Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
614.29
-51.05
745.00
-7.00
Apr 24
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	614.29	-51.05	745.00	-7.00	Apr 24

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
548.92	-1.43	683.56	-4.20	872.62	-3.46	Apr 25

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	485	554	-69	598	657	-59	745	851	-106	Apr 25
Singapore	517	569	-52	643	665	-22	763	860	-97	Apr 25
Fujairah	512	580	-68	647	661	-14	887	908	-21	Apr 25
Houston	489	538	-49	617	672	-55	786	779	+7	Apr 25

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
- Bunker Price Forecast for 40+ ports
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MABUX for Industry
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Latest News
- 2024-04-25
  GLOBAL: OVER 4,000 MARINE ENGINES INVOLVED IN IHI’S FUEL CONSUMPTION DATA PROBE
  Japan’s IHI Corporation has revealed that its subsidiary IHI Power Systems Co. falsified fuel consumption rates for engines produced at its Niigata and Ohta plants over a 21-year period, with over 4,200 marine engines said to have been affected. News... Read more
- 2024-04-25
  GLOBAL: GRIMALDI TAKES DELIVERY OF FOURTH G5 CLASS VESSEL
  A naming and delivery ceremony has taken place at the Hyundai Mipo Dockyard Co. Ltd shipyard in Ulsan for the Great Abidjan, the fourth of six multipurpose Ro-Ro units being built for Grimaldi Group. The 250-metre-long, 45,684 DWT vessel is able to... Read more
- 2024-04-25
  ASIA PACIFIC: WÄRTSILÄ BAGS METHANOL-FUELLED AUXILIARY ENGINE ORDERS IN CHINA
  Wärtsilä has announced it will supply the methanol-fuelled auxiliary engines for five new container vessels for COSCO Shipping Lines Co., Ltd and seven new container vessels for Orient Overseas Container Line. Each vessel will operate with three 8-cylinder... Read more
- 2024-04-25
  EUROPE: MOL AND GAZ SYSTEM INK GDAŃSK FSRU AGREEMENT
  Mitsui O.S.K. Lines (MOL) has signed a long term time charter party (TCP) agreement with Poland’s Gaz System for an LNG floating storage and regasification unit (FSRU) that will be based 3 kilometres offshore from the Port of Gdańsk. In a statement... Read more
- 2024-04-25
  GLOBAL: RED SEA CONFLICT DRIVING UP BOXSHIP CARBON EMISSIONS, SAYS XENETA
  Conflict in the Red Sea has brought ‘massive carbon emissions increases’ in ocean freight container shipping, according to data released by ocean and air freight rate benchmarking company, Xeneta. The Xeneta and Marine Benchmark Carbon Emissions Index... Read more
- 2024-04-25
  MABUX: Bunker Weekly Outlook, Week 17, 2024.
  Over the Week 17, the world MABUX bunker indices experienced a modest decline. The 380 HSFO index fell by 3.01 USD: from 553.74 USD/MT last week to 550.73 USD/MT. The VLSFO index decreased by 5.85 USD (688.77 USD/MT versus 694.62 USD/MT last week), consistently... Read more Over the Week 17, the world MABUX bunker indices experienced a modest decline. The 380 HSFO index fell by 3.01 USD: from 553.74 USD/MT last week to 550.73 USD/MT. The VLSFO index decreased by 5.85 USD (688.77 USD/MT versus 694.62 USD/MT last week), consistently staying below the 700 USD mark. The MGO index declined by 16.81 USD (from 893.74 USD/MT last week to 876.93 USD/MT). At the time of writing, the global bunker indices showed signs of modest growth.
  
  The MABUX Global Scrubber Spread (SS) - the price difference between 380 HSFO and VLSFO - continued its gradual decrease to minus $2.84 ($138.04 versus $140.88 last week), breaking through the $140.00 mark. The weekly average also dropped by $6.55. In Rotterdam, the SS Spread narrowed by $7.00 (from $124.00 last week to 117.00), gradually approaching the $100.00 mark (SS Breakeven). The port's weekly average also fell by $2.66. In Singapore, the 380 HSFO/VLSFO price differential narrowed by $13.00 ($127.00 versus last week's $140.00), and the weekly average decreased by $10.34. We expect the SS Spread reduction trend to persist next week. More information is available in the "Differentials" section of mabux.com.
  
