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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
994.00
+9.00
1 080.00
-20.00
Jun 1
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	994.00	+9.00	1 080.00	-20.00	Jun 1

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
714.29	-11.47	873.74	-5.84	1 315.13	-10.56	Jun 5

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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	605	667	-62	700	739	-39	1 080	1 224	-144	Jun 5
Singapore	642	695	-53	784	826	-42	1 152	1 217	-65	Jun 5
Fujairah	665	640	+25	1 210	789	+421	1 530	1 280	+250	Jun 5
Houston	657	691	-34	772	803	-31	1 142	1 171	-29	Jun 5

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Latest News
- 2026-06-05
  LPG outpaces LNG in May vessel orders - DNV
  LPG dominated the May orderbook with 26 newbuild orders, compared to just eight orders for LNG-capable vessels, according to DNV senior consultant Kristian Hammer. LPG-capable orders in DNV's AFI database increased by 12 vessels on the month to 26... Read more LPG dominated the May orderbook with 26 newbuild orders, compared to just eight orders for LNG-capable vessels, according to DNV senior consultant Kristian Hammer.
  
  LPG-capable orders in DNV's AFI database increased by 12 vessels on the month to 26 in May. The LPG-capable fleet currently comprises 168 vessels in operation and 146 on order for delivery through 2030.
  
  LNG-capable orders fell from 20 in April to just eight in May. The LNG-capable fleet stands at 936 vessels in operation, with a further 688 on order for delivery through 2033.
  
  The AFI platform also recorded its first ethanol-capable vessel orders in May, with two bulk carriers added to the tally, Hammer said.
  
  No methanol-capable propulsion orders were recorded during the month. But separate ethanol trials by Maersk (100% ethanol) and X-Press Feeders (10% ethanol blended with 90% methanol) suggest some methanol-capable vessels could potentially operate on ethanol in the future.
  
  No ammonia-capable vessel orders were recorded in May, while the operational fleet remained unchanged at three vessels.
  
  However, the ammonia-capable orderbook increased by one vessel to 47.
  
  Finnish engine maker Wärtsilä has started the ammonia retrofit of an LNG-capable offshore platform supply vessel chartered by Equinor, with delivery expected later this year. The project could account for the for the additional orderbook entry, although DNV has not confirmed this. Source: ENGIИE
- 2026-06-05
  The Week in Alt Fuels: The retrofit paradox
  Some alternative-fuel retrofit projects are moving ahead. But regulatory uncertainty is keeping broader investment subdued. German shipping firm Hapag-Lloyd has taken delivery of its first methanol-retrofitted container ship. The 10,000-TEU Seaspan... Read more Some alternative-fuel retrofit projects are moving ahead. But regulatory uncertainty is keeping broader investment subdued.
  
  German shipping firm Hapag-Lloyd has taken delivery of its first methanol-retrofitted container ship.
  
  The 10,000-TEU Seaspan Yangtze, owned by Seaspan and chartered to Hapag-Lloyd, has been converted from conventional fuel to dual-fuel methanol propulsion. This is the first of five planned retrofits in Hapag-Lloyd’s dual-fuel methanol programme.
  
  A.P. Moller-Maersk converted its 15,000-TEU vessel, Maersk Halifax, to dual-fuel methanol propulsion.
  
  In Norway, offshore vessel Viking Energy has entered dry dock for conversion from LNG to ammonia dual-fuel propulsion and is expected to return to service later this year.
  
  DNV’s alternative fuel database shows that two out of three ammonia-capable vessels currently in operation are retrofitted to run on the fuel.
  
  Despite a handful of high-profile projects, overall investment in vessel conversions remains subdued, engine-maker Everllence said.
  
  "The retrofit market is currently in the doldrums with shipowners backing off investment until clarity arrives regarding IMO rules," said Klaus Rasmussen, project sales director at Everllence.
  
  Even if every vessel delivered after 2030 runs on zero- or near-zero-emission fuels, around 50 GW of existing two-stroke engine capacity will still need to be converted over the next two decades to meet the IMO's net-zero target by 2050. That is equivalent to roughly 2,000 large vessels, Everllence estimated.
  
