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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
662.50
-3.00
640.00
-3.00
Jan 12
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	662.50	-3.00	640.00	-3.00	Jan 12

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
407.45	-0.61	488.41	-2.45	739.08	-2.65	Jan 16

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	365	410	-45	423	455	-32	640	653	-13	Jan 16
Singapore	375	406	-31	446	495	-49	618	646	-28	Jan 16
Fujairah	342	374	-32	437	486	-49	725	709	+16	Jan 16
Houston	342	385	-43	432	438	-6	612	628	-16	Jan 16

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Latest News
- 2026-01-16
  The Week in Alt Fuels: Growth vs scale
  Global methanol fleet is growing faster in percentage terms after starting from a low base, but it has a long way to go before it catches up to LNG. US-based food company Cargill took delivery of the first of five methanol-capable vessels it has chartered... Read more Global methanol fleet is growing faster in percentage terms after starting from a low base, but it has a long way to go before it catches up to LNG.
  
  US-based food company Cargill took delivery of the first of five methanol-capable vessels it has chartered on a long-term basis.
  
  Several container liners have also advanced their methanol fleets.
  
  Maersk launched its 19th methanol-capable vessel this week, meeting its self-imposed target for methanol newbuild deliveries. The company has ordered a further six 9,000-TEU methanol-capable vessels for delivery by 2027, which will take its total methanol fleet to 25.
  
  South Korean shipping firm HMM has launched the fourth vessel in its series of seven methanol dual-fuel container ships. Dutch shortsea operator A2B-online launched the first of its two methanol-capable container vessels in December.
  
  CMA CGM launched the first of its 12 methanol vessels in March last year. Hapag-Lloyd has ordered eight methanol dual-fuel container ships for delivery between 2028-2029 and is retrofitting five existing vessels for methanol propulsion by 2026.
  
  Such deliveries have started to translate into measurable fleet growth, particularly over the past year.
  
  Data from DNV’s Alternative Fuels Insight (AFI) database shows that methanol-capable vessel growth outpaced LNG in percentage terms in 2025.
  
  The global operational methanol fleet recorded a stellar 130% growth in 2025, rising from 46 vessels in 2024 to 106 in 2025. In contrast, the operational LNG fleet grew around 30%, increasing from 653 vessels to 846 over the same period.
  
  But in absolute terms, LNG dominated the alternative fuel fleet in 2025 – with nearly 200 vessels delivered compared with only around 60 methanol vessels. It should be noted that LNG comes from an established base, reflecting over a decade of deployment while methanol deployments are relatively new.
  
  This divergence is also visible at the segment level.
  
  LNG-capable container ships remain ahead in numbers, with 229 vessels currently in service and 395 on order.
  
  There are only 55 methanol-capable containerships in operation, but the orderbook of 199 vessels is almost four times that of the existing fleet, compared with roughly two times for LNG.
  
  There are 82 LNG-capable crude oil tankers in operation and 48 on order, compared with 36 methanol-capable in operation and 16 on order. In the car carrier segment, LNG fleet comprises 124 vessels in service and 98 on order, versus just two methanol-capable vessels in operation and 16 on order.
  
  Methanol-capable vessels hold a slight lead in bulk carrier orders, with 60 vessels on order versus 16 in the LNG segment.
  
  Ammonia-capable vessel orders also recorded strong 70% growth on the year, increasing from 27 vessels in 2024 to 46 in 2025. However, the total numbers remain well below both LNG and methanol.
  
  Methanol- and ammonia-capable fleets are expanding rapidly from smaller bases, while LNG continues to grow from a much larger operational fleet. But despite faster percentage growth for newer fuels, LNG remains well ahead in terms of total fleet size and near-term deployment.
  
  In other news this week, Singapore’s Maritime and Port Authority (MPA) has invited applications for additional licences to supply LNG as a marine fuel in the port. The call is open to both existing LNG licensees and new entrants, following recent updates to the port’s LNG bunkering licensing framework and standards. These changes now allow for sea-based LNG reloading, and supply of liquefied bio-methane (LBM) and e-methane in port.
  
  Uniper has agreed to offtake around 500,000 mt/year of green ammonia from India’s AM Green, with shipping cited among potential end-use sectors. Uniper said green ammonia can help decarbonise sectors including chemicals, fertilisers, refining and shipping.
  
