Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
707.50
-51.00
671.00
-2.00
Feb 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	-51.00	671.00	-2.00	Feb 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
432.67	+0.16	520.59	-0.26	768.85	-8.88	Feb 16

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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	403	435	-32	451	482	-31	671	688	-17	Feb 16
Singapore	435	430	+5	480	524	-44	663	681	-18	Feb 16
Fujairah	413	396	+17	470	515	-45	738	744	-6	Feb 16
Houston	352	408	-56	455	464	-9	642	682	-40	Feb 16

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- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-02-16
  Oil prices edge higher ahead of US–Iran nuclear talks
  Oil prices rose slightly on Monday, with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases. Brent crude futures gained 41 cents, or 0.6%, to $68.16... Read more Oil prices rose slightly on Monday, with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.
  Brent crude futures gained 41 cents, or 0.6%, to $68.16 a barrel by 1508 GMT.
  U.S. West Texas Intermediate crude was at $63.32 a barrel, up 43 cents. The contract will have no settlement on Monday, the Presidents’ Day holiday in the United States.
  Fears of supply disruption from the U.S.-Iran tensions have helped keep oil prices stable, said PVM analyst Tamas Varga.
  Trading is set to be muted also with markets in China, South Korea and Taiwan closed for Lunar New Year holidays.
  Last week, both benchmarks posted weekly declines with Brent settling about 0.5% lower and WTI losing 1% after comments from U.S. President Donald Trump that Washington could make a deal with Tehran over the next month.
  The two countries are due to hold a second round of talks in Geneva on Tuesday over Tehran’s nuclear programme.
  In the run-up to the talks with Washington, mediated by Oman, Iran’s foreign minister met with the U.N. nuclear watchdog chief.
  Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, with energy and mining investments and aircraft purchases up for discussion, an Iranian diplomat was reported as saying.
  
  The U.S. is preparing for the possibility of a sustained military campaign if the talks do not succeed, U.S. officials have told Reuters. Iran’s Revolutionary Guards have warned that in case of strikes on Iranian territory, they could retaliate against any U.S. military base.
  "Increased Iranian tension could drive Brent to $80 a barrel. Fading tension would drop it back to $60 a barrel," SEB analysts said in a note.
  With U.S.-Iran tensions pushing up oil prices, the Organization of the Petroleum Exporting Countries and allies - together called OPEC+ - are putting a dampener on this bullishness by leaning toward a decision to resume output increases from April at their March 1 meeting following a three-month halt, Reuters reported.
  Meanwhile, China’s Russian oil imports are set to climb for a third straight month to a new record in February after India slashed purchases on the back of U.S. pressure, according to traders and ship-tracking data. Source: Reuters/Investing.com
- 2026-02-16
  Drydocks World joins Maritime Emissions Reduction Centre
  Drydocks World, a DP World company, has joined the Athens-based non-profit industry collaboration, the Maritime Emissions Reduction Centre (MERC). The Centre was co-established by the Lloyd’s Register Maritime Decarbonisation Hub and shipowners Capital... Read more
- 2026-02-16
  Hapag-Lloyd confirms ‘advanced negotiations’ to acquire ZIM are underway
  Hapag-Lloyd issued a brief statement yesterday (15 February) in which it confirmed that negotiations to acquire the Israeli container line ZIM have reached an advanced stage but that no binding agreements have been entered into. The statement noted... Read more
- 2026-02-16
  PIL’s LNG-fuelled Kota Odyssey makes first Red Sea call
  Pacific International Lines’ (PIL) LNG‑powered container vessel Kota Odyssey has made its first voyage into the Red Sea, making its maiden call at Saudi Arabia’s Red Sea Gateway Terminal (RSGT). In a notice posted on LinkedIn on Friday (13 February),... Read more
- 2026-02-16
  IMO PPR agrees to proposals paving the way for certification of engines running on non-carbon-containing fuels
  At its 13th session taking place in the International Maritime Organization’s London HQ last week (9-13 February), the Sub-Committee on Pollution Prevention and Response (PPR) agreed to proposed amendments to the MARPOL Annex VI and the NOx Technical... Read more
- 2026-02-16
  Genevos to develop Solid Oxide Fuel Cells for shipping under EU HELENUS project
  French company Genevos has launched the development of a next-generation Solid Oxide Fuel Cell (SOFC) solution for the commercial shipping and cruise sectors through its new role in the €15 million EU-funded HELENUS (High Efficiency Low Emission Nautical... Read more
- 2026-02-16
  Oil steady as traders brace for U.S.–Iran nuclear talks
  Oil traded little changed on Monday, with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases. Brent crude futures edged up 3 cents to $67.78 a barrel... Read more Oil traded little changed on Monday, with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.
  Brent crude futures edged up 3 cents to $67.78 a barrel by 0358 GMT.
  U.S. West Texas Intermediate crude was at $62.91 a barrel, up 2 cents. There will be no WTI settlement on Monday due to a U.S. holiday.
  Last week, both benchmarks posted weekly declines with Brent settling down about 0.5% and WTI losing 1% after comments from U.S. President Donald Trump that Washington could make a deal with Tehran over the next month drove down prices on Thursday.
  The two countries are due to hold a second round of talks in Geneva on Tuesday after renewing negotiations earlier this month aimed at tackling their decades-long dispute over Tehran’s nuclear programme and averting a new military confrontation.
  Iran is pursuing a nuclear agreement with the U.S. that delivers economic benefits for both sides, with energy and mining investments and aircraft purchases up for discussion, an Iranian diplomat was reported as saying on Sunday.
  "With both sides expected to hold firm on their core red lines, expectations are low that a deal can be reached and this is likely to be the calm before the storm," IG market analyst Tony Sycamore said.
  The U.S. has dispatched a second aircraft carrier to the region and is preparing for the possibility of a sustained military campaign if the talks do not succeed, U.S. officials have told Reuters. Iran’s Revolutionary Guards have warned that in case of strikes on Iranian territory, they could retaliate against any U.S. military base.
  
