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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
989.00
0.00
1 055.00
+35.00
Jul 14
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	989.00	0.00	1 055.00	+35.00	Jul 14

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
596.45	+22.87	739.31	+26.48	1 177.20	+49.84	Jul 14

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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	498	591	-93	635	656	-21	1 055	1 232	-177	Jul 14
Singapore	505	617	-112	718	741	-23	1 025	1 225	-200	Jul 14
Fujairah	518	563	-45	743	669	+74	1 270	1 288	-18	Jul 14
Houston	525	588	-63	660	679	-19	1 110	1 219	-109	Jul 14

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Latest News
- 2026-07-14
  Iranian strikes against commercial shipping intensify as U.S. readies to resume ports blockade
  Three tankers were hit by projectiles off Oman’s coastline in the Strait of Hormuz yesterday (13 July), while, following direction from U.S. President Trump, U.S. Central Command (CENTCOM) is now preparing to reinstate the U.S. blockade of Iranian ports... Read more
- 2026-07-14
  Bunker One delivers milestone bioethanol stem to CMA CGM boxship in Brazil
  CMA CGM’s first 13,000 TEU (twenty-foot equivalent unit) tri-fuel certified engine containership, CMA CGM Iron, was supplied with bioethanol by a Bunker One barge at the Port of Santos on Sunday (12 July). In a statement issued today, Bunker One said... Read more
- 2026-07-14
  Glander International Bunkering posts $2 billion turnover and EBT of $23.4 million
  The marine fuel supplier Glander International Bunkering has today (14 July) announced a turnover of nearly $2 billion and earnings before tax (EBT) of $23.4 million for the year ended 30 April 2026. This represented a drop in turnover but an increase... Read more
- 2026-07-14
  KR and HHI supporting South Korea’s Green Shipping Corridor plans with ammonia trials
  Korean Register (KR) has informed ship.energy that it is collaborating with HD Hyundai Heavy Industries (HHI) to establish a domestic operating environment for ammonia-fuelled vessels as part of the South Korean Ministry of Oceans and Fisheries’ Green... Read more
- 2026-07-14
  New FOBAS report flags growing operational risks associated with ISO-compliant bunker fuels
  Lloyd’s Register’s (LR) Fuel Oil Bunker Analysis and Advisory Service (FOBAS) report for the first half of 2026 indicates that some of the ‘most disruptive cases’ in terms of bunker quality involve fuels that conform to the ISO 8217 specification but... Read more
- 2026-07-14
  June bunker sales edge up in Singapore
  The 4,669,100 metric tonnes (mt) of bunkers, including alternative marine fuels, sold in Singapore last month marked a 1.6% year-on-year (y-o-y) increase on the 4,594,700 mt sold in June 2025. Last month’s total was also 2.7% up on the 4,548,400 mt... Read more
- 2026-07-14
  Svitzer tug bunkered with HVO 100 in a port first for DP World’s London Gateway
  DP World, owner and operator of London Gateway, has announced the first bunkering of a tug vessel at the container terminal using 100% Hydrotreated Vegetable Oil (HVO 100). The 80-tonne bollard pull azimuth stern drive (ASD) tug Svitzer Thames is operated... Read more
- 2026-07-14
  Oil Refiners Are Cashing In on a Market That Won’t Stay Broken
  Oil refiners have stumbled into one of the best profit environments in years. Crude prices have fallen back to where they traded before the Iran war erupted. But gasoline, diesel, and jet fuel remain stubbornly expensive. That combination has pushed refining... Read more Oil refiners have stumbled into one of the best profit environments in years. Crude prices have fallen back to where they traded before the Iran war erupted. But gasoline, diesel, and jet fuel remain stubbornly expensive. That combination has pushed refining margins to extraordinary levels, giving refiners a windfall that few expected just weeks after the Strait of Hormuz reopened.
  
  The benchmark U.S. 3-2-1 crack spread—a closely watched measure of refining profitability—recently climbed above $60 per barrel, the highest level on record. Similar gains have spread across Europe and Asia. Every barrel of crude processed is generating unusually large returns because feedstock costs have collapsed faster than refined-product prices.
  
  The crude market changed almost overnight after the U.S. and Iran reached a ceasefire agreement in mid-June. During the months-long closure of the Strait of Hormuz, hundreds of millions of barrels accumulated on tankers and in storage across the Gulf. Once shipping resumed, those barrels began reentering the market.
  
  Middle Eastern crude exports jumped to more than 12 million barrels per day in June from less than 8 million bpd in May, according to Kpler. July exports are expected to edge even higher. Producers are releasing stored crude while simultaneously restarting fields that had been shut during the conflict, creating a temporary wave of supply that the market is still absorbing.
  