  Chimbusco says it delivered 170,000 mt of marine biofuel blends in China last year. That was almost four times more than what the company delivered in 2024. Source: ENGIИE
- 2026-01-16
  Integration of Baseblue into KPI OceanConnect completed
  KPI OceanConnect has completed its integration of Baseblue, the marine fuel trader formed in 2023 through the merger of BMS United Bunkers, Bunkernet, and SBI Bunkering. As previously reported by ship.energy, the integration is part of parent company... Read more
- 2026-01-16
  Biofuels company HutanBio appoints CEO
  Cambridge-based HutanBio has announced the appointment of Manshu Agarwal as Chief Executive Officer as it prepares for the first commercial deployment of its algal biofuel platform. Agarwal has previously held senior roles at Sapphire Energy and Viridos... Read more
- 2026-01-16
  US business of Glander International Bunkering and KPI OceanConnect brought under new trading entity
  Glander International Inc. and KPI OceanConnect Inc. have been merged into a new US trading entity, Fueling Maritime (Americas) Inc., in a move which is in line with Bunker Holding’s plans announced last year to streamline its legal entity structures... Read more
- 2026-01-16
  EC approves €200 million German State aid for Canadian RFNBO scheme
  The European Commission (EC) has approved, under European Union (EU) State aid rules, a €200 million German scheme to support the production in Canada of renewable hydrogen and its derivatives. The derivate products, which are known collectively as... Read more
- 2026-01-16
  VARO wraps up acquisition of Preem
  VARO Energy has announced that it has completed the acquisition of Sweden’s Preem AB to form VAROPreem. As previously reported by ship.energy, Switzerland-headquartered VARO Energy announced the move last March. In a statement issued today (16 January),... Read more
- 2026-01-16
  Incat begins operational testing for ‘world’s largest’ battery-electric ship
  Australian shipbuilder Incat has announced the start of harbour trials for a 130-metre ferry, described as the world’s largest battery-electric vessel ever constructed. This is the first time that the vessel, which is to be named China Zorrilla and... Read more
- 2026-01-16
  Oil prices extend losses as chance of US strike on Iran recedes
  Oil prices fell in Asian trade on Friday, extending losses from the previous session, as concerns about supply risks eased after the likelihood of a U.S. strike on Iran receded. Brent was down 21 cents, or 0.3%, to $63.55 per barrel, while U.S. West... Read more Oil prices fell in Asian trade on Friday, extending losses from the previous session, as concerns about supply risks eased after the likelihood of a U.S. strike on Iran receded.
  Brent was down 21 cents, or 0.3%, to $63.55 per barrel, while U.S. West Texas Intermediate fell 15 cents, or 0.3%, to $59.04 per barrel at 0418 GMT.
  Both Brent and WTI rose to multi-month highs this week after protests flared up in Iran and U.S. President Donald Trump signalled the potential for strikes on the nation. Brent prices were still set for a fourth week of gains.
  Late on Thursday, however, Trump said Tehran’s crackdown on the protesters was easing, allaying worries about possible military action that could disrupt oil supplies.
  Brent prices have given back earlier gains but remain higher than a week ago, with the decline in prices spurred by Trump’s statement that he would hold off on military strikes on Iran, BMI analysts said in a note.
  "Given the potential political upheaval in Iran, oil prices are likely to experience greater volatility as markets digest the potential for supply disruptions," they said.
  Analysts remained bearish on expectations of longer supply in the market this year despite earlier OPEC expectations for a balanced market.
  "Sentiment is driving markets, but the impact of headlines is always short-lived, especially when fundamentals look comfortable in the backseat," said Phillip Nova senior market analyst Priyanka Sachdeva.
  
  "Despite the steady drumbeat of geopolitical risks and macro speculation, the underlying balance still points to ample supply ... unless we see a genuine revival in Chinese demand or a meaningful bottleneck in physical barrel flows, oil looks range-bound, with Brent broadly hovering between $57 and $67."
  On Wednesday, OPEC said oil supply and demand would remain balanced in 2026, with demand rising in 2027 at a similar pace to growth for this year.
  Oil giant Shell released its 2026 Energy Security Scenarios on Thursday, making a bullish case for energy demand and oil growth. The company estimated that primary energy demand by 2050 could be 25% higher than last year. Source: Reuters/Investing.com
- 2026-01-16
  Energy Stocks Flip the Script in Early 2026
  The U.S. stock market finished strongly in the green in 2025, with the broad market benchmark, S&P 500, returning 16.4%, marking its third straight year of double-digit gains. Interestingly, all 11 market sectors finished in the green, underscoring the... Read more The U.S. stock market finished strongly in the green in 2025, with the broad market benchmark, S&P 500, returning 16.4%, marking its third straight year of double-digit gains. Interestingly, all 11 market sectors finished in the green, underscoring the broad market momentum. Not surprisingly, the tech sector topped the performance tables once again with a 24.6% gain thanks to the ongoing AI data center buildout and semiconductor upcycle. Industrials delivered an impressive 19.3% return, thanks to infrastructure investment, reshoring activity and healthy order backlogs, while Utilities surprised to the upside with a 16.0% return. Unfortunately, the Energy sector was a laggard again, notching a respectable but below-market return of 7.9%, ahead of only Consumer Staples, Consumer Discretionary and Real Estate, in large part due to a big pullback in oil prices in the second half of 2025.
  
