Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
855.00
+10.00
635.00
+2.00
Mar 24
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	855.00	+10.00	635.00	+2.00	Mar 24

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
502.39	+2.13	582.73	+2.71	763.29	+2.73	Mar 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	457	452	+5	499	514	-15	635	644	-9	Mar 25
Singapore	473	463	+10	522	554	-32	653	677	-24	Mar 25
Fujairah	455	502	-47	511	560	-49	741	830	-89	Mar 25
Houston	437	467	-30	530	586	-56	670	694	-24	Mar 25

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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MABUX for Industry
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Latest News
- 2025-03-25
  GLOBAL: MAN ENERGY SOLUTIONS SUPPLYING DUAL-FUEL ENGINES FOR MORE KARPOWERSHIP FLOATING POWER PLANTS
  Karpowership, the builder, operator and owner of floating power-plant ships, has commissioned MAN Energy Solutions to deliver 24 of its 18V51/60DF dual-fuel engines for several newbuild barges. In a statement issued today (25 March), Alexander Stöckler... Read more
- 2025-03-25
  MIDDLE EAST: ATLANTIC COUNCIL CALLS FOR ‘PROACTIVE SECURITY’ TO PROTECT THE SUEZ CANAL AND CONNECTED WATERWAYS
  A new report from the Atlantic Council has warned that ‘the Suez Canal’s strategic vulnerability is an international concern’ – and urged that ‘proactive security and diplomatic measures’ must be ramped up to protect both the Canal itself and the waterways... Read more
- 2025-03-25
  EUROPE: NORTH SEA PORT OPENS NEW SHORE POWER-EQUIPPED PIER FOR RIVER CRUISES IN GHENT
  River cruises bound for Ghent must now dock at a new pier, which is also equipped with shore power, North Sea Port has announced. Located at the head of the Grootdok, the new pier was inaugurated by North Sea Port on Thursday, (20 March). The new... Read more
- 2025-03-25
  EUROPE: EUROPEAN COMMISSION ADOPTS NEW REPORT ON EU ETS EXTENSION TO MARITIME
  The European Commission has adopted its first report on the implementation of the EU Emissions Trading System (ETS) extension to maritime transport. The report, which was adopted last Tuesday (18 March), provides an initial analysis of the impacts... Read more
- 2025-03-25
  GLOBAL: LR ROLLING OUT NEWLY STRUCTURED ADVISORY SERVICE
  Lloyd’s Register (LR) has described the consolidation of its Technical Advisory and Business Advisory divisions into a single LR Advisory team as a ‘pivotal shift’, extending the organisation’s reach beyond traditional class clients to support alternative... Read more
- 2025-03-25
  Oil steady as investors weigh impact of Trump tariffs
  Oil prices were little changed on Tuesday as markets weighed the impact of newly announced U.S. tariffs on countries that buy Venezuelan oil and the uncertain outlook for global demand. Brent crude futures were up 1 cent at $73.01 a barrel by 0424 GMT.... Read more Oil prices were little changed on Tuesday as markets weighed the impact of newly announced U.S. tariffs on countries that buy Venezuelan oil and the uncertain outlook for global demand.
  Brent crude futures were up 1 cent at $73.01 a barrel by 0424 GMT. U.S. West Texas Intermediate crude dipped 1 cent to $69.10.
  Both benchmarks gained more than 1% on Monday after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela. Oil is Venezuela’s main export and China, which is already the subject of U.S. tariffs, is its largest buyer.
  "Investors fear Trump’s various tariffs could slow the economy and curb oil demand, but the prospect of tighter U.S. sanctions on Venezuelan and Iranian oil constraining supply, along with his swift policy shifts, make it difficult to take large positions," said Tsuyoshi Ueno, senior economist at NLI Research Institute.
  "We expect WTI to stay around $70 for the rest of the year, with potential seasonal gains as the U.S. and other countries enter the driving season," he added.
  Last week, the U.S. issued new sanctions intended to hit Iranian oil exports.
  However, crude eased back from its session highs after the Trump administration also on Monday extended a deadline to May 27 for U.S. producer Chevron (NYSE:CVX) to wind down operations in Venezuela.
  The withdrawal of Chevron’s licence to operate could reduce production in the country by about 200,000 barrels per day, ANZ analysts wrote in a note.
  