  Brent crude has responded accordingly. Prices have retreated to roughly $70 per barrel, which is about where they traded before the conflict began in late February and roughly $50 below their wartime highs. Physical cargoes have weakened even further as Gulf producers compete aggressively for buyers with discounts and favorable pricing.
  Related: Iran Strikes 5 Gulf Countries as Regional Escalation Continues
  
  Refiners, meanwhile, are buying cheaper crude into a fuel market that never fully recovered from the supply disruptions created by the war.
  
  Months of interrupted refinery operations, shipping bottlenecks, and emergency exports drained gasoline and diesel inventories around the world. Rebuilding those inventories takes far longer than unloading stranded crude cargoes. A tanker can reach a refinery in weeks. But turning crude into finished fuels and replenishing storage across multiple regions is a slower process.
  
  It’s easy to spot the imbalance in the United States.
  
  Gasoline inventories entered the summer driving season at their lowest level for this time of year in more than a decade, after U.S. refiners boosted exports during the Hormuz disruption to offset overseas shortages. Gasoline crack spreads have surged above $56 per barrel, approaching levels last seen during the energy crisis that followed Russia's invasion of Ukraine in 2022.
  
  And then there’s diesel. The Middle East may have reopened, but one of the world's largest diesel suppliers continues to lose refining capacity.
  
  Ukraine has spent months systematically targeting Russian refineries, storage terminals, fuel trains, tankers, and export infrastructure. Russian crude-processing rates have now fallen to their lowest level in more than 21 years, according to estimates compiled by Energy Aspects. Refinery runs have averaged just 3.91 million barrels per day so far this month—more than 1.4 million bpd below the same period last year.
  
  This weekend, Ukraine confirmed strikes on the Syzran refinery, a fuel train, 10 Russian tankers, four ferries, and damage to the NOVATEK-Ust-Luga processing complex. And that was stacked on top of repeated attacks on larger refining centers, including Omsk, steadily reducing Russia's ability to produce gasoline, diesel, and jet fuel.
  
  Moscow has already restricted gasoline exports, imposed broad limits on diesel shipments, and acknowledged growing domestic shortages. Long lines have formed at filling stations across parts of Russia, authorities are rationing fuel in some regions, and the government has even begun importing jet fuel after years as an exporter.
  
  Every barrel of diesel that disappears from the export market tightens supplies elsewhere. Europe remains especially exposed because Russian diesel was once one of its largest sources of imported fuel, and replacement barrels have become increasingly difficult to find.
  
  That explains why today's refining margins look disconnected from crude prices. The crude market is working through a temporary surplus created by the release of stored barrels. The fuel market is working through months of depleted inventories and continuing refinery outages. Those two markets rarely move on separate tracks for long.
  
  History suggests the gap eventually closes.
  
  If refiners continue running hard to capture today's margins, crude demand rises with every additional barrel processed. The temporary glut created by the Hormuz reopening will gradually disappear as stored oil is absorbed into the global system. Producers across the Gulf are also unlikely to maintain steep discounts indefinitely if inventories normalize.
  
  Fuel prices could also come back down, though that outcome depends heavily on Russian refining. Every successful Ukrainian strike delays the return of diesel exports and prolongs the inventory rebuild. Several refineries across the Middle East also continue to operate below normal capacity after sustaining damage during the conflict, which has limited how quickly additional products can reach the market.
  
  The result? An unusually distorted oil market. Crude has largely recovered from the biggest shipping disruption in modern history. Refined products are still recovering from the consequences. Refiners happen to be sitting in the narrow space between those two realities. That has produced record profits. Markets rarely leave opportunities like that untouched for long. Source: Oilprice.com
- 2026-07-14
  Global Emissions Hit Another Record High Despite Clean Energy Boom
  The Energy Institute has released the 2026 Statistical Review of World Energy, published in partnership with Ember and in collaboration with KPMG and Kearney. The Statistical Review, previously published for more than 70 years by BP, remains one of the... Read more The Energy Institute has released the 2026 Statistical Review of World Energy, published in partnership with Ember and in collaboration with KPMG and Kearney. The Statistical Review, previously published for more than 70 years by BP, remains one of the most important annual references for global energy data.
  
  The full report and data can be found at this link.
  
  As I do each year, I dig into the report’s major categories, including oil, natural gas, coal, renewables, electricity, and carbon emissions. Today, I want to start with the emissions data, because it captures the central contradiction in the global energy system.
  
  Clean energy is growing rapidly. Solar and wind continue to scale. Electricity generation from renewables rose sharply in 2025. Yet global greenhouse gas emissions from energy, industrial processes, flaring, and methane associated with fossil fuel production and distribution still reached another all-time high.
  
