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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
808.50
-1.00
688.00
-2.00
Feb 3
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	808.50	-1.00	688.00	-2.00	Feb 3

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
432.36	+5.30	515.55	+5.34	784.92	+4.05	Feb 5

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	398	444	-46	446	494	-48	688	704	-16	Feb 5
Singapore	433	441	-8	485	536	-51	673	697	-24	Feb 5
Fujairah	408	406	+2	467	527	-60	734	760	-26	Feb 5
Houston	355	420	-65	460	481	-21	651	708	-57	Feb 5

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-02-05
  Oil falls 3% on easing supply concerns after US, Iran agree to talks
  Oil prices slipped by more than 3% on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns around any bottlenecks in Iranian crude supplies. Brent crude futures were down $2.33, or 3.35%, at $67.13 per barrel at 11:12... Read more Oil prices slipped by more than 3% on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns around any bottlenecks in Iranian crude supplies.
  Brent crude futures were down $2.33, or 3.35%, at $67.13 per barrel at 11:12 a.m. EDT (1612 GMT). U.S. West Texas Intermediate crude was down $2.23, or 3.42%, at $62.91.
  Oil prices are strongly influenced by tensions in the Middle East, with markets closely watching the talks in Oman, said UBS analyst Giovanni Staunovo.
  The discussions come as the U.S. builds up forces in the Middle East, and regional players seek to avoid a military confrontation that many fear could escalate into a wider war.
  "Differing expectations around the scope and objectives of the talks are sustaining uncertainty, injecting volatility into crude prices as traders reassess the likelihood of escalation versus diplomacy," analysts at Aegis Hedging said in a note.
  About a fifth of the world’s total oil consumption passes through the Strait of Hormuz between Oman and Iran. Other OPEC members, Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, export most of their crude via the strait, as does Iran.
  Volatility has led investors to rush to lock in oil prices this year, trading a record number of WTI Midland at Houston contracts in January, amid concerns around Middle Eastern supply risks and more Venezuelan barrels heading to the U.S. Gulf Coast.
  
  Strength in the U.S. dollar and volatility in precious metals also weighed on commodities and risk sentiment more broadly on Thursday, analysts said.
  On the supply side, discounts on Russian oil exports to China widened to new records this week as sellers cut prices to attract demand from the world’s top crude importer and offset the likely loss of Indian sales, traders said.
  This comes after a trade deal announced between the U.S. and India earlier in the week where the latter agreed to halt purchases of Russian crude.
  Argentina’s energy trade surplus could rise in 2026 from last year’s record due to crude output from the Vaca Muerta shale formation, into a range of $8.5 billion to $10 billion, three analysts told Reuters.
  Source: Reuters/Investing.com
- 2026-02-05
  Port of Gothenburg flags record year for container tonnage
  The 934,000 TEUs (twenty-foot equivalent unit) handled by the Port of Gothenburg last year represented a 4% increase on 2024 and also marked the highest full-year volume ever recorded in the Swedish port’s history. In a statement issued yesterday (3... Read more
- 2026-02-05
  Sallaum Lines takes delivery of next LNG dual-fuelled PCTC
  Limassol-headquartered Sallaum Lines has taken delivery of the LNG dual-fuelled Pure Car and Truck Carrier (PCTC), Ocean Legacy, from China Merchants Jinling Shipyard. The vessel joins the company’s Ocean Class fleet a month after the dual fuel Ocean... Read more
- 2026-02-05
  Consortium developing zero-emission marine fuel for the Port of Barcelona
  The Catalonia Institute for Energy Research (IREC) says it has developed and validated a process to produce maritime fuels from wastewater and CO₂ generated during its treatment. In a statement issued yesterday (4 February), IREC, which led the ‘SUPORT’... Read more
- 2026-02-05
  Danish fire safety institute joins Maritime Battery Forum
  The Danish Institute of Fire and Security Technology (DBI) has become the latest member of the Maritime Battery Forum (MBF), an association that promotes energy storage technologies in the maritime industry. DBI is a state-recognised organisation that... Read more
- 2026-02-05
  NABU-commissioned study highlights OPS challenges for LNG-fuelled ships
  A new study from CE Delft, commissioned by Germany environmental NGO NABU, has indicated that LNG-fuelled vessels could face technical issues associated with the use of boil-off gas (BOG) when hooking up to onshore power at berth The report highlights... Read more
- 2026-02-05
  Maersk reports ‘significant decrease’ in renewable fuels consumption in 2025
  In its newly-published annual report, Maersk has reported that: ‘In 2025, changes in our fuel mix resulted in a significant decrease in consumption of fuels from renewable sources and a corresponding increase in consumption of gas fuels and other fuels,... Read more
- 2026-02-05
  MABUX: Bunker Weekly Outlook, Week 06, 2026.
  Over the Week 06, the global MABUX bunker indices did not demonstrate significant overall changes and moved in mixed directions. The 380 HSFO index edged up by USD 1.24, rising from USD 424.43/MT last week to USD 425.67/MT. The VLSFO index posted a more... Read more Over the Week 06, the global MABUX bunker indices did not demonstrate significant overall changes and moved in mixed directions. The 380 HSFO index edged up by USD 1.24, rising from USD 424.43/MT last week to USD 425.67/MT. The VLSFO index posted a more notable increase of USD 5.29, climbing from USD 503.30/MT to USD 508.59/MT and remaining above the USD 500 threshold. In contrast, the MGO LS index declined by USD 2.35, falling from USD 781.15/MT last week to USD 778.80/MT. At the time of writing, the global bunker market was experiencing a moderate upward corrective movement.
  
