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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
717.50
-18.00
657.00
+7.00
Sep 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	717.50	-18.00	657.00	+7.00	Sep 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
463.13	+1.02	552.63	+1.64	771.30	+4.20	Sep 2

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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	412	442	-30	478	495	-17	657	684	-27	Sep 2
Singapore	416	450	-34	506	536	-30	663	717	-54	Sep 2
Fujairah	398	484	-86	508	540	-32	730	870	-140	Sep 2
Houston	395	452	-57	500	573	-73	663	720	-57	Sep 2

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Latest News
- 2025-09-02
  Glander promotes Alvaro Sierra Nevarro to MD of Valencia office
  Glander International Bunkering has announced that Alvaro Sierra Navarro has been promoted to Managing Director of its Valencia office. Sierra Nevarro joined Glander as a Junior Bunker Trader in May 2019, advancing to Sales Manager in January 2024... Read more
- 2025-09-02
  Eleven Energy announces key hires for Rotterdam office
  Saudi royal family-supported Eleven Energy has announced that Gert and Yolanda Nell, previously with Hanseatic Bunker Services (HBS), will join the company’s Rotterdam team from 1 October. As previously reported, the launch of Riyadh-headquartered... Read more
- 2025-09-02
  Columbia and Pan Marine launch new ship management joint venture
  Columbia Group and Pan Marine Shipping Services have established Columbia Pan Marine Ship Management Egypt which will deliver crew management, training, technology and energy solutions. The new joint venture builds on the companies’ collaboration since... Read more
- 2025-09-02
  EU contemplating 10-year hold on taxing aviation and marine fuels, says report
  Shipping and flights within the European Union could retain fuel tax exemption for another 10 years, reports media outlet Reuters, claiming knowledge of a draft EU negotiating proposal. The European Commission’s previous position on the taxation of... Read more
- 2025-09-02
  DET’s Wilhelmshaven LNG terminal comes into operation
  Deutsche Energy Terminal GmbH (DET) has confirmed to ship.energy that its second LNG terminal in Wilhelmshaven, together with floating storage and regasification unit FSRU Excelsior, began commercial operations on Friday (29 August). Ahead of this,... Read more
- 2025-09-02
  Oil rises as Russia-Ukraine tensions stoke supply concerns
  Oil prices rose on Tuesday as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine. Brent crude added 40 cents, or 0.59%, to $68.55 a barrel by 0149 GMT, while U.S. West Texas Intermediate crude was at... Read more Oil prices rose on Tuesday as concerns about supply disruptions grew amid an escalation of the conflict between Russia and Ukraine.
  Brent crude added 40 cents, or 0.59%, to $68.55 a barrel by 0149 GMT, while U.S. West Texas Intermediate crude was at $65.06 a barrel, up $1.05, or 1.64%.
  WTI futures did not settle on Monday due to the Labor Day holiday in the U.S.
  Recent Ukrainian drone attacks shut down facilities accounting for at least 17% of Russia’s oil processing capacity, or 1.1 million barrels per day, according to Reuters’ calculations.
  On Sunday, Ukraine’s President Volodymyr Zelenskiy said Ukraine plans new strikes deep into Russia after weeks of intensified attacks on Russian energy assets.
  Three-and-a-half-years into the war, Russia and Ukraine have both intensified airstrikes in recent weeks. Russia has targeted Ukraine’s energy and transport systems, while Ukraine has been attacking Russian oil refineries and pipelines.
  "Ongoing risks to energy infrastructure in Russia remain high. Ukraine struck more Russian oil refineries over the weekend as it ramped up its attacks on infrastructure," said Daniel Hynes, senior commodity strategist at ANZ, in a note on Tuesday.
  China’s vision for "a new global order" could potentially add to geopolitical tensions. Chinese President Xi Jinping pressed his vision on Monday for a new global security and economic order that prioritises the "Global South", in a direct challenge to the U.S., during a summit that included the leaders of Russia and India.
  