  The headline is that emissions rose again, but there were some shifts in the trends from recent years.
  
  Another Record High
  
  Global carbon dioxide-equivalent emissions rose from 40.7 billion metric tons in 2024 to 41.0 billion metric tons in 2025. That was an increase of about 331 million metric tons. On the Statistical Review’s adjusted basis, global emissions rose 1.1% for the year, above the 10-year average of 0.9% growth per year.
  
  This was another step higher in a long climb. The world set emissions records in 2022, 2023, 2024, and now again in 2025.
  
  Carbon dioxide
  
  The data in this section are broader than carbon dioxide from fuel combustion alone. The Statistical Review’s CO2-equivalent series includes energy-related emissions, industrial process emissions, flaring, and methane associated with fossil fuel production, transportation, and distribution. That distinction means the emissions trend cannot be explained only by looking at power plants and transportation.
  
  That becomes especially clear when comparing the emissions data with the electricity data.
  
  Global electricity generation rose strongly in 2025, increasing by about 855 terawatt-hours. But renewable generation rose by roughly 861 terawatt-hours. In other words, renewables grew by slightly more than the net increase in global electricity generation.
  
  At the same time, global coal-fired generation fell by about 59 terawatt-hours. Natural gas-fired generation rose only modestly, by about 22 terawatt-hours, while oil-fired generation declined.
  
  That means the global emissions increase was not simply a story of coal-fired electricity growth. At the global level, renewable power covered the entire net increase in electricity generation. Yet total emissions still rose.
  
  That points to a broader explanation: transportation fuels, industrial activity, fossil fuel production, methane, flaring, and regional shifts in the energy mix all played a role.
  
  The U.S. Rebound
  
  North America accounted for 47.1% of the increase in global emissions in 2025, even though it represented only 15.6% of total global emissions. The United States was the primary reason.
  
  U.S. emissions rose from 5.1 billion metric tons in 2024 to 5.3 billion metric tons in 2025, an increase of about 147 million metric tons. On the Statistical Review’s adjusted basis, U.S. emissions rose 3.2%.
  
  That is a sharp one-year rebound. It essentially reversed the declines of the previous two years.
  
  There is some context. U.S. emissions remain well below their 2007 peak, and they are slightly below 1990 levels in this data series. The long-term U.S. trend is not one of runaway emissions growth.
  
  But 2025 showed that emissions progress is not guaranteed. When energy demand rises and the power-sector mix shifts in the wrong direction, emissions can rebound quickly.
  
  The electricity data helps explain part of the U.S. story. U.S. electricity generation increased by about 133 terawatt-hours in 2025. Renewable generation rose by nearly 99 terawatt-hours, a strong increase. But coal-fired generation also jumped by about 91 terawatt-hours, or roughly 13%. Natural gas generation fell by about 67 terawatt-hours.
  
  That shift is important because coal is far more carbon-intensive than natural gas. A move from gas toward coal can raise emissions even when renewables are growing.
  
  So, the U.S. story is not that renewables failed to grow. They did grow. The problem was that rising demand, combined with a rebound in coal-fired generation, overwhelmed that progress.
  
  China Slowed Sharply
  
  China remains the world’s largest emitter by far. In 2025, China emitted 12.5 billion metric tons of CO2-equivalent emissions, equal to 30.5% of the global total.
  
  But China’s emissions growth nearly stalled in 2025. Emissions increased by only about 4 million metric tons, essentially flat in a system of this size. That was a sharp slowdown from recent years.
  
  This does not mean China is no longer central to the emissions story. Since 2000, global emissions have increased by about 14.4 billion metric tons. China’s emissions increased by roughly 8.8 billion metric tons over that period, accounting for about 61% of the global increase.
  
  So, two things are true at the same time.
  
  China remains the world’s largest current emitter and the dominant contributor to the rise in global emissions this century. But in 2025, China was not the main source of the global increase. The U.S. emissions rebound was far larger in absolute terms.
  
  China’s electricity data helps explain the slowdown. China’s electricity generation rose by about 488 terawatt-hours in 2025, far more than the U.S. increase. But renewable generation rose by about 478 terawatt-hours. Nuclear generation rose by about 34 terawatt-hours, hydro increased by about 28 terawatt-hours, and coal-fired generation fell by about 80 terawatt-hours.
  
  That is a striking contrast with the U.S. In China, rapid power demand growth was largely atched by growth in non-fossil generation. In the U.S., renewable generation rose, but coal generation also surged.
  
