East of Suez Market Update 28 Oct 2025

Most prices in East of Suez ports have moved down, and bunker demand is low in Zhoushan.

IMAGE: Aerial view Zhoushan City, Zhejiang Province. Getty Images

Changes on the day to 17.00 SGT (09.00 GMT) today:

• VLSFO prices down in Zhoushan ($9/mt), Fujairah ($6/mt) and Singapore ($4/mt)
• LSMGO prices up in Singapore ($2/mt), and down in Fujairah ($7/mt) and Zhoushan ($5/mt)
• HSFO prices down in Fujairah ($13/mt) and Singapore ($3/mt)
• B30-VLSFO at a $235/mt premium over VLSFO in Singapore
• B30-VLSFO at a $259/mt premium over VLSFO in Fujairah

VLSFO benchmarks across the three major Asian bunker ports have fallen for the second straight day, with Zhoushan recording the sharpest decline. Despite the fall, Zhoushan’s VLSFO price holds premiums of $34/mt over Fujairah and $26/mt over Singapore.

Bunker demand in Zhoushan remains weak. Most suppliers recommend lead times of 6–8 days for VLSFO, slightly up from 5–7 days last week. HSFO lead times have also increased, from around four days last week to 6–8 days now. Meanwhile, LSMGO lead times remain steady at 2–4 days.

In Taiwan, bunker supply is stable, with VLSFO and LSMGO deliveries typically arranged within two days at Keelung, Taichung, Hualien and Kaohsiung.

Brent

The front-month ICE Brent contract has declined by $0.66/bbl on the day, to trade at $64.43/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Progress in the US-China trade deal has put some upward pressure on Brent futures today. Both countries are expected to reach a preliminary ‘Framework Agreement’ later this week to ease tariff tensions.

US Treasury Secretary Scott Bessent said earlier that negotiators from both sides have agreed on a potential trade framework that eliminates the immediate threat of a 100% tariff escalation on Chinese imports. 

US President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to meet in South Korea on Thursday.

“The accord, which will be formalized during the upcoming Trump–Xi meeting in South Korea, represents a limited but meaningful de-escalation in a trade relationship that has repeatedly cycled through confrontation and temporary truces,” SPI Asset Management managing partner Stephen Innes noted.

Downward pressure:

Concerns of a potential supply glut in the global market have once again weighed on Brent’s price.

Oil has moved lower after a Bloomberg report suggested that OPEC+ may announce another monthly increase of 137,000 b/d for December.

Eight members of the OPEC+ coalition are scheduled to meet on 2 November to decide on December production policy.

Meanwhile, some OPEC members, including Kuwait and the UAE, “have suggested that any fall in Russia supply could be met with further increases,” ANZ Bank’s senior commodity strategist Daniel Hynes said.

By Tuhin Roy and Aparupa Mazumder

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