Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
716.50
-14.00
637.00
-4.00
Oct 13
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	716.50	-14.00	637.00	-4.00	Oct 13

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
435.96	-2.43	503.56	-2.63	754.81	-2.43	Oct 17

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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	395	399	-4	421	447	-26	637	646	-9	Oct 17
Singapore	380	394	-14	444	483	-39	655	639	+16	Oct 17
Fujairah	374	368	+6	434	472	-38	720	702	+18	Oct 17
Houston	402	375	+27	438	429	+9	638	634	+4	Oct 17

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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MABUX for Industry
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Latest News
- 2025-10-17
  Oil set for weekly loss on decline in conflicts, possible glut
  Oil prices were slightly higher on Friday, but heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine. Brent crude futures... Read more Oil prices were slightly higher on Friday, but heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.
  Brent crude futures rose 10 cents, or 0.16%, to $61.16 a barrel at 11:17 a.m. CDT (1617 GMT), while U.S. West Texas Intermediate futures were also up 10 cents, or 0.17%, at $57.56.
  Trump and Putin agreed on Thursday to another summit on the war in Ukraine, to be held in the next two weeks in Hungary.
  The planned summit comes on top of the cease-fire agreement ending, at least temporarily, the fighting in Gaza between Israel and Hamas.
  The development in the Ukraine war came as Ukrainian President Volodymyr Zelenskiy was headed to the White House on Friday to push for more military support, including U.S.-made long-range Tomahawk missiles, while Washington pressured India and China to stop buying Russian oil.
  "We’ve had the once-in-a-generation peace deal in Middle East, Iran is neutralized and now Ukraine; an unprecedented amount of risk has come out of the market," said Phil Flynn, senior analyst with Price Futures Group.
  This week’s decline was also partly due to rising trade tensions between the U.S. and China, which added to concerns about an economic slowdown and lower energy demand.
  "It just demolishes confidence," said Jorge Montepeque, managing director at Onyx Capital Group, who expects the U.S. economy will quickly be impacted.
  
  On Friday, a fire overnight at BP Plc’s Whiting, Indiana refinery was expected to impact only the Midwest market, Flynn said.
  Patrick DeHaan, head of petroleum analysis for GasBuddy, pointed out the market around the Great Lakes was expected to jump.
  "Great Lakes spot gasoline prices spiking on the BP refinery fire overnight, could lead to prices cycling soon," DeHaan posted on X. "For now, wholesale prices pointing to about a 20 cent a gallon rise."
  Limiting crude prices was the International Energy Agency’s outlook for a growing supply glut in 2026. The U.S. Energy Information Administration said on Thursday that U.S. crude inventories increased by 3.5 million barrels to 423.8 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 288,000-barrel rise.
  
  The bigger-than-expected build in crude inventory was largely due to lower refining utilization as refineries go into autumn turnarounds. [EIA/S]
  The data also showed a rise in U.S. production to 13.636 million barrels per day, the highest on record. Source: Reuters/Investing.com
- 2025-10-17
  LR develops industry guidance for nuclear-powered shipping
  Lloyd’s Register (LR) has published a guidance document, ‘Navigating Nuclear Energy in Maritime’, which it describes as ‘the first roadmap for the safe and responsible use of nuclear technology in commercial shipping and offshore industries.’ According... Read more
- 2025-10-17
  Countries show ‘broad support’ for a dedicated GHG Sub-Committee
  The IMO’s Marine Environment Protection Committee (MEPC) has agreed in principle to establish a new Sub-Committee dedicated to the reduction of greenhouse gas (GHG) emissions from ships. The proposal was submitted by a group of countries including... Read more
- 2025-10-17
  Naming ceremony for Stena Line’s next multi-hybrid propulsion Ro-Ro
  Stena Line’s newest vessel, Stena Connecta, was named today (16 October) at the CMI Shipyard in Weihai, ahead of her maiden voyage to her home port of Belfast. The freight ferry, alongside Stena Futura which entered service in September, will boost... Read more
- 2025-10-17
  Singapore Police arrest eight men over illegal MGO transaction off Tuas
  The Singapore Police Force (SPF) have arrested eight men for their suspected involvement in an illegal transaction involving marine gas oil (MGO). On Friday (10 October), officers from the Police Coast Guard (PCG) conducted a routine check on a Singapore-registered... Read more
- 2025-10-17
  Oil set for weekly loss as Trump-Putin summit looms
  Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine. Brent... Read more Oil prices edged lower in early trade on Friday, heading for a weekly loss, with uncertainty over global energy supplies after U.S. President Donald Trump and Russian President Vladimir Putin agreed to meet in Hungary to discuss ending the war in Ukraine.
  Brent crude futures fell 8 cents, or 0.13%, lower at $60.98 a barrel at 0030 GMT, while U.S. West Texas Intermediate futures were down 9 cents, or 0.16%, at $57.37.
  On a weekly basis, both benchmarks were down nearly 3%, partly due to the International Energy Agency’s outlook for a growing supply glut in 2026.
  Trump and Putin agreed on Thursday to another summit on the war in Ukraine, a surprise move that came as Moscow feared fresh U.S. military support for Kyiv. The meeting may be held within the next two weeks in Budapest.
  The development came as Ukrainian President Volodymyr Zelenskiy was headed to the White House on Friday to push for more military support, including U.S.-made long-range Tomahawk missiles, while Washington pressured India and China to stop buying Russian oil.
  "Concerns of tighter supplies were eased after it was announced that Trump would be meeting with Putin to discuss ending the war in Ukraine," Daniel Hynes, an analyst at ANZ, said in a note.
  Also weighing on prices, the Energy Information Administration said on Thursday U.S. crude inventories increased by 3.5 million barrels to 423.8 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 288,000-barrel rise.
  