  Around 5,300 vessels are suitable for dual-fuel conversion. But many owners are choosing energy-efficiency upgrades over alternative-fuel conversions while they wait for greater certainty around future IMO regulation, Rasmussen said.
  
  Hesitation also stems from uncertainty over returns. Shipowners need confidence that retrofit costs can be recovered through operational savings or improved charter rates before making investment decisions, Hyoung-Seog Kim, head of commercial ship engineering and technology at Hanwha Ocean, told DNV.
  
  Technical challenges can also emerge once vessels enter the yard, particularly when actual vessel structures differ from historical drawings, Kim added.
  
  Not every vessel is a suitable candidate.
  
  "Retrofits on younger ships often make good sense, but options become limited on older vessels where significant capital investment won't pay back over the vessel's operational lifespan," said Charles Haskell, then director of maritime decarbonisation at Lloyd's Register, in a 2023 report.
  
  “Meanwhile, some new technologies cannot be installed on existing ships and the cost of a retrofit could actually work out to be more expensive,” Haskell added.
  
  Large vessels in the container, pure car and truck carrier (PCTC) and tanker segments are among the strongest candidates, many of which are less than ten years old and valued at over $50 million.
  
  Everllence estimates average retrofit costs at around $12 million. Conversions are generally considered commercially viable when costs remain below 25% of newbuild cost.
  
  Converting to methanol dual-fuel propulsion typically costs 10-16% of a standard newbuild value. Ammonia conversions cost 19-24%, according to a 2022 study by the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping.
  
  Methanol conversions are generally less expensive because fuel tanks can be installed during construction and used for conventional fuels before conversion. Ammonia systems require additional specialised equipment and more costly tank arrangements, the same study found.
  
  It also found that converting LNG-fuelled vessels to ammonia may be less complex than converting conventional fuel oil-powered ships, as many gas-handling systems are already in place.
  
  That finding is now being tested through the Viking Energy project.
  
  For proponents, retrofits offer a way to preserve existing assets while preparing for future fuel pathways.
  
  "While newbuilds will always attract the headlines, the reality is that the path to net zero runs through the ships already in service," said René Baart, head of retrofit solutions at WinGD. "Retrofits give shipowners the flexibility to reduce emissions, improve efficiency and extend the value of their assets today, not years from now."
  
  Some shipowners may find that modifying existing vessels is less risky than ordering newbuilds while regulations and fuel choices are still unclear.
  
  However, Everllence's Rasmussen warned that a wait-and-see approach could lead to "costly capacity bottlenecks", with the industry potentially facing a scramble for shipyard slots, engineering capacity and equipment supplies if IMO’s regulatory certainty eventually emerges.
  
  In other news this week, the number of large commercial vessels equipped with wind-assisted propulsion systems has surpassed 100 as of June, the International Windship Association (IWSA) reported. The technology has been installed on 37 tankers, 24 bulk carriers, 24 RoRo passenger vessels and 19 cargo ships.
  
  Singapore-based LPG shipping firm BW LPG has placed an order for eight LPG dual-fuel very large gas carriers (VLGCs) at South Korean shipbuilder Hyundai Heavy Industries. Each 90,000-cbm vessel will be capable of operating on both LPG and conventional marine fuels. The ships will be able to transport LPG cargoes and are designed with the option to be upgraded for ammonia carriage, according to BW LPG’s first-quarter 2026 financial results.
  