  With U.S.-Iran tensions pushing up oil prices, the Organization of the Petroleum Exporting Countries and allies - together called OPEC+ - are leaning toward resuming output increases from April following a three-month halt, to meet peak summer demand, Reuters reported.
  Activity in global financial markets is expected to be muted on Monday with China, South Korea and Taiwan closed for Lunar New Year holidays, in addition to Presidents Day in the United States.
  "With Chinese demand cues largely absent this week, liquidity remains thin and price action could stay erratic," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
  In the near term, geopolitical developments and inventory data will remain the primary drivers of volatility, keeping crude vulnerable to sharp two-way swings, Sachdeva added. Source: Reuters/Investing.com
- 2026-02-16
  ADNOC’s LNG Expansion Signals a New Phase of Energy Leverage
  Abu Dhabi’s national oil company, ADNOC, keeps making headlines again, not only when looking at upstream but also in its LNG strategic operations. At present, the oil and gas giant’s quiet acceleration in LNG shipping is often treated as merely a capacity... Read more Abu Dhabi’s national oil company, ADNOC, keeps making headlines again, not only when looking at upstream but also in its LNG strategic operations. At present, the oil and gas giant’s quiet acceleration in LNG shipping is often treated as merely a capacity add. Mainstream media is focusing on factors such as increased hulls, greater flexibility, and improved service for export projects. This focus is, however, too narrow, as the UAE’s national champion is not simply expanding its fleet. ADNOC is clearly establishing the physical backbone of a strategy in which molecules, ships, contracts, and equity stakes are fused into a single, stronger geopolitical and geoeconomic instrument. LNG carriers are no longer transport assets, especially in a world where energy security has become a policy and a price. LNG carriers have become a leverage.
  
  The current headlines indicate that ADNOC Logistics & Services is evaluating an additional order for four to six LNG carriers, in addition to the 14 LNG carriers already contracted. The latter is being framed solely to support ADNOC’s expanding international business and gas-trading ambitions. At the same time, the Abu Dhabi giant already has another, much broader newbuild program, encompassing not only LNG but also ethane and ammonia carriers. These developments should be seen as an unmistakable signal of Abu Dhabi’s move to construct an integrated maritime platform for gas, chemicals, and future fuels.
  
  At the same time, the above matters will change as LNG evolves. Markets and analysts still view it as a long-term, point-to-point business, constrained by destination clauses and slow-moving contracting cycles. That reality, however, is diminishing or dying. LNG, especially amid current geopolitical and geoeconomic fragmentation, has become more tradable, more contested, and more politicized. This means it is also more profitable for those who can arbitrage volatility, rather than merely endure it. The real winners in the future will not be only the low-cost producers, but also the players owning ships, holding portfolio contracts, and equity positions, all of which will open up the option to swing cargoes between basins, dictated by politics and prices. For real strategists, LNG carriers have become the most attractive pieces that make that chessboard move.
  
