Rotterdam lifts across the board while Hamburg and the Baltic slip; the Singapore premium is worth $216,000 on a 1,200-tonne stem — before you sail there

Rotterdam moved up on all three grades — HSFO +55 to $665, VLSFO +36 to $728, MGO +83.5 to $1,416.50 — while Hamburg went the other way (MGO -19.5 to $1,444.50, VLSFO -7 to $682.50) and the Russian-Baltic cluster eased together: Vysotsk MGO -59 to $1,705.50, Primorsk -62 to $1,702.25, Ust-Luga -59.5 to $1,690.50. Fujairah HSFO dropped $86.23 to $635.77. Durban MGO jumped $178.50 to $2,230.50 and San Francisco VLSFO is printed +$333.75 at $941.25 — both worth checking with the supplier before relying on them. Brent $104.54, WTI $91.66, EUA €86.94.

The headline spread is Rotterdam VLSFO at $728 against Singapore at $908 — $180/mt. Houston sits between at $760, $148 under Singapore and $32 over Rotterdam. On MGO the gap narrows: Singapore $1,291.50 against Rotterdam $1,416.50, a $125 spread. What the spread is worth once bought: on a 1,200-tonne VLSFO stem, $180/mt is $216,000 of headline difference. Take a mid-size hull at $15,000/day hire — one day of deviation is $15,000, which eats the spread value on 83 tonnes ($15,000 ÷ $180). Add the fuel to get there and back: at Singapore VLSFO money, every 10 tonnes burned costs $9,080, so 20 tonnes of deviation steaming is $18,160. Hire plus fuel is $33,160, roughly 15% of the headline gone before the stem is even taken. The rest of the arithmetic — whether the remaining $182,840 survives a longer deviation — is the reader's to run.

Market attention this week is on a possible Hormuz reopening and its effect on war-diverted traffic, the return of traffic to Suez, Russian crude export volumes against the G7 price cap, and enforcement action against Russia's largest shipping company. Full board below.