MABUX: Bunker Prices to Remain Rangebound Next Week in International Shipping News 20/02/2026 At the end of Week 08, the MABUX global bunker indices recorded a moderate decline. The 380 HSFO index decreased by USD 0.51, from USD 433.61/MT last week to USD 433.10/MT. The VLSFO index declined by USD 2.21, from USD 522.29/MT to USD 520.00/MT. The MGO LS index posted the most significant reduction, falling by USD 5.18, from USD 782.79/MT last week to USD 777.61/MT. At the time of writing, the global bunker market was characterized by mixed index movements. The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — entered a phase of moderate decline, decreasing by $1.70 (from $88.68 last week to $87.11), while remaining firmly below the psychological threshold of $100.00 (SS breakeven). At the same time, the weekly average value of the index increased by $2.78. In Rotterdam, the SS Spread widened by $6.00 ($48.00 versus $42.00 last week), while the port’s weekly average edged up by a marginal $0.17. In Singapore, the 380 HSFO/VLSFO differential narrowed by $9.00 (from $50.00 last week to $41.00), with the weekly average in the port declining by $5.00. Overall, the weekly dynamics of the SS Spread remained without a clearly defined trend. VLSFO continues to retain its position as the more cost-effective bunker fuel compared to the 380 HSFO + scrubber combination. We expect no significant changes in the SS Spread dynamics next week, with mixed index fluctuations likely to persist. More detailed information is available in the “Differentials” section at mabux.com. By the end of the week, the Istanbul ECA Spread (ES) increased by $5.00, rising from $80.00 last week to $85.00, and temporarily reaching $90.00 during the week. The weekly average also advanced by $3.34. In Venice, the ECA Spread declined by $3.00, from $90.00 to $87.00. However, the port’s weekly average increased by $3.16. Throughout the week, the ES indices in both ports remained close to the psychological threshold of $100.00. We expect the ECA Spread to maintain a pattern of mixed fluctuations next week. Detailed information is available in the “Differentials” section at mabux.com. Europe is projected to import a record volume of liquefied natural gas (LNG) this year, driven primarily by the need to replenish storage inventories and sustain ongoing pipeline exports to Ukraine. However, structural challenges persist. Two gas storage facilities in Germany are scheduled for closure after operators notified the federal government that continued operations are no longer economically viable. In contrast, China has been actively replenishing its own gas storage while overall LNG demand has remained subdued throughout most of 2025. Imports only accelerated in the final two months of the year, reflecting seasonal heating requirements. Amid ample supply availability and relatively weak domestic consumption growth, China is positioned to re-export surplus LNG volumes, including to Europe, thereby adding flexibility to global trade flows. In the near term, however, the approaching shoulder season and declining heating demand are expected to exert downward pressure on EU gas prices, partially offsetting the structural bullish factors associated with storage replenishment and supply-side adjustments. As of February 17, the level of natural gas in European underground storage facilities continued to decline, falling to 33.02% of total capacity, down a further