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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 648.00
-235.00
1 245.00
+15.00
Nov 9
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 648.00	-235.00	1 245.00	+15.00	Nov 9

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
661.40	+0.39	836.67	+9.87	1 423.27	-1.02	Nov 11

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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	555	637	-82	705	727	-22	1 245	1 439	-194	Nov 11
Singapore	672	653	+19	820	821	-1	1 172	1 432	-260	Nov 11
Fujairah	563	620	-57	815	761	+54	1 555	1 495	+60	Nov 11
Houston	490	635	-145	732	744	-12	1 260	1 317	-57	Nov 11

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Latest News
- 2026-11-11
  Marine biodiesel demand to more than double by 2031 without IMO framework - IEA November 9, 2026
  Global marine biodiesel demand will rise from just under 1 billion litres/year (around 890,000 mt/year) in 2025 to nearly 2 billion litres/year (around 1.78 million mt/year) by 2031, the International Energy Agency (IEA) forecasts. That estimate assumes... Read more Global marine biodiesel demand will rise from just under 1 billion litres/year (around 890,000 mt/year) in 2025 to nearly 2 billion litres/year (around 1.78 million mt/year) by 2031, the International Energy Agency (IEA) forecasts.
  
  That estimate assumes the IMO does not adopt its Net-Zero Framework, the global rules it has approved to cut GHG emissions from shipping.
  
  Even so, marine biodiesel would make up only 0.6% of total marine fuel use by 2031, the IEA says.
  
  It will remain the main source of renewable energy in shipping, but it will account for just 1% of the growth in renewable energy use across all transport.
  
  Europe, where the FuelEU Maritime regulation is in place, will drive four-fifths of the growth. The IEA expects marine biodiesel to deliver much of the region’s near-term emission cuts while alternative fuels and energy efficiency measures are scaled up.
  
  Most of the remaining increase will come from Singapore and China, where ports fuel vessels trading to Europe. Growth elsewhere will stay limited because of weak policy support.
  
  FuelEU Maritime took effect at the start of 2025. It requires ships above 5,000 GT calling at EU ports to cut the GHG intensity of the energy they use. GHG intensity is measured well-to-wake and counts emissions from producing and distributing a fuel as well as burning it.
  
  The required cut is 6% by 2030 and 14.5% by 2035. It covers all energy used on voyages within the EU and half of the energy used on voyages into or out of the bloc.
  
  IMO framework would accelerate demand
  
  The report says demand will climb much higher if the IMO adopts its Net-Zero Framework.
  
  In that case, the IEA sees marine biodiesel use rising to more than 12 billion litres/year (more than 10.68 million mt/year) by 2031, or 4% of total marine fuel demand. A vote on the framework was pushed back from 2025 and is now due in December.
  
  The framework would cover roughly 97% of the world’s merchant fleet by tonnage and set two tiers of targets for cutting the GHG intensity of ships’ fuel.
  
  By 2030, ships would pay $100/mtCO2e for emissions above the tougher target of a 21% cut, rising to $380/mtCO2e for emissions above the base target of an 8% cut.
  
  The IEA expects most ships to meet the 8% target by blending lower-emission fuels or buying credits, with marine biodiesel, liquefied natural gas (LNG) and liquefied biomethane (LBM) among the cheaper options available.
  
  The 21% target would be harder to reach, as bio-methanol, e-methanol and ammonia remain scarce and costly, and the penalty for missing it is much lower, the report says.
  
  The IEA assumes marine biodiesel supply would be enough for most ships to hit 8%, but not 21%, with competing road transport demand limiting supply.
  