  Singapore-based Global Centre for Maritime Decarbonisation (GCMD) tested 100% biofuel (B100) derived from two different feedstocks on a BHP-chartered bulk carrier. The BHP-chartered bulk carrier Berge Lyngor was bunkered in Singapore with a B100 biofuel comprising 50% tallow-derived biofuel blended with 50% used cooking oil methyl ester (UCOME)-based biofuel. The tallow-derived component was supplied by HAMR Energy and UCOME component was supplied by Mitsui & Co Energy Trading Singapore. Source: ENGIИE
- 2026-06-05
  Mercuria to acquire Raizen’s Argentina fuel assets in US$1.4-billion deal
  Mercuria to acquire Raizen’s Argentina fuel assets in US$1.4-billion deal Global trading house Mercuria Energy Group Ltd has reached a deal to acquire one of Argentina’s biggest refineries and a network of hundreds of petrol stations from Brazil’s struggling... Read more Mercuria to acquire Raizen’s Argentina fuel assets in US$1.4-billion deal
  Global trading house Mercuria Energy Group Ltd has reached a deal to acquire one of Argentina’s biggest refineries and a network of hundreds of petrol stations from Brazil’s struggling Raizen SA. Source: Revert
- 2026-06-05
  New CEO for Port of Antwerp-Bruges
  Rob Smeets has been appointed as CEO of the Antwerp-Bruges Port Authority. Smeets, who has been appointed for a six-year term, succeeds Jacques Vandermeiren, who, as previously reported by ship.energy, announced in April that he would be stepping down... Read more
- 2026-06-05
  Malik Supply appoints Bunker Trader
  Yeva Wood has joined Malik Supply A/S as a Bunker Trader. Wood, who will work out of the group’s Fredericia office, has more than 10 years’ experience in the bunker industry. According to her LinkedIn page, she has held positions at Force Bunker,... Read more
- 2026-06-05
  Belgian maritime pilots staging 24-hour strike
  The Port of Antwerp-Bruges has reported that a 24-hour strike by ACOD maritime pilots that began at 08:00 today may impact vessel scheduling and operational services in Belgium. In an update posted this morning, the Port Authority said that: ‘In the... Read more
- 2026-06-05
  New consortium to advance Brazil-Belgium e-fuel green corridor
  A new consortium comprising a range of industry stakeholders has been set up to establish a green shipping corridor between the Port of Açu in Brazil and the Port of Antwerp-Bruges in Belgium. Facilitated by the Global Maritime Forum and RMI, the consortium... Read more
- 2026-06-05
  Oil little changed on uncertainty over US-Iran peace deal
  Oil prices were little changed on Friday following sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon. Brent crude futures... Read more Oil prices were little changed on Friday following sharp declines in the previous session, with prospects dimming for a near-term end to the U.S.-Israeli war with Iran after the Hezbollah militia rejected a new ceasefire in Lebanon.
  Brent crude futures fell 21 cents, or 0.22%, to $95.24 a barrel by 0003 GMT after settling down 2.84% in the previous session.
  U.S. West Texas Intermediate crude was at $92.94 a barrel, down 10 cents, or 0.11%, following a 3.1% loss on Thursday.
  Both contracts are set to post their first weekly gain in three weeks, with WTI up more than 6%, after fighting flared up in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited.
  Analysts have flagged concerns of falling oil inventories globally that could cause a price spike in the third quarter.
  Hezbollah leader Naim Qassem rejected on Thursday a U.S.-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington.
  U.S. President Donald Trump said on Thursday he believed progress was being made between Israel and Lebanon and that Lebanon deserved to have peace.
  "Any optimism remains heavily clouded by a tangled web of headlines and counter-headlines," IG market analyst Tony Sycamore said in a note.
  
  "From a technical perspective, as long as (WTI) crude oil remains above trendline support in the low $80s, the risks remain skewed to the upside."
  OPEC is sticking to its oil demand growth forecast of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and closure of the Strait of Hormuz.
  Iranian oil exports have fallen to their lowest level in six years mainly due to the U.S. naval blockade, according to shipping data, although weak demand in China has depressed prices for the oil.
  Source: Reuters/Investing.com
- 2026-06-05
  Brazil, Guyana, Venezuela Fuel South America’s Oil Export Boom
  South America has raised its oil exports more than the U.S. has done so far this year as key producers in the region boosted production and shipments to a world scrambling for crude that’s not dependent on the Strait of Hormuz. Over the past five years,... Read more South America has raised its oil exports more than the U.S. has done so far this year as key producers in the region boosted production and shipments to a world scrambling for crude that’s not dependent on the Strait of Hormuz.
  
  Over the past five years, South America’s biggest producer and exporter, Brazil, has started production at several new offshore platforms in the Santos pre-salt fields. Guyana has continuously increased overseas shipments as the Exxon-led consortium starts up developments at fields in the offshore Stabroek block, where more than 11 billion barrels of oil equivalent have been found over the past decade.
  
