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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
954.00
-62.00
1 216.00
+1.00
May 12
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	954.00	-62.00	1 216.00	+1.00	May 12

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
774.33	+4.09	944.89	+13.03	1 400.63	+8.84	May 12

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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	703	727	-24	806	808	-2	1 216	1 320	-104	May 12
Singapore	705	755	-50	810	898	-88	1 187	1 313	-126	May 12
Fujairah	705	702	+3	892	868	+24	1 535	1 376	+159	May 12
Houston	655	726	-71	840	849	-9	1 190	1 262	-72	May 12

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Analytical Section
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Latest News
- 2026-05-12
  LNG Bunker Snapshot: Singapore bunker premium surges as Europe’s narrows
  LNG Bunker Snapshot: Singapore bunker premium surges as Europe’s narrows Singapore-ARA spread more than doubles to $174/mt ARA and Baltic bunker premiums narrow and TTF falls Low EU storage and Hormuz tensions limit further downside Weekly... Read more LNG Bunker Snapshot: Singapore bunker premium surges as Europe’s narrows
  
  Singapore-ARA spread more than doubles to $174/mt
  
  ARA and Baltic bunker premiums narrow and TTF falls
  
  Low EU storage and Hormuz tensions limit further downside
  
  Weekly changes in LNG bunker prices:
  
  ARA down by $62/mt to $944/mt
  Singapore up by $36/mt to $1,118/mt
  Baltics down by $62/mt to $1,051/mt
  Portugal down by $46/mt to $1,059/mt
  
  Europe
  
  European LNG bunker prices tracked lower with the front-month TTF contract, which fell $0.87/MMBtu ($45/mt). Peace talk optimism around US-Iran negotiations raised hopes of a reopening of the Strait of Hormuz, while cooler temperatures across Europe reduced gas-fired power demand.
  
  LNG bunker prices in the ARA and the Baltics underperformed against TTF, each dropping $62/mt as bunker delivery premiums also narrowed on the week. Portugal fell $46/mt, though its pricing remains only loosely tied to TTF.
  
  Downside was limited by renewed skirmishes near Hormuz over the weekend and persistently low EU gas storage - around 35% full versus a five-year average of 47%.
  
  The IEA’sGreg Molnar said storage injections remain 20% below last year's pace, reflecting tight supply conditions, and warned the injection campaign will be "more challenging and more expensive than expected."
  
  On the supply side, new LNG exports led by the US have offset around two-thirds of the Hormuz disruption, according to Molnar.
  
  “However, the gains in LNG prices were offset by reports that Qatar is managing to get some LNG cargo through the Strait of Hormuz,” ANZ Bank commodity strategist Daniel Hynes said.
  
  Unplanned maintenance at several Norwegian gas facilities added a further supply concern, though the impact on prices was muted, the Japan Organization for Metals and Energy Security (JOGMEC) noted.
  
  Asia
  
  Singapore's LNG bunker price moved in the opposite direction to European ports, rising despite a broadly flat front-month JKM contract.
  
  The increase was driven entirely by a widening delivery premium - now $4.62/MMBtu ($240/mt) versus $3.93/MMBtu ($204/mt) last week - after two high price quotes from physical suppliers pushed the benchmark up.
  
  The Singapore-ARA spread has widened from $76/mt to $174/mt in the past week, reflecting the divergence between softening European benchmarks and steeper Singaporean bunker delivery premiums.
  
  JOGMEC reported significant JKM volatility during the week, with $/MMBtu spot prices swinging from the low-$18s to the high-$16s as sentiment shifted between peace talk progress and fresh Hormuz tensions.
  
  A nuclear reactor outage in Japan provided additional support for regional LNG demand.
  
  Meanwhile, the IEA’s Molnar noted that China's LNG imports have plummeted 25% year-on-year since the start of the conflict, with volumes being resold into other Asian markets and gas-to-coal switching helping to balance its internal market.
  
  Other LNG bunker news, LNG continued to dominate alternative fuel-capable vessel orders in April, according to DNV data. These orders spanned several segments, including car carriers (8), container vessels (6), crude tankers (4) and cruise ships (2).
  