  Asia Pacific would take the biggest share of that extra demand. Its marine biodiesel use would reach around 6 billion litres/year (around 5.34 million mt/year) by 2031 in this scenario, roughly double Europe’s, according to IEA data. Source: ENGIИE
- 2026-11-11
  Boluda Shipping to acquire Matrans Terminal Rotterdam
  Boluda Shipping has announced it recently signed an agreement to acquire the Matrans maritime terminal in Rotterdam. In a statement issued yesterday (10 November), Spain-based Boluda said the acquisition complements its agreement to acquire Samskip,... Read more
- 2026-11-11
  Petrobras reports $7.7 billion Q3 net income and ‘all-time high’ production curve
  Brazilian national oil company Petrobras has reported a net income of $7.7 billion and an adjusted EBITDA of $16.7 million for the third quarter (Q3) of 2026. In a statement sent to ship.energy yesterday (10 November), Petrobras CEO Magda Chambriard... Read more
- 2026-11-11
  UK government must recognise shore power electricity as marine fuel, says Port Director of Portsmouth International Port
  The UK government should treat electricity supplied to vessels hooking up to shore power as zero-rated for Value Added Tax (VAT) to help support the uptake of cold ironing, the Port Director of Portsmouth International Port, Mike Sellers, has told ship.energy. Speaking... Read more
- 2026-11-11
  Monjasa bolsters operations with five-tanker acquisition
  Monjasa has announced the addition of five sister tankers to its fleet, marking the company’s largest ever tonnage acquisition. In a statement sent to ship.energy this morning (11 November), the Denmark-based bunker company said the move is set to... Read more
- 2026-11-11
  FEET becomes first fund to adopt the Singapore-Asia Taxonomy for Sustainable Finance
  The Fund for Energy Efficiency Technologies (FEET) has become the first fund to adopt the second edition of the Singapore-Asia Taxonomy for Sustainable Finance (SAT) to guide investment decisions. As previously reported by ship.energy, launched in... Read more
- 2026-11-11
  Alpha Trading acquires Trieste Coastal Storage Terminal
  Bunker supplier Alpha Trading has announced it has acquired the Trieste Coastal Storage Terminal from the Tosto Group. In a social media post yesterday (10 November), Genoa-based Alpha Trading said the acquisition is part of its growth and investment... Read more
- 2026-11-11
  Oil rebounds as Hormuz shipping attacks blunt hopes for Iran truce
  Oil prices rose on Wednesday from the previous session’s two-month lows, as the market swung between hopes for a de-escalation in the US-Israeli war on Iran and concerns about attacks on shipping in the Strait of Hormuz. Also on Wednesday, a regional... Read more Oil prices rose on Wednesday from the previous session’s two-month lows, as the market swung between hopes for a de-escalation in the US-Israeli war on Iran and concerns about attacks on shipping in the Strait of Hormuz.
  
  Also on Wednesday, a regional governor said a drone attack caused a fire in the port area of Ust-Luga by the Baltic Sea in northwest Russia, injuring three workers.
  
  Which regions rely most on oil shipments through Hormuz?
  
  How could Hormuz shipping attacks affect LCO supply risks?
  Brent futures climbed $1.04, or 1.1%, to $92.53 a barrel at 0420 GMT. US West Texas Intermediate crude rose 67 cents, or 0.8%, to $86.71.
  
  Recent data showed little sign of fewer attacks in November, after 37 ships were attacked in October, the highest monthly total since the start of the Middle East war, according to data from the Washington Institute for Near East Policy.
  
  "There has been an increase of vessel attacks in the Gulf shipping lanes amidst uncertainty of the diplomacy talks," said June Goh, senior analyst at Sparta Commodities.
  
  "With the US midterms well over and more crude flows out of the Middle East, there seems to be more bearish tones to the oil price."
  
  She added that the top driver for oil is the extent to which Iran will come to the table with US demands to reach a diplomatic agreement.
  
  A tanker was struck northeast of Lima in Oman, the United Kingdom Maritime Trade Operations agency said on Tuesday. Iran’s Revolutionary Guards Navy said in a separate statement on Tuesday that two tankers caught fire after hitting naval mines on the "unauthorized route" in the strait.
  