  Colombia, Ecuador, and Peru have seen their crude output decline. Venezuela, however, is raising its output after more than six years of crumbling production and exports between the U.S. sanctions on the Venezuelan industry in 2019 and the U.S. capture of Nicolas Maduro early this year.
  
  In the past two months, Venezuela has boosted its oil exports to a seven-year high and is set to further ramp up shipments as U.S.-controlled sales, easing sanctions, and returning international firms lifted Venezuela’s oil production.
  
  The rise of supply from South America couldn’t have come at a better time for these producers—buyers are scrambling for supply that doesn’t need passage through the Strait of Hormuz after the Middle East war crippled exports from the world’s most important exporting region.
  Related: U.S. Oil Shocks Don't Hit Like They Used To, Fed Study Finds
  
  The combination of rising production in Brazil, Guyana, and Venezuela, and the high global demand for non-Middle Eastern barrels has made South America the biggest contributor of additional oil supply this year.
  
  South America’s oil exports jumped by a total of 155 million barrels between January and May from a year earlier, higher than the additional 112 million barrels the United States shipped during this period, according to data by intelligence firm Kpler cited by Reuters columnist Gavin Maguire.
  
  The U.S. remained the nation with the biggest jump in oil exports, which have hit record highs in recent weeks. But collectively, South America topped North America as the biggest contributor to the rise in global oil supply.
  
  Not that this increase would offset much of the massive loss of exports from the Middle East, where about 675 million barrels of oil never made it to buyers so far this year. Combined with the huge production shut-ins in the Middle East, the world has already lost more than 1 billion barrels of oil supply since the beginning of the Iran war, according to Kpler’s estimates.
  
  Brazil’s Steady Rise
  
  Brazil’s oil exports have surged since 2021 and have increased further since March, with shipments to China doubling amid supply losses from the Middle East.
  
  Brazil’s share of total Chinese crude imports jumped from around 10% in January to about 18% in April, even as China’s overall import demand weakened, data showed earlier this year. The 1.43 million barrels per day of Brazilian crude that Chinese refiners received in April was the highest monthly reading on record, surpassing the previous record set in February.
  
  Exports in May slowed as state oil giant Petrobras looks to boost local refining volumes to ensure sufficient domestic fuel supplies, but the trend is toward higher exports throughout the year, especially if the Middle East disruption drags on.
  
  Guyana’s Miracle
  
  Elsewhere in South America, Guyana has become one of the fastest-growing oil exporters and an oil-producing powerhouse with nearly 1 million barrels per day of production capacity in just seven years.
  
  Now Guyana is poised to materially increase its oil revenues and its position on the global oil map as the war in Iran has hiked oil prices and has buyers scrambling for crude from outside the Middle East.
  
  After starting up its fourth project, Yellowtail, last year, the Exxon-led consortium operating Guyana’s Stabroek block hit 900,000 barrels per day (bpd) of oil production.
  
  Production capacity from eight developments is expected to reach 1.7 million bpd by 2030.
  
  Guyana is set to reap huge benefits from the current turmoil in international energy markets—and some of the benefits could be even more important than money.
  
  The closure of the Strait of Hormuz led buyers to view non-Middle Eastern crude as a more reliable energy source. Countries with open access to the Atlantic, such as Guyana and Brazil, are not forced to scramble for solutions if a chokepoint is closed, blockaded, or subjected to missile attacks.
  
  Venezuela’s Return
  
  Last but not least, Venezuela is back on international markets with its oil sales under U.S. control and being marketed by top commodity trading houses Vitol and Trafigura. Venezuela’s oil exports hit a fresh seven-year high in May as shipments to the United States and India surged.
  
  Venezuela has been steadily increasing its oil exports since the U.S. took control over its oil sales following the capture of Maduro early this year. The U.S. has eased sanctions on Venezuela’s oil industry and its state oil firm PDVSA, allowed Western firms to return to Venezuelan operations, and has encouraged American companies to sign production and export deals.
  
  “Venezuela’s crude output recovery is no longer speculative,” Kpler’s Naveen Das wrote in an analysis last week.
  
  Venezuelan output is aggressively recovering, targeting nearly 600,000 bpd growth on the year to 1.3 million bpd in 2026.
  
