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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 215.00
-206.00
1 270.00
-30.00
Mar 25
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 215.00	-206.00	1 270.00	-30.00	Mar 25

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
764.99	-15.97	915.48	-18.76	1 557.69	-23.89	Mar 26

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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	670	655	+15	720	727	-7	1 270	1 203	+67	Mar 26
Singapore	700	676	+24	850	803	+47	1 690	1 196	+494	Mar 26
Fujairah	700	623	+77	860	778	+82	1 590	1 259	+331	Mar 26
Houston	640	576	+64	778	671	+107	1 202	1 179	+23	Mar 26

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Latest News
- 2026-03-26
  Acta Marine takes delivery of second methanol dual-fuel CSOV
  A CSOV is a purpose-built offshore vessel designed to support the installation, maintenance, and operation of offshore energy infrastructure, particularly wind farms. Named Acta Hercules, the vessel is equipped with a methanol dual-fuel main engine,... Read more A CSOV is a purpose-built offshore vessel designed to support the installation, maintenance, and operation of offshore energy infrastructure, particularly wind farms.
  
  Named Acta Hercules, the vessel is equipped with a methanol dual-fuel main engine, allowing it to operate on both methanol and conventional marine fuels.
  
  The vessel will commence a five-year charter with Danish wind turbine company Vestas, supporting offshore wind projects across Northwest Europe. Its first assignment will be at the Hollandse Kust West project in the Netherlands, with operational management handled by Acta Marine France.
  
  Following the delivery of Acta Pegasus and the entry of Acta Hercules into service, the remaining vessels, Acta Gemini and Acta Aquarius, are scheduled for delivery later in 2026. Source: Engine
- 2026-03-26
  E-methane specialist TES joins SEA-LNG
  Tree Energy Solutions (TES), a developer of large-scale e-methane projects, has joined the SEA-LNG coalition. In a statement sent to ship.energy today (26 March), SEA-LNG said that TES has set itself a target of producing one million tonnes of e-methane... Read more
- 2026-03-26
  MPA: Singapore has ‘adequate’ marine fuel supply to meet industry demand
  As conflict in the Middle East continues to cause disruption to shipping routes and energy flows, the Chief Executive of the Maritime and Port Authority of Singapore (MPA), Ang Wee Keong, has said the world’s largest bunker port has enough marine fuel... Read more
- 2026-03-26
  Oil prices tick higher as Iran reviews US proposal to end war
  Oil prices edged higher in Asian trade on Thursday amid conflicting remarks around de-escalation in the Middle East, while Iran reviewed a U.S. proposal to end the war. As of 20:31 ET (00:31 GMT), Brent Oil Futures expiring in May rose 0.8% to $103.02... Read more Oil prices edged higher in Asian trade on Thursday amid conflicting remarks around de-escalation in the Middle East, while Iran reviewed a U.S. proposal to end the war.
  
  As of 20:31 ET (00:31 GMT), Brent Oil Futures expiring in May rose 0.8% to $103.02 per barrel, while Crude Oil WTI Futures gained 1% to $91.20 per barrel.
  
  Both contracts slipped more than 2% in the previous session.
  
  Markets weighed tentative diplomatic signals from Tehran, where officials are reportedly reviewing a U.S.-backed proposal aimed at halting hostilities.
  
  While Iran has not formally accepted the plan, it has stopped short of outright rejection, raising cautious hopes of a potential path toward de-escalation.
  
  Still, uncertainty remains elevated, with Iran publicly denying direct negotiations with Washington and indicating that key differences persist. The lack of clarity has kept traders on edge, with oil markets subdued on Thursday.
  
  Prices have been highly volatile in recent weeks as the conflict disrupted energy flows from the Gulf, a region critical to global crude supply. Brent crude had surged above $119 a barrel earlier this month on fears of supply outages.
  
  The Strait of Hormuz, a vital transit route for roughly a fifth of global oil shipments, remains a focal point for markets, with any threat to shipping through the waterway likely to trigger further price spikes.
  
  On Wednesday, oil prices fell after reports of potential negotiations reduced some of the geopolitical risk premium that had built into crude markets.
  
