B100 and liquefied biomethane (LBM) have lost ground against conventional bunker fuels in Rotterdam and Singapore as their prices climbed over the past week, according to the latest fuel switch snapshot.

The shift is a reminder of how sensitive the business case for alternative marine fuels remains: their competitiveness hinges not just on commodity prices, but on how spreads against conventional fuels move week to week. Under the EU's FuelEU Maritime regulation, in force since 2024, ships calling at EU ports must progressively cut the greenhouse gas intensity of the energy they use, while the EU ETS has extended to maritime CO2 emissions — making biofuels such as B100 and LBM attractive primarily to the extent that their price gap against VLSFO and HSFO stays narrow enough to be offset by avoided compliance costs.

All bunker prices described below have been adjusted for calorific content to make them VLSFO-equivalent. They include estimated EU-EU voyage compliance costs for Rotterdam, and non-EU-EU compliance costs for Singapore. These figures account for EU ETS costs and FuelEU Maritime penalties, as well as the average price of compliance surpluses observed in the FuelEU pooling market over the past week.

B100 premiums widen

B100's premium over VLSFO in Rotterdam has widened to $67/mt, after the spread narrowed to just $10/mt last week. The same pattern has played out in Singapore, where B100's premium over VLSFO has widened by $28/mt to $326/mt.

The OceanScore FuelEU Pooling Index has barely moved for a second straight week, inching up by just €0.60/mtCO2e to €119.50/mtCO2e. The index tracks the price of compliance surpluses traded in the FuelEU pooling market, where ships with emissions deficits can pool with vessels holding surpluses instead of paying penalties directly.

"Market activity has been subdued during the summer holiday period, with limited activity across the FuelEU pooling market," OceanScore said. "Against this quieter backdrop, available offers continue to reflect differing seller strategies and underlying surplus generation costs," it added.

LBM loses its regulation-driven edge

Rotterdam's LBM has also lost its regulation-driven edge against HSFO on EU-EU voyages. For vessels with diesel slow-speed (SS) engines, LBM has flipped from a $6/mt discount to HSFO last week to a $117/mt premium. For vessels with Otto medium-speed (MS) engines, its premium has widened by $121/mt to $284/mt.

LBM has also become less competitive against VLSFO. Its premium over VLSFO for Otto MS vessels has widened by $87/mt to $153/mt, while its discount for diesel SS vessels has shrunk by $89/mt to just $14/mt.

Liquid fuels

Rotterdam's conventional bunker fuel prices have dropped by $13-58/mt over the past week, while B100 has moved sharply in the opposite direction, gaining $43/mt. The port's B30-VLSFO and B30-LSMGO prices have risen by $67/mt and $41/mt, respectively.

The ARA region has seen low bunker demand of late. Fuel availability in the bunkering hub is tight for prompt supplies, with recommended lead times of around 5-7 days to secure good coverage, a trader told ENGINE.

The Dutch ZRE A price has gained €22.50/mtCO2e over the past week to €152.50/mtCO2e. ZRE A is the reference category of the Dutch national biomethane registry, used to price biofuel inputs in the ARA market.

In Singapore, conventional bunker fuel prices have dropped by $37-56/mt over the past week, while B100 has declined by a much smaller $9/mt.

VLSFO availability in Singapore remains tight, with lead times varying significantly between suppliers, from 7 to 19 days. A source attributed the tightness to reduced supply and shortages of blending components.

Liquid gases

Rotterdam's LNG prices have gained $46-48/mt over the past week, depending on engine type. LNG holds $243-402/mt premiums over VLSFO, and $85-244/mt discounts to LSMGO in Rotterdam.

LBM prices have risen even more sharply, surging by $74-76/mt on the week. LBM's discounts to LNG in Rotterdam have narrowed slightly to $249-257/mt.

Singapore's LNG prices have edged lower by $3-4/mt.

Source: By Konica Bhatt, ENGINE,