Strait arithmetic: $142.50/mt across three miles of water

Rotterdam VLSFO eased $13 to $682.50/mt while Singapore added $9.50 to $890, leaving the east-west gap at $207.50/mt — $249,000 on a 1,200 t stem. Fujairah VLSFO sits at $979.50, $297 over Rotterdam, and Durban's $98 rise to $1,173.50 — the largest VLSFO gain on the board — puts it $283.50 over Singapore. Brent is at $101.21/bbl against WTI at $89.10, EUA at €85.25/t, with attention on Hormuz this week and the Europe/Africa availability outlook plus localised fuel-quality risk on the watch list.

The Strait offers the day's cleanest arithmetic. Gibraltar VLSFO is $726 against Algeciras at $868.50 — $142.50/mt, or $171,000 on a 1,200 t stem. Against a working $15,000/day hire, one day of deviation leaves $156,000 before the fuel burned, and this crossing is measured in hours, not days. But the cheap side flips by grade: Algeciras MGO at $1,371.25 undercuts Gibraltar's $1,472 by $100.75/mt. On VLSFO the discount is on the Gibraltar side of the Strait; on MGO it is on the Algeciras side.

For scrubber-fitted tonnage, the HSFO discount varies more by port than by day: $358.47/mt at Fujairah, $205.50 at Houston, $184 at New York, $112 at Singapore, $69.50 at Rotterdam, $33 at Hamburg. On a 1,200 t stem that is $430,164 of discount at Fujairah against $83,400 at Rotterdam — $346,764 between them. Singapore MGO at $1,243 (−$35.50) is the board low, $97 under Rotterdam's $1,340. Bergen MGO added $126.75 to $1,703.75 while Kingston and New Orleans MGO fell $145 apiece. Data note: the Shanghai HSFO change prints −$5,559 and Zhoushan HSFO shows $6,432, out of line with the rest of the HSFO board — treat those two with care.