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Argus Media: Dutch B100 flips to discount against MGO

The discount means that it is now cheaper to sail on B100 than MGO, marking a sharp turn in fundamentals for the marine biodiesel product.

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B100 advanced fatty acid methyl ester (Fame) dob Netherlands has this week flipped to a discount to marine gasoil (MGO) dob ARA when accounting for EU emissions trading system (ETS) costs.

5 March 2026

The discount means that it is now cheaper to sail on B100 than MGO, marking a sharp turn in fundamentals for the marine biodiesel product. With FuelEU Maritime requirements also in place, requiring a 2pc reduction in greenhouse gas (GHG) emissions this year, shipowners may look to bunker some of those needed volumes if logistically viable. Most participants reported higher interest for the product and an increase in enquiries, but demand has not spiked yet. This could be because buyers are generally holding off unnecessary bunker fuel purchases, awaiting more stable prices.

Price volatility in underlying crude and gasoil markets has capped bunker fuel trade and purchasing has been limited to buyers seeking urgent refuelling or booking volumes for the second half of March in the past two days. The typical differential of around $10-20/t between Rotterdam and Antwerp very-low sulphur fuel oil (VLSFO) and MGO that has emerged since January to reflect RED III requirements in the Netherlands also disappeared on 3 March, with the sudden price surge diluting those premiums and suppliers holding on to limited volumes likely to have more control over offer levels.

The spread turned negative for the first time since the B100 price launched on 22 January, and marks the first time a B100 Argus assessment was at an ETS-inclusive discount to MGO since November 2024. The spread was at a discount of $73.16/t on 2 March, before widening to $150.72/t on 3 March. B100 Advanced Fame dob Netherlands was assessed at $1,075/t on 3 March, down by $45/t from a week prior — tracking declines in the wholesale Advanced Fame fob market. Unmet offers were sharply lower on the Argus Open Markets (AOM) session on 2 March, counterbalancing a sharp increase in gasoil futures — the front-month Ice gasoil futures contract 16:30 GMT marker rose by $122.50/t on 3 March, having posted $133.75/t gains in the previous session, reaching its highest since 2022.

MGO dob ARA, on the other hand, stood at $927/t on 3 March, up by $243/t since the end of last week, and its highest since 2023. MGO prices in Rotterdam and Antwerp have spiked since the start of this week, reflecting the surge in Brent crude and gasoil prices following the outbreak of the US-Iran war. Rotterdam MGO was pegged at $957.50/t dob on 3 March, up by $242.25/t in from 27 February, while Antwerp MGO was at $967.50/t dob, up by $254.50/t over the same period.

By Hussein Al-Khalisy and Siew Hua Seah

 

Photo credit and source: Argus Media
Published: 6 March, 2026

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Bunker Fuel

Singapore: Bunker fuel sales up by 1.6% on year in June 2026

4.67 million mt of various marine fuel grades were delivered at the world’s largest bunkering port in June, up from 4.59 million mt recorded during the similar month in 2025.

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Sales of marine fuel at Singapore port increased by 1.6% on year in June 2026, according to data from the Maritime and Port Authority of Singapore (MPA).

In total, 4.67 million metric tonnes (mt) (exact 4,669,100 mt) of various marine fuel grades were delivered at the world’s largest bunkering port in June, up from 4.59 million mt (4,594,700 mt) recorded during the similar month in 2025.

Deliveries of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in June (against on year) recorded respectively 2.03 million mt (+19.4% from 1.70 million mt), 2.20 million mt (-4.8% from 2.31 million mt), zero (-100% from 1,900 mt), 1,900 mt (-57.8% from 4,500 mt) and zero (from zero).

Bunker Jun

Bio-blended variants of marine fuel oil, low sulphur fuel oil, ultra low sulphur fuel oil, marine gas oil and marine diesel oil in June, (against on year) recorded respectively 5,300 mt (-86.3% from 38,800 mt), 30,700 mt (-73.1% from 114,300 mt), zero (from zero), zero (from zero) and zero (from zero). B100 biofuel bunkers, introduced in February last year, recorded 1,500 mt (+50% from 1,000 mt). 

