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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
716.50
+9.00
715.00
-5.00
Feb 24
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	716.50	+9.00	715.00	-5.00	Feb 24

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
452.64	-1.11	548.34	-1.37	815.19	+0.62	Feb 25

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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	422	453	-31	474	503	-29	715	748	-33	Feb 25
Singapore	438	449	-11	512	545	-33	706	741	-35	Feb 25
Fujairah	414	414	0	509	535	-26	772	804	-32	Feb 25
Houston	383	423	-40	485	484	+1	705	774	-69	Feb 25

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Analytical Section
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Latest News
- 2026-02-25
  ETFuels seals 10-year e-methanol offtake deal from RFOcean
  ETFuels has secured a first long-term bunding agreement to supply e-methanol at a fixed price to London-based shipping company RFOcean. The 10-year deal will see the Dublin-headquartered e-fuel developer supply e-methanol produced at its Rattlesnake... Read more
- 2026-02-25
  WinGD achieves Type Approval and Factory Acceptance for ammonia-fuelled engine
  WinGD has achieved both Type Approval Testing (TAT) and Factory Acceptance Testing (FAT) for its ammonia-fuelled two-stroke X52DF-A marine engine. Both test programmes were carried out in January with an X52DF-A-1.0 engine at the HD Hyundai Heavy Industries’... Read more
- 2026-02-25
  ‘The carrot is better than the stick’ to advance shore power, says ABL’s Stefano Scarpa
  Acting to reduce the price of electricity would be one of the simplest and most effective ways for governments to help accelerate the deployment of shore power in the UK and Europe, ABL’s maritime decarbonisation director, Stefano Scarpa, has told ship.energy. The... Read more
- 2026-02-25
  Verde Marine Energy looking to grow UK bunkering business with appointment of new Director
  In a move it describes as a milestone in its continuing expansion in the United Kingdom, Verde Marine Energy (VME) has announced the appointment of Steve Taylor as Director of the UK. Based at the Pristine ABP Port Office on the River Humber, Taylor... Read more
- 2026-02-25
  Everllence and Vale strike agreement to realise ethanol’s potential as a marine fuel
  Everllence and Vale, one of the world’s major producers of iron ore, copper and nickel, have signed an agreement to develop an advanced ethanol-powered engine which will be based on the Everllence B&W ME-LGI (-Liquid Gas Injection) platform. Announcing... Read more
- 2026-02-25
  New EMSA study focuses on biodiesel fuel blends as marine pollutants and spill response measures
  A new study commissioned by the European Maritime Safety Agency EMSA, and conducted by the World Maritime University (WMU) and Cedre, notes that while biodiesel blends based on Fatty Acid Methyl Esters (FAME) and Hydrotreated Vegetable Oil (HVO) are gaining... Read more
- 2026-02-25
  Oil hovers near seven-month highs ahead of US-Iran talks
  Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the U.S. and Iran that could disrupt supply continued to worry investors as talks between the parties are set for Thursday. Brent futures were up... Read more Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the U.S. and Iran that could disrupt supply continued to worry investors as talks between the parties are set for Thursday.
  Brent futures were up 43 cents, or 0.6%, at $71.20 per barrel at 0400 GMT. WTI futures rose 38 cents, or 0.6%, to $66.01.
  Brent prices reached their highest since July 31 on Friday, while WTI hit its highest since August 4 on Monday, and both contracts have held near there as the U.S. has positioned military forces in the Middle East to compel Iran to negotiate an end to its nuclear and ballistic missile programme.
  An extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, and other countries in the key Middle East producing region.
  "This uncertainty means the market will continue to price in a large risk premium and remain sensitive to any fresh developments," ING commodities strategists said on Wednesday.
  U.S. envoys Steve Witkoff and Jared Kushner are slated to meet with an Iranian delegation for a third round of talks on Thursday in Geneva.
  Iran’s Foreign Minister Abbas Araqchi said on Tuesday that a deal with the U.S. was "within reach, but only if diplomacy is given priority".
  