  According to Rystad, LNG bunkering reached a historic peak in 2023, with 4.7 million cubic meters delivered globally, marking a 62% increase from 2022. This growth was mainly fueled by a substantial rise in ship-to-ship (STS) deliveries, which doubled in 2022. As of the end of March 2024, LNG bunkering sales have started robustly, with 1.9 million cubic meters already sold. This figure is nearing the total sales volume for 2022, indicating the potential for a substantial annual increase. If this trend continues, total LNG bunker sales could exceed 7 million cubic meters by the end of 2024, underscoring LNG's growing significance in maritime business and trade.
  
  The price of LNG as bunker fuel at the port of Sines, Portugal, has climbed to 776 USD/MT as of April 22, marking an increase of 46 USD compared to the previous week. Concurrently, the price gap between LNG and traditional fuel has narrowed, now standing at 77 USD in favor of LNG. This is a significant reduction from the 165 USD difference observed just a week earlier. On the same day, MGO LS was priced at 853 USD/MT in Sines. For further details, refer to the LNG Bunkering section on mabux.com.
  
  In Week 17, the MDI index (the ratio of market bunker prices (MABUX MBP Index) vs. MABUX digital bunker benchmark (MABUX DBP Index)) registered the following trends across the major world hubs: Rotterdam, Singapore, Fujairah and Houston:
  
  In the 380 HSFO segment, all selected ports remained in the undervalued zone. Weekly averages dropped by 4 points in Rotterdam, 16 points in Singapore and 13 points in Houston but increased by 8 points in Fujairah.
  
  In the VLSFO segment, according to the MDI, all ports were undercharged, with average weekly levels declining by 4 points in Rotterdam, 10 points in Singapore, 15 points in Fujairah and 4 points in Houston. The MDI indexes in Singapore and Fujairah approached the 100% correlation mark between the market price and the MABUX digital benchmark.
  
  In the MGO LS segment, Houston remained the only overpriced port, with the average weekly ratio increasing by 5 points. All other ports remained undervalued, with the weekly average increasing by 1 point in Rotterdam but decreasing by 5 points in Singapore and 68 points in Fujairah. MDI indices in Rotterdam and Singapore consistently remained below the $100 mark.
  
  At week’s end, the balance of overvalued/undervalued ports across all market segments remained unchanged, with an ongoing general trend towards undervaluation of bunker fuel across the global market segments.
  
  For more insights on the correlation between market prices and the MABUX digital benchmark, visit the “Digital Bunker Prices” section on mabux.com.
  
  IBIA (The International Bunker Industry Association) and BIMCO have entered into a Memorandum of Understanding (MoU) to jointly address challenges and opportunities in the bunker, marine energy, and maritime sectors, aiming to advance shipping's decarbonisation goals. The collaboration aims to harness their combined expertise and resources to devise innovative solutions promoting the shift towards cleaner fuels and fostering sustainable shipping practices. The key focus areas of this partnership MoU include:
  - Research and Development: Jointly undertake research initiatives, studies, and projects pertinent to the bunker and marine energy industry as well as the broader maritime sector.
  - Information Sharing: Exchange pertinent information, publications, and data to benefit the members of both organizations.
  - Training and Education: Identify and pursue opportunities for collaborative training programs, seminars, and educational initiatives to elevate the competencies of professionals in the maritime, bunker, and marine energy sectors.
  - Influence: Collaborate on advocacy and initiatives to collectively address and overcome industry-specific challenges and issues.
  
  We expect that next week, the global bunker market will lack clear movers to establish a sustainable trend, with bunker indices likely to continue shifting sideways.
  Source: MABUX
- 2024-04-25
  Oil steady as market weighs US demand concerns, Middle East conflict risks
  Oil prices were little changed on Thursday as falling fuel demand in the U.S., the world's biggest oil user, amid signs of a slowing economy contended with concerns for a widening conflict in the key Middle East producing region. Brent crude futures... Read more Oil prices were little changed on Thursday as falling fuel demand in the U.S., the world's biggest oil user, amid signs of a slowing economy contended with concerns for a widening conflict in the key Middle East producing region.
  Brent crude futures edged up 9 cents to $88.11 a barrel at 0420 GMT, after falling 0.5% in the previous session.
  U.S. West Texas Intermediate crude futures for June dipped 7 cents to $82.88 a barrel, following a 0.6% drop on Wednesday.
  Data from the U.S. Energy Information Administration (EIA) on Wednesday showed gasoline demand in the week to April 19 dropped 2.8% from a week earlier and is down 11% from a year ago. Distillate fuel demand also declined from a week ago and is down 4.7% from a year ago.
  The falling fuel demand is occurring amid signs of cooling U.S. business activity in April and as stronger-than-expected inflation and employment data means the U.S. Federal Reserve is more likely to delay expected interest rate cuts, weighing on economic sentiment.
  "The current weakness in benchmark prices, after testing above $90 (a barrel) levels, is due to market sentiment refocusing on global economic headwinds over geopolitical tensions," said Emril Jamil, senior oil analyst at LSEG Oil Research.
  Geopolitics aside, prices this quarter will be driven by factors including major producer supply cuts, economic data out of China and Eurozone, on top of incremental demand expectations as the Northern Hemisphere heads into summer amid expected tighter supply, said Jamil.
  