  The MABUX Global Scrubber Spread (SS)—the price differential between 380 HSFO and VLSFO—recorded a moderate increase of $4.05, rising from $78.87 last week to $82.92. The spread thus moved above the $80.00 level, while still remaining steadily below the psychological threshold of $100.00 (SS breakeven). At the same time, the weekly average value of the index increased by $1.28. In Rotterdam, the SS Spread also expanded by $5.00, reaching $42.00 compared to $37.00 last week. However, the weekly average SS Spread in the port declined by $12.33. In Singapore, the 380 HSFO/VLSFO price differential narrowed sharply by $20.00, falling from $63.00 last week to $43.00 and breaking below the $50.00 mark. The weekly average SS Spread in the port likewise decreased by $11.50. Overall, SS Spread dynamics over the week were mixed, continuing to reflect higher economic attractiveness of conventional VLSFO usage compared to the 380 HSFO plus scrubber combination. We expect the SS Spread to remain largely flat next week, with mixed index movements likely to persist. Detailed information is available in the Differentials section of mabux.com.
  
  By the end of the week, the Istanbul ECA Spread (ES) increased by $5.00, rising from $75.00 to $80.00, and briefly touched the $100.00 level, while the weekly average value advanced by $6.67. In Venice, the ECA Spread also rose by $5.00, moving from $65.00 to $70.00. However, the weekly average in the port declined by $10.66. End-of-week ES dynamics in both ports pointed to emerging upward momentum. We expect the upward trend in the ECA Spread to continue into next week. Detailed information is available in the Differentials section on mabux.com.
  
  European gas storage levels fell to 39,86% of total capacity as of February 03, (down by 4.37 percentage points from the previous week) marking the lowest level for this time of year since 2022, when inventories dropped to 40%. Current storage is well below the 10-year seasonal average of 58%, underscoring the growing imbalance in the European gas market. If prevailing drawdown trends persist, storage levels could decline to 30% or lower by the end of March. Under this scenario, Europe would need to inject approximately 60 billion cubic metres (bcm) of gas to rebuild inventories to 83% capacity—the level at which the region entered last winter. Importantly, not all gas imports are directed into storage. A substantial share is consumed immediately to meet daily demand, implying that Europe’s total gas procurement requirements in the coming months will be significantly higher than storage replenishment needs alone suggest. Despite continued pipeline supplies from Norway, North Africa, and Azerbaijan, as well as limited domestic production, the scale of the refilling challenge remains immense. Rebuilding underground storage ahead of the next heating season will require exceptionally high import volumes, keeping the European gas balance structurally tight and sustaining upward pressure on procurement and price risk through the summer injection cycle.
  
  By the end of the 6th week, the European gas benchmark TTF recorded a significant decline of 5.901 euros/MWh, falling from 38.761 euros/MWh last week to 32.860 euros/MWh.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) fell by USD 83.00 this week (USD 896/MT compared to USD 979/MT last week). The price differential between LNG and conventional fuel remained in favor of conventional fuel, narrowing to USD 119. MGO LS was quoted at USD 777/MT on February 2 in the port of Sines. More detailed information is available in the "LNG Bunkering" section of mabux.com.
  