  The current fleet expansion by ADNOC should be seen through that lens: it is an effort to internalize optionality. The logic behind this is brutally simple. An owner of shipping capacity, or control of the latter, can reduce their exposure not only to freight spikes or vessel scarcity, but also to timing risk. This will also enable you to redirect cargoes in response to demand shocks, sanctions enforcement, or political disruptions. Timing, especially in LNG, is money. A cargo, able to use volatility or constraints, can generate windfalls that dwarf “normal” margin expectations. Ships turn volatility into a business model.
  
  ADNOC Gas’s corporate results provide the financial underpinning, as it just reported a record 2025 net income of around $5.2 billion. Analysts are again praising its resilience, even as commodity prices softened. ADNOC Gas has reiterated stronger domestic gas performance, volume growth, and improved commercial terms, while acknowledging shareholders' anxiety; it has maintained a sizeable dividend profile. The company stated clearly that it is a cash machine, to be recycled into the assets that create the next round of strategic advantage, not only new projects or markets, but crucially in the ships that connect them.
  
  The fleet build-out should not be seen as a decision made by a shipping arm, but as the maritime expression of a gas strategy that spans the entire global positioning. At the same time, ADNOC Gas is highlighted as making major investment decisions ahead, precisely the kind of capex that supports sustained volumes and reinforces reliability for buyers. For investors and clients, reliability is not a slogan, but a pricing instrument. ADNOC Gas can enable buyers to secure supply, especially when others face political risk or structural uncertainty.
  
  Europe is the demand-side theatre where this strategy pays, as evidenced by RWE's signal that it intends to buy up to 1 million tons per year of LNG from ADNOC over 10 years. It doesn’t matter if such deals reach final form; it is the direction that moves all. Europe still needs to lock itself into new dependencies, all of which reward portfolio suppliers with ships and contractual flexibility. In this case, a seller with a fleet is not only selling LNG but also providing geopolitical insurance.
  
  At the same time, ADNOC’s investment giant XRG is also in play. The UAE did not create XRG as a passive investment wrapper; from the start, it was an international platform designed to scale value across a broad range of hydrocarbon solutions. In the last few weeks, published XRG moves have reflected a map of gas geopolitics.
  
  In late January, XRG reported an increase in its stake in NextDecade’s Rio Grande LNG project in Texas, USA. The latter is not just a financial bet on U.S. LNG, but on the US Gulf Coast’s centrality in global gas pricing. It is also linked to the political durability of transatlantic energy ties. In recent days, XRG announced plans to acquire an equity stake in the Southern Gas Corridor, which is linked to Caspian gas flows. The importance of this move again is that it is linked to another strategic node in Europe’s diversification story. To top it all up, XRG, together with Italian IOC ENI and Argentina’s YPF, signed a binding joint development agreement to advance Argentina LNG.
  
  The pattern is clear; it is not scattershot, but a portfolio architecture aimed at securing supply optionality across the Atlantic basin and beyond. When this is considered, ADNOC’s shipping expansion strategy is also clear, as it provides the mobility layer to turn that architecture into tradable power. While ADNOC is building a “gas empire,” its investment arm, XRG, designs the balance sheet and asset map; ADNOC L&S will build the vessels that will make the total empire liquid.
  
  This is why the LNG fleet decision is linked to earnings: the outcome is optionality. It also shows why the fleet decision is linked to XRG’s investments. New equity stakes become more valuable if you can move the cargoes flexibly. A portfolio without logistics is just a hostage to freight markets or scheduling constraints. If you have a portfolio with a fleet, you own an arbitrage machine.
  
  Still, we also need to recognize another element: sanctions and enforcement volatility. The world is fragmenting, with high volatility. Commodity flows are becoming increasingly complex from a legal and political perspective. To date, LNG has not faced the same level of sanctions as crude oil. Still, the overall risk environment is clearly shifting, due to financial compliance, shipping insurance norms, and port-state politics. These factors shift much more quickly than long-term contracts. By owning a larger in-house fleet, ADNOC has more control over compliance, routing, timing, and counterparties. The Abu Dhabi giant also reduces its reliance on spot-chartered shipping. In the new world or future volatility, “secure logistics” is a competitive advantage.
  