  A better indication of the Fed's rate intentions will be seen after U.S. gross domestic product and March personal consumption expenditure data is released on Thursday and Friday.
  Fighting in the Gaza Strip between Israel and Hamas is expected to expand as Israel may start an assault on Rafah, in the enclave's south, which may increase the chances of a wider war that could potentially disrupt Middle East oil supplies. However, there have been no other signs of direct conflict between Israel and Hamas-backer Iran, a major oil producer, since last week.
  "Tensions between Iran and Israel have eased, but Israeli attacks on Gaza are expected to worsen, and the risk of conflicts spreading to neighbouring countries is underpinning oil prices," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
  Other EIA data on Wednesday showed U.S. oil inventories unexpectedly fell last week as exports jumped, while gasoline stockpiles decreased less than forecast. [EIA/S]
  Crude stocks slumped by 6.4 million barrels to 453.6 million barrels, the EIA said, compared with expectations in a Reuters poll for an 825,000-barrel rise. Source: Reuters/Investing.com
- 2024-04-25
  Standard Chartered: Global Oil Demand Will Pick Up Strongly In May And June
  Oil prices have held steady week on week despite a significant inventory build in U.S. crude two weeks ago, which was countered by a draw in U.S. crude stockpiles for the week ending April 19th. Next to this, traders have become less concerned about a... Read more Oil prices have held steady week on week despite a significant inventory build in U.S. crude two weeks ago, which was countered by a draw in U.S. crude stockpiles for the week ending April 19th. Next to this, traders have become less concerned about a potential supply disruption in the Middle East.
  
  The crude inventory build at the middle of the month triggered fears that oil demand could be weakening; however, Standard Chartered estimates that global inventories will increase by only 74,000 barrels per day in the month of April, a much smaller build compared with 2.2 million barrels per day (mb/d) build in April 2023 and the 1.4 mb/d build in April 2022. StanChart notes that the markets could be more sensitive to this change in trajectory following the strong counter-seasonal inventory draws during the first quarter of 2024.
  
  Even better for the bulls, StanChart has forecast that global oil demand will pick up strongly in May and June, exceeding 103 mb/d for the first time in May (at 103.15 mb/d), increasing further in June to 103.82 mb/d.
  
  The commodity experts have predicted global inventory draws of 1.53 mb/d in May and 1.69 mb/d in June, tightening physical spreads significantly. StanChart also says that OPEC is unlikely to increase output in the near-term thanks to the stall in the oil price rally despite having room for at least 1 mb/d of extra OPEC output in Q3 without increasing inventories.
  
  With the next key ministerial meeting just six weeks away, concerns about demand and the macroeconomic environment are likely to dominate the meeting. StanChart says we are likely to record a 1.6 mb/d Q3 draw in stocks if there is no increase in OPEC output, compounding the price effect of a H1-2024 draw of 1.1 mb/d.
  
  U.S. Sanctions on Iranian Oil
  
  Recently, the Biden administration passed new sanctions on Iran’s oil sector as part of the $95-billion foreign aid package to Ukraine, Israel and Taiwan. In a move aimed at reducing Iran’s oil trade with China, the broadened sanctions now target Chinese banks that conduct transactions involving Iranian crude and products. The sanctions now include foreign refineries, vessels, and ports that knowingly process, transfer, or ship crude oil in violation of existing sanctions. The new sanctions could prove significant in disrupting market fundamentals considering that Iran currently produces about 3 million b/d and is expected to increase output by a further 280,000 b/d this year.
  
  StanChart has predicted that whereas the upcoming U.S. presidential election may influence the timing of the next swing down in Iranian exports, Iran’s oil flows are bound to take a hit regardless of who ascends into the Oval Office in 2025. The analysts note that existing U.S. policy instruments were enough to drive Iranian exports down to close to zero in late 2020, before the international context, and the associated implementation policies, changed. StanChart has argued the Biden administration has room to start implementing the sanctions immediately despite the risk of increased fuel prices during an election year. StanChart notes that the record-high on the day of a U.S. presidential election is $3.492/gal in 2012 (when the
  
  incumbent won), equating to about $4.80/gal in 2024 money terms after adjusting for consumer inflation. That’s $1.14/gal higher than current prices, with the U.S. national gasoline price average at $3.66 per gallon. StanChart says that whereas recent U.S. international oil policy has clearly been designed with a view to moderating oil price effects, it does not mean that the U.S. has necessarily chosen a policy of minimum pressure on Iranian and Russian oil exports.
  