  There are now 933 LNG-capable vessels in operation and another 681 on order for delivery by 2033. Source: ENGIИE
- 2026-05-12
  National strike day may disrupt activities in the Port of Antwerp-Bruges
  The Port of Antwerp-Bruges has warned that a national strike day in Belgium may disrupt maritime activities today (12 May). The Port Authority announced the possible disruptions yesterday and said that it will be ‘closely monitoring the situation’... Read more
- 2026-05-12
  Canadian government investment to help fund OPS at Port Charlottetown
  The Canadian government has announced an investment of up to CAD 14.3 million for Charlottetown Harbour Authority that will help fund the installation of shore power infrastructure. The funding, announced yesterday (11 May) by the Minister of Transport... Read more
- 2026-05-12
  Shipping’s take-up of alternative fuels will be influenced by mix of regulations and energy security, finds new Rystad Energy re
  A newly-published whitepaper from consultancy Rystad Energy has concluded that ‘strong global regulation’ will play an important role in maintaining the pace on the maritime sector’s energy transition, but added that: ‘For the specific question of which... Read more
- 2026-05-12
  Eni and MSC Cruises trials confirm feasibility of pure HVO usage
  Italy’s Eni and MSC Cruises have informed ship.energy that they have conducted tests which confirm the technical feasibility of using Enilive’s 100% hydrogenated vegetable oil (HVO) to power cruise ships’ engines. In a statement sent to ship.energy... Read more
- 2026-05-12
  WSC: Dual-fuel boxship and vehicle carrier fleet passes 1,200 vessels
  As of March 2026, some 1,204 dual-fuel container ships and vehicle carriers have been delivered or are on order, according to data published by the World Shipping Council (WSC) on its Dual-Fuel Fleet Dashboard today (12 May). The number of dual-fuel... Read more
- 2026-05-12
  DNV predicts ‘100-fold’ growth in clean hydrogen volumes by 2060, but scales back mid-term forecast by 45%
  In a new report published today (12 May), DNV has predicted that: ‘Clean hydrogen will grow 100-fold from today and mitigate over 2 gigatonnes (gt) of emissions from hard-to-electrify sectors annually by 2060’. However, DNV also said that the take-up... Read more
- 2026-05-12
  Oil prices rise as fragile US-Iran talks sustain supply worries
  Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran’s response to a Washington proposal highlighting stark differences that have kept supply concerns alive. Brent crude futures were up 86 cents,... Read more Oil prices rose nearly 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran’s response to a Washington proposal highlighting stark differences that have kept supply concerns alive.
  Brent crude futures were up 86 cents, or 0.8%, at $105.07 per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to $99.06 at 0411 GMT. Both benchmarks increased nearly 2.8% on Monday.
  U.S. President Donald Trump on Monday said the ceasefire with Iran was "on life support," pointing to disagreements over several demands, such as the cessation of hostilities on all fronts, the removal of a U.S. naval blockade, the resumption of Iranian oil sales and compensation for war damage.
  Tehran also emphasized its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas flows.
  "Optimism regarding an imminent (peace) deal seems to be fading again and if we don’t see a deal by the end of May, then upside risks for oil prices are definitely on the table," said DBS Bank energy sector team lead Suvro Sarkar.
  Disruptions linked to the near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in more than two decades.
  "A genuine breakthrough toward a peace deal could trigger a sharp $8-$12 correction, while any escalation or renewed blockade threats would quickly push Brent back toward $115+," said Tim Waterer, chief market analyst at KCM Trade.
  
  Saudi Aramco CEO Amin Nasser on Monday warned that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week.
  Elsewhere on the supply front, U.S. crude stocks were forecast by analysts in a Reuters poll to be down by around 1.7 million barrels in the previous week. [EIA/S]
  The draw comes against "a backdrop of continued strong net waterborne export flows for crude and products, across the next several weeks," said Walt Chancellor, an energy strategist at Macquarie Group.
  Meanwhile, market participants were also keeping a close eye on Trump’s planned meeting with Chinese President Xi Jinping on Wednesday, after Washington imposed sanctions on three individuals and nine companies for facilitating Iranian oil shipments to China.
  Source: Reuters/Investing.com
- 2026-05-12
  Aramco Sees Slow Oil Market Recovery after Shock Supply Loss
  The oil market will take months to normalize even if flows through the Strait of Hormuz resumed today, as 1 billion barrels of oil have been wiped off the supply balance over the past two and a half months. That’s the verdict on the global oil markets... Read more The oil market will take months to normalize even if flows through the Strait of Hormuz resumed today, as 1 billion barrels of oil have been wiped off the supply balance over the past two and a half months.
  
  That’s the verdict on the global oil markets of Amin Nasser, chief executive officer of Saudi Arabia’s state oil giant and the world’s single largest crude oil exporter, Saudi Aramco.
  
  “Reopening routes is not the same as normalizing a market that has been deprived of about one billion barrels of oil,” Nasser told Reuters in statements this weekend after the Saudi oil giant reported consensus-beating Q1 earnings despite the closure of the Strait of Hormuz for a full month in the first quarter.
  