LNG and methanol sales were 55,000 mt (-0.72% from 55,400 mt) and zero (from zero) respectively. There were no recorded sales of ammonia for the month and so far since 2025.

 

Photo credit: Maritime and Port Authority of Singapore
Published: 15 July, 2026

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Bunker Fuel

Vitol Bunkers debuts commercial bunkering service at Pakistan’s Gwadar Port

Launch follows the port’s first commercial bunkering operation, during which LNG carrier “Enugu” received 2,500 mt of VLSFO from Vitol Bunker’s bunkering barge “Marine Ista”.

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Vitol Bunkers debuts commercial bunkering service at Pakistan’s Gwadar Port

Vitol Bunkers on Tuesday (14 July) announced the launch of comprehensive commercial bunkering services at Gwadar Port, Pakistan. 

“From today and for the first time in the port’s history, commercial vessels will be able to bunker HSFO, VLSFO and LSMGO at Gwadar Port, Pakistan,” the company said in a statement. 

The launch follows the first commercial bunkering operation in the port. 

The LNG carrier Enugu was supplied with 2,500 metric tonnes (mt) of VLSFO by Vitol Bunker’s bunkering barge Marine Ista a few days ago.

Ammar Hussaini, global strategic business manager of Vitol Bunkers, said: “We are pleased to be able to supply our customers a range of high-quality fuels from important locations in Pakistan. 

“Gwadar Port is a deepwater port which has benefited from significant investment, and we look forward to building our offering in this location and serving customers across the region.”

 

Photo credit: Vitol
Published: 15 July, 2026

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Financial Result

Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Firm has been supporting clients through a wide portfolio including alternative bunker fuels, allowing it to increase its visibility in the market and contributed to doubling its new fuels volumes over the past year.

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Glander International Bunkering reports USD 23.4 million EBT for FY2025/26

Global bunker trading company Glander International Bunkering on Tuesday (14 July) announced its financial results for the year ended April 30, 2026 – reporting a turnover of nearly USD 2 billion and earnings before tax (EBT) of USD 23.4 million.

In the previous year, the company reported a turnover of USD 3 billion and EBT of USD 22 million, including a non-recurring item.

The results come after shipping has faced a year of regulatory acceleration, disrupted trade routes and tight avails.

There was a fundamental shift in market conditions, with geopolitical tensions, Red Sea risks and US tariffs. This was later compounded by the conflict in the Middle East conflict, which led to severe restrictions in the Strait of Hormuz and widespread rerouting, longer voyage time and increased freight costs.

CEO Carsten Ladekjær noted: “The real challenge was managing uncertainty, especially when things are changing by the day, sometimes by the hour. What has stood out is how our teams across the world have responded, how they have stayed close to clients and navigated that disruption in real time.”

Fuel EU entered its first full compliance cycle, becoming a direct factor in voyage economics. Then regulatory uncertainty persisted with key decisions at the MEPC in October being delayed.

Appointed Head of New Fuels in February 2026, Dionysis Diamantopoulos has overseen the continued expansion of the company’s new fuels offering during the past critical few months. 

He said, “We are supporting clients through a wide and evolving portfolio that includes biofuels and biofuel blends, LNG and bio-LNG, pooling and insetting solutions.”

“This approach has allowed us to increase our visibility in the market and contributed to doubling our new fuels volumes over the past year.”

Glander International Bunkering has continued to develop its approach to well-to-wake bunker management, which is a more integrated model of managing fuel, emissions, price and risk.

Ladekjær explains: “It has undeniably been a volatile year for global shipping, and it has changed our role in bunker trading. Our clients do not only come to us for fuel supply, they come to us to manage cost, compliance, and risk.”

The company said this approach reflects a broader shift in the market, where bunker decisions are no longer standalone transactions. They are directly linked to cost exposure, compliance and operational performance across the full fuel lifecycle.

Related: Glander International Bunkering reports EBT of USD 22 million for FY2025

 

Photo credit: Glander International Bunkering
Published: 15 July, 2026

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