  Meanwhile, the natural gas outlook appears to be getting more bullish. A late cold snap has led to a sharp deceleration in European gas inventory builds, with EU inventories standing at 72.01 billion cubic meters (bcm) on 21 April according to Gas Infrastructure Europe (GIE) data. The w/w build was just 0.427 bcm, significantly slower than the 2.005 bcm build for the week to 14 April. StanChart, however, says the cold snap might not last long, meaning Europe is likely to still be faced with a gas glut in the summer. The U.S. gas outlook is, however, more bullish after National Weather Service (NWS) meteorologists forecast above-average summer heat across the vast majority of the country, setting the stage for increased cooling demand. Source: Oilprice.com
- 2024-04-25
  What to Expect From Xi Jinping's Upcoming Eurotrip
  Chinese leader Xi Jinping will visit Hungary, Serbia, and France on a high-profile tour in early May, marking his first trip to Europe since the pandemic. Here's what to watch. Finding Perspective: The trip will be rich in symbolism and comes at... Read more Chinese leader Xi Jinping will visit Hungary, Serbia, and France on a high-profile tour in early May, marking his first trip to Europe since the pandemic.
  
  Here's what to watch.
  
  Finding Perspective: The trip will be rich in symbolism and comes at a crucial time with Russia advancing on the battlefield in Ukraine, escalating trade tensions between Beijing and Brussels, and potential fallout from November's U.S. election.
  
  Against this backdrop, Xi will be looking to repair some of the damage done to the relationship with Europe since his last trip to the continent. In particular, he'll be aiming to unwind some of the European Union's moves toward de-risking, which Beijing sees as an unwelcome alignment between Brussels and Washington.
  
  Another thing on the agenda will be China's participation at the upcoming peace summit in Switzerland about the war in Ukraine set for mid-June. Ukrainian President Volodymyr Zelenskiy has been trying to court China to participate, as was German Chancellor Olaf Scholz during his visit to Beijing last week.
  
  EU officials say Beijing has been pushing for Russia to have a seat at the table as well, something Kyiv (and perhaps even Moscow) is not willing to accept at the moment. With that in mind, it's unclear if China will participate or boycott the talks.
  
  One Thing To Watch: The dates of the tour have not been publicly announced, but various European officials have pointed toward May 7 as a starting day, a date that has also been reported by Serbian media as when Xi could visit Belgrade.
  
  The date makes sense as it falls on the 25th anniversary of the NATO bombing of China's embassy in Belgrade, which serves as a major event in the countries' relations.
  
  The destroyed embassy has since been transformed into an expansive Chinese cultural center that is set to be the largest in Europe.
  
  When I reported about the center during a trip to Belgrade in 2022, it was already completed and staff could be seen going in and out of the building. However, it's still not officially opened, and it has been speculated that Serbian and Chinese officials were waiting for a visit from Xi to mark the occasion.
  
  Xi also visited the site the last time he went to Serbia in 2016, laying flowers and making a speech at a monument on the compound in honor of the Chinese diplomats who were killed in the 1999 bombing.
  
  Why It Matters: While the visit to Paris is an opportunity to focus on China's wider relationship with Europe, the stops in Hungary and Serbia will allow Beijing to show that its influence in Central and Eastern Europe is still intact.
  
  Over the last few years, the 17+1 (China's diplomatic grouping to engage with the region) has seen members leave, making it the 16+1, while other Central and Eastern European countries have downgraded and deprioritized the bloc.
  
  Showing its stature in an EU member like Hungary also sends an important message. Hungarian Prime Minister Viktor Orban has courted Chinese investment and closer ties as he's sparred with Brussels. In February, Budapest announced a new security deal with China that could see Chinese police patrols in the country.
  
  Meanwhile, Hungarian and Chinese officials are active in the leadup to the visit, likely looking to announce new initiatives and progress on long delayed projects.
  
  Hungarian Economy Minister Marton Nagy received a Chinese delegation on April 18 where they discussed, among other things, the status of the Chinese-financed $1.9 billion Budapest-Belgrade railway project.
  
  Three More Stories From Eurasia
  
  A Russian Oligarch Looks To China
  Vladimir Potanin, one of Russia's richest men, announced plans to launch a new mineral venture in China a week after the United States and Britain levied sanctions on Russia's mineral industry, RFE/RL's Russian Service reports.
  
