Biodiesel
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Hormuz shock briefly made biofuel the cheapest bunker option, white paper finds
A General Index and LSEG white paper finds B30 (30% UCOME biodiesel, 70% VLSFO) became USD 74.61 per tonne cheaper than conventional VLSFO in Rotterdam in April once EU ETS and potential FuelEU Maritime costs are included, after costing USD 11-27 more in the prior three months. B100 UCOME traded at a discount to marine gasoil for eight weeks between March and May; the authors caution this was temporary, not a permanent shift. SAF prices rose USD 636 per tonne between February and March, and aviation would need carbon prices near USD 445 per tonne of CO2e to close the SAF-jet fuel gap.