  The issuance of new operating licenses is set to further boost Venezuela’s output toward 1.5 million bpd by 2027, according to Kpler. Source: Oilprice.com
- 2026-06-05
  Brazil Launches World-First Ethanol-Powered Grid Engine
  Brazil has launched the world's first ethanol-powered engine designed specifically to generate grid electricity, at the Suape II power plant in Pernambuco, developed with Finnish firm Wärtsilä. The pilot comes as the U.S. proposed a 25% tariff on Brazilian... Read more Brazil has launched the world's first ethanol-powered engine designed specifically to generate grid electricity, at the Suape II power plant in Pernambuco, developed with Finnish firm Wärtsilä.
  The pilot comes as the U.S. proposed a 25% tariff on Brazilian ethanol on June 1, citing unfair trade practices — adding geopolitical weight to Brazil's push for domestic ethanol applications.
  Brazil's ethanol sector is worth roughly $20 billion and already supplies mandatory blends of up to 100% for flex-fuel vehicles; if the grid engine proves viable, it could reshape how countries use biofuels to back up intermittent renewables.
  aerial view of a sugarcane farm with a tracktor
  Brazil is undertaking a major biofuels experiment that could be majorly disruptive for the global energy landscape if it proves effective. The South American country is filthy rich in biomass, and is seeking to use ethanol in novel applications – in this case, to power the energy grid. A new ethanol-powered engine designed specifically to provide electricity to the grid was just launched at the Suape II power plant in Pernambuco, in a world first.
  
  Brazilian energy company Suape Energia has partnered with Finnish technology firm Wärtsilä to develop the engine, a pilot model which will test whether or not the technology is viable in real-world conditions. The testing will be extensive, providing thousands of hours of data over the coming years that will tell the researchers a lot about the approach's performance, sustainability, and economic viability.
  
  The engine will run on ethanol sourced primarily from sugarcane grown in Brazil. Brazil is the top producer as well as the top consumer of sugarcane-derived ethanol in the world, and finding a way to convert it into usable and affordable electricity would be a major win for the nation's energy autonomy and security. Typically, this ethanol is used to power vehicles. Using it in grid applications is a novel and potentially majorly disruptive approach.
  
  “Brazil is a world leader in ethanol production, but its potential use in electricity generation has up to now been overlooked,” said José Faustino Cândido, the technical director of Suape Energia.
  
  This innovation comes at a time of broad experimentation with ethanol in Brazilian markets. “A new wave of biofuel innovation is sweeping the nation,” Reuters reported this week.
  
  Brazil's ethanol sector is huge, representing around USD $20 billion. It's the second largest ethanol industry in the world, behind the United States. The country has been a longtime champion of “flex-fuel” cars able to run on a mandatory blend of at least 30 percent ethanol, and up to 100 percent ethanol. This policy has helped to shield Brazilian consumers from the current oil and gas prices that are causing so much pain at petrol pumps around the world.
  
  While Brazil is “uniquely positioned” to test out this technology thanks to its robust ethanol supply chains and infrastructure, the ramifications of this test extend far beyond the Brazilian context. According to a recent report from Interesting Engineering, “the project's developers hope to show that ethanol can provide a source of dispatchable power, electricity that can be generated on demand, at a time when many countries are seeking ways to complement intermittent renewable energy sources such as wind and solar.”
  
  This new domestic use for ethanol also comes at a politically fortuitous time for Brazil, as the United States proposed a 25 percent tariff on Brazilian ethanol just this week. On June 1, the Office of the U.S. Trade Representative released a report finding that “Brazil's acts, policies and practices with respect to ethanol market access are unreasonable and burden or restrict U.S. commerce.” In other words, the federal government conducted an investigation into Brazil's ethanol trade policies and determined that they have unfairly disadvantaged the United States and other trading partners by unduly restricting the market.
  
  But while Brazil is leaning more heavily than ever into biofuels, the United States is in turmoil over how to regulate ethanol on its own soil. The Republican party is sharply divided over biofuels quotas of the kind that have benefitted Brazil during this latest oil price shock. Last month the House narrowly passed a bill to codify year-round sales of E15 ethanol fuel with a 15 percent ethanol blend in a major win for the corn lobby and for agricultural states. The bill will now have to go through the Senate, where its future is uncertain. Source: Oilprice.com

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