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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
707.50
-51.00
671.00
-3.00
Feb 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	-51.00	671.00	-3.00	Feb 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
434.70	-0.25	522.62	+0.39	779.43	+1.22	Feb 18

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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	407	433	-26	457	480	-23	671	688	-17	Feb 18
Singapore	440	428	+12	481	521	-40	666	681	-15	Feb 18
Fujairah	415	394	+21	473	512	-39	739	744	-5	Feb 18
Houston	360	405	-45	457	460	-3	645	683	-38	Feb 18

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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
- 2026-02-18
  Oil rises 3% on Iran-US tensions, Russia-Ukraine talks end without breakthrough
  Oil prices rose by more than 3% on Wednesday as traders priced in potential supply disruptions amid concerns of conflict between the United States and Iran, and after talks between Ukraine and Russia in Geneva ended without a breakthrough. Brent crude... Read more Oil prices rose by more than 3% on Wednesday as traders priced in potential supply disruptions amid concerns of conflict between the United States and Iran, and after talks between Ukraine and Russia in Geneva ended without a breakthrough.
  Brent crude oil futures were up $2.38, or 3.53%, at $69.80 a barrel at 12:09 p.m. EDT, while U.S. West Texas Intermediate (WTI) crude futures gained $2.39, or 3.83%, to $64.72. Both contracts fell to two-week lows on Tuesday.
  "The big moves in oil prices today are being solely driven by geopolitics, they continue to react to headlines with respect to meetings between the U.S. and Iran, and Russia and Ukraine," said Andrew Lipow, president of Lipow Oil Associates.
  "The oil market is pricing in additional risk of a supply disruption," he added.
  Oil’s drop on Tuesday followed hopes that tensions between the U.S. and Iran were easing after Iran’s foreign minister said the countries had reached an understanding on the main guiding principles of their nuclear talks.
  But on Wednesday, the Iranian semi-official Fars news agency reported that Iran and Russia will conduct navy drills in the Sea of Oman and the northern Indian Ocean on Thursday.
  Just as the talks began on Tuesday, Iranian state media said Iran was temporarily shutting parts of the Strait of Hormuz, a vital global oil supply route, due to security precautions while its elite Revolutionary Guards conducted military drills there. Later, state media said the strait had been shut for a few hours, without making it clear if it had fully reopened.
  
  "Iran knows Trump’s negotiation tactics now. It also knows that a disruption in oil exports out of the Strait of Hormuz and a rally in oil prices to $150 per barrel is the very last thing Trump wants," said SEB chief commodities analyst Bjarne Schieldrop in a note. "Iran has time to negotiate in calmness."
  Political consultancy Eurasia Group said in a Tuesday note to clients that it thinks there is a 65% probability of U.S. military strikes against Iran by the end of April.
  "Everyone is monitoring the amount of military equipment that is flooding the region from the U.S., giving an indication that hostilities are imminent," said John Kilduff, partner with Again Capital.
  RUSSIA, UKRAINE PEACE TALKS END WITHOUT BREAKTHROUGH
  Two days of peace talks in Geneva between Ukraine and Russia ended on Wednesday without a breakthrough, with President Volodymyr Zelenskiy accusing Moscow of stalling U.S.-mediated efforts to end the four-year-old war.
  Ukraine has faced repeated pressure from U.S. President Donald Trump to agree to a deal that could mean painful concessions, as Russian forces pound its power grid and slowly advance on the battlefield.
  Zelenskiy described the talks as "difficult."
  "There has been a renewed effort to clamp down on Russian exports, so if these talks do go off the rails as Zelenskiy suggested they are, then we could finally see a material drop in the amount of Russian exports headed to the global market, and that is obviously supportive," said Again Capital’s Kilduff.
  
  Meanwhile, U.S. oil inventory reports from the American Petroleum Institute, due later in the day, and from the Energy Information Administration on Thursday will also be in focus. Analysts polled by Reuters expect U.S. crude stockpiles likely rose last week. Source: Reuters/Investing.com
- 2026-02-18
  Shanghai bunkering blueprint targets LNG and methanol
  The Chinese government plans to develop 1 million cbm/year of LNG and 1 million mt/year of biofuel and methanol bunkering capacity in Shanghai by 2030. Ten Chinese ministries, including the transport ministry, have outlined a blueprint to develop an... Read more The Chinese government plans to develop 1 million cbm/year of LNG and 1 million mt/year of biofuel and methanol bunkering capacity in Shanghai by 2030.
  
  Ten Chinese ministries, including the transport ministry, have outlined a blueprint to develop an international bunkering hub in Shanghai by 2030.
  
  The plan envisions Shanghai’s bunkering capacity reaching 1 million cbm/year (around 450,000 mt/year) for LNG and 1 million mt/year for biofuel and methanol within the next four years, according to International Services Shanghai, the Shanghai government’s official website.
  
  To support this expansion, authorities plan to develop production, storage, transport and bunkering infrastructure for alternative fuels across designated “key zones” in the city, including the Chemical Industry Park, Hengsha Island, the Yangtze River estuary and Yangshan Port.
  
