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Brazil · BR SSZ

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Latest Prices (Conventional Bunkers)

Price with change on the previous trading day; beneath it the day's high – low across sources, spread in brackets.

Date	VLSFO	HSFO	LSMGO	MGO
Fri, Nov 13 Nov 13Fri	775.50 ▼ 2.50 782.00 – 769.00 (13.00)	511.00 ▶ 0.00	1,617.00 ▲ 1.50 1,618.00 – 1,616.00 (2.00)	1,617.00 ▲ 1.50 1,618.00 – 1,616.00 (2.00)
Thu, Nov 12 Nov 12Thu	778.00 ▼ 22.00 793.00 – 763.00 (30.00)	511.00 ▶ 0.00	1,615.50 ▼ 12.50 1,622.00 – 1,609.00 (13.00)	1,615.50 ▼ 12.50 1,622.00 – 1,609.00 (13.00)
Wed, Nov 11 Nov 11Wed	800.00 ▼ 6.00 836.00 – 764.00 (72.00)	511.00 ▶ 0.00	1,628.00 ▲ 7.00 1,635.00 – 1,621.00 (14.00)	1,628.00 ▲ 7.00 1,635.00 – 1,621.00 (14.00)
Tue, Nov 10 Nov 10Tue	806.00 ▲ 2.00 835.00 – 777.00 (58.00)	511.00 ▶ 0.00	1,621.00 ▼ 12.50 1,634.00 – 1,608.00 (26.00)	1,621.00 ▼ 12.50 1,634.00 – 1,608.00 (26.00)
Mon, Nov 9 Nov 9Mon	804.00 ▼ 37.00 853.00 – 755.00 (98.00)	511.00 ▶ 0.00	1,633.50 ▼ 5.00 1,635.00 – 1,632.00 (3.00)	1,633.50 ▼ 5.00 1,635.00 – 1,632.00 (3.00)
Fri, Nov 6 Nov 6Fri	841.00 ▼ 11.50 890.00 – 792.00 (98.00)	511.00 ▶ 0.00	1,638.50 ▲ 9.00 1,640.00 – 1,637.00 (3.00)	1,638.50 ▲ 9.00 1,640.00 – 1,637.00 (3.00)
Thu, Nov 5 Nov 5Thu	852.50 ▼ 45.00 909.00 – 796.00 (113.00)	511.00 ▶ 0.00	1,629.50 ▼ 12.50 1,639.00 – 1,620.00 (19.00)	1,629.50 ▼ 12.50 1,639.00 – 1,620.00 (19.00)
Wed, Nov 4 Nov 4Wed	897.50 ▼ 41.00 929.00 – 866.00 (63.00)	511.00 ▶ 0.00	1,642.00 ▲ 4.00 1,644.00 – 1,640.00 (4.00)	1,642.00 ▲ 4.00 1,644.00 – 1,640.00 (4.00)
Tue, Nov 3 Nov 3Tue	938.50 ▲ 6.50 945.00 – 932.00 (13.00)	511.00 ▶ 0.00	1,638.00 ▼ 0.50 1,642.00 – 1,634.00 (8.00)	1,638.00 ▼ 0.50 1,642.00 – 1,634.00 (8.00)
Mon, Nov 2 Nov 2Mon	932.00 ▼ 2.00 944.00 – 920.00 (24.00)	511.00 ▶ 0.00	1,638.50 ▼ 32.00 1,674.00 – 1,603.00 (71.00)	1,638.50 ▼ 32.00 1,674.00 – 1,603.00 (71.00)
Fri, Oct 30 Oct 30Fri	934.00 ▲ 8.50 958.00 – 910.00 (48.00)	511.00 ▶ 0.00	1,670.50 ▲ 9.00 1,682.00 – 1,659.00 (23.00)	1,670.50 ▲ 9.00 1,682.00 – 1,659.00 (23.00)
Thu, Oct 29 Oct 29Thu	925.50 ▲ 4.50 941.00 – 910.00 (31.00)	511.00 ▶ 0.00	1,661.50 ▲ 1.50 1,682.00 – 1,641.00 (41.00)	1,661.50 ▲ 1.50 1,682.00 – 1,641.00 (41.00)
Wed, Oct 28 Oct 28Wed	921.00 ▲ 14.50 940.00 – 902.00 (38.00)	511.00 ▶ 0.00	1,660.00 ▼ 16.50 1,690.00 – 1,630.00 (60.00)	1,660.00 ▼ 16.50 1,690.00 – 1,630.00 (60.00)
Tue, Oct 27 Oct 27Tue	906.50 ▲ 2.50 916.00 – 899.00 (17.00)	511.00	1,676.50 ▲ 8.50 1,682.00 – 1,668.00 (14.00)	1,676.50 ▲ 8.50 1,682.00 – 1,668.00 (14.00)