  Oil prices were also pressured by economic concerns amid mounting global trade tensions.
  Trump also said automobile tariffs are coming soon even as he indicated that not all of his threatened levies would be imposed on April 2 and some countries may get breaks, a move Wall Street took as a sign of flexibility on a matter that has roiled markets for weeks.
  Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction.
  Investors were also monitoring talks to end the war in Ukraine, which could increase supply of Russian crude to global markets.
  U.S. and Russian officials wrapped up day-long talks on Monday focused on a narrow proposal for a ceasefire at sea between Kyiv and Moscow, part of a diplomatic effort that Washington hopes will help pave the way for broader peace negotiations. Source: Reuters/Investing.com
- 2025-03-25
  India Set to Tap Vast Oil Reserves With Multi-Billion Dollar Investments
  Amid concerns over U.S. President Donald Trump’s hard-hitting tariff policy, diversified Indian financial services company Motilal Oswal has suggested that India could strengthen its domestic industries and ramp up local production. Trump has a history... Read more Amid concerns over U.S. President Donald Trump’s hard-hitting tariff policy, diversified Indian financial services company Motilal Oswal has suggested that India could strengthen its domestic industries and ramp up local production. Trump has a history of imposing heavy tariffs on India, including 25% on steel and 10% on aluminum imposed in 2018. The tariffs had an inimical effect on India’s trade with the U.S., with steel exports plunging 46% one year after the tariffs were announced.
  
  Meanwhile, India’s heavy reliance on oil imports leads to huge capital outflows and a weaker rupee. India imports 87% of its oil, mainly from Russia, Iraq, Saudi Arabia, the United Arab Emirates and the U.S. India spent $132.4 billion on crude oil imports in the 12 months up to mid-2024, a 16% Y/Y drop thanks to lower oil prices. Luckily, India is well endowed with substantial oil reserves. Last year, S&P Global Commodity Insights reported that four largely unexplored sedimentary basins in India could hold up to 22 billion barrels of oil. In effect, lesser-known Category-II and III basins namely Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan contain more oil than the Permian Basin which has already produced 14 billion of its 34 billion barrels of recoverable oil reserves.
  
  Rahul Chauhan, an upstream analyst at Commodity Insights, has emphasized the potential of India’s unexplored Oil & Gas sector, "ONGC and Oil India hold acreages in the Andaman waters under the Open Acreage Licensing Program (OALP) and have planned a few significant projects. However, India still awaits the entry of an international oil company with deepwater and ultra-deepwater exploration expertise to participate in current and upcoming OALP bidding rounds and explore these frontier regions," he has declared.
  
  Currently, only 10% of India’s 3.36 million sq km wide sedimentary basin is under exploration. However, Petroleum Minister Hardeep Singh Puri says that figure will jump to 16% in 2024 following the award of blocks under the Open Acreage Licensing Policy (OALP) rounds. So far, OALP has resulted in the award of 144 blocks covering about 244,007 sq km. Under OALP, India allows upstream exploration companies to carve out areas for oil and gas exploration and put in an expression of interest for any area throughout the year. The interests are accumulated thrice a year following which they are put on auction. According to Puri, India’s Exploration and Production (E&P) activities in the oil and gas sector offer investment opportunities worth $100 billion by 2030.
  
  India boasts significant discoveries in the Krishna-Godavari, Barmer, and Assam basins, but exploration in other areas has been slower to develop. Of India's 3.14 million square kilometers of sedimentary basins, 1.3 million sq km are in deep waters. India had its first foray into deepwater exploration in the Bay of Bengal in 2024 in the Krishna-Godavari Basin, courtesy of India's state run Oil and Natural Gas Corporation (ONGC). ONGC said it was planning to spend over $10 billion developing multiple deepwater projects in its KG-DWN-98/2 block in that basin.
  