  "(U.S.) President (Donald) Trump has warned that without a deal, there will be ’very bad consequences’. Whether (Iran’s) concessions will meet the U.S.’s ’zero enrichment’ red line remains to be seen," Tony Sycamore, IG market analyst, said in a note.
  Amid the heightened tensions, Iran and China have accelerated talks to purchase Chinese anti‑ship cruise missiles, according to Reuters sources, which could target the U.S. naval forces that have assembled near the Iranian coast.
  Anti‑ship cruise missiles would enhance Iran’s strike capabilities and threaten the U.S. naval forces, according to experts.
  Trump will deliver the traditional State of the Union address to Congress on Tuesday evening. Two White House officials, speaking on condition of anonymity, said Trump will discuss his plans for Iran but did not offer details.
  While geopolitical tensions have supported prices, the market is also contending with concerns of large inventory gains as global supply is exceeding demand.
  According to market sources, the American Petroleum Institute late on Tuesday reported a massive increase in U.S. oil stockpiles of 11.43 million barrels in the week ended February 20.
  However, gasoline and distillate inventories fell, the sources said, citing the API data.
  Official U.S. oil inventory reports from the Energy Information Administration are due later on Wednesday. Source: Reuters/Investing.com
- 2026-02-25
  Clean Energy Markets Face a Volatile Year Despite Record Global Investment
  It’s been a volatile year for clean energy markets. Despite major policy shifts impacting green industries, global renewable energy investment hit a record high in 2025. A closer look at last year’s figures reveals a high level of ambivalence in the marketplace,... Read more It’s been a volatile year for clean energy markets. Despite major policy shifts impacting green industries, global renewable energy investment hit a record high in 2025. A closer look at last year’s figures reveals a high level of ambivalence in the marketplace, with a sharp drop in clean energy investments in the United States in the last corner, but a surprising resurgence of clean energy dealmaking over the same time frame.
  
  The electric vehicles sector, in particular, is already showing signs of sharp contraction after the Trump administration ended a Biden-era EV tax credit last fall. Globally, EV manufacturers have registered a combined $65 billion in write-offs since the $7,500 U.S. federal tax credit was rolled back in September, with major automakers like Ford and Stellantis reporting hefty losses and EV program cancellations. In the United States, the drop in electric vehicle sales was the primary driver of the biggest quarterly drop in clean energy investing that the country has seen in almost a decade.
  
  While clean energy investing was strong overall in 2025 in the United States, reaching a record annual high of $277 billion, the numbers for the fourth quarter are grim. A reported $8 billion in clean energy projects were scrapped, and just $3 billion worth of new projects announced. “That means the pipeline of new investment is shrinking,” Hannah Hess, associate director of climate and energy for the Rhodium group, recently told nonpartisan news outlet Semafor. “Usually, even when we see quarterly fluctuations, from a zoomed-out view we continue to see sustained momentum. That’s no longer true.”
  
  And the EV investing and clean energy investing drop is likely to continue as the Trump administration ramps up its climate policy rollbacks. Earlier this month, the administration delivered “one of the single largest deregulatory actions in U.S. history” when it ended the 2009 law classifying carbon dioxide as a threat to public health, kneecapping regulators’ ability to set emissions caps.
  
  However, Bloomberg reports that there are signs of a coming resurgence in private equity dealmaking in the clean energy sector after a year characterized by extreme policy uncertainty. Last year saw a plummet in clean energy acquisitions, with a more-than 50 percent year-on-year contraction. In fact, numbers dipped down to 2013 levels, effectively erasing over a decade of growth.
  
  But there are several reasons that we can expect a market correction in 2026. “Power demand from artificial-intelligence data centers continues to boost investment in renewables, with US data-center electricity consumption projected to triple by 2035 from 2024 levels,” Bloomberg reports. “At the same time, last year’s slowdown has forced developers and asset owners to reassess valuations.” While dealmaking is on the rise, the sector has a whole lot of ground to recover.
  
  While clean energy investing in the United States fell 36 percent from the second half of 2024 in response to the rapidly shifting policy landscape, global numbers are looking stronger than ever. Worldwide, investments in creating new renewable energy production capacity reached a record $386 billion in the first half of 2025. This growth was primarily driven by offshore wind and small-scale solar development.
  
