European biofuel prices recover

2025 HBE tickets above 2024 for the first time

Singapore bio-bunker sales hit new records

Rotterdam

Biofuel blends have become more expensive in the past week. Biodiesel prices have surged to benefit European producers in what seems like a broad recovery, PRIMA Markets says.

Rotterdam’s B30 HBE VLSFO benchmark is up markedly on the week with a $58/mt bump in PRIMA Market’s assessed price of palm oil mill effluent methyl ester (POMEME), which can make up 30% of these blends. An $11/mt rise in the underlying ENGINE VLSFO price also provided support.

HBE rebates were roughly steady on the week, and only gained $1/mt for B30 blends and $5/mt for B100. 2025 HBE tickets have now moved up beyond 2024 tickets for the first time, PRIMA notes.

The price of B30 HBE LSMGO has shot up in Rotterdam, drawing support from POMEME gains and a $41/mt jump in the underlying ENGINE LSMGO price.

Prices for B30 UCOME blends delivered in the ARA have made similar weekly gains as the HBE-rebated prices. A massive $58/mt price rise for UCOME barges delivered in ARA ports has provided support.

Singapore

Singapore’s B24 UCOME VLSFO and LSMGO prices have moved up by similar amounts in the past week, propped up by $31-32/mt bumps in underlying ENGINE VLSFO and LSMGO prices. A $20/mt rise in PRIMA’s underlying UCOME FOB China price also contributed to the B24 price rises. As did a $2.75/mt increase in freight for a typical such cargo from China to Singapore.

Volatile used cooking oil (UCO) prices have made it difficult for UCOME producers to procure feedstock from China recently, PRIMA says.

Singapore’s bio-bunker sales surged 69% higher in 2024 from a year earlier, placing Singapore as the top bunker ports also for biofuels. Of the 883,000 mt sold, 780,000 mt was blended with VLSFO, 89,000 mt with HSFO and 10,000 mt with LSMGO.

Maersk Oil Trading, Chevron, Vitol and Minerva all retained top 5 ratings of the biggest bio-bunker suppliers by volume. BP was replaced by SK Energy.

By Erik Hoffmann

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