  Investors are also closely watching signals from Washington, where officials have warned of stronger measures if Iran does not engage constructively, adding another layer of uncertainty to the outlook.
  
  Source: Reuters/Investing.com
- 2026-03-26
  U.S. Waivers Spur Russian Oil Sales But Interest in Iran’s Crude Remains Low
  The U.S. waivers on the purchase of Russian and Iranian crude on tankers have been a mixed bag of success in boosting oil supply in Asia. While refiners, especially in India, are snapping up Russian cargoes, state-controlled Indian and Chinese firms are... Read more The U.S. waivers on the purchase of Russian and Iranian crude on tankers have been a mixed bag of success in boosting oil supply in Asia. While refiners, especially in India, are snapping up Russian cargoes, state-controlled Indian and Chinese firms are reluctant to wade into trade with Iranian barrels.
  
  Uncertainties about shipping, insurance, payments, and currencies in buying Iranian oil have deterred refiners from looking to buy Tehran’s crude, which the U.S. ‘unsanctioned’ last Friday in an attempt to bring down oil prices.
  
  A week earlier, the U.S. Administration had allowed Russian crude already loaded on tankers to be sold without sanctions.
  
  As a result, Russian barrels in floating storage have begun to clear. The volume of crude from Russia held in tankers east of Suez has diminished to about 13 million barrels on 18 tankers, per vessel-tracking data compiled by Bloomberg. That’s down from 19 million barrels on 25 ships before the U.S. waiver on Russian oil purchases was broadened almost two weeks ago to include not only India but all buyers.
  
  Indian refiners have reportedly struck deals for the purchase of some 60 million barrels of Russian crude oil to be delivered in April. The cargoes were snapped at premiums of between $5 and $15 per barrel, according to Bloomberg sources, suggesting the thirst for Russian oil in the world’s third-largest importer remains strong despite the swing from heavy discounts to a premium to the global benchmark.
  
  The situation with Iranian crude, however, is starkly different.
  
  Indian refiners have not shown willingness to purchase Iranian crude as concerns about the payment, currency, and shipping currently outweigh their willingness to entangle themselves into a trade that could become illegitimate again in just a few weeks.
  
  India’s hesitancy about buying Iranian crude is not too different from the one shown among some of China’s top state refiners. For example, Sinopec, Asia’s biggest refiner by capacity, is weighing the potential risks of Iranian oil trade and “basically won't buy” Iranian crude, the company’s president Zhao Dong said on Monday.
  
  Analysts and sanctions experts note that the license to buy Iranian crude loaded on vessels is unlikely to attract a different slate of customers than the typical Chinese teapot customer, due to the other Iran-related sanctions still in place and the uncertainty how low this waiver – currently until April 19 – would last. Source: Oilprice.com
- 2026-03-26
  Japan Urges IEA to Prepare for Second Emergency Oil Release
  Japan’s Prime Minister Sanae Takaichi on Wednesday asked the head of the International Energy Agency (IEA) to be ready for an additional release of oil stocks from reserves if it is necessary. The IEA two weeks ago launched the biggest coordinated... Read more Japan’s Prime Minister Sanae Takaichi on Wednesday asked the head of the International Energy Agency (IEA) to be ready for an additional release of oil stocks from reserves if it is necessary.
  
  The IEA two weeks ago launched the biggest coordinated emergency stocks release, of over 400 million barrels, since it was created in the 1970s.
  
  As part of this release, the U.S. has moved to release 172.2 million barrels from the U.S. Strategic Petroleum Reserve (SPR), and Japan early this week began preparations to start releasing crude oil from stockpiles held jointly by the country and oil producers as well as national stocks. Japan will be releasing a total of 80 million barrels of oil stocks, including 54 million barrels of crude and 26 million barrels of oil products as part of the IEA’s 400-million-barrel release.
  
  Japan is particularly vulnerable to the worst supply disruption in the history of oil markets as 95% of its oil imports typically come from the Middle East, and via the Strait of Hormuz.
  
  At a meeting on Wednesday with the IEA’s Executive Director Fatih Birol, Japan’s PM Takaichi asked the agency to make preparations for an additional release if needed.
  
