore HSFO figure, and a small one out of the Fujairah spread.

Two prints worth checking before use: Zhoushan HSFO at 6,392 and Shanghai HSFO at 6,213 sit far above every other HSFO on the board, and the Baltic ports (Tallinn, Muuga, Klaipeda, Liepaja, Riga, Ventspils) show VLSFO at 573–623 against MGO above 1,700 — VLSFO cheaper than HSFO-grade product there, which is the reverse of the pattern elsewhere. Treat both as unverified until confirmed with suppliers.

Elsewhere the board is mixed rather than directional: Rotterdam VLSFO up 5, Piraeus VLSFO up 19, Las Palmas MGO up 130, while MGO fell across most of the Baltic and Indian ports. Crude is Brent 109.95, WTI 99.00; EUA at 85.41/tonne. Attention remains on Middle East transit and the pace of Red Sea return, per the headlines this week — no further comment on those here.