  In comments on the results, Nasser said in the Aramco press release that the company showed strong operational flexibility in re-routing exports through the East-West pipeline to the Yanbu export port on the Red Sea, which bypasses the closed-off Strait of Hormuz.
  
  “Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz,” Nasser said.
  
  Apart from flexibility to serve customers despite the closure of the world’s biggest oil chokepoint, Nasser also touted the importance of oil and gas in global economic growth.
  
  “Recent events have clearly demonstrated the vital contribution of oil and gas to energy security and the global economy, and are a stark reminder that reliable energy supply is critical,” Aramco’s top executive said.
  
  The shock supply loss is draining inventories across all markets, with some regions and countries, especially in Asia, already under severe stress to procure oil supply.
  
  The 1-billion-barrel loss, and counting, from global supply will reverberate through the oil market for months to come, even if the Strait of Hormuz opened unconditionally to free tanker traffic soon.
  
  This prospect, however, appeared distant as of early on Monday, as U.S. President Donald Trump rejected the Iranian response to a U.S.-drafted peace proposal.
  
  Regardless of when supply from the Middle East would normalize, the damage to the global oil market is already done. It will take months after an eventual reopening of the Strait of Hormuz for the market to stabilize, according to Aramco’s Nasser, top executives at other oil producers, and analysts.
  
  “We have dug ourselves a hole of close to 1 billion barrels of crude shortage at the moment, either because of locked in barrels or unproduced barrels, and of course, that hole is deepening every single day,” Shell’s CEO Wael Sawan told analysts on the Q1 earnings call last week.
  
  “The journey back will be a long one,” Sawan added.
  
  CEO Darren Woods said on ExxonMobil’s earnings call, “it’s obvious to most that if you look at the unprecedented disruption in the world supply of oil and natural gas, the market hasn't seen the full impact of that yet.”
  
  “There’s more to come if the Strait remains closed.”
  
  Even if the Strait opened up today, “there's going to be a one to two-month time lag between the Strait opening up and the market seeing normal flow,” Woods said.
  
  The 2026 surplus scenario was quickly erased by the war with “global hydrocarbon inventories being materially drawn to balance the market, already at a pace of 10 to 13 million barrels of oil per day,” Patrick Pouyanné, chief executive at TotalEnergies, said on the supermajor’s earnings call last week.
  
  The shock to the system is huge and will take months after a reopening of the Strait of Hormuz to overcome.
  
  Source: Oilprice.com
- 2026-05-12
  Jet Fuel Shortage Deepens Pressure on Global Airlines
  Passenger numbers at Europe’s biggest airport fell by five per cent in April to 6.7m with the blame being attributed to the “ongoing impact of the Middle East conflict”. For those heading to that particular region, Heathrow saw a whopping 50 per cent... Read more Passenger numbers at Europe’s biggest airport fell by five per cent in April to 6.7m with the blame being attributed to the “ongoing impact of the Middle East conflict”.
  
  For those heading to that particular region, Heathrow saw a whopping 50 per cent drop in volumes.
  
  Still, in the year-to-date (Jan–Apr) traffic maintained modest growth at 1.2 per cent.
  
  Transfer demand grew ten per cent in April, as travellers rerouted through Heathrow to reach Asia and Oceania, helping offset losses in direct Middle Eastern travel.
  
  Travel to Asia remained a major growth driver, with a 5.6 per cent increase in April and a 10.6 per cent increase year-to-date.
  
  “We know passengers want certainty when planning their hard-earned summer holidays, so we are supporting Government and airlines as they work through their plans to get passengers on their journeys,” Thomas Woldbye, Heathrow’s top boss, said.
  
  Jet fuel crisis ‘worse’ than Covid
  
  Growing anxieties around the jet fuel shortage caused by the Iran war have rocked the travel industry.
  
  Tony Fernandes, chief executive of Air Asia, said last week: “I thought I’d seen it all with Covid […] but having seen jet fuel go up almost three times — this is much worse.”
  
  It comes after supplies for jet fuel have tumbled to their lowest level since records began, as the war blocks crucial shipping lanes for fuel.
  
  Spirit Airlines – a US-based low-cost airline – last week collapsed under mounting pressure caused by surging oil prices. The firm had failed to secure a $500m lifeline from the Trump administration, leaving it to go out of business and cancel all flights.
  
  Researchers at Allianz Trade warned the UK is among the most “structurally exposed” to jet fuel shortages.
  
  Meanwhile, transport secretary Heidi Alexander has loosened “use it or lose it” rules in a bid to soften the pressures facing airlines.
  
  Woldbye said: “While we have seen some short?term disruption linked to the Middle East conflict, demand for travel remains strong with current fuel supplies stable.” Source: Oilprice.com

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