  “In preparation for the possibility that the situation becomes prolonged, I asked that preparations be made for an additional coordinated release,” Takaichi wrote in a social media post carried by Reuters.
  
  Birol responded to Japan’s statements, “If the situation requires more support from the IEA, we are there.”
  
  "We still have a significant amount of stocks. If necessary, we are ready to move forward — but I very much hope that it will not be necessary,” the agency’s executive director added.
  
  Earlier this week, Birol signaled the IEA could release additional volumes of crude from storage should the need arise.
  
  Birol has described the current oil supply crisis as worse than the Arab oil embargo from the 1970s and the effects of the war in Ukraine put together. He also admitted that “A stock release will help to comfort the markets, but this is not the solution. It will only help to reduce the pain in the economy.” Source: Oilprice.com
- 2026-03-26
  Valero Prepares to Restart Massive Texas Refinery After Explosion
  Valero Energy is set to restart later this week its major oil refinery in Port Arthur, Texas, after an explosion and a fire forced a shutdown earlier this week, sources with knowledge of the refinery’s operations told Reuters on Wednesday. Valero... Read more Valero Energy is set to restart later this week its major oil refinery in Port Arthur, Texas, after an explosion and a fire forced a shutdown earlier this week, sources with knowledge of the refinery’s operations told Reuters on Wednesday.
  
  Valero on Tuesday shut down its Port Arthur refinery after an explosion late on Monday set a diesel processing unit on fire.
  
  The refinery capable of processing 380,000 barrels per day (bpd) of crude is one of the largest in the United States and the U.S. Gulf Coast.
  
  The refinery’s diesel hydrotreater, where the explosion occurred, has a capacity of 47,000 barrels per day.
  
  All personnel were accounted for after the explosion early this week, with no injuries reported. However, authorities issued a shelter-in-place order immediately following the blast, which was felt as far as 11 miles from the refinery on the Texas border with Louisiana.
  
  The shutdown at the major refinery will tighten the diesel market in the United States at a time when diesel – and gasoline – prices are soaring in lockstep with the surge in crude oil prices.
  
  Refining margins are also soaring globally due to the supply shock in the Middle East.
  
  The U.S. national average price of a gallon of regular gasoline was $3.983 as of early Wednesday, per AAA data. This price compares to $2.975 per gallon a month ago, just before the start of the war in the Middle East, and to $3.139 a gallon a year ago.
  
  The price of diesel has climbed even faster and a gallon costs an average of $5.366 nationwide, according to AAA data, up from $3.749/gal a month ago and $3.749/gal a year ago.
  
  The average price of diesel in the U.S. has reached $5.35/gal and is less than 50 cents from setting a new all-time record high, which was at $5.83/gal on June 1, 2022, Patrick De Haan, head of Petroleum Analysis at GasBuddy, said on Tuesday. Source: Oilprice.com
- 2026-03-26
  China's Top Shipper Resumes Middle East Trips Amid Iran Ceasefire Talks
  COSCO Shipping Lines, China's largest shipping company, has officially resumed new booking services for container shipments from the Far East to several key Middle Eastern destinations, with the United States and Iran currently engaged in ceasefire talks,... Read more COSCO Shipping Lines, China's largest shipping company, has officially resumed new booking services for container shipments from the Far East to several key Middle Eastern destinations, with the United States and Iran currently engaged in ceasefire talks, despite statements by Tehran that the U.S. military is "negotiating with itself”.
  
  COSCO has reinstated bookings for standard general cargo containers to Saudi Arabia, United Arab Emirates, Bahrain, Qatar, Kuwait and Iraq after declaring to the International Maritime Organization (IMO) that "non-hostile vessels" from countries not participating in or supporting aggression against Iran would be granted safe passage through the Strait of Hormuz. All six nations listed in COSCO's notice have previously faced Iranian missiles and drone strikes targeted at energy infrastructure and critical facilities.
  