  Markets in the developing world are showing huge growth in terms of clean energy deployment and electric vehicle adoption. As it has become an affordable and accessible option, small-scale solar has boomed in resource-constrained economies like Pakistan and much of sub-Saharan Africa.
  
  “Markets with supportive revenue mechanisms have maintained momentum on renewable energy investment,” says Meredith Annex, Head of Clean Power at BloombergNEF. “Whereas projects in markets where revenue certainty is shifting, particularly when it’s down to large swings in policy as in the US or mainland China, are seeing a boom-bust cycle ahead of those changes.” Source: Oilprice.com
- 2026-02-25
  How the EU Could Unlock 22 Trillion Cubic Feet of Barents Gas
  A clearer, more narrowly defined European Union Arctic policy could allow for increased production of Norway’s Barents Sea gas, offering a nearby, lower-emission supply alternative to global liquefied natural gas (LNG). The Barents Sea holds an estimated... Read more A clearer, more narrowly defined European Union Arctic policy could allow for increased production of Norway’s Barents Sea gas, offering a nearby, lower-emission supply alternative to global liquefied natural gas (LNG).
  The Barents Sea holds an estimated 3.5 billion barrels of oil equivalent of natural gas, but converting this resource into deliverable supply depends on securing infrastructure like new export capacity.
  To balance supply needs with climate goals, any eligibility for Barents development should be tied to measurable standards for methane and CO? intensity, electrification, and strong environmental safeguards.
  Offshore gas
  A rethink of the European Union’s (EU) Arctic policy could keep Norway’s Barents Sea gas in play in the 2030s, offering Europe a nearby, low-emission supply option as its reliance on the global liquefied natural gas market grows, according to new Rystad Energy research and analysis. The European Commission is reviewing its 2021 Arctic policy and has opened a public consultation through 16 March 2026. With Barents projects typically needing five to 10 years to move from discovery to steady output, the signal the EU sends now will determine whether additional volumes from already-open Norwegian acreage are ready for the mid-2030s, or whether Europe will lean even more heavily on global LNG in the next decade.
  
  Rystad Energy’s analysis suggests that the EU could boost production in the Barents Sea by drawing a clearer boundary, both geographically and operationally, without necessarily weakening its climate stance. By defining the “Arctic” scope more narrowly and tying any eligibility to explicit emissions and environmental requirements, the EU could avoid treating Norway’s already-open Barents acreage the same as frontier areas. The approach would still be contested among environmental groups, and it wouldn’t change the underlying trade-offs around Arctic drilling, but it could influence how buyers and policymakers weigh supply options during the 2030s. In Rystad Energy’s base case scenario for the EU27 plus the UK, Norway supplies about 20-30% of gas demand through 2050, with LNG rising from 30% to 50% during the same period, increasing Europe’s exposure to global markets.
  
  The resource base is substantial, but converting it into deliverable supply is less than straightforward. The parts of the Barents Sea already open to exploration, according to Norwegian Offshore Directorate estimates, hold around 3.5 billion barrels of oil equivalent (boe) of natural gas, or about 22 trillion cubic feet. Rystad Energy estimates producing fields and projects expected to be sanctioned by 2030 will contribute combined output of roughly 2.25 billion boe through 2050. Additional output beyond that would likely depend on new discoveries, coordinated development across multiple fields and, crucially, export capacity.
  
  Infrastructure is a significant swing factor and could limit long-term scalability. A 2023 study by Gassco and the Norwegian Offshore Directorate found that new Barents export capacity can be socio-economically profitable if sufficient volumes are proven. Today, the region’s main outlet is Hammerfest LNG, an export terminal in the far north, but it remains largely tied to the Snøhvit field, which limits flexibility to absorb any new volumes. A pipeline connection south into the Norwegian Sea network is one potential route, but it would require enough scale and synchronized timelines across projects to be financeable.
  
  Lead times in the Barents Sea are long, so clear policies matter. If the EU sets clear definitions and requires data-backed verification, it can keep near-term supply options open without blurring its climate standards.
  
