ENGINE on Fuel Switch Snapshot: B100 and LBM still make sense with FuelEU pooling

Once a week, bunker intelligence platform ENGINE will publish a snapshot of alternative and conventional bunker fuel prices in the world’s two biggest bunkering hubs. The following is the latest snapshot:

27 October 2025

• Rotterdam’s B100 at wider discounts to conventional fuels
• LBM rises against LNG in Rotterdam
• EUA costs fall for fossil fuels

Rotterdam’s HBE-rebated B100 benchmark has dropped to $24-33/mt greater discounts to HSFO, VLSFO and LSMGO for voyages between EU ports. It is now priced $139/mt, $160/mt and $328/mt lower than these grades, respectively.

Singapore’s B100 UCOME benchmark is at hefty premiums over conventional fuels for voyages between Singapore (a non-EU port) and EU ports. Its premiums over HSFO and VLSFO have narrowed by $14-18/mt on the week to $544/mt and $481/mt, respectively. Its premium over LSMGO has plunged $53/mt lower to $286/mt.

Rotterdam’s LNG has dropped by $15/mt in the past week. That has moved it to smaller premiums of $46/mt over HSFO and $25/mt over VLSFO for dual-fuel vessels with Otto medium speed (Otto MS) engines. But compared to LSMGO, LNG is now $143/mt cheaper.

Singapore’s LNG has narrowed its premium over VLSFO to $50/mt, and to $113/mt over HSFO. Its discount to LSMGO is $145/mt.

For vessels with diesel slow speed (diesel SS) engines, Rotterdam’s LNG is at wide discounts of $93/mt to HSFO, $114/mt to VLSFO and $282/mt to LSMGO. This is because these engines have much lower methane slip than Otto MS ones and are therefore less penalised by the EU.

In Singapore, LNG diesel SS is priced $43/mt over HSFO, while at discounts of $20/mt to VLSFO and $215/mt to LSMGO.

Rotterdam’s liquefied biomethane (LBM) is $147/mt cheaper than LNG for a vessel with an Otto MS engine, and $151/mt cheaper than LNG for a diesel SS engine vessel.

Liquid fuels

Rotterdam’s HSFO and VLSFO prices are down by $4-6/mt on the week for EU-EU voyages. A $29/mt drop in EU Emission Allowance (EUA) costs for these fuels, and a $1/mt drop in FuelEU Maritime penalties have countered rises in their outright prices.

B100 has gained $27/mt in Rotterdam, as its assessed pooling value has increased by $15/mt to $661/mt, and as the outright B100 price has jumped $42/mt higher on the week.

In Singapore, HSFO and VLSFO prices have edged $4-6/mt higher, while its LSMGO price has pushed $43/mt higher. Singapore’s B100 price has gained $8/mt.

Liquid gases

LNG has shed $15/mt to $565-704/mt in Rotterdam for EU-EU voyages, and by $10-11/mt to $565-634/mt in Singapore for non-EU to EU voyages. The price spreads depend on engine types and methane slips.

The LNG prices have dropped amid $26/mt declines in EUA costs for LNG consumed between EU ports, and a $13/mt drop between non-EU and EU ports.

Rotterdam and Singapore’s outright LNG prices have gained slightly on the week amid slight upticks in TTF and JKM gas prices, and a larger assessed bunker delivery premium in Rotterdam.

LBM is up by $10-11/mt on the week to $415-557/mt in Rotterdam, depending on engine type.

By Erik Hoffmann

Photo credit: ENGINE
Published: 28 October, 2025