  Three weeks ago, COSCO halted all new bookings and instructed vessels already in the Gulf to seek "safe waters" after Iran effectively closed the Strait of Hormuz to most traffic. The company’s move reflects growing confidence in ongoing ceasefire talks and a 15-point peace plan reportedly sent to Tehran by the U.S. administration. However, COSCO has cautioned that all booking arrangements and actual carriage remain subject to change without notice due to the highly volatile regional situation.
  
  Previously, reports emerged that Iran has begun imposing a $2 million "transit fee" on select oil tankers and commercial vessels passing through the Strait of Hormuz, essentially turning the strategic waterway into a private, pay-to-pass toll zone. The ad hoc charge is distinct from official Suez Canal fees. Iranian officials justify the fees as a "cost of war" or a security tax, essentially operating a protection racket for passage. The move has led to increased war-risk insurance premiums, with a Very Large Crude Carrier (VLCC) potentially paying an additional $3.6 to $6 million in insurance on top of the $2 million transit toll, causing global energy costs to surge dramatically.
  
  It’s not clear whether the current truce will last. The United States is currently conducting a significant military buildup in the Middle East, even as President Donald Trump publicly claims that peace negotiations with Iran are underway. The U.S. has sent around 8,000 military personnel to the Middle East, with total U.S. troop levels in the Central Command area expected to reach approximately 50,000 once these units arrive. Source: Oilprice.com
- 2026-03-26
  Middle East War Could Push West Canada’s LNG Projects Forward
  The war in the Middle East and the halt of about 20% of global LNG trade flows are strengthening the case for increased LNG exports out of Western Canada. The political stability and the proximity to Asian markets make Canada’s Pacific Coast the perfect... Read more The war in the Middle East and the halt of about 20% of global LNG trade flows are strengthening the case for increased LNG exports out of Western Canada.
  
  The political stability and the proximity to Asian markets make Canada’s Pacific Coast the perfect source of additional LNG supply to ease the strain on gas markets, which suddenly flipped from an expected glut for the rest of the decade to a major supply shortage that would take years to overcome.
  
  Canada would have been ideally positioned to fill in the gap. If only it had more than one LNG export plant, which, by the way, started commercial operations less than a year ago.
  
  Other LNG export projects, as well as an expansion of LNG Canada, the only operational facility, have been proposed in recent years.
  
  As the war slashes global LNG supply, developers of Western Canadian projects feel more confident in reaching final investment decisions soon.
  
  Yet, Canadian supply cannot help ease the current supply disruption. It would only add LNG volumes on the market at the end of this decade or even later.
  
  So Canada has the chance to approve more LNG projects now, but will not materially help with additional LNG supply in the near term, when the market needs it the most.
  
  Qatar’s state firm QatarEnergy last week said it expects the damage from Iranian missile strikes at the Ras Laffan LNG complex, the world’s single largest LNG-producing facility, to cost it about $20 billion per year in lost revenue and to take up to five years to repair.
  
  The damage has removed a large part of the global LNG supply for months, if not years, while the de facto closure of the Strait of Hormuz has curtailed all Middle Eastern LNG exports transiting the chokepoint, including from Qatar and the United Arab Emirates (UAE).
  
  North Asian buyers such as South Korea, Taiwan, and Singapore are the most vulnerable to the Qatari LNG outage, according to estimates by Vortexa.
  
  Asian LNG importers are now scrambling for spot LNG supply.
  
  Many will be pushed to seek and contract LNG supply from producers outside the Middle East, such as the U.S. and Canada, if a prolonged war continues to choke supply from the Gulf region, a senior executive at Japan’s biggest LNG buyer, Jera, told Reuters last week.
  
  LNG Canada has been boosting its exports to Asia in recent months, even before the war erupted and trapped 20% of global supply in the Middle East.
  
  South Korea has been the primary destination for Canadian LNG to date, RBC Capital Markets said in a note earlier this week.
  
  Canadian oil and gas are expanding their export base, but remain U.S. centric, the RBC analysts wrote, but noted that “Over the long term, Canada could likely serve a more meaningful role in de-risking Asian supply.”
  
  Canada has several LNG projects in the works, but none of them has reach FID yet. The war in the Middle East and the Asian market’s need for security of supply could fast-track investment decisions.
  