  Are all these moves clearly a return to standard vertical integration? Yes, vertical integration is returning because globalisation’s old assumptions have broken down. Global and regional markets are no longer neutral arenas; they have become extensions of state strategy. The ADNOC model will thrive in this new environment, as it can take a longer view and absorb or counter political noise. It can also target deals that private actors struggle to justify under quarterly pressure.
  
  Still, we should recognize that ADNOC may be at risk of overreach. LNG remains extremely capital-intensive, even as the world is building significant new capacity. Equity stakes and ships are valid if volatility remains high and if demand remains robust. However, if overcapacity compresses spreads, returns on shipping optionality will shrink. Still, optionality is valuable in both tight and loose markets. It is not only about price but also about survival and market share.
  
  Ultimately, ADNOC’s LNG fleet expansion signals to buyers (scale, flexibility), competitors (a portfolio trader with global logistics), and policymakers. The latter is perhaps even more crucial, as it explicitly states that Abu Dhabi intends to sit at the centre of the next energy order. LNG carriers, which were once humble workhorses, are now redefined as tools of state-enabled capitalism.
  
  In the next supply shock, parties with molecules will profit; those with molecules and ships, however, will set the terms. Source: Oilprice.com
- 2026-02-16
  Argentina’s Shale Boom Is Rewriting South America’s Energy Map
  The massive unconventional oil boom underway in Argentina continues to gain momentum. During late 2024, Argentina, which is South America’s second largest economy after Brazil, overtook Colombia to become the continent’s fourth largest oil producer. The... Read more The massive unconventional oil boom underway in Argentina continues to gain momentum. During late 2024, Argentina, which is South America’s second largest economy after Brazil, overtook Colombia to become the continent’s fourth largest oil producer. The surge in petroleum revenues, coupled with President Javier Mieli’s economic reforms, is a boon for one of the world’s most unstable and crisis-riven economies. There are signs of strong production growth ahead with shale oil and gas output expanding at a solid clip.
  
  Government data shows that for December 2025, Argentina pumped a record of 861,380 barrels of crude oil per day. This was 2% greater than a month earlier and an impressive 14% higher year over year. As the chart illustrates, that solid number is nearly double the 494,721 barrels per day lifted for the same period a decade ago.
  
  Natural gas production has also grown significantly over the last decade. December 2025 output of 4.6 billion cubic feet per day was 7.4% higher than a month prior and 5.7% greater than the same month a year earlier, although that number is still below recent historical highs. As the chart below shows, December 2025 natural gas output is well below the record monthly high of 5.7 billion cubic feet per day reported for July 2025.
  
  It is rapidly growing shale oil and gas production, which is responsible for the impressive expansion of Argentina’s hydrocarbon output. The successful exploitation of the 8.6-million-acre Vaca Muerta shale formation is responsible for this strong growth in hydrocarbon output, particularly with production from Argentina’s higher-cost mature oil fields declining.
  
  The rapid growth of unconventional hydrocarbon production in Argentina is occurring despite the naysayers asserting a lack of investment, infrastructure, and expertise is curbing production growth. Government data shows December 2025 shale oil production hit an all-time high of 593,488 barrels per day, with it making up a record 69% of all petroleum lifted. That was 0.6% greater than a month prior and 31% higher year over year, while being more than several thousand times greater than a decade earlier.
  
  A similar phenomenon is occurring with shale gas. For December 2025, Argentina’s shale gas production of 3 billion cubic feet per day represented a 12% increase when compared to both a month and a year earlier. Although it is 18% lower than the all-time high of just under 3.8 billion cubic feet reported for July 2025. Nonetheless, December 2025 shale gas output was still responsible for 65% of Argentina’s total natural gas production.
  
  There are signs of significant shale gas production growth ahead, particularly with the Vaca Muerta now the engine room for Argentina’s fossil fuel output. It is Argentina’s national oil company, YPF, which is the leading developer and producer of hydrocarbons in the Vaca Muerta. The driller is 51% owned by Argentina’s state and federal governments after it was nationalized by President Cristina Fernández de Kirchner in April 2012. YPF plans to become a pure unconventional oil and gas company by the end of the decade.
  
