MGO softens across most of the board; VLSFO splits east and west

MGO fell at the majority of ports we track, with the sharpest cuts at Kingston (−145), New Orleans (−145), Vancouver (−105), Colombo (−105) and Tuticorin/Chennai (−90). Hamburg dropped 80. Against that, Bergen jumped 126.75 and Malta 98.5, and Durban sits at 2,052 — the dearest MGO on the board.

VLSFO moved both ways. Baltic ports — Tallinn, Muuga, Ventspils, Klaipeda, Liepaja, Riga — all print 573–623, with Livorno at 549. In the east, Haldia and Paradip eased 27 to 998 while Durban added 98 to 1,173.50. HSFO was mixed: Fujairah cut 33.67 to 632.83, Hamburg fell 28 to 619, but Port Louis rose 80 to 962 and Los Angeles 48 to 849.50.

The widest VLSFO spread on the board is Hamburg 649.50 against Port Louis 1,012 — 362.50/mt. On a 1,200-tonne stem that is 435,000 of headline difference. One day's deviation on a mid-size hull at 15,000/day is 15,000, plus the fuel burned getting there; that alone can take a third or more of the gap. Attention this week is on US diesel export curbs, Hormuz security and tanker freight rates.