  Tore Guldbrandsøy, Partner and Oil & Gas Analyst at Rystad Energy
  
  Emissions are one of the key points policymakers are considering during this review period, and this will directly impact how buyers view and compare future Barents gas supply to other sources. Norway’s upstream production is among the lowest-emitting globally, and gas delivered by pipeline from Norway generally ranks as a lower-emissions option for Europe. At Snøhvit, carbon dioxide (CO?) removed from the produced gas is already reinjected offshore, and planned electrification of the Snøhvit–Hammerfest LNG facilities is expected to cut the project’s carbon footprint further. Environmental critics note that lower emissions intensity doesn’t change the fact that burning gas adds CO? to the atmosphere, but methane leakage and carbon intensity are increasingly used in policy and procurement to distinguish between remaining sources of supply during the transition.
  
  Opening the door completely is not a realistic option for the EU, but a well-structured framework with tight definitions and standards could keep sensitive northern Barents areas off-limits, while explicitly distinguishing already-open Norwegian zones from frontier areas. Any eligibility could be linked to measurable thresholds for methane and CO? intensity, deadlines for ending routine flaring, electrification and CO? management where feasible, and independent verification with transparent reporting.
  
  Other environmental safeguards beyond emissions are also crucial: protection for sensitive ecosystems, seasonal operating limits, and structured consultation with Sámi, coastal communities and fisheries. Demand risk is also a factor for the bloc to consider. If EU gas consumption falls faster than expected, more frequent policy reviews could limit the risk of stranded resources, for example, by tightening eligibility or reassessing whether additional infrastructure still makes sense.
  
  Europe is going to be comparing marginal gas supplies more than adding large new ones. Using lifecycle emissions and methane performance as decision criteria won’t settle the broader climate debate, but it does steer remaining demand toward the lower-impact end of the barrel. A clearly defined and structured Arctic policy can help move the EU in that direction.
  Source: Oilprice.com
- 2026-02-25
  Central Asia's $39 Billion Black Hole: Unregistered Trade Surges
  A review of data compiled by Chinese, Kazakh and Kyrgyz government agencies reveal large discrepancies in trade volume, raising questions about widespread smuggling and sanctions-busting. Trade in general has experienced explosive growth since the start... Read more A review of data compiled by Chinese, Kazakh and Kyrgyz government agencies reveal large discrepancies in trade volume, raising questions about widespread smuggling and sanctions-busting. Trade in general has experienced explosive growth since the start of the Russia-Ukraine war, the data shows. In 2025, China reported supplying $48.7 billion worth of goods and services to Kazakhstan and $27.2 billion to Kyrgyzstan, whereas Kazakhstan only reported receiving $34.1 billion from the PRC and Kyrgyzstan $5 billion. The gaps indicate that tens of billions of dollars’ worth of goods are crossing the Chinese border without being registered in Kyrgyz and Kazakh official statistics. A major jump in unregistered trade followed the start of the Russia-Ukraine war in 2022. From 2018-2021, the annual difference between Chinese and Kyrgyz trade data averaged about $4 billion, but in 2022 the difference soared to $11.4 billion. The following year the gap widened to $14.4 billion, jumped to $17.1 billion in 2024, then reached $22.2 billion last year. Following a similar pattern, the discrepancy between Chinese and Kazakh statistics hovered around $7 billion from 2018-2022, even showing a slight downward trend. But the gap opened to $11 billion in 2023, $13.7 billion the following year, and $14.6 billion last year. Observers believe that much of the increase in unregistered trade is linked to sanctions-busting, with Kazakhstan and Kyrgyzstan acting as pass-throughs for Chinese goods destined for Russia and used to keep the Kremlin’s war effort in Ukraine going. Kyrgyzstan’s role has drawn particular attention from the United States and European Union. The EU is presently considering imposing secondary sanctions on Bishkek, the US has already designated some Kyrgyz entities and banks. Kyrgyz officials deny any systematic effort to circumvent Western sanctions.
  