  The blueprint also covers the development of bunkering vessels, bunker trucks and onshore power facilities to support operations, the government said.
  
  “The plan also seeks to streamline regulations by allowing cross-customs and cross-port operations for bunkering ships and enabling blending of biofuel with conventional bunker fuel oil within comprehensive bonded zones,” it added.
  
  Government authorities added that they will also work on developing emissions accounting standards for these fuels, with the aim of achieving international recognition. Source: ENGIИE
- 2026-02-18
  IEA: ‘Sustainable fuels quadruple globally if announced policies are implemented’
  Speaking at a technical seminar at the International Maritime Organization’s London HQ on Thursday (12 February), Dr Paolo Frankl, Head of the International Energy Agency’s (IEA) Renewable Energy Division, said that sustainable fuel supply and demand... Read more
- 2026-02-18
  EU General Court to hear NGOs’ case against EC’s inclusion of fossil fuel-powered airplanes and ships as sustainable investments
  On Tuesday next week (24 February) the EU General Court in Luxembourg is set to hear a case made by a coalition of climate NGOs which challenges the European Commission’s decision to allow some fossil fuel-powered planes and LNG-powered ships to be labelled... Read more
- 2026-02-18
  New European offices for Lehmann Marine
  Energy storage solutions company Lehmann Marine has expanded its operations in the Benelux region and Norway. The company, which is based in Germany, has launched new offices in Eindhoven, Netherlands and in Trondheim, Norway. The locations will... Read more
- 2026-02-18
  IMO’s 2026 Sustainable Maritime Transport Training Programme opens for applications
  Governments of least developed countries (LDCs) and small island developing states (SIDS) are now invited to nominate candidates for the 2026 Sustainable Maritime Transport Training Programme (GHG-SMART), implemented by the International Maritime Organization... Read more
- 2026-02-18
  BV and Hudong-Zhonghua working together on LNG bunkering vessel project
  Bureau Veritas Marine & Offshore (BV) has announced that it is working with China’s Hudong-Zhonghua Shipbuilding on a range of projects, which include an LNG bunkering vessel and onboard carbon capture for an LNG carrier. In a statement issued yesterday... Read more
- 2026-02-18
  Methanol bunker vessel starts operations in Ceuta
  Spanish bunkering company Vilma Oil Med, part of TFG Marine, welcomed the methanol dual-fuel Maya Cosulich tanker this week for its inaugural service in the Spanish port of Ceuta. As previously reported by ship.energy, the 7,990 DWT vessel, which is... Read more
- 2026-02-18
  Oil trims losses as traders weigh progress in US–Iran talks
  Oil prices steadied in Asian trade on Wednesday after falling about 2% in the previous session as investors assessed progress in U.S.–Iran talks but remained cautious about the prospects of a final deal that could ease supply concerns. Brent futures... Read more Oil prices steadied in Asian trade on Wednesday after falling about 2% in the previous session as investors assessed progress in U.S.–Iran talks but remained cautious about the prospects of a final deal that could ease supply concerns.
  Brent futures rose 23 cents or 0.34% to $67.65 a barrel by 0412 GMT, while U.S. West Texas Intermediate (WTI) crude was up 19 cents or 0.3% at $62.52. Both are around two-week lows.
  Iran and the U.S. reached an understanding on Tuesday on main "guiding principles" in talks aimed at resolving their longstanding nuclear dispute, but that does not mean a deal is imminent, Iranian Foreign Minister Abbas Araqchi said.
  Analysts remained sceptical about the potential for further progress.
  "Crude oil prices look poised for a technical rebound ... However, a finalised agreement remains distant, and markets remain cautious about the durability of diplomatic momentum," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
  Political consultancy Eurasia Group said in a Tuesday note to clients that it thinks there is a 65% probability of U.S. military strikes against Iran by the end of April.
  Also weighing on oil prices were reports from Russian media that output at the Tengiz oil field in Kazakhstan, one of the world’s largest, was rising after a suspension in January.
  Tengiz plans to reach full capacity by February 23, Reuters sources said.
  
  The market will be focused on weekly reports by the American Petroleum Institute, due later in the day, and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, on Thursday.
  Analysts polled by Reuters estimated that U.S. crude oil stockpiles likely rose last week, while distillate and gasoline inventories probably fell.
  They expect crude inventories climbed by about 2.3 million barrels in the week to February 13, while stockpiles of gasoline declined by around 200,000 barrels and distillate inventories, which include diesel and heating oil, dropped by some 1.6 million barrels.
  Meanwhile, negotiators from Ukraine and Russia wrapped up the first day of U.S.-brokered peace talks in Geneva on Tuesday, and President Donald Trump urged Kyiv to move swiftly toward an agreement to end the four-year conflict.
  "Any shift in that geopolitical axis could add risk premium (to prices)," Sachdeva added. Source: Reuters/Investing.com
- 2026-02-18
  Super Tanker Rates Soar Amid Sanctions, Supply Shifts, and Strategic Hoarding
  Geopolitics, growing oil supply, longer voyages, and disruptions due to sanctions and altered shipping lanes pushed crude oil tanker rates to multi-year highs at the end of 2025. After a dip in January, rates started climbing again this month in what... Read more Geopolitics, growing oil supply, longer voyages, and disruptions due to sanctions and altered shipping lanes pushed crude oil tanker rates to multi-year highs at the end of 2025.
  