  During the Week 06, the MABUX Market Differential Index (MDI)—which reflects the ratio between market bunker prices (MBP) and the MABUX Digital Bunker Benchmark (DBP)—continued to indicate undervaluation across all bunker fuel grades in the world’s largest hubs: Rotterdam, Singapore, Fujairah, and Houston.:
  
  • 380 HSFO segment: Average weekly MDI undervaluation increased by 5 points in Rotterdam and by 13 points in Houston, while declining by 7 points in Singapore and by 11 points in Fujairah. Notably, Fujairah’s MDI approached the 100% correlation level between MBP and DBP.
  
  • VLSFO segment: The MDI rose across all ports, increasing by 20 points in Rotterdam, 7 points in Singapore, 5 points in Fujairah, and 10 points in Houston.
  
  • MGO LS segment: MDI dynamics were mixed: undervaluation increased by 12 points in Rotterdam and by 14 points in Fujairah, while decreasing by 4 points in Singapore and by 6 points in Houston.
  
  Although the overall undervaluation trend remained dominant across all bunker fuel segments last week, MDI movements were mixed. Nevertheless, we expect MDI values to continue indicating undervaluation for all bunker fuel grades in the coming week.
  
  More detailed information on the correlation between market prices and the MABUX digital benchmark is available in the Digital Bunker Prices section of mabux.com.
  
  DNV latest report highlights a marked contraction in the global alternative-fuelled vessel order book, which declined from a record 551 vessels in 2024 to 275 vessels in 2025. This represents an approximate 31% reduction on a DWT basis, reflecting a broad slowdown in newbuilding activity. However, according to Sea-LNG, despite the overall downturn, LNG further strengthened its relative position within the alternative fuels segment. In 2025, 188 LNG-fuelled vessels were ordered, accounting for 79% of total alternative-fuelled tonnage, up from 67% in 2024. LNG bunkering infrastructure continues to expand steadily. LNG bunkering is now available in 222 ports globally, with an additional 62 ports planning to offer LNG bunkering services. The number of dedicated LNG bunker vessels in operation rose to 62 units in 2025, compared with just one vessel in 2016, underscoring the rapid scaling of supply capacity. A further 38 LNG bunker vessels are currently on order.
  
  We expect a moderate upward trend to emerge in bunker fuel price dynamics next week.
  Source: MABUX
- 2026-02-05
  Oil falls 2% on easing supply concern after US, Iran agree to talks
  Oil prices fell about 2% on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns that a potential military conflict between them could disrupt supply from the key Middle East-producing region. Brent crude futures fell... Read more Oil prices fell about 2% on Thursday after the U.S. and Iran agreed to hold talks in Oman on Friday, easing concerns that a potential military conflict between them could disrupt supply from the key Middle East-producing region.
  Brent crude futures fell $1.44, or 2.07%, to $68.02 per barrel at 0335 GMT. U.S. West Texas Intermediate crude prices fell $1.34 cents, or also 2.06%, to trade at $63.80.
  Oil prices surged about 3% on Wednesday after a media report suggested the planned talks between the United States and Iran on Friday could collapse. However, later in the day officials from both sides said talks would go ahead on Friday though the topics up for discussion have not been settled.
  "The oil price has erased part of the geopolitical risk premium on the news of US-Iran talks in Oman on Friday," said Mukesh Sahdev, CEO of energy consultancy XAnalysts.
  However, the two sides remain wide apart on what the talks should include. Iran is open to discussing its nuclear programme, including uranium enrichment, with Western countries, while the U.S. also wants to include Iran’s ballistic missiles, its support for armed proxy groups around the Middle East and its treatment of its own people.
  "It is likely that these talks will surface new differences and the risk premium will rise again soon," Sahdev said.
  Despite the upcoming talks, there are concerns U.S. President Donald Trump will still carry out his threats to strike Iran, the fourth-largest producer among the Organization of the Petroleum Exporting Countries, potentially risking a wider confrontation in the oil-rich region.
  
  In addition to the possible disruption of Iranian production in the event of a conflict, there are concerns exports from other Gulf producers could be affected.
  About a fifth of the world’s total oil consumption passes through the Strait of Hormuz which lies between Oman and Iran. Other OPEC members, Saudi Arabia, the United Arab Emirates, Kuwait and Iraq, export most of their crude via the strait, as well as Iran itself.
  Strength in the U.S. dollar and volatility in precious metals also weighed on commodities and risk sentiment more broadly on Thursday, analysts said.
  Meanwhile, data from the Energy Information Administration on Wednesday showed oil inventories declined last week in the U.S., the world’s biggest crude producer and consumer, after a winter storm gripped large swathes of the country. Source: Reuters/Investing.com
- 2026-02-05
  Europe’s Chemical Industry Is Collapsing Under Energy Costs and Regulation
  Investments in the European chemicals industry are dropping off a cliff, capacity shutdowns topped 5 million tons last year, and investors are leaving for greener pastures as the EU chokes the industry with regulations. Energy costs remain too high for... Read more Investments in the European chemicals industry are dropping off a cliff, capacity shutdowns topped 5 million tons last year, and investors are leaving for greener pastures as the EU chokes the industry with regulations. Energy costs remain too high for anyone’s comfort. Europe is facing yet another massive import dependence.
  