  China and India are the biggest buyers of crude oil from Russia, the world’s second largest exporter. Trump has imposed additional tariffs on India over the purchases but not on China.
  Investors now await a meeting among members of the Organization of the Petroleum Exporting Countries and their allies on September 7 for any clues on further output hikes from the group.
  Source: Reuters/Investing.com
- 2025-09-02
  Why Japan Still Can't Quit Fossil Fuels
  Japan marked a significant milestone in its journey toward net-zero in the first half of the year; for the first time ever, fossil fuels accounted for less than 60% in Japan’s electricity generation. However, dependence on oil, gas, and coal imports... Read more Japan marked a significant milestone in its journey toward net-zero in the first half of the year; for the first time ever, fossil fuels accounted for less than 60% in Japan’s electricity generation.
  
  However, dependence on oil, gas, and coal imports in the resource-poor G-7 economy remains above 80% of total energy consumption amid shifting energy policies and priorities after the Fukushima disaster of 2011.
  
  In the wake of the devastating earthquake, Japan closed all its nuclear reactors for years-long safety checks and inspections. The low-carbon energy source, accounting for about 30% of electricity output before 2011, was suddenly no longer available. The result was a spike in imports of LNG, oil, and coal, and in carbon emissions.
  
  In recent years, particularly following the 2022-2023 energy crisis, which led to a significant increase in Japan’s fuel import bill, the country has begun to reopen some of its nuclear reactors gradually. That has helped reduce the share of fossil fuels, along with a surge in solar capacity installations.
  
  Japan, which has a target to become a net-zero emissions economy by 2050, has realized that it will have to rely even more on nuclear power generation in the coming decades if it wants to reduce emissions and its huge dependence on fossil fuels.
  
  In the latest energy strategy, Japan will double down on nuclear, with gradual safe restarts of reactors, aiming to more than double the share of nuclear generation of total electricity output to 20% by 2040, from less than 10% now.
  
  The share of fossil fuels in Japan’s power supply slumped to the lowest on record in the first half of 2025, as nuclear and solar electricity generation is growing.
  
  Japan saw its utility-scale electricity supply from fossil fuels slump below 60% for the first time between January and June, according to data from clean energy think tank Ember cited by Reuters columnist Gavin Maguire.
  
  Japan’s dependence on oil, gas, and coal imports has dropped to 87% of total energy consumption from a high of 96% in 2012, after all nuclear reactors were closed, per data compiled by energy analyst John Kemp from the International Energy Agency’s (IEA) World Energy Balances report from 2024. Despite the decline, the share is still well above the 81% share pre-Fukushima.
  
  Nuclear power alone cannot help Japan reach net zero—the country will need increased solar and wind capacity and generation.
  
  Solar power deployment has been a success. Wind power, however, has lagged behind, with recent setbacks pouring cold water on Japan’s offshore wind ambitions.
  
  Solar is Japan’s largest source of low-carbon electricity, accounting for a 10% share of generation. It has grown fivefold from 2014 to 2024, according to data from Ember.
  
  Wind power, however, only reached 1% of generation in 2024 despite its massive potential, lagging behind the rest of the G7 where wind averaged 11% of total electricity generation, Ember notes.
  
  Japan is looking to develop its offshore wind potential, but it has been struggling amid a challenging environment for the offshore wind sector globally in recent years.
  
  Japan has a plan to have offshore wind projects with a total capacity of 10 GW developed by 2030 and 30 GW-45 GW by 2040. The country has held three auctions to award capacity so far, but major developers have been reviewing their options in Japan amid headwinds in the sector globally, with surging costs and supply-chain delays.
  
  In a major blow to Japan’s offshore wind ambitions, Mitsubishi Corporation last week dropped plans to develop three offshore wind projects amid unexpected changes and rising challenges in the market.
  
  Mitsubishi has sought to adapt to the changes in the business environment by examining various options, including reassessment of costs, project schedule, and revenue.
  
  “However, after discussions among the partners, we have determined that establishing a viable business plan is not feasible given the current conditions,” the corporation said last week.
  
  Mitsubishi’s decision to abandon the projects in Japan comes amid rising headwinds to offshore wind development worldwide.
  
  Ørsted, the world’s biggest offshore wind project developer, warned in May of a continued challenging environment for the industry with mounting near-term headwinds globally.
  