  The bigger-than-expected build in crude inventory was largely due to lower refining utilization as refineries go into fall turnarounds. [EIA/S]
  
  The data also showed a rise in U.S. production to 13.636 million barrels per day, the highest on record.
  In the previous session, Brent settled 1.37% lower and U.S. WTI closed down 1.39%, their lowest since May 5.
  Source: Reuters/Investing.com
- 2025-10-17
  Russia's Fuel Crisis Spills into Central Asia
  Russia is grappling with fuel shortages and price hikes after a string of Ukrainian attacks on its oil refineries. To protect supplies in Russia, where long lines at gas stations have been reported in some regions, Moscow has banned or restricted the... Read more Russia is grappling with fuel shortages and price hikes after a string of Ukrainian attacks on its oil refineries.
  
  To protect supplies in Russia, where long lines at gas stations have been reported in some regions, Moscow has banned or restricted the export of gasoline and diesel.
  
  The move has triggered fuel shortages and price rises in some of the former Soviet republics of Central Asia, which are heavily reliant on Russian energy.
  
  Tajikistan Among Hardest Hit
  
  Tajikistan, which imports almost all its fuel -- mostly from Russia, has been among the hardest hit.
  
  A strategic partner and close ally of Moscow, Tajikistan still receives Russian fuel under bilateral import agreements.
  
  But prices in Central Asia’s poorest country have increased sharply since Russia first imposed restrictions on energy exports during the summer. A liter of regular gasoline in Tajikistan currently costs up to $1.30, the highest in the region.
  
  Uncertainty over Russia’s exports has forced Tajikistan to diversify its energy consumption model. Many taxis and public transportation vehicles in Dushanbe have switched to liquefied natural gas or electric power, moving away from gasoline.
  
  Still, Dushanbe says its annual gasoline imports from Russia by the end of the year will reach 500,000 tons, a significant rise from 451,000 tons in 2024.
  
  Kyrgyzstan Is Vulnerable
  
  Kyrgyzstan imports more than 90 percent of the gasoline and diesel it consumes from Russia.
  
  As a member of the Moscow-led Eurasian Economic Union, Kyrgyzstan has been shielded from Russia’s export ban.
  
  Even so, Kyrgyzstan has faced price hikes, supply delays, and temporary fuel shortages since the summer.
  
  Experts say Kyrgyzstan is vulnerable because of its almost complete dependence on Russian imports.
  
  “There are few real alternatives to Russian supplies in the short term,” economist Nurgul Akimova told RFE/RL’s Kyrgyz Service. “All these alternatives will require significant investment in infrastructure and will be more expensive than current Russian supplies.”
  
  Uzbekistan Turns To Other Suppliers
  
  Uzbekistan still imports Russian gasoline and diesel as part of government-brokered contracts with Russian companies.
  
  But wary of its overreliance on Russia, Central Asia’s most populous country has increased its fuel imports from Kazakhstan and Turkmenistan -- Central Asia’s two largest exporters.
  
  Uzbekistan has large oil reserves but lacks the infrastructure to boost production. In 2024, its output was only around 63,000 barrels per day.
  
  Tashkent is planning to boost its oil production by upgrading its aging energy infrastructure and attracting foreign investment.
  
  Kazakhstan Largely Self-Sufficient
  
  Unlike many of its neighbors, Kazakhstan is mostly self-sufficient in energy. The country has large energy reserves and possesses the technology to refine its oil.
  
  Kazakhstan annually produces about 14 million tons of petroleum products -- the most in Central Asia -- and imports another 1.2 million tons from Russia every year.
  
  But the country has still been affected by disruptions in Russia’s refining network.
  
  In May, Astana imposed a six-month ban on exports of petroleum products and cracked down on cross-border fuel smuggling.
  