  It remains to be seen if Canada’s federal and provincial governments will move to seize the opportunity by accelerating permitting processes.
  
  LNG Canada Phase 2 is actually the first on the list of five major projects of national importance, which Canadian Prime Minister Mark Carney proposed last autumn to diversify Canada’s energy exports from the United States and make it an energy superpower.
  
  The Middle East war makes the LNG Canada expansion more likely, TC Energy chief executive François Poirier said at CERAWeek in Houston earlier this week, although he noted he wasn’t privy to the thinking of Shell and the other shareholders in the project.
  
  “Canada should aspire to being the largest exporter of LNG to Asia,” Poirier said.
  
  There is sufficient demand for Canadian LNG to underpin the LNG Canada expansion as well as the investment and construction of Ksi Lisims LNG, a proposed floating LNG export facility on a site owned by the Nisga’a Nation in British Columbia, the executive said.
  
  “There is a need for them to partner with somebody, and my view is that the odds of that project getting permitted are getting better by the day, given the overall tone in the marketplace,” Poirier told the Financial Post last week, referring to the Ksi Lisims LNG project. Source: Oilprice.com
- 2026-03-26
  Australia’s Fuels Dependence Turns Into a Crisis
  Australia’s long-standing model of exporting crude and importing refined fuels is breaking down amidst supply disruptions. Around 80–90% of its fuel demand (around 850,000 b/d) is import-dependent, leaving the system highly exposed to Asian export... Read more Australia’s long-standing model of exporting crude and importing refined fuels is breaking down amidst supply disruptions.
  
  Around 80–90% of its fuel demand (around 850,000 b/d) is import-dependent, leaving the system highly exposed to Asian export restrictions.
  
  With product stocks at ~30 days and domestic refining barely covering 20% of demand, import disruptions are rapidly translating into a real availability crisis.
  
  Australia has long been synonymous with resource abundance — a country rich in minerals, energy, and hydrocarbons, including its own crude oil production. Yet today, it finds itself in the paradoxical position of scrambling for fuel, as disruptions to imports expose just how dependent the nation has become on refined products from abroad.
  
  Australia continues to produce oil domestically, with crude output around 320,000 b/d, yet its downstream dependency is overwhelming. In 2025, the country imported roughly 850,000 b/d of refined products against total demand of about 1.1 million b/d, leaving 80–90% of consumption reliant on external suppliers. Even before the current disruption, strategic fuel stocks stood at just 37 days — barely one-third of IEA requirements.
  
  The trigger for today’s unraveling crisis has been a combination of disrupted shipping through the Strait of Hormuz and export restrictions imposed by key Asian suppliers. China, Thailand, and South Korea – all major exporters to Australia – have introduced full or partial curbs on refined product exports. South Korea alone accounts for roughly a quarter of Australia’s imports, supplying around 220,000 b/d – about half of which is diesel (around 120,000 b/d), the most critical fuel in Australia’s demand structure and the segment with the deepest supply deficit.
  
  Jet fuel has largely been sourced from China, with February 2026 cargoes reaching around 190,000 b/d. Gasoline flows are mostly sourced from Singapore and South Korea, which together accounted for roughly two-thirds of Australia’s average 210,000 b/d gasoline imports in 2025.
  
  The impact has been immediate. On March 22, Australia’s Energy Minister confirmed that six tankers carrying refined products from Malaysia, Singapore, and South Korea had either been cancelled or deferred. Officials have repeatedly stressed that cargoes are still arriving nonetheless. In reality, however, theincoming volumes on water largely reflect shipments that departed before the disruption took hold – with the true extent of the shortage yet to demonstrate itself in the upcoming days.
  
  For the first time in decades, Australia has turned to the US as an emergency supplier. Around 240,000 tons of refined fuels have been secured – including roughly 120,000 tons of diesel, 70,000–80,000 tons of gasoline, and about 35,000 tons of jet fuel. The shipments consist of at least six vessels: three multi-product cargoes from ExxonMobil, two diesel shipments from BP, and one gasoline cargo from Vitol. Collectively, this marks the largest monthly inflow of US fuel to Australia since the 1990s.
  