  What It Means: Potanin, who made much of his initial money in the 1990s through Russia's loan-for-shares program, said on April 22 that Norilsk Nickel, the billion-dollar mining and smelting company, will open a joint venture in China, where it will supply copper.
  
  Potanin told Interfax the company has been having issues with processing international payments and sanctions have seen the company lose up to 20 percent of its prewar revenue.
  
  The announcement of the new business in China came shortly after London and Washington banned the supply of Russian copper, nickel, and aluminum from the Chicago Mercantile Exchange and the London Metal Exchange, as well as any direct imports of the minerals from Russia.
  
  A Diplomatic Fumble In Georgia
  For unknown reasons, the Chinese Embassy in Georgia's website used a photo of a Russian landmark in its welcome banner on its homepage, my colleague Luka Pertaia reported for RFE/RL's Georgian Service.
  
  The Details: As part of a banner on its landing page, the Chinese Embassy featured four photos: two from Georgia, one from China, and one of Dormition Cathedral, which is located inside the Kremlin complex in Moscow.
  
  No explanation was given, and the embassy did not respond to Luka when he reached out for comment, but shortly afterward publication of the article all the photos were removed from the website.
  
  The use of the photos is a small but clumsy error on the part of the embassy, especially considering sensitivities with Russia in Georgia after Moscow's 2008 invasion. The Kremlin has also militarily and diplomatically propped up the breakaway authorities in the Georgian territories of Abkhazia and South Ossetia, which Georgians say is an occupation.
  
  Chinese Spies In Europe
  On the same day that Germany arrested three of its nationals for allegedly working for China's security services, Britain also charged two of its nationals for spying for Beijing.
  
  What You Need To Know: Christopher Cash, a parliamentary researcher, and Christopher Berry were charged with spying on April 22 and both will appear in court later this week in London.
  
  Cash is accused of obtaining, collecting, recording, publishing, or communicating notes, documents or information "calculated to be, might be, or were intended to be, directly or indirectly, useful to an enemy" between January 2022 and February 2023, according to a statement by Britain's Crown Prosecution Service.
  
  Berry is charged with the same offenses of Britain's Official Secrets Act from December 2021 to February 2023.
  
  In a statement, London's Metropolitan Police Service said the foreign state in question for both men was China.
  
  German prosecutors arrested three nationals on April 22 who they said are "strongly suspected of having worked for a Chinese secret service," including one accused of being an agent for China's spy agency, the State Security Ministry.
  
  After the news broke, Reuters also reported on April 23 that German police had arrested an aide to a German lawmaker in the European Parliament from the far-right Alternative fur Deutschland (AfD) on suspicion of spying for China and passing information about opposition legislators to Chinese handlers. Source: Oilprice.com
- 2024-04-25
  MABUX: Downward correction to prevail in Global bunker market on April 25.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) headed upwards on Apr. 24: 380 HSFO - USD/MT - 550.35 (+1.61) VLSFO - USD/MT – 687.76 (+2.01) MGO - USD/MT – 876.08 (+2.21) As of Apr. 25, the MABUX... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO) headed upwards on Apr. 24:
  
  380 HSFO - USD/MT - 550.35 (+1.61)
  VLSFO - USD/MT – 687.76 (+2.01)
  MGO - USD/MT – 876.08 (+2.21)
  
  As of Apr. 25, the MABUX MBP/DBP Index (MDI), which monitors the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), registered the following price trends across major ports: Rotterdam, Singapore, Fujairah, and Houston.
  
  - HSFO segment: All four selected ports stayed in the undercharge zone, with underprice premiums widening by $7 in Rotterdam, $5 in Singapore, $4 in Fujairah, and $4 in Houston.
  
  - VLSFO segment: All four ports were underpriced. Undercharge margins increased by $9 in Rotterdam, $8 in Singapore, $8 in Fujairah, and $17 in Houston.
  
  - MGO LS segment: Houston remained the only overpriced port, with the ratio dropping further by $10, and the MDI index approaching the 100-percent correlation mark between market price and MABUX digital benchmark. The other three ports continued to be undercharged, with margins rising by $4 in Rotterdam, $8 in Singapore, and $3 in Fujairah. The MDI index in Rotterdam surpassed the $100 mark again.
  
  We expect Global bunker indices to shift to a slight downward correction on Apr. 25: 380 HSFO – minus 1-3 USD/MT, VLSFO – minus 1-4 USD/MT, MGO LS – minus 2-7 USD/MT.
  Source: MABUX