  The moves were aimed at preventing shortages in Kazakhstan. The restrictions are due to expire in November.
  
  The Kazakh government has said it plans to boost fuel exports to other Central Asian countries as well as China and India by 2040.
  
  Turkmenistan Remains Largely Insulated
  
  Turkmenistan’s vast oil and gas reserves, as well as the government’s strict control over production, have kept the country’s domestic market relatively stable.
  
  Subsidized domestic prices mean Turkmen consumers have been largely protected from external disruptions.
  
  “Turkmenistan is the only country in the region that has a surplus of all types of energy resources,” economist Marat Musuraliev told the Kyrgyz Service.
  
  On October 3, the country said it had exceeded its gasoline and diesel production targets during the first nine months of 2025, a claim that RFE/RL could not independently verify.
  
  Turkmenistan produces around 275,000 barrels per day of crude oil and liquid fuels.
  
  Like neighboring Kazakhstan, the country has benefited from the shifting energy landscape -- exporting more petroleum products to markets in the region.
  
  Media reports suggest that Ashgabat is increasing exports to neighboring Uzbekistan and Afghanistan. Source: Oilprice.com
- 2025-10-17
  Oil Tanker Rates Soar as U.S. and China Escalate Port Trade War
  The latest tit-for-tat fees on port callings in the U.S.-China trade spat threaten to create additional vortexes in global oil flows. Shipowners and charterers are scrambling for clarity after China imposed this week a fee on U.S.-owned, operated,... Read more The latest tit-for-tat fees on port callings in the U.S.-China trade spat threaten to create additional vortexes in global oil flows.
  
  Shipowners and charterers are scrambling for clarity after China imposed this week a fee on U.S.-owned, operated, built, or flagged vessels, in retaliation for a similar U.S. move on Chinese ships. China-built ships are exempted from the new Chinese fee, but the impact on oil trade flows would still be significant, at least until owners and charterers find a way to move forward more smoothly in the choppy waters of renewed trade spats.
  
  In these early days of the port fee escalation, the oil tanker market is in chaos as freight rates are rising on expectations of millions of U.S. dollars in additional costs per voyage, and cargoes are being delayed or canceled.
  
  This new chaos creates inefficiencies in the tanker market, drives up freight costs, and adds to already upended flows with sanctions on Chinese crude import terminals and U.S. pressure on Russia’s buyers to halt imports of Russian oil.
  
  Tit-for-Tat Port Fees
  
  The latest turmoil in the tanker market began at the end of last week when China announced it would impose, effective October 14, a port fee of $56 (400 Chinese yuan) per ton on U.S.-flagged, built, operated, or owned vessels at Chinese ports. The fee is set to rise each year, to reach as much as $157 (1,120 yuan) per ton by April 2028.
  
  Related: Crude Oil Could Fall Below $50, BofA Warns
  
  “China's position is consistent. If there's a fight, we'll fight to the end; if there's a talk, the door is open,” a spokesperson for the Chinese commerce ministry said on Tuesday, as carried by the BBC.
  
  “The US cannot demand talks while simultaneously imposing new restrictive measures with threats and intimidation. This is not the right way to engage with China,” the spokesperson said in a statement.
  
  The Chinese retaliatory fees are equivalent to the United States Trade Representative (USTR) charges imposed on Chinese owned/operated vessels.
  
  And these have just thrown the tanker market into turmoil.
  
  “It seems that, not for the first time, the shipping industry is caught up in the geopolitical jostling between the United States and China,” U.S.-based brokers Poten & Partners said on Friday, shortly after China announced its tit-for-tat fees.
  
  This week, shipowners are scrambling to obtain all relevant paperwork, and some are reshuffling corporate structures to lower American ownership to below 25%. A U.S.-held stake below 25% does not trigger the port fees in China.
  
  Even if China-built vessels are exempted from the Chinese fees, 13% of the global crude tanker fleet will be affected by the port fees in China, according to Jefferies analyst Omar Nokta.
  
  Tanker Rates Surge, Again
  
  The result of all the tanker market chaos and uncertainty is soaring freight rates for supertankers to ship crude from the Middle East to China.
  
  The spot rate for a very large crude carrier (VLCC) – capable of transporting up to 2 million barrels of oil – on the Middle East to China route jumped this week to the highest in nearly three weeks.
  
  The previous surge in supertanker freight rates occurred last month as rising crude supply from OPEC+ and South America and a jump in longer-haul routes hiked freight rates for supertankers to levels last seen nearly three years ago.
  
  VLCC rates on the benchmark Middle East-to-China route hit the threshold of $100,000 per day in September. That was the highest in almost three years and well above the previous 2025 high during the Israel-Iran conflict in June, when fears of disruption to supply or trade flows sent charter rates soaring.
  