  Meanwhile, state-owned upstream company Oil India Ltd is looking to start exploration activities in Nagaland
  
  “We have a total of 30 blocks under the OALP. We have already drilled all wells under the awarded OALP blocks, except in Nagaland. We are pursuing the ministry and they have set up a high power committee involving OIL, ONGC, government officials, to discuss the issue with the Government of Nagaland and resume exploration,” the official said.
  
  Unlike Pakistan, India is likely to have little trouble attracting the oil and gas majors. Indeed, British energy giant BP Plc (NYSE:BP) has been hunting for more opportunities in the country. BP has forged a joint venture with Indian multinational conglomerate Reliance Industries to operate 1,900 fuel retail stations across India and produces oil and gas from a deepwater block in the Krishna-Godavari basin. The JV has teamed up with ONGC to bid for exploration rights for an offshore block in India.
  
  Analysts have predicted that India is set to become the key driver of global oil demand growth, overtaking China.
  
  “China’s role as a global oil demand growth engine is fading fast,” Emma Richards, senior analyst at London-based Fitch Solutions Ltd, told The Times of India. According to the analyst, over the next decade, China’s share of emerging market oil demand growth will decline from nearly 50% to just 15% while India’s share will double to 24%.
  
  A rapidly growing population, which has likely surpassed China’s, is expected to be the main driver of consumption trends in India. Meanwhile, the country’s transition from traditional gasoline and diesel-fueled transport is expected to lag other regions, in sharp contrast to China’s skyrocketing adoption of electric vehicles and clean energy in general. Source: Oilprice.com
- 2025-03-25
  Europe Eyes Flexible Storage Goals After Cold Snap Squeeze
  Europe’s natural gas prices have declined in recent weeks after hitting a two-year high in February, easing concerns about the price Europe will have to pay this summer to prepare for the next winter. Dutch TTF Natural Gas Futures, the benchmark for... Read more Europe’s natural gas prices have declined in recent weeks after hitting a two-year high in February, easing concerns about the price Europe will have to pay this summer to prepare for the next winter.
  
  Dutch TTF Natural Gas Futures, the benchmark for Europe’s gas trading, hit a two-year high in the middle of February amid the first proper winter with prolonged periods of cold snaps since the 2022 energy crisis.
  
  Prices have retreated since mid-February as the heating season and winter are coming to an end, and solar and wind power generation is picking up to regain some share of the European power generation mix, following prolonged periods of wind speed lulls and little sunshine in Europe during the winter.
  
  The recent decline in natural gas prices in Europe could also offer some relief to power prices, which have remained high this winter on the back of the high natural gas price.
  
  Europe’s energy-intensive industry, however, continues to suffer from the high energy prices and calls for additional measures to address the high energy costs, which put the European industry at a disadvantage.
  
  The first proper winter in Europe, with prolonged periods of cold snaps since the 2022 energy crisis, depleted the EU stockpiles of natural gas.
  
  As a result, European prices rallied by mid-February, and concerns emerged about the need for much more additional LNG supply to make its way to Europe to help with the storage refill before the next winter begins.
  
  But prices have eased over the past few weeks, as talks began on a potential Russia-Ukraine ceasefire and as the winter in the northern hemisphere is coming to an end. The EU leaders are also discussing making the EU targets for gas storage refill by November 1 more flexible, which could ease some of the concerns about the pace of refills from April onwards.
  
  A group of EU member states, including the biggest economies Germany and France, are reportedly arguing that to avoid price spikes and market speculation, the bloc should allow more flexibility in its currently binding 90% full-storage target by November 1 each year.
  
  In the wake of the 2022 Russian invasion of Ukraine and the halt to Russian pipeline gas supply to most EU countries, the European Commission adopted a target for EU natural gas storage levels to be 90% full by November 1 of each year.
  