  The national oil company for December 2025 lifted 384,397 barrels per day, representing 55% of Argentina’s total petroleum production for that month. Of that total petroleum output, 86%, or barrels per day, was shale oil pumped from the Vaca Muerta. YPF’s natural gas output for that period was 947,191 million cubic feet per day, which represents 20% of Argentina’s total production of the fossil fuel for December 2025. Shale gas comprised 80% of YPF’s total natural gas production for the period, underscoring how the company is rapidly moving to a pure play shale oil and gas driller.
  
  YPF expects production to grow at a solid clip. Not only is the development of the company’s Vaca Muerta acreage at an early stage of development but the integrated energy major plans to spend nearly $36 billion between 2025 and 2030. According to the company, drilling will peak in 2029 with 32 active drill rigs. This will drive higher production with YPF estimating total hydrocarbon output of 1 million barrels of oil equivalent per day, nearly double the 553,009 barrels produced during December 2025. That will be 47.5% weighted to crude oil, with the remainder comprised of natural gas (440,000 barrels) and natural gas liquids (75,000 barrels).
  
  Other energy companies are investing heavily in the Vaca Muerta. Hydrocarbon investment for 2026 is expected to reach $11 billion, a 17% increase over $9.4 billion for 2025. Most of that capital will be directed toward the Vaca Muerta shale play. The hydrocarbon-rich geological formation, which contains an estimated 16 billion barrels of shale oil and 308 trillion cubic feet of shale gas, is attracting considerable attention from Big Oil. Supermajor Shell, which recently dismissed speculation that the company was planning to divest its Vaca Muerta assets, committed to spending $700 million on the shale play during 2026.
  
  Colombia-headquartered independent oil and gas producer GeoPark recently secured $50 million of financing to develop acreage in the Vaca Muerta. The company previously announced plans to invest in developing the Loma Jarillosa Este and Puesto Silva Oeste Blocks, which were purchased from Pluspetrol during September 2025. This signals the entry of another intermediate exploration and production company in the Vaca Muerta, underscoring the shale play’s solid economics, with the average breakeven price as low as $36 per barrel, which makes it attractive for smaller drillers.
  
  The rapid development of the Vaca Muerta not only reversed Argentina’s crippling energy deficit, which hit an all-time high of $7 billion during 2013, but has made the crisis-prone country a net energy exporter. That, along with President Javier Milei’s economic shock therapy, where fiscal spending was slashed, and the currency stabilized through a managed floating rate, is delivering a massive economic dividend for Argentina. The president’s plans to reduce regulation while removing strict currency and capital controls will drive further foreign investment, particularly for the Vaca Muerta, which is the engine room of Argentina’s hydrocarbon sector. Source: Oilprice.com
- 2026-02-16
  MABUX: No sustainable trend expected in the Global bunker market on Feb. 16.
  The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — shifted to a downward trajectory on Feb. 13: 380 HSFO: USD/MT 432.51 (-5.77) VLSFO: USD/MT 520.85 (-6.47) MGO: USD/MT 777.73 (-8.34) As... Read more The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — shifted to a downward trajectory on Feb. 13:
  
  380 HSFO: USD/MT 432.51 (-5.77)
  VLSFO: USD/MT 520.85 (-6.47)
  MGO: USD/MT 777.73 (-8.34)
  
  As of Feb. 13, the MABUX Market Differential Index (MDI) — which assesses the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – registered the following dynamics across the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore entered the overcharge zone, joining Fujairah, with premiums widening by $4 and $9, respectively. Rotterdam and Houston remained in the underpriced zone, with discounts narrowing by $1 and $3, respectively. Singapore’s MDI stayed close to the 100% correlation level between MBP and DBP..
  
  • VLSFO segment: All four ports were undercharged. The discount margin narrowed by $5 in Rotterdam, $6 in Singapore, and $2 in Fujairah, while widening by $2 in Houston. Houston’s MDI continued to hover near full correlation between MBP and DBP.
  
  • MGO LS segment: All ports continued to be undercharged. The degree of underpricing narrowed by $4 in Rotterdam, $17 in Singapore, and $21 in Fujairah, while widening by $2 in Houston.
  
  We expect Global bunker indices to move sideways with no sustainable trend on Feb. 16: 380 HSFO – plus-minus 1-3 USD/MT, VLSFO – plus-minus 1-3 USD/MT, MGO LS – plus-minus 1-3 USD/MT.
  Source: MABUX

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