  Source: Oilprice.com
- 2025-09-02
  Europe Triggers Iran Sanctions Snapback
  As flagged several times by OilPrice.com in recent weeks, most recently at the end of July, the U.K., France, and Germany (the ‘E3’) last week started the process of triggering the ‘snapback’ mechanism of restoring sanctions on Iran. These are the broad... Read more As flagged several times by OilPrice.com in recent weeks, most recently at the end of July, the U.K., France, and Germany (the ‘E3’) last week started the process of triggering the ‘snapback’ mechanism of restoring sanctions on Iran. These are the broad and deep range of sanctions that were in place before the Joint Comprehensives Plan of Action (JCPOA, or colloquially ‘the nuclear deal’) was agreed between Iran and the P5+1 group of nations (the U.S., U.K., France, Russia, and China, ‘plus’ Germany) in 2015. The move by the E3 comes well before the 18 October official deadline that marks the latest point at which the snapback mechanism could be triggered. U.S. Secretary of State Marco Rubio subsequently stated that Washington will work with the E3 and other members of the UN Security Council to complete the snapback sanctions process in the coming weeks. However, he added that the U.S. is still available for direct talks with Iran. So, what will happen from here, and what does it mean for oil prices?
  
  Although the U.S. has left the door open for a resumption of talks with Iran, Europe is deadly serious about reimposing the full weight of pre-2015 sanctions on the Islamic Republic, a very senior security source who works with the European Union’s security complex exclusively told OilPrice.com last week. “Iran is playing an increasingly active and dangerous role in existential threats against European security, in tandem with Russia, especially, but also China and North Korea, as intelligence has confirmed in recent months, and it cannot be allowed to continue,” he said. “Scores of leading Russian nuclear scientists have been sent to Iran since June last year, and three top missile experts from North Korea have also been in Tehran since around the same time, and we are told that the progress on weaponisation know-how has been expedited to critical levels,” he added. “Verified multi-source intelligence also show that Iran is becoming ever more active in the Russia-Belarus campaign of eroding NATO’s eastern flank defences particularly along the vulnerable northern and southern border defences that are most vulnerable, with the last delivery of mid- and long-range missiles from Tehran to Moscow including Etemad [a late generation ballistic missile], and Fath 360 [a multi-lunch ballistic missile launching system], with most of the latter to be positioned by Moscow near the Belarus border with Poland,” he underlined. “Even more recent intelligence received from Iran of its newest missile capabilities confirm successful testing of the new generation of solid fuel missiles with a range of 4,200 kilometres carrying a payload of 700 kilogrammes – and this range could be enhanced to 4,700 kilometres if the payload is reduced to 450 kilogrammes – effectively allowing Iran to target most of the major cities in Europe,” he told OilPrice.com. “So, the [European] Troika has now included a new condition for any further JCPOA discussions that requires Tehran to restrict its missile range to 1,000 kilometres, which Tehran has already flatly refused to do,” he highlighted.
  
  The existing pre-2015 sanctions on Iran are not just based on its weapons capabilities and nuclear weapons aspirations but also include a wide range of financial and other sanctions that are designed to cripple the country’s economy over time. They had been working so well before 2015 that they were the key reason why the JCPOA was struck at that point by then-President Hassan Rouhani who used the prospect of the sanctions-easing deal to ultimately secure two presidential electoral victories from an austerity-weary public. In the short term, the snapback mechanism – which the UN Security Council has 30 days from the day it is triggered to decide whether to continue sanctions relief or allow it to lapse -- would broadly see Iran placed back under Chapter VII of the UN Charter as a threat to international peace and security. This, in turn, would herald the reimposition of six major UN resolutions introduced between 2006 and 2010, including direct sanctions on lists of Iranian individuals and entities connected in any way to Iran’s nuclear and missile programme. Additionally, Resolution 1929 hits a much wider range of targets including an arms embargo on countries from supplying Iran with any military equipment of note (including tanks, artillery systems, combat aircraft, attack helicopters, warships, and missile systems, among others), prohibitions on countries supplying it with any equipment, technology, or material that might be deemed in any way useful for its nuclear weapons programme or for missile development, and Draconian limitations on its financial and banking systems. Of particular note in this latter regard are measures that relate to the Financial Action Task Force (FATF). The FATF has 40 active criteria and mechanisms in place to prevent money laundering -- an activity that is vital to Iran’s Islamic Revolutionary Guards Corps’ (IRGC) activities across the world. It also has nine criteria and mechanisms in place to do the same for the financing of terrorism and related activities -- again, a core of the IRGC’s role in promoting Iran’s brand of Islam around the globe. The FATF also has swingeing powers to wield against individuals, companies, or countries who transgress any of its standards and is extremely aggressive in using them by degrees, depending on whether the sanctioned entity is on its ‘grey’ or ‘black’ list.
  