  Traders estimate for Reuters that a VLCC linked to the U.S. would now be hit with as much as a $15 million surcharge if it calls at a Chinese port—and no one is paying such massive fees.
  
  “It’s not just the dearth of China-compliant ships, it’s also uncertainty of what is a China-compliant ship that’s driving up freight costs in the near term,” Anoop Singh, global head of shipping research at Oil Brokerage Ltd, told Bloomberg.
  
  Due to the port fees and ongoing uncertainties, some ships were idling off China as of Wednesday, shipbrokers and traders tell Bloomberg.
  
  As shipowners and charterers scramble to ease into the new tanker market reality, a two-tier market is emerging, they added. One group of vessel owners is willing to ship cargoes to China, while the other isn’t. The former group is charging premiums to transport crude and other goods to China. The latter is seeking workarounds and is considering mid-voyage ship-to-ship transfers to avoid multi-million dollar fees at a Chinese port for a U.S.-linked vessel.
  
  The port fees are the latest in a series of sudden shifts in global crude flows.
  
  This week, supertankers have started to divert from their original destination of the Chinese port of Rizhao, after the U.S. blacklisted around 100 individuals, vessels, and companies—including the Rizhao Shihua Crude Oil Terminal, which is co-owned by Sinopec, China’s top refiner.
  
  Global crude flows are shifting again due to sanctions and trade disputes, and they could alter yet again in the near term if the U.S. succeeds in pressuring India to reduce Russian crude imports. Source: Oilprice.com
- 2025-10-17
  MABUX: No clear trend is expected in Global bunker market on Oct. 17.
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — posted a slight decline on Oct. 16: 380 HSFO: USD/MT 438.39 (-0.39) VLSFO: USD/MT 506.19 (-2.00) MGO: USD/MT 757.24 (-1.35) As of Oct. 16,... Read more The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — posted a slight decline on Oct. 16:
  
  380 HSFO: USD/MT 438.39 (-0.39)
  VLSFO: USD/MT 506.19 (-2.00)
  MGO: USD/MT 757.24 (-1.35)
  
  As of Oct. 16, the MABUX Market Differential Index (MDI) — which tracks the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — reflected the following pricing dynamics across the four major global bunker hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah reached a 100 percent correlation between MBP and DBP. Rotterdam and Singapore remained underpriced, though discounts narrowed by $3 and $1, respectively. Houston was the only overcharged zone, with its premium widening by $5. MDI in Rotterdam stayed close to full MBP–DBP correlation.
  
  • VLSFO segment: Rotterdam, Singapore, and Fujairah were undercharged, with discounts narrowing by $2, $1, and $3, respectively. Houston continued to show an overcharge, with the premium unchanged. The MDI in Houston stayed near a 100 percent correlation level.
  
  • MGO LS segment: Rotterdam registered a full 100-percent correlation between MBP and DBP. Houston continued to show an overcharge, with the premium unchanged. The MDI in Houston stayed near a 100 percent correlation level.
  
  We do not expect a sustainable trend in the Global bunker market on Oct. 17: 380 HSFO – minus 2-4 USD/MT, VLSFO – minus 2-4 USD/MT, MGO LS – plus-minus 2-4 USD/MT.
  Source: MABUX
- 2025-10-17
  EIA Confirms US Crude Oil Inventories Are Rising
  Crude oil inventories in the United States increased by 3.5 million barrels during the week ending October 10, after gaining 3.7 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on... Read more Crude oil inventories in the United States increased by 3.5 million barrels during the week ending October 10, after gaining 3.7 million barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Thursday. The increase brings commercial stockpiles to 423.8 million barrels according to government data, which is still 4% below the five-year average for this time of year.
  
  The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories grew by a massive 7.36 million barrels.
  
  Crude prices were trading down again on Thursday morning in the run-up to the EIA data release—rounding out a third day of price drops. At 11:53 a.m. in New York, Brent was trading at $61.52 per barrel—down $0.39 (-0.63%) on the day and a roughly $4.50 per barrel decrease over last week’s level. WTI was also trading down, by $0.34 per barrel (-0.58%) in mid-morning trade.
  
  For total motor gasoline, the EIA reported that inventories had contracted by 300,000 barrels, after the week prior’s 1.6-million-barrel decrease. The most recent figures showed average daily gasoline production decreasing to 9.4 million barrels. For middle distillates, inventories decreased by 4.5 million barrels, with production decreasing by 577,000 barrels daily to an average of 4.6 million barrels daily. Distillate inventories had increased 600,000 barrels in the week prior and are now 7% below the five-year average for this time of year.
  
  Total products supplied over the last four weeks slipped to 20.7 million barrels per day, down 0.5% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day over the last four weeks, while the distillate four-week average supplied rose to 4.0 million barrels—up 0.2 percent year over year.
  
  Source: Oilprice.com

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