  Investments in the chemicals industry in Europe last year took an 80% plunge, the Financial Times reported last month, citing data from the European Chemical Industry Council (Cefic). The industry group warned that capacity closures across the EU had surged sixfold since 2022 and had reached a total of 37 million tons as of 2025, which represents 9% of total capacity. The closures resulted in 20,000 job cuts and were accompanied by a slump in new investments that brought the industry closer to a breaking point.
  
  “It’s no longer a question of being five minutes before or after twelve,” the head of Cefic, Marco Mensink, said. “The sector is under severe stress and breaking. The rate of closures has doubled in a year, and even worse, annual investments are half and close to zero. On both sides, the speed is accelerating, not slowing. We need decisive action this year, with impact at factory floor level.”
  
  The chemicals industry is one of the biggest in Europe and an essential supplier of goods and materials to a host of other essential industries for the continent in general, and the EU specifically. The industry booked sales of over 600 billion euros for 2024, according to the latest figures released by Cefic. That sounds healthy, but in terms of market share, Europe’s chemicals companies have seen their weight on the global market shrink from over 27% back in 2004 to just 12.6% as of 2024.
  
  Of course, the accelerated shrinkage of the European chemicals industry did not just coincide with the EU sanctions on Russia and the loss of cheap pipeline gas from the East. Cheap energy inputs—and gas specifically—are essential for the competitiveness of an industry, which uses petroleum feedstocks for most of its output, notably natural gas, and that’s in addition to its substantial energy needs.
  
  Sky-high energy costs are pummeling every single European industry, but the more energy-intensive among them are suffering proportionally severe pain. Then there are all the climate-related regulations that the European Union leadership has been piling on businesses based in the bloc as it repeatedly signals its priority number one is not competitiveness but emission reduction at all costs.
  
  That said, the cost of that emission reduction is starting to be recognised as possibly too high, with top EU officials declaring they will be prioritising competitiveness along with emissions. It was on competitiveness grounds that the Commission devised the carbon border adjustment mechanism, or CBAM, for short, to tax cheaper imports of goods produced in places with laxer emission regulations and abundant, cheap power from gas and coal. The biggest such place, of course, is China, and China is eating up European chemical makers’ global market share, fast.
  
  The Wall Street Journal noted the Chinese competition in a recent article about Europe’s chemical woes, pointing out that in some cases, Chinese companies were building more capacity than there is demand for, such as in monoethylene glycol, a component of polyester. This capacity, even if not utilised at 100%, adds pressure on high-cost European producers, who now also have to contend with low-cost U.S. competition following the trade deal that President Trump and the European Commission’s head, Ursula von der Leyen, signed last year.
  
  The WSJ paints a picture as grim as the one painted by the Financial Times. Saudi SABIC has divested its assets in Europe. Dow plans to close several plants in Germany, saying it had to because oh high energy costs, high CO2 emission costs, and weak demand. Exxon is reportedly looking to do the same as SABIC did, and exit the European chemicals sector altogether. Two chemical producers, the WSJ noted in its report, recently filed for insolvency for several of their subsidiaries.
  
  The European chemicals industry is struggling. This is a big enough problem even if the industry was the self-contained kind. But there is no such industry, and chemicals are essential for other sectors, notably car manufacturing and the EU’s new favourite industry: defense.
  
  “If you want a defence sector... an automotive sector, it’s totally dependent on chemicals supplying the materials. This is simply a chokehold the rest of the world has on Europe,” Cefic’s Marco Mensink said, as quoted by the FT. He proceeded to call chemicals “the mother of all industries” and warned that “it’s breaking down as we speak.”
  
  The problems look insurmountable unless there is a complete reversal of priorities for the decision-makers in political circles. Nothing short of removing emission reduction from the number-one spot would give the chemicals sector in Europe the chance it needs increasingly desperately. Source: Oilprice.com

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