  "Even in the event a deal is struck, an increase in flows through the waterway would still depend on mine clearance, insurance costs and whether or not shipowners would even be willing to take the risk," LSEG Oil Research said in a November 10 note.
  
  In the previous session, oil prices initially fell by more than $3 a barrel after US officials downplayed the need for further military strikes against Iran, though some of the losses were clawed back after an Iranian security official said no talks were taking place between the two sides.
  
  Meanwhile, US crude oil stocks rose in the latest completed week, market sources said, citing data from the American Petroleum Institute. Crude stocks rose by 9 million barrels for the week that ended on November 6, the sources said.
  
  In Russia, oil refining capacity has been reduced by about 30% since late October following renewed Ukrainian drone attacks, industry sources said.
  
  Russian and Ukrainian officials met in Abu Dhabi on Tuesday for their first peace talks since February as US President Donald Trump’s envoys launched a fresh push to end the war. Source: Reuters/Investing.com
- 2026-11-11
  Middle East Oil Flows Far from Normal Despite Signs of Oversupply
  Crude oil flows through the Strait of Hormuz and the whole Middle Eastern region have recovered to close to pre-war levels, vessel-tracking services have been signaling for over a month now. Middle Eastern benchmarks have been weakening for weeks,... Read more Crude oil flows through the Strait of Hormuz and the whole Middle Eastern region have recovered to close to pre-war levels, vessel-tracking services have been signaling for over a month now.
  
  Middle Eastern benchmarks have been weakening for weeks, suggesting an oil glut may be building amid rebounding Persian Gulf exports and global demand destruction amid high prices.
  
  On the face of it, an oversupply of crude oil could be forming. But the costs to refiners and consumers are not falling. War, insurance premiums, and record tanker rates have raised the cost of transporting a barrel of crude oil from about $5 per barrel before the war to as much as $30 a barrel, and at times even higher.
  
  Middle Eastern producers are forced to slash their official selling prices to win customers because the surge in Persian Gulf exports is weakening the physical prices of local grades. Moreover, amid high freight costs, Middle East’s crude oil could only win Asia’s price-sensitive buyers with lower prices.
  
  Shock Not Over
  
  The pricing of the Middle Eastern barrels and the weakening market structure of the benchmark Middle East crudes signal an oil glut is forming.
  
  But the shock to the global oil and fuel markets isn’t over as increased flows don’t mean traffic through the Strait of Hormuz has suddenly become less dangerous. In fact, attacks on vessels have intensified in the past month, while producers are tying up a large portion of the global tanker fleet on inefficient shuttle movements in and out of the Strait and subsequent ship-to-ship (STS) transfers in the Gulf of Oman.
  
  Normal oil trade patterns from before the Iran war may never return. Until the market adapts to the new normal and Gulf producers build alternative supply routes, the war and insurance premium risks will remain with crude flows.
  Related: China’s Coal Buyers Resist Waiver Demands in New Indonesian Deals
  
  Hopes are high again in the past few days that the U.S. and Iran could reach an agreement, amid signals that President Donald Trump could pursue diplomacy instead of escalation following the crushing defeat in the U.S. midterm elections. In the past five trading days after the elections, Brent Crude prices slumped by about 17% to trade just above $91 per barrel early on Tuesday.
  
  The market has been blindsided by sudden breakdowns of attempts at talks on several occasions in the past eight months. The relative calmness after the elections in the U.S. and Israel, which weren’t positive for either Trump or Benjamin Netanyahu, may be only transitory.
  
  Weaker Middle East Oil Prices
  
  Regardless, the perceived near-term glut is pressuring the Middle East’s crude oil prices.
  
  The curve of the Dubai benchmark signaled last week that rising oil flows from the Middle East are exceeding demand for the first time since early July, when the three-week U.S.-Iran ceasefire allowed millions of barrels to leave unhindered the Strait of Hormuz. The November contract of the Dubai grade was in contango early last week, suggesting that concerns about the immediate lack of crude supply have eased significantly.
  