  However, this rigid November 1 target has created problems for many market players. Policymakers in countries including Germany, Italy, and the Netherlands are concerned that the current high forward gas prices for the summer months would make it unprofitable for gas companies and marketers to store gas.
  
  With EU storage depleted at the fastest pace in seven years after a cold winter, the summer refill season presents several challenges in availability, prices, and the money that Europe will have to spend on additional LNG.
  
  At a meeting last week, some EU energy ministers “mentioned the need for flexibility as regards the proposed gas storage regulation, which is currently being discussed, as well as for a rigorous impact assessment of the rules,” the EU said.
  
  Despite the possible easing of the refill targets, the gas market will remain tight in the coming months, Moutaz Altaghlibi, senior energy economist at ABN AMRO Bank, said last week.
  
  Geopolitics, including U.S. tariff and trade policy and the Russia-Ukraine peace talks, will continue to be the main driver of volatility, ABN AMRO reckons.
  
  “At the same time, the market will be watchful of the speed of storage refill, while it remains responsive to factors affecting demand in Europe or key LNG competitors in Asia, such as adverse weather conditions, along with any supply disruptions from key suppliers such Norway or the US,” Altaghlibi noted.
  
  Source: Oilprice.com
- 2025-03-25
  MABUX: Upward trend to prevail in Global bunker market on Mar.25.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), continued its upward trajectory on Mar.24 for the third consecutive day: 380 HSFO - USD/MT - 500.26 (+3.47) VLSFO - USD/MT – 580.02 (+2.46) MGO -... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), continued its upward trajectory on Mar.24 for the third consecutive day:
  
  380 HSFO - USD/MT - 500.26 (+3.47)
  VLSFO - USD/MT – 580.02 (+2.46)
  MGO - USD/MT – 760.56 (+2.35)
  
  As of Mar.24, the MABUX Market Differential Index (MDI), tracking the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP), showed the following trends across key ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Rotterdam and Singapore were overcharged, with premiums widening by $5 and $3, respectively. Fujairah and Houston continued to be undercharged, with the discount widening by $1 in Fujairah while remaining unchanged in Houston. Rotterdam’s MDI hovered near a 100% correlation mark between MBP and DBP.
  
  • VLSFO segment: All four selected ports were undercharged, with margins increasing by $1 in Rotterdam, $7 in Singapore, and $3 in Houston, while staying unchanged in Fujairah.
  
  • MGO LS segment: All four selected ports were in the underprice zone, with the gap widening further by $1 in Singapore, $2 in Fujairah, and $1 in Houston, while staying unchanged in Rotterdam. Rotterdam’s MDI remained close to a 100% correlation mark between MBP and DBP.
  
  We expect upward trend to persist in the Global bunker market on Mar.25: 380 HSFO – plus 1-3 USD/MT, VLSFO – plus 1-4 USD/MT, MGO LS – plus 1-3 USD/MT.
  Source: MABUX
- 2025-03-25
  Iraq Faces Gas Shortage While Seeking New Oil Export Markets
  Iraq is grappling with a natural gas shortage while simultaneously exploring new crude oil export markets. In recent weeks, Iraq has made headlines not only due to pressure from OPEC but also because of its struggle to secure natural gas imports. Iraqi... Read more Iraq is grappling with a natural gas shortage while simultaneously exploring new crude oil export markets.
  
  In recent weeks, Iraq has made headlines not only due to pressure from OPEC but also because of its struggle to secure natural gas imports. Iraqi Oil Minister Hayyan Abdul Ghani stated on Iraqi television that negotiations are ongoing with several companies to secure two floating storage regasification units (FSRUs) by early June. These are needed to address a natural gas supply deficit caused by the expiration of a U.S. waiver that previously allowed Iraq to import Iranian electricity. The Trump administration is now pressuring Tehran to reach a nuclear deal, with all options on the table. The two FSRUs are set to be installed near the Khor Al-Zubair port in Basra. Simultaneously, Baghdad has issued a tender for a fixed regasification platform at the Grand Faw port in the south.
  