  India And The Developing World
  
  India also showed a notable slowdown. India’s CO2-equivalent emissions rose from 3.26 billion metric tons in 2024 to 3.28 billion metric tons in 2025, an increase of about 21 million metric tons. That is much slower than the increases recorded in 2023 and 2024.
  
  India’s emissions are still growing over the longer term. Over the past decade, India’s emissions have risen at an annual rate of about 3.5%. But 2025 was a relatively modest year for growth.
  
  More broadly, non-OECD countries continue to dominate global emissions. In 2025, non-OECD countries accounted for 70.5% of global CO2-equivalent emissions, while OECD countries accounted for 29.5%. That is a major shift from 1990, when OECD countries accounted for more than half of global emissions.
  
  But again, the 2025 regional pattern was unusual. Asia Pacific produced 51.9% of global emissions but contributed only 16.7% of the increase. North America was the main surprise, while Africa also contributed a noticeable share of the increase from a much smaller base.
  
  Africa accounted for only 4.7% of total global emissions in 2025 but contributed 16.9% of the global increase. That reflects fast growth from a low base and is a reminder that future emissions growth will increasingly depend on how developing regions meet rising energy demand.
  
  Europe remained largely flat. Total European emissions rose only slightly, while European Union emissions declined again. The European Union’s emissions are now about one-third below their 1990 level in this CO2-equivalent series.
  
  The Big Picture
  
  The 2025 emissions data tell a more nuanced story than in recent years.
  
  It is inaccurate to say renewables are failing. Global renewable electricity generation rose enough to cover the entire net increase in global power generation. Solar and wind continue to scale rapidly. China’s emissions growth slowed sharply, in part because renewable generation surged.
  
  But it is also not accurate to say the energy transition is cutting global emissions. Total emissions reached a new record in 2025. The world is still not reducing fossil fuel use, industrial emissions, methane, and flaring quickly enough to bend the global emissions curve downward.
  
  The U.S. rebound is one of the most important findings in this year’s data. After years of gradual progress, U.S. emissions rose sharply because energy demand increased and coal-fired generation rebounded. The explosion of data centers likely contributed to rising electricity demand, but they were not the only factor, and the emissions record cannot be pinned on one culprit.
  
  China’s slowdown is also important. For years, China has been the dominant driver of rising global emissions. In 2025, that changed. China remained the largest emitter, but its growth nearly stalled while U.S. emissions rebounded.
  
  That may or may not represent a lasting shift. One year does not make a trend. But it does show how quickly the emissions picture can change when regional power mixes and energy demand move in different directions.
  
  The bottom line is straightforward. The world added a great deal of clean electricity in 2025. But total CO2-equivalent emissions still hit another record.
  
  That is the challenge of the energy transition in one sentence: clean energy is growing rapidly, but the overall energy system is still not decarbonizing fast enough.
  
  Source: Oilprice.com
- 2026-07-14
  MABUX: Global bunker market to surge on Jul. 14 amid renewed escalation in the Strait of Hormuz.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed mixed movements on Jul. 13: 380 HSFO: USD/MT: 573.58 (+2.51) VLSFO: USD/MT: 712.83 (+4.42) MGO: USD/MT: 1 127.36 (-0.75) As of Jul.... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed mixed movements on Jul. 13:
  
  380 HSFO: USD/MT: 573.58 (+2.51)
  VLSFO: USD/MT: 712.83 (+4.42)
  MGO: USD/MT: 1 127.36 (-0.75)
  
  As of Jul. 13, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), recorded the following trends across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four hubs remained undervalued. The discounts narrowed by $7 in Rotterdam, $5 in Singapore, $7 in Fujairah, and $18 in Houston. Singapore's MDI moved below the $100 threshold, indicating a further convergence between market prices and the digital benchmark.
  
  • VLSFO segment: Rotterdam and Fujairah remained overvalued, with premiums widening by $11 and $13, respectively. Singapore reached full parity between MBP and DBP, while Houston remained the only undervalued port, with its discount narrowing by $8 and approaching parity. Fujairah's MDI continued to trade above the $100 premium threshold, reflecting persistent pricing pressure.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston remained undervalued, with discounts narrowing by $75, $32, and $40, respectively. Fujairah stayed overvalued, with its premium increasing by $15. MDI values in Rotterdam and Singapore remained well above the $100 threshold, while Houston fell below it, indicating a continued normalization of price differentials.
  
  MABUX expects the global bunker market to enter a phase of sustained upward momentum on Jul. 14 as renewed escalation in the Strait of Hormuz drives a fresh geopolitical risk premium into oil and bunker markets: plus 15-20 USD/MT, VLSFO: plus 15–25 USD/MT, MGO LS: plus 15–35 USD/MT.
  Source: MABUX

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