  The IRGC knows full well that these sanctions, if implemented effectively – as Europe will certainly be doing this time around, judging from several senior security and legal sources in the E.U. spoken to by OilPrice.com over the past few weeks and months – could spell the end of its multi-layered control over Iran. This would require the U.S. to fully support the E.U.’s full reintroduction of sanctions, as it has promised, and to step up sanctions against China’s ongoing purchase of Iran’s oil, which remains its key financial lifeline, as it has started to do. “The economy is already close to collapse, and the public mood towards the IRGC especially has become even worse in the past few months, to such an extent that support for the West’s preferred replacement for [Supreme Leader, Ali] Khamenei [the U.S.-based exiled Crown Prince Reza Pahlavi -- the eldest son of Farah Diba and Mohammad Reza Pahlavi, the last Shah of Iran] has increased substantially,” said the E.U. security source. If the ability of the IRGC to enforce Iran’s brand of Islam at home and spread it across the world dwindles, then so would the grip on power of Supreme Leader, Ali Khamenei, and indeed the very future of the 1979 Islamic Revolution. On the other hand, nor can they accept and adhere to the U.S.’s alternative, which would be a no-nonsense, hardline, take-it-or-leave it JCPOA, which would also include Iran joining the FATF and allowing the full dismantling of its nuclear weapons programme. “The only choice they [the Supreme Leader and IRGC] have is to do what they have been doing since 2015 – which is to agree to a new [JCPOA] nuclear deal and then continue as before [with the nuclear programme and IRGC-sponsored Islamic pressure in Western allies] as best they can,” said the E.U. security source. “In the short term, we might also expect some attempted disruption of oil supplies, as and when the sanctions are fully reintroduced,” he highlighted.
  
  One option for doing this would be to disrupt oil supplies passing through the key global chokepoint of the Strait of Hormuz, which was suggested last week by Hossein Shariatmadari, a representative of Supreme Leader Khamenei. Around the same time, Alaeddin Boroujerdi, a member of the Iranian parliament’s national security and foreign policy council said that Iran is considering calling again for support from other Islamic oil exporters to halt their own oil exports too. This was suggested before at the time of the Israeli escalation of hostilities directly against Iran, but garnered no support from such countries at that time. That said, the World Bank did supply a range of possible price impacts on oil prices at the time when those hostilities were on the rise, which can be used as a gauge for such eventualities. A ‘small disruption’ in global oil supply – reduced by 500,000 to 2 million bpd (roughly the same as the decrease seen during the Libyan civil war in 2011) – would see the oil price initially rise 3-13%. A ‘medium disruption’ – involving a 3 million to 5 million bpd loss of supply (roughly equivalent to the Iraq war in 2003) would drive the oil price up by 21-35%. And a ‘large disruption’ – featuring a supply fall of 6 million to 8 million bpd (like the drop seen in the 1973 Oil Crisis) – would push the oil price up 56-75%. Source: Oilprice.com
- 2025-09-02
  MABUX: Global bunker indices to resume upward momentum on Sep.02.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — showed mixed dynamics without a clear trend on Sep.01: 380 HSFO: USD/MT 462.11 (+0.08) VLSFO: USD/MT 550.99 (-1.07) MGO: USD/MT 767.10 (+1.29) As... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — showed mixed dynamics without a clear trend on Sep.01:
  
  380 HSFO: USD/MT 462.11 (+0.08)
  VLSFO: USD/MT 550.99 (-1.07)
  MGO: USD/MT 767.10 (+1.29)
  
  As of Sep.01 the MABUX Market Differential Index (MDI) — which monitors the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — continued to demonstrate an underpricing trend across all major bunker fuel segments in the key hubs of Rotterdam, Singapore, Fujairah, and Houston.
  
  • HSFO segment: Underpricing narrowed by $1 in both Rotterdam and Singapore, by $3 in Fujairah, and by $4 in Houston.
  
  • VLSFO segment: The discount widened by $5 in Rotterdam, remained unchanged in Singapore, and dropped by $6 in both Fujairah and Houston.
  