Latest Prices (Fuel Oil Bunkers)

Price with change on the previous trading day; beneath it the day's high – low across sources, spread in brackets.

Date	VLSFO	HSFO
Fri, Nov 13 Nov 13Fri	775.50 ▼ 2.50 782.00 – 769.00 (13.00)	511.00 ▶ 0.00
Thu, Nov 12 Nov 12Thu	778.00 ▼ 22.00 793.00 – 763.00 (30.00)	511.00 ▶ 0.00
Wed, Nov 11 Nov 11Wed	800.00 ▼ 6.00 836.00 – 764.00 (72.00)	511.00 ▶ 0.00
Tue, Nov 10 Nov 10Tue	806.00 ▲ 2.00 835.00 – 777.00 (58.00)	511.00 ▶ 0.00
Mon, Nov 9 Nov 9Mon	804.00 ▼ 37.00 853.00 – 755.00 (98.00)	511.00 ▶ 0.00
Fri, Nov 6 Nov 6Fri	841.00 ▼ 11.50 890.00 – 792.00 (98.00)	511.00 ▶ 0.00
Thu, Nov 5 Nov 5Thu	852.50 ▼ 45.00 909.00 – 796.00 (113.00)	511.00 ▶ 0.00
Wed, Nov 4 Nov 4Wed	897.50 ▼ 41.00 929.00 – 866.00 (63.00)	511.00 ▶ 0.00
Tue, Nov 3 Nov 3Tue	938.50 ▲ 6.50 945.00 – 932.00 (13.00)	511.00 ▶ 0.00
Mon, Nov 2 Nov 2Mon	932.00 ▼ 2.00 944.00 – 920.00 (24.00)	511.00 ▶ 0.00
Fri, Oct 30 Oct 30Fri	934.00 ▲ 8.50 958.00 – 910.00 (48.00)	511.00 ▶ 0.00
Thu, Oct 29 Oct 29Thu	925.50 ▲ 4.50 941.00 – 910.00 (31.00)	511.00 ▶ 0.00
Wed, Oct 28 Oct 28Wed	921.00 ▲ 14.50 940.00 – 902.00 (38.00)	511.00 ▶ 0.00
Tue, Oct 27 Oct 27Tue	906.50 ▲ 2.50 916.00 – 899.00 (17.00)	511.00

Latest Prices (Distillates)