  Interestingly, refiners emerged as the top industry in the energy sector, with the “Big Three” refiners—Valero Energy (NYSE: VLO), Marathon Petroleum (NYSE: MPC) and Phillips 66 (NYSE: PSX)—posting an average return of 24.6% led by 37.0% gain by VLO, followed by 19.2% by MPC and 17.5% by PSX. Oil refining stocks outperformed in 2025 due to strong refining margins (crack spreads) from tight global refining capacity, lagging new build-outs, steady demand for distillates (diesel, jet fuel), improved refinery operations, and strategic shifts towards higher-value products. Key catalysts included limited supply capacity, better asset utilization, and new growth avenues in renewables.
  
  Integrated oil companies also made a strong comeback after a lackluster 2024, led by TotalEnergies (NYSE: TTE), which finished with a 28.3% return; BP (NYSE: BP) gained 24.5% while Shell (NYSE: SHEL) added 22.2%. U.S. supermajors also posted solid gains, led by Exxon Mobil (NYSE: XOM), which finished with 16.0%, while Chevron (NYSE: CVX) returned 10.1% thanks to their diversified operations helping cushion against weaker oil prices.
  
  We are still in the early innings of the new year, but oil and gas stocks appear to be turning the tables. The S&P 500 Energy Sector is up 7.5% in the year-to-date, easily outpacing the 1.2% gain by the S&P 500. The outperformance comes as a surprise given that the sector is facing pressure from ample supply, with forecasts predicting lower, range-bound prices (Brent $50-$60/barrel). It’s quite likely that investors are focusing more on company resilience, strong dividends and disciplined capital allocation, while natural gas sees more divergence but global LNG growth. Once again, refining stocks have been quick off the blocks, with VLO up 14.6% in the first two weeks of the year; MPC has gained 11.4% while PSX has returned 9.6%. Crack spreads are generally expected to remain strong or elevated, particularly for diesel, supported by high refinery utilization rates and ongoing supply constraints, though some forecasts suggest a slight decrease from 2025 levels due to a crude oil supply surplus. To wit, the U.S. Energy Information Administration (EIA) forecasts that both gasoline and diesel crack spreads will be higher on average in 2026 compared to 2025 levels. Rystad Energy also expects "very high" diesel crack spreads in Europe and the U.S. to persist through most of 2026.
  
  This surplus could put downward pressure on crude oil prices, which might slightly moderate crack spreads compared to peaks, but refining margins are expected to remain above historical averages.
  
  The U.S. West Coast faces additional price pressure due to planned refinery closures (e.g., Valero's Benicia refinery in April 2026 and Phillips 66's Los Angeles-area refinery), which could lead to increased gasoline prices and potentially wider crack spreads locally as the region relies more on imports. Europe, on the other hand, faces acute diesel supply risks, suggesting continued strong margins for U.S. Gulf Coast refiners exporting to the region. Overall, the trend for crack spreads in 2026 is likely to be driven by structural imbalances in refining capacity versus product demand, suggesting that while crude prices may ease due to an overall supply glut, refining profits are expected to remain robust.
  
  Meanwhile, integrated oil stocks are expected to be mixed in the current year, with potential for resilience and stable returns, but could underperform relative to the broader market. The sector will likely be driven less by oil prices alone and more by individual company factors like operational efficiency, capital discipline, and strategic diversification into renewables and midstream operation. Integrated companies, which have both upstream and downstream (refining and marketing) operations, are better positioned to weather commodity price cycles than pure-play producers. Strong refining margins can help offset weaker upstream cash flows.
  
  Source: Oilprice.com
- 2026-01-16
  When Oil Falls but Exxon and Chevron Don’t
  Despite a 20% slump in oil prices in 2025, the world’s biggest international oil firms saw their stocks rise by 4% to 18%, breaking the correlation between crude prices and oil stocks. Last year, investors appreciated the returns that were kept despite... Read more Despite a 20% slump in oil prices in 2025, the world’s biggest international oil firms saw their stocks rise by 4% to 18%, breaking the correlation between crude prices and oil stocks.
  