  Rising supply from the Middle East has also weakened both the Dubai and Murban prices. At the end October, the prices of physical Middle East crude slumped as flows from the region are recovering and reaching pre-war levels on some days.
  
  Saudi oil giant Aramco last week slashed the price for its flagship Arab Light crude for Asia for loading in December by $2 per barrel, to a discount of $6.50 per barrel to the Oman/Dubai average. This is the steepest discount to the Middle East’s benchmark since May 2020 during the COVID pandemic.
  
  Yet the cost to move the crude out of the region is very high—freight rates remain elevated amid a shortage of tankers and still sizeable war insurance premiums.
  
  Normalization is further off in fuel exports out of the Middle East.
  
  “Middle East crude exports have returned to pre-war levels, while refined product flows remain at just 37% of normal,” Ole Hansen, Head of Commodity Strategy at Saxo Bank, said in a note last week.
  
  “For now, the market is trading on hopes of a breakthrough rather than concrete evidence that an agreement is close. The two sides may still be far apart on important issues, leaving the outlook highly uncertain,” Hansen added.
  
  “Without sustained positive signals from both Washington and Tehran, the recent decline could prove vulnerable to a reversal.”
  
  Depleted Inventories Could Boost Post-War Demand
  
  Even if the Iran and Ukraine wars were to be settled with lasting peace agreements by the end of the year, the glut narrative may not hold because global inventories have depleted so much that it would take months, and probably a few years, to bring them back to adequate levels.
  
  “Re-filling inventories while meeting demand could take up to two years,” Saudi Aramco’s CEO Amin Nasser said at an energy conference in Riyadh last month.
  
  The chief executive of another major Middle Eastern national oil company, ADNOC, last week warned that diesel stocks in some markets have slumped to their lowest seasonal levels in 35 years.
  
  The global energy system needs to be more resilient as the Middle East crisis has forced nearly 1 billion barrels of crude draws from inventories, ADNOC’s chief executive Sultan Al Jaber said at the ADIPEC 2026 energy conference in Abu Dhabi.
  
  “Simply put, the world has eroded its supply buffers,” Al Jaber said.
  
  Source: Oilprice.com
- 2026-11-11
  MABUX: Global bunker indices to change sideways on Nov. 11.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – maintained its downward trajectory on Nov. 10, declining for the seventh consecutive session: 380 HSFO: USD/MT: 661.01 (-28.10) VLSFO: USD/MT:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – maintained its downward trajectory on Nov. 10, declining for the seventh consecutive session:
  
  380 HSFO: USD/MT: 661.01 (-28.10)
  VLSFO: USD/MT: 826.80 (-28.09)
  MGO: USD/MT: 1 424.29 (-24.53)
  
  As of Nov. 10, the MABUX Market Differential Index (MDI), which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), registered the following trends across four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore was the only overvalued port, with its MDI premium widening by $3. The other three hubs continued to be undervalued. The MDI discount narrowed by $16 in Rotterdam, widened by $9 in Fujairah, and showed no change in Houston, where the discount continued to exceed the $100 mark.
  
  • VLSFO segment: Fujairah was the sole overvalued port, although its MDI premium narrowed by another $3. The other three hubs stayed in the undervalued zone. MDI discounts narrowed by $23 in Rotterdam and $16 in Singapore, while Houston registered a marginal widening of $2.
  
  • MGO LS segment: Fujairah shifted into the undervalued zone, bringing all four selected hubs into underpricing territory. MDI discounts widened by $54 in Rotterdam, $7 in Singapore, and $39 in Fujairah, while Houston recorded a marginal narrowing of $1. Discounts in Rotterdam and Singapore continued to exceed the $100 threshold.
  
  MABUX expects global bunker indices to show irregular fluctuations on Nov. 11:
  380 HSFO: plus-minus 3-7 USD/MT, VLSFO: plus-minus 5-10 USD/MT, MGO LS: plus-minus 5–15 USD/MT.
  Source: MABUX

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