Date	LSMGO	MGO
Fri, Nov 13 Nov 13Fri	1,617.00 ▲ 1.50 1,618.00 – 1,616.00 (2.00)	1,617.00 ▲ 1.50 1,618.00 – 1,616.00 (2.00)
Thu, Nov 12 Nov 12Thu	1,615.50 ▼ 12.50 1,622.00 – 1,609.00 (13.00)	1,615.50 ▼ 12.50 1,622.00 – 1,609.00 (13.00)
Wed, Nov 11 Nov 11Wed	1,628.00 ▲ 7.00 1,635.00 – 1,621.00 (14.00)	1,628.00 ▲ 7.00 1,635.00 – 1,621.00 (14.00)
Tue, Nov 10 Nov 10Tue	1,621.00 ▼ 12.50 1,634.00 – 1,608.00 (26.00)	1,621.00 ▼ 12.50 1,634.00 – 1,608.00 (26.00)
Mon, Nov 9 Nov 9Mon	1,633.50 ▼ 5.00 1,635.00 – 1,632.00 (3.00)	1,633.50 ▼ 5.00 1,635.00 – 1,632.00 (3.00)
Fri, Nov 6 Nov 6Fri	1,638.50 ▲ 9.00 1,640.00 – 1,637.00 (3.00)	1,638.50 ▲ 9.00 1,640.00 – 1,637.00 (3.00)
Thu, Nov 5 Nov 5Thu	1,629.50 ▼ 12.50 1,639.00 – 1,620.00 (19.00)	1,629.50 ▼ 12.50 1,639.00 – 1,620.00 (19.00)
Wed, Nov 4 Nov 4Wed	1,642.00 ▲ 4.00 1,644.00 – 1,640.00 (4.00)	1,642.00 ▲ 4.00 1,644.00 – 1,640.00 (4.00)
Tue, Nov 3 Nov 3Tue	1,638.00 ▼ 0.50 1,642.00 – 1,634.00 (8.00)	1,638.00 ▼ 0.50 1,642.00 – 1,634.00 (8.00)
Mon, Nov 2 Nov 2Mon	1,638.50 ▼ 32.00 1,674.00 – 1,603.00 (71.00)	1,638.50 ▼ 32.00 1,674.00 – 1,603.00 (71.00)
Fri, Oct 30 Oct 30Fri	1,670.50 ▲ 9.00 1,682.00 – 1,659.00 (23.00)	1,670.50 ▲ 9.00 1,682.00 – 1,659.00 (23.00)
Thu, Oct 29 Oct 29Thu	1,661.50 ▲ 1.50 1,682.00 – 1,641.00 (41.00)	1,661.50 ▲ 1.50 1,682.00 – 1,641.00 (41.00)
Wed, Oct 28 Oct 28Wed	1,660.00 ▼ 16.50 1,690.00 – 1,630.00 (60.00)	1,660.00 ▼ 16.50 1,690.00 – 1,630.00 (60.00)
Tue, Oct 27 Oct 27Tue	1,676.50 ▲ 8.50 1,682.00 – 1,668.00 (14.00)	1,676.50 ▲ 8.50 1,682.00 – 1,668.00 (14.00)

Quarterly Averages (Conventional Bunkers)

Quarter	VLSFO	HSFO	LSMGO	MGO
Q4 2026	861.00	511.00	1,656.00	1,656.00
Q3 2026	788.00	511.00	1,279.50	1,279.50
Q2 2026	772.00	541.50	1,349.00	1,349.00
Q1 2026	626.00	—	1,030.50	1,030.50
Q4 2025	461.00	504.50	821.50	821.50
Q3 2025	519.00	505.00	786.50	786.50
Q2 2025	513.50	—	773.00	773.00
Q1 2025	554.50	—	774.00	774.00

Quarterly Averages (Fuel Oil Bunkers)

Quarter	VLSFO	HSFO
Q4 2026	861.00	511.00
Q3 2026	788.00	511.00
Q2 2026	772.00	541.50
Q1 2026	626.00	—
Q4 2025	461.00	504.50
Q3 2025	519.00	505.00
Q2 2025	513.50	—
Q1 2025	554.50	—

Quarterly Averages (Distillates)

Quarter	LSMGO	MGO
Q4 2026	1,656.00	1,656.00
Q3 2026	1,279.50	1,279.50
Q2 2026	1,349.00	1,349.00
Q1 2026	1,030.50	1,030.50
Q4 2025	821.50	821.50
Q3 2025	786.50	786.50
Q2 2025	773.00	773.00
Q1 2025	774.00	774.00

Forecast

Based on 1-year Ship & Bunker Brent / Bunker relationship for each product and the Brent forecast from EIA Short-Term Energy Outlook dated Nov 5, 2026. All prices are $USD / mt. All prices are as indications only.