  • MGO LS segment: The undercharge margin increased further by $3 in both Rotterdam and Singapore, held steady in Fujairah, and declined by $14 in Houston.
  
  We expect Global bunker indices to resume upward momentum on Sep.02: 380 HSFO – plus 1-3 USD/MT, VLSFO – plus 1-4 USD/MT, MGO LS – plus 2-6 USD/MT.
  Source: MABUX
- 2025-09-02
  How Batteries Are Reshaping the Global Energy System
  As the global energy system adds more intermittent renewables, one fact is becoming increasingly clear: Affordable, large-scale energy storage remains the enabling holy grail for these clean energy sources. Solar and wind are providing exponentially... Read more As the global energy system adds more intermittent renewables, one fact is becoming increasingly clear: Affordable, large-scale energy storage remains the enabling holy grail for these clean energy sources.
  
  Solar and wind are providing exponentially growing amounts of zero-carbon electricity, but they are still beholden to the weather and the rotation of the Earth. The sun sets and the wind dies down, but the grid must still hum along at perfect balance. That’s where grid-scale battery storage steps in.
  
  The reality is that power must be dispatchable. A megawatt-hour generated at noon on a sunny day in California isn’t nearly as valuable if it can’t be shifted to power homes at 7 p.m., when demand peaks and solar output plunges. Battery storage makes that possible.
  
  Although the so-called One Big Beautiful Bill Act, signed into law on July 4, 2025, actively phases out several clean energy tax credits, the OBBBA cements the federal Investment Tax Credit for standalone energy storage well into the 2030s.
  
  What Is Grid-Scale Storage?
  
  Grid-scale battery energy storage systems are not like Tesla Powerwalls for homes. They are massive installations—sometimes the size of football fields—capable of storing hundreds or thousands of megawatt-hours of electricity. Positioned at the heart of the grid, they:
  
  Balance supply and demand across regions
  Smooth renewable peaks and valleys
  Provide ancillary services like frequency regulation and voltage support
  Reduce reliance on costly, carbon-heavy peaker plants
  Most of today’s systems are lithium-ion, but alternatives like sodium-ion, flow batteries, and iron-air designs are emerging to extend storage from hours to days—critical for true grid resilience.
  
  Parsing the Data
  
  The 2025 Statistical Review underscores the pace of change. In 2024, global grid storage capacity reached 126 gigawatts—more than double the 59 GW recorded just a year earlier. While that’s still modest compared with the 1,865 GW of installed solar capacity worldwide, the trajectory is remarkable.
  
  Over the past decade, grid storage has grown at an average annual rate of 75%, echoing the explosive early growth once seen in solar and wind power. Multiple countries There are three key areas globally in which BESS is growing rapidly:
  
  United States: Capacity rose from 0.2 GW in 2013 to 28 GW in 2024, with California and Texas leading the charge. Most new storage is paired directly with solar.
  China: Now the global leader, growing from near zero in 2013 to 75 GW in 2024—over half of the world’s total—reflecting its industrial-scale decarbonization push.
  Europe: More fragmented but accelerating, reaching 11 GW in 2024. The UK, Germany, and Ireland are leading, spurred by the REPowerEU initiative and energy security concerns.
  
  Investment Implications
  
  Battery storage is shifting from niche technology to core infrastructure. Just as pipelines and transmission lines underpinned the fossil fuel economy, batteries are becoming the scaffolding of the clean energy grid.
  
  The winners won’t be limited to battery manufacturers, though they remain central. Companies scaling lithium-ion production—and those advancing next-generation chemistries—are well positioned. So are engineering and construction firms that integrate batteries into renewable projects, as well as software and grid optimization providers that make storage profitable to operate.
  
  Utilities and renewable developers are also entering the mix, treating storage as critical infrastructure that enhances project economics and provides dispatchable power. Even traditional fossil-heavy utilities are adopting storage as both a hedge and a compliance tool.
  
  Conclusion
  
  Battery storage is no longer a side bet—it is fast becoming the key enabling technology for continued expansion of intermittent renewables. For investors, opportunities span an entire ecosystem: manufacturers, integrators, utilities, developers, and software providers.
  
  Much like the early years of solar and wind, storage is scaling at extraordinary rates. The difference is this time it’s the technology that makes the rest of the clean energy puzzle finally fit together. Source: Oilprice.com

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