  After a dip in January, rates started climbing again this month in what shipping executives described as a fundamental shift in the market for very large crude carriers (VLCC) capable of carrying around 1.9 million barrels to 2.2 million barrels of crude.
  
  This shift is a major buying spree from South Korea’s Sinokor shipping group and Italian billionaire Gianluigi Aponte, founder of MSC Mediterranean Shipping Company, according to Bloomberg interviews with shipping brokers, vessel owners, and executives.
  
  Shipbroker reports and shipping executives noted in recent reports and earnings call that Sinokor’s move to control more than a hundred VLCCs of the available non-sanctioned fleet is changing the way other owners act and is pushing freight rates higher.
  
  Spiking Freight Rates
  
  Rates were soaring at the end of last year, even before the market became aware of an unprecedented consolidation shift.
  
  Growing demand for crude oil shipments, particularly from buyers in East Asia, boosted crude tanker rates to multi-year highs at the end of last year, as the number of vessels available for bookings began to shrink due to higher oil shipments demand, the U.S. Energy Information Administration (EIA) said in an analysis in January.
  
  As higher oil production and lower oil prices created additional demand for crude, VLCC rates spiked by 118% year on year in November from the Persian Gulf to the U.S. Gulf Coast. Rates from the Persian Gulf to Asia jumped by 139%, according to Argus data cited by the EIA.
  
  Moreover, supertanker rates on the route between the Middle East and China hit their highest in five years as traders sought alternatives to Russian crude after the U.S. sanctioned Russia’s biggest oil producers and exporters, Rosneft and Lukoil.
  
  Seasonal factors pushed tanker rates lower in January, before the next leg higher, driven by geopolitical concerns over U.S.-Iran tensions.
  
  In addition, the new oil order in Venezuela imposed by the Trump Administration prompted the world’s top traders to charter more legitimate vessels to ship and sell Venezuela’s crude to U.S. refineries on the Gulf Coast or in Europe and Asia.
  
  Unprecedented Fleet Consolidation
  
  Adding to all these factors is Sinokor’s massive bet to control an estimated number of 120 VLCCs.
  
  Because of the Sinokor deals to buy and charter vessels, the supertanker rates have now jumped fourfold over the past month, market sources told Bloomberg.
  
  This fleet consolidation was confirmed in the latest weekly report by shipbroker Fearnleys, which said that the week to February 11 saw “healthy daily earnings upwards of USD 120k/day and above.”
  
  Geopolitical tension was one reason for the high rates. The other was “Sinokor’s continued appetite for tonnage, and by and large, pricing the spot market higher than the prevailing rate level has underpinned the strong sentiment and left charterers with slim pickings for alternatives.”
  
  Kpler, for its part, noted earlier this month that the VLCC market has seen increased volatility in rates.
  
  “The combination of vessels migrating into the shadow fleet last year, more vessels fixed on time charters and a smaller group of owners acquiring larger fleets is creating greater rate volatility,” Kpler’s Matt Wright said in a Q1 2026 tanker market outlook.
  
  One-year charters have jumped by 20% over two months, Ole Hjertaker, chief executive officer of SFL Corporation, said on the shipping company’s earnings call last week.
  
  “I think one very important underlying factor here on the tanker side, which I would call almost unprecedented in the market, at least in the history I have seen, is that you have one party or group of people who are working together who effectively control around a third of the available or traded tanker VLCC fleet out there,” Hjertaker said, without mentioning names.
  
  “We believe they are willing to hold back ships if they do not get the charter rate where they want it to be, which implicitly would give also the other owners out there confidence to hold back and not just drop their rates,” the executive added.
  
  Svein Moxnes Harfjeld, CEO of another crude tanker firm, DHT, said the company believes the supply squeeze in the supertanker is real, also because of the major fleet consolidation.
  
  “As you may have read in the news, a fundamental shift in the fleet ownership is taking place, with fleet consolidation by private actors gaining meaningful traction,” Harfjeld said on DHT’s earnings call in early February, without naming any names.
  
  “We estimate that the aggregators to have gained control of some 120 ships, and we expect their efforts to continue, and in not too long, to control at least 25% of the compliant tramping VLCC fleet, a critical market share,” the executive added.
  
  “This consolidation is shifting the pricing dynamics and is putting pressure on timely availability of ships,” Harfjeld noted.
  
  Looking forward, the tanker market now accounts for another major development on top of the various geopolitical and fundamental factors at play. Source: Oilprice.com

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