  Last year, investors appreciated the returns that were kept despite the oil price slide. They also cheered the strategic pivot of European majors to focus back on boosting their upstream production, Exxon and Chevron’s record-breaking Permian output, the synergies the U.S. supermajors began reporting from recent multi-billion-dollar acquisitions, and the cost-cutting measures of all five Big Oil firms.
  
  This year, the majors face a more challenging test and potentially a more delicate balancing act to please investors as prices continue to linger in the low $60s per barrel, except for brief spikes on geopolitical news.
  
  The share price rally against falling crude oil prices could come to an end as Big Oil may have to choose to sacrifice some buybacks as profits are set to slide with the expected lower oil price, analysts say.
  
  Good 2025 for Cash Flows and Cost Cuts
  
  Last year, the supermajors moved to streamline operations, reduce job numbers in the thousands, and, in the case of ExxonMobil and Chevron, began reaping the benefits of recent mega-mergers.
  
  Big Oil accelerated layoffs in search of further cost cuts and greater efficiency amid industry consolidation, weaker oil prices, and technology advances. The number of office-based employees and contractors is shrinking, as the companies have pledged billions of U.S. dollars in cost savings and slimmer corporate structures. That’s to eliminate inefficiencies and high costs while keeping payouts to shareholders at much lower prices compared to the 2022 highs.
  
  Exxon has already eliminated about 400 jobs in Texas since it acquired Pioneer Natural Resources in a $60-billion deal finalized in May 2024. Exxon has also said it would slash 2,000 jobs worldwide, with nearly half of these cuts at its Canadian business, Imperial Oil.
  
  Chevron, which bought Hess Corporation for $53 billion, has said it would reduce its workforce by 20% by the end of 2026 as part of wide cost cuts. This includes 800 jobs in the Permian.
  
  BP, which is under intense shareholder pressure to slash costs and reduce debt, said in August that it was accelerating the reduction of contractor numbers and office-based workforce.
  
  With thousands of job cuts, BP expects “material incremental savings from the first quarter of 2026,” chief financial officer Kate Thomson said on the Q2 earnings call.
  
  These cost cuts and the pivot away from loss-making low-carbon energy businesses at the European majors helped Big Oil generate nearly as much free cash flow at $65 Brent in 2025 as it did back in 2008 when oil averaged $100 per barrel.
  
  The Big Five – Exxon, Chevron, Shell, BP, and TotalEnergies – generated $96 billion in free cash flow last year, according to Bloomberg estimates reported by Bloomberg Opinion columnist Javier Blas.
  
  The combined 2025 free cash flow compares with $101 billion in 2008 at a $100 a barrel oil price. Free cash flow has declined each year from the record-high of $194 billion in 2022, but it is still at very high levels historically.
  
  Big Oil is now leaner and meaner, and working to create value for shareholders and attract investors. The market had stayed away from the sector in the early 2020s, when now-disproven forecasts of peak oil demand as early as this decade and an ESG investment trend vilified the industry and drove away potential investors.
  
  But the new drive of energy security and affordability after the 2022 crisis gave the oil industry the license to operate and boost production to meet rising oil and gas demand.
  
  More Difficult 2026 Ahead
  
  With persistently lower oil prices and the large oversupply in the early months of 2026 further pressuring prices down, Big Oil, the national oil companies (NOCs), and the U.S. and international independents will face a tougher strategic balancing act than in 2025, WoodMac’s corporate research directors Tom Ellacott and Greig Aitken said in an outlook of corporate themes for 2026.
  
  Companies are getting ready to weather the glut in 2026, and buybacks could be trimmed first, WoodMac reckons.
  
  “Lower oil prices will force more structural cost reductions and cuts to buybacks. But the pressure will intensify to lay stronger foundations for next decade,” the analysts noted.
  
  Big Oil firms have started to warn they would report in the coming weeks lower earnings for the fourth quarter compared to the third quarter amid low liquids prices, weak trading, and reduced chemicals margins.
  
  Exxon flagged last week an $800 million to $1.2 billion hit to its fourth-quarter upstream earnings compared to Q3, while lower industry margins could eat up to $400 million of the earnings in the chemicals products division.
  
  Shell warned of weak chemicals and products business for Q4, expecting the division to swing to a loss, on the back of a lower chemicals margin compared to the previous quarter.
  
  BP expects to book up to $5 billion in impairments for the fourth quarter, mostly related to its energy transition businesses, while oil trading was weak and gas trading was average at the end of 2025.
  
  With oil prices lower and markets oversupplied, Big Oil faces some tough decisions this year. If some choose to trim or slow the pace of buybacks, investors will take notice and may not reward the shares with performance beating crude price trends. Source: Oilprice.com

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