Fuel Switch Snapshot: Rotterdam’s B100 drops to bigger discounts
Rotterdam's B100–LSMGO spread above $400/mt
B100’s discount to LNG widens in Rotterdam
LNG edges closer to VLSFO for high methane slip engines
All bunker prices mentioned below have been adjusted for calorific contents to make them VLSFO-equivalent. They have estimated EU-EU voyage compliance costs included for Rotterdam, and non-EU-EU compliance costs included for Singapore. These account for EU ETS costs and FuelEU Maritime penalties, and our estimated compliance surplus values for FuelEU pooling. Rotterdam's B100 and LBM prices also factor in Dutch HBE rebates for advanced liquid and gaseous biofuels sold in the Netherlands.
Rotterdam’s B100 discount to VLSFO has widened by $15/mt to $118/mt, and its discount to LSMGO has gone up by $22/mt to $420/mt.
For vessels sailing between Rotterdam and non-EU ports, B100 is now only $53/mt costlier than LSMGO. This gap has narrowed by about $59/mt from last week’s $112/mt.
B100 has also become cheaper than LNG in Rotterdam, by around $11/mt.
B100's discount to LNG for vessels with Otto medium-speed (Otto MS) engines has widened to $217/mt, while the discount for vessels with diesel slow-speed (diesel SS) engines has increased to $79/mt.
For Otto MS engines, LNG’s premium over VLSFO in Rotterdam has narrowed by a modest $4/mt in the past week, to $29/mt. For diesel SS engines, LNG stands at a $109/mt discount to VLSFO.
Liquid fuels
Rotterdam’s VLSFO price has increased by $16/mt over the past week, while LSMGO has gained by a greater $23/mt. Fuel availability has improved slightly in the wider ARA bunkering hub, but prompt supplies remain tight for all fuel grades.
Rotterdam’s B100 price has been broadly steady, edging up by $1/mt. The Dutch HBE rebate for marine B100 has increased by $17/mt this week, adding some downward pressure on the benchmark.
Antwerp-Bruges’ biofuel bunker sales rose by 33% from the second quarter to 56,000 mt in the third quarter. That was the highest level since the port authority started reporting biofuel sales in the third quarter of 2024.
Singapore’s VLSFO price has not moved much in the past week, while its B100 price has jumped by $37/mt.
Demand for conventional bunker fuels remains subdued in Singapore. VLSFO delivery times vary widely among suppliers, ranging from 3-12 days.
Liquid gases
Rotterdam’s LNG price has gained by $12/mt on the week, and its LBM price has gained by $8/mt.
LNG bunker sales in the Port of Antwerp-Bruges fell by 22% between the second and third quarters. Around 69,000 mt of LNG was sold in the third quarter, according to the port authority.
Singapore’s LNG bunker price has edged up by $3/mt in the past week.
LNG is priced at a $43/mt premium over VLSFO in Singapore when consumed in Otto MS engines, but at a $26/mt discount to VLSFO when used in diesel SS engines.
By Konica Bhatt
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