  The logistics alone underline the severity of the disruption. Transit times from the US Gulf Coast to Australia stretch to 55–60 days, with freight costs around $20/bbl, compared with typical Asia-Pacific routes that stood at $5–6/bbl before the crisis. The price dynamics of regional products briefly blurred that disadvantage: on March 18, delivered gasoline and diesel from Singapore and Houston converged at roughly $161/bbl. As of March 25, Singapore cargoes look more attractive again — around $153/bbl versus $164/bbl from Houston. But pricing is no longer the decisive factor. The issue has shifted to physical availability. With unsold cargoes in Asia increasingly rare, the US – despite longer routes and more expensive freight – might become the only reliable way out of this imports’ deadlock for Canberra.
  
  Australia’s domestic refining system offers little relief. The country operates just two refineries – Lytton (110,000 b/d) and Geelong (120,000 b/d) – with combined capacity of 230,000 b/d, covering only around 20% of national demand. Both facilities are structurally constrained. They depend entirely on imported crude, as Australia’s domestic output (largely ultra-light, condensate-rich streams with API gravity above 55–60) is unsuitable for their configuration. The refineries themselves are aging assets, built in the 1950s and 1960s, designed for a different crude blend and market environment. Their output profile also mismatches domestic demand. Australian refineries are gasoline-heavy, producing around 100,000 b/d of gasoline and 80,000 b/d of diesel, while consumption is skewed toward diesel – the segment now under the greatest stress.
  
  The refining sector’s decline reflects years of structural pressure. Between 2012 and 2022, five refineries ceased operations, driven into the ground by weak margins, high operating costs, and competition from highly complex mega-refineries across Asia. To keep the remaining capacity alive, the government has extended financial support to both remaining plants. The Fuel Security Services Payment (FSSP) scheme (originally due to expire in 2027) has been extended to 2030, effectively subsidizing domestic refining. Maintenance schedules, including planned work at Lytton, have been deferred as authorities push facilities to sustain maximum throughput.
  
  In parallel, the government has activated emergency response measures. On March 13, it released 4.8 million barrels of gasoline and diesel from strategic reserves. Yet the country’s limited stockpile – structurally below IEA thresholds – constrains how long such interventions can be sustained. As of March 17, Australia held just 30 days of diesel and jet fuel, and 38 days of gasoline (as opposed to the IEA requirement of 90 days stock levels). All categories remain even below the national Minimum Stockholding Obligations — diesel by 18%, jet fuel by 28%, and gasoline by 78%.
  
  Authorities have moved to relax fuel specifications in an effort to widen supply options. Gasoline sulphur limits have been temporarily eased from 10 ppm to 50 ppm, while diesel flashpoint requirements have been reduced from 61.5°C to 60.5°C for a six-month period. These adjustments allow a broader range of imported fuels to enter the market and enable the two domestic refiners to sell previously non-compliant products locally.
  
  A potential resolution to Australia’s import struggles may lie with two key suppliers. First, South Korea. Korean authorities have introduced limits on refined product exports, capping them at 2025 monthly average levels. While this restricts any growth in supply, it does not fully exclude Australia from accessing Korean volumes - provided it remains competitive on pricing and bids up. Second, India. Prior to the EU’s January 2026 restrictions on imports of products refined from Russian crude, India exported approximately 160,000 b/d of diesel to Europe. With US sanctions on Russian barrels now lifted and Indian refiners increasing their purchases of Russian crude, these previously Europe-bound volumes are being redirected. In this context, Australia could emerge as a natural alternative destination for such flows.
  
  Refineries may be running at full capacity, but their limited scale – and production skewed toward gasoline rather than the more critical diesel – leaves a gap they cannot close. Imports are still arriving, but largely from cargoes that sailed before the disruption and the imposition of export restrictions across Asia. With fuel stocks already well below the IEA’s 90-day benchmark, the outlook is increasingly strained. If anything, the crisis has already delivered its key lesson: for a country as remote as Australia, domestic refining is no longer just a matter of economic efficiency – it is a question of national security.
  Source: Oilprice.com

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