Period	VLSFO	MGO	LSMGO	HSFO
2026 Q4	882	1,516	1,516	619
Full Year 2026	787	1,353	1,353	553
2027 Q1	767	1,318	1,318	539
2027 Q2	719	1,236	1,236	505
2027 Q3	671	1,153	1,153	471
2027 Q4	622	1,069	1,069	437
Full Year 2027	693	1,191	1,191	487

Market Information

From October 1 all Brazil fuel oil bunkers are being sold as IMO2020 grade VLSFO.

Terminology

Biofuel: Biofuel is a VLSFO biofuel blend, B24 in Singapore (24% biofuel) and typically a B30 (30% biofuel) elsewhere.
Brent: Brent prices are converted from USD/bbl to USD per metric tonne at a rate of 7.53 barrels per metric tonne.
EUA: EUA is the price in Euros for 1 (one) EU Emissions Allowance (EUA).
EUA-USD: EUA-USD is the USD price for 1 (one) EUA converted at the prevailing exchange rate.
EUAHSFO: EUAHSFO is the total EUA cost to offset 1 (one) metric tonne (mt) of HSFO. This price takes into account for 2024 ship owners pay only 40% of the full costs incurred, 70% in 2025 and 100% in 2026.
EUAMGO: EUAMGO is the total EUA cost to offset 1 (one) metric tonne (mt) of MGO. This price takes into account for 2024 ship owners pay only 40% of the full costs incurred, 70% in 2025 and 100% in 2026.
EUAVLSFO: EUAVLSFO is the total EUA cost to offset 1 (one) metric tonne (mt) of VLSFO. This price takes into account for 2024 ship owners pay only 40% of the full costs incurred, 70% in 2025 and 100% in 2026.
IFO380 & IFO180: IFO380 & IFO180 are Max 3.5% Sulfur Bunkers (RME, RMF, RMG, RMH, RMK, etc).
LNG: LNG is the USD price for one metric tonne of LNG.
LNG-380e: LNG-380e is the price for an amount of LNG that delivers the energy equivalent of one metric tonne of IFO380 bunker fuel.
LNG-MGOe: LNG-MGOe is the price for an amount of LNG that delivers the energy equivalent of one metric tonne of MGO.
LS180 & LS380: LS180 & LS380 are Max 1.0% Sulfur Bunkers.
LSMGO: LSMGO is Max 0.10% Sulfur Distillate (DMA, DMZ) for Compliance with 2015 ECA Regulations.
MDO: MDO is Max 1.50% Sulfur Distillate (DMB).
MEoH: MEoH is the price per tonne of pure conventional / grey methanol.
MEoH-MGOe: MEoH-MGOe is the price for a quantity of methanol that delivers the same amount of energy as one metric tonne of MGO.
MEoH-VLSFOe: MEoH-VLSFOe is the price for a quantity of methanol that delivers the same amount of energy as one metric tonne of VLSFO bunker fuel.
MGO: MGO is, unless otherwise specified, a Max 1.50% Sulfur “Clear and Bright” Distillate (DMA, DMZ, etc).
SS: SS is the ‘scrubber spread’ — the premium for 0.50%S VLSFO over >0.50%S HSFO. The spread is the price differential between the two fuels before their respective half dollar rounding, with the resulting spread then rounded to the nearest half dollar.
ULSFO: ULSFO is Max 0.10% Sulfur Fuel Oil for Compliance with 2015 ECA Regulations.
VLSFO: VLSFO is Max 0.5% Sulfur fuel (Also known as IMO2020 grade bunkers).
WTI: WTI prices are converted from USD/bbl to USD per metric tonne at a rate of 7.62 barrels per metric tonne.