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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
722.50
0.00
620.00
-4.00
Apr 23
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	722.50	0.00	620.00	-4.00	Apr 23

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
466.08	-4.12	538.70	-3.79	725.98	-4.92	Apr 24

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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	422	422	0	457	481	-24	620	606	+14	Apr 24
Singapore	448	432	+16	500	518	-18	612	639	-27	Apr 24
Fujairah	438	470	-32	496	525	-29	715	792	-77	Apr 24
Houston	396	439	-43	466	551	-85	617	664	-47	Apr 24

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Latest News
- 2025-04-24
  EUROPE: MCA PUBLISHES GUIDANCE ON HANDLING AMMONIA AS A MARINE FUEL
  The UK’s Marine and Coastguard Agency (MCA) has published a new ‘customer process’ guidance on the use of ammonia as an alternative marine fuel. The guidance acknowledges that ‘ammonia has been transported as a cargo by shipping since at least the... Read more
- 2025-04-24
  EUROPE: LISBON BECOMES FIRST SOUTHERN EUROPEAN PORT TO JOIN EPI
  The Port of Lisbon has become the first southern European port to join the Environmental Port Index (EPI), the reporting tool which aims to improve the operational efficiency and reduce the environmental impact of ship owners and port operators. Through... Read more
- 2025-04-24
  EUROPE: PORT OF ANTWERP-BRUGES REPORTS 4% Y-O-Y DECLINE IN CARGO THROUGHPUT IN ‘EVENTFUL’ Q1
  The Port of Antwerp-Bruges has reported a 4% year-on-year (y-o-y) decrease in cargo throughput in what it called an ‘eventful’ first quarter of the year. Some 67.7 million tonnes of cargo was handled in Q1 2025 compared to 70.4 million in the corresponding... Read more
- 2025-04-24
  EUROPE: ROTTERDAM POSTS Y-O-Y INCREASE IN FOSSIL BUNKERS, BUT DROP IN BIO-BLENDED MARINE FUELS
  The Port of Rotterdam has today (23 April) reported 2,302,076 metric tonnes (mt) of fossil bunker fuels sales for the first quarter (Q1) of 2025, up from 2,155,877 mt in Q1 2024 – but there was a significant year-on-year (y-o-y) drop in bio-blended marine... Read more
- 2025-04-24
  GLOBAL: INDUSTRY ACTORS OPTIMISTIC THAT IMO GHG PRICING WILL BOOST GREEN FUEL PRODUCTION AND UPTAKE
  Organisations representing suppliers of ammonia, methanol, LNG, green hydrogen and wind propulsion have welcomed the ‘strong signals’ sent by the IMO’s global GHG pricing agreement, which they hope will help accelerate investment in both the production... Read more
- 2025-04-24
  MABUX: Bunker Weekly Outlook, Week 17, 2025.
  By the end of the 17th week, the global bunker indices published by MABUX continued a moderate upward correction. The 380 HSFO index increased by 6.68 USD, rising from 463.50 USD/MT the previous week to 470.18 USD/MT, gradually approaching the 500 USD... Read more By the end of the 17th week, the global bunker indices published by MABUX continued a moderate upward correction. The 380 HSFO index increased by 6.68 USD, rising from 463.50 USD/MT the previous week to 470.18 USD/MT, gradually approaching the 500 USD mark. The VLSFO index edged up by 3.35 USD, from 538.25 USD/MT to 541.60 USD/MT. Meanwhile, the MGO index rose by 9.07 USD, climbing from 721.86 USD/MT to 730.93 USD/MT. At the time of writing, the market remained in a phase of moderate upward correction.
  
  MABUX Global Scrubber Spread (SS) - the difference between 380 HSFO and VLSFO - continued its moderate decline: minus $3.33 (from $74.75 last week to $71.42), closely approaching the $70.00 mark. The weekly average of the index also decreased by $3.51. In Rotterdam, the SS Spread rose by $5.00 ($35.00 against $30.00 last week), still remaining below the $40.00 mark. At the same time, the weekly average in the port, on the contrary, decreased by $10.33. In Singapore, the 380 HSFO/VLSFO spread decreased by $1.00, from $58.00 last week to $57.00, and the weekly average in the port lost $6.50. At the moment, the global and port SS Spread indices are quoted well below the $100.00 mark (SS Breakeven), which maintains the higher profitability of using VLSFO compared to the 380HSFO + Scrubber combination. We do not expect significant changes in the dynamics of the SS Spread next week. More information is available in the "Differentials" section of mabux.com.
  
  According to the latest IEA Gas Report, LNG imports into Europe are projected to increase by 25% in 2025, approaching record levels due to heightened storage needs and reduced Russian pipeline gas supplies. In contrast, LNG imports into Asia are expected to decline, primarily driven by a downturn in demand from China.
  
  As of April 22, European regional gas storage facilities were 37.02% full—down 6.67% from the previous week and 34.31% lower than at the start of the year, when storage levels stood at 71.33%. After two consecutive weeks of growth, gas reserves in EU storage facilities have resumed their decline. By the end of the 17th week, the European gas benchmark TTF remained largely unchanged, slipping by just 0.163 euro/MWh to 34.244 euro/MWh from 34.407 euro/MWh the previous week.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) rose sharply by USD 127 at the end of the week, reaching USD 790/MT, up from USD 663/MT the previous week. On April 21, the price gap between LNG and conventional fuel widened to USD 108 in favor of conventional fuel, compared to just USD 2 the week before. On the same day, MGO LS was quoted at USD 682/MT in Sines. For more details, visit the LNG Bunkering section on mabux.com.
  
  At the end of the 17th week, the MABUX Market Differential Index (MDI)—which reflects the ratio between market bunker prices (MBP) and the MABUX Digital Bunker Benchmark (DBP)—showed the following trends across the 380 HSFO and VLSFO segments:
  
  • 380 HSFO segment: Rotterdam and Singapore remained in the overvalued zone, with the average weekly MDI declining by 8 and 1 points, respectively. The other two ports—Fujairah and Houston—were in the undervalued zone, with average undervaluation levels rising by 6 and 11 points, respectively. Notably, Rotterdam's MDI stayed close to the 100% correlation mark between MBP and DBP.
  
  • VLSFO segment: All four key ports remained undervalued. The average weekly MDI increased by 12 points in Rotterdam, Singapore, and Fujairah, and by 6 points in Houston, indicating a slight narrowing of the undervaluation gap.
  
  • MGO LS segment: Rotterdam was the only port in the overvalued zone, with its average weekly MDI increasing by 21 points. The other three ports—Singapore, Fujairah, and Houston—remained undervalued. MDI rose by 9 points in Singapore and 26 points in Fujairah, while Houston’s index remained unchanged.
  
  Overall, the week saw no significant shifts in the balance between overvalued and undervalued ports. This structure is expected to remain stable into next week.
  
  For more details on the correlation between market prices and the MABUX digital benchmark, visit the Digital Bunker Prices section on mabux.com.
  
  The agreement reached at MEPC 83 introduces progressively stricter greenhouse gas (GHG) emission requirements for ships, beginning in 2028. An initial baseline reduction target of 4% will be followed by