  In parallel, news has emerged that Baghdad is targeting African markets for its crude oil exports. Currently, 70% of Iraq’s 3.2–3.5 million bpd oil exports go to Asia. Oil Minister Abdul Ghani emphasized that Africa is becoming a significant new export destination. Iraq is also expanding its production capacity, supported by 44 new contracts issued during the latest licensing round across 14 provinces.
  
  On Sunday, Iraq’s Deputy Minister of Oil, Basim Khudair, announced the country’s goal to increase crude oil production to over 6 million bpd by 2028 or 2029. This expansion includes a new agreement with British energy major BP to develop four key oil fields in Kirkuk. Currently, production stands at approximately 4.4 million bpd.
  
  Alongside its push into Africa, Iraq continues negotiations with Turkey and the Kurdish Regional Government (KRG) over the resumption of crude oil exports via Turkey’s Ceyhan port. The government aims to export around 350,000 bpd through the Iraq-Turkey pipeline. However, internal issues remain unresolved. Despite a formal agreement by Iraq’s government and parliament to resume KRG-produced exports, Iraq has yet to recognize international contracts signed between the KRG and foreign operators.
  
  Meanwhile, Baghdad is reportedly in advanced talks to import Algerian LNG to feed its new FSRUs. Arabic energy platform TAQA reported that Baghdad is close to finalizing a deal with Algeria for additional LNG supplies. The deal, expected within the next two months, could be a crucial lifeline as Iraq faces energy shortfalls ahead of the summer and winter seasons. The proposed agreement could supply Iraq with 1 million tons of LNG annually under a medium-term contract, offering the country a more stable energy outlook.
  
  Despite progress in diversifying its energy sources, Iraq’s LNG imports hinge on completing the regasification infrastructure at Khor Al-Zubair. Baghdad’s installation of an FSRU connected to the national grid via a 40-kilometer pipeline marks a significant milestone. The project, expected to be completed by August, will help alleviate pressure on Iraq’s power sector.
  
  The situation has been further complicated by the U.S. decision to revoke a sanctions waiver that previously allowed Iraq to import Iranian gas. Although Iraqi sources claim the waiver is still technically in place, reports indicate that the exemption for electricity imports has been rescinded. This presents a major challenge, as roughly 43% of Iraq’s electricity production relies on Iranian natural gas.
  
  To reduce its dependency on imports, Iraq is accelerating its 2030 net-zero gas flaring initiative and inviting Western and Asian firms to invest in domestic gas projects. However, despite multibillion-dollar deals with BP and several Chinese companies, these projects are unlikely to solve Iraq’s immediate energy crisis.
  
  In addition to talks with Algeria, Iraq is exploring LNG agreements with Qatar and plans to double electricity imports from Turkey. A gas supply deal signed with Turkmenistan in October 2024 will also provide Iraq with 20 million cubic meters of gas daily.
  
  As Baghdad navigates these overlapping energy challenges, securing diversified gas sources is not just important but critical to maintaining economic stability and meeting domestic power demand.
  
  In a surprising twist, Oil Minister Abdul Ghani revealed that Iran has been using forged Iraqi documents to smuggle oil. When asked about growing U.S. pressure on Iran, he told the press that U.S. naval forces had detained oil tankers in the Gulf carrying Iraqi shipping manifests. On state television, he stated: “It turned out that these tankers were Iranian and were using forged Iraqi documents. We explained this to the relevant authorities with complete transparency, and they confirmed it.” Iran has long used Iraq as a conduit to support its economy under sanctions. In December 2024, Reuters reported on a sophisticated fuel oil smuggling network believed to generate at least $1 billion annually for Iran, with much of the operation linked to Iraq. Abdul Ghani reaffirmed that Iraq’s state oil marketer SOMO does not supply to trading companies, and he suggested that several traders were involved in the smuggling scheme. Source: Oilprice.com