  Central Asia
  
  China remains Kyrgyzstan’s and Tajikistan’s largest creditor, but their respective debts to Beijing are decreasing. The Export-Import Bank of China held 28 percent of Kyrgyzstan’s foreign sovereign debt, or $1.5 billion, at the end of 2025, down from $1.65 billion a year earlier, according to the Kyrgyz Finance Ministry. Tajikistan owed the same Chinese bank about $750 million as of February 2026, a decrease of about $70 million compared to the same time in 2025. Even so, China continues to account for about 24 percent of Tajikistan’s foreign sovereign debt, Finance Minister Faiziddin Qahhorzoda told reporters.
  
  Kazakhstan
  
  The United States has accused China of conducting an illicit nuclear test, based on data registered in Kazakhstan in June 2020. A remote seismic station in Kazakhstan measured an “explosion” of magnitude 2.75 located 450 miles (720 km) away at the Lop Nor test grounds in western China. US officials maintain the data is consistent with a nuclear test, but international monitors have not confirmed the US assertions.
  
  Kazakhstan plans to import around 50,000 tons of potatoes from China, shifting away from imports from Pakistan and Egypt, Bestnewz.kz cited Deputy Minister of Agriculture Azat Sultanov as saying. “Previously, imports came from Pakistan and Egypt, but due to the geopolitical situation, potato deliveries are now planned from China,” Sultanov told the outlet. He indicated the Chinese imports are expected to help offset a seasonal shortfall during winter and early spring, when Kazakhstan traditionally experiences a shortage of vegetables, including potatoes.
  
  Kazakhstan’s Senate has ratified a deal with China covering the construction of two wind-power plants and one solar-power plant with a collective annual generating capacity of 5.7 billion kWh. The plants are expected to cost over $2 billion to build, and be operational in 2027-2029, Kapital.kz reports.
  
  The launch of a major cotton-growing project by Chinese company Xinjiang Lihua helped Kazakhstan register its largest cotton harvest in over two decades. The collected crop totaled 465,900 tons in 2025, representing a 55 percent increase over the previous year’s total, reports Data Hub.
  
  Kazakh meat industry entities are looking to expand into the Chinese premium beef market by joining forces and launching a new program to ensure Kazakh products meets Chinese and international health & safety standards, according to Kapital.kz.
  
  Cultural exchanges between China and Central Asia are extending to comedy. A Kazakh standup comedian, Nurlan Saburov, is scheduled to perform in Shanghai and Guangzhou. His tour follows similar cultural initiatives that, as Chinese and Kazakh authorities hope, will help solidify bilateral ties.
  
  Kyrgyzstan
  
  Kyrgyzstan and the Asian Infrastructure Investment Bank (AIIB) have signed an agreement aimed at “developing a sustainable financing market for small and medium-sized businesses in Kyrgyzstan.” Kyrgyz President Sadyr Japarov and Prime Minister Adylbek Kasymaliev also sought AIIB assistance for the Kambarata-1 hydroelectric power plant and the China-Kyrgyzstan-Uzbekistan railway, but the bank has so far declined to commit funds for those projects.
  
  Tajikistan
  
  Tajikistan’s Prosecutor General, Khabibullo Vohidzoda, described the attacks on Chinese citizens at the Afghan-Tajik border region last November as the work of criminal gangs seeking to undermine Tajik relations with the Chinese government, according to Asia Plus. Five Chinese nationals were killed in the attacks, prompting China to suspend infrastructure development projects in the vicinity of the Tajik-Afghan border. Earlier reports attributed the attacks to Islamic militants operating in northern Afghanistan outside of Taliban government control.
  
  Turkmenistan
  
  Natural gas production in Turkmenistan decreased by 1.4 percent to 76.5 billion cubic meters in 2025 compared to the previous year, writes to Itek.ru citing data published in the official government newspaper Neutral Turkmenistan. While Turkmenistan has massive natural gas reserves, and officials in Ashgabat regularly voice an intention to expand production and exports, including to China, the 2025 production decline indicates that the country is lacking in technology, expertise and policymaking capacity to realize its energy potential.
  
  Uzbekistan
  
  A joint Uzbek-Chinese venture, UTK International Logistics Co., dispatched its first eight-container train from China to Tajikistan via a new multimodal route. The cargo will traverse Kyrgyz and Uzbek territory before its expected arrival in Tajikistan in early March, reports UzDaily. Source: Oilprice.com

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