MABUX: Bunker Price Volatility Expected to Persist in International Shipping News 03/04/2026 The global bunker market continues to exhibit pronounced volatility amid the escalating conflict in the Middle East, which is disrupting global supply chains and contributing to widespread bunker fuel shortages across all major hubs. Over the past week, bunker indices have maintained an upward trajectory, with signs of stabilization near recently reached highs. The 380 HSFO Index increased by USD 9.55, rising from USD 780.96/MT to USD 790.51/MT. The VLSFO Index gained USD 15.64, advancing to USD 949.88/MT from USD 934.24/MT the previous week. Meanwhile, the MGO LS Index recorded the most significant growth, climbing by USD 28.21 from USD 1,581.58/MT to USD 1,609.79/MT. Notably, this marks the first time the MGO LS Index has exceeded the USD 1,600.00 threshold, setting a new all-time high for the entire MABUX data series since 2001. At the time of writing, the global bunker market remains characterized by sharp, multidirectional price fluctuations, reflecting ongoing uncertainty and heightened geopolitical risk. The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—widened by USD 6.09, increasing from USD 153.28 last week to USD 159.37. The spread remains firmly above the psychological breakeven threshold of USD 100.00. However, the weekly average of the index declined by USD 5.27, indicating underlying instability despite the headline increase. In Rotterdam, the SS Spread remained unchanged at USD 50.00, while its weekly average edged down by USD 2.83. In Singapore, the spread expanded by USD 7.00, rising from USD 155.00 to USD 162.00, and briefly spiked to USD 193.00 during the week. Nevertheless, the port’s weekly average decreased significantly by USD 31.17. Elevated bunker market volatility continues to hinder the formation of a stable trend in the SS Spread, resulting in increasingly distorted index performance. Given current market conditions, the prevailing SS Spread dynamics are expected to persist into the coming week. Further details are available in the “Differentials” section on mabux.com. The Istanbul ECA Spread (ES) closed the week unchanged at USD 100.00, despite surging to a peak of USD 200.00 amid heightened market volatility. The weekly average also remained stable overall. The Venice ECA Spread remains suspended due to the absence of consistent market quotations. Amid the ongoing escalation of the conflict in the Middle East, the ECA Spread is expected to retain further upside potential in the near term. Additional details are available in the “Differentials” section on mabux.com. According to Standard Chartered, European gas prices are expected to maintain a firm upward trajectory amid ongoing geopolitical uncertainty. TTF benchmark prices could exceed €80/MWh—levels last observed in 2022—should the US–Iran conflict remain unresolved by the onset of the summer injection season. Moreover, strength along the forward curve, extending towards 2028, suggests that the market is pricing in a prolonged period of elevated gas prices. This indicates that Europe may face sustained pricing pressure over the coming months, reflecting both supply-side risks and heightened geopolitical tensions. As of 31 March, European underground gas storage levels continued their downward trajectory, declining to 28.05% of total capacity. This represents a further decrease of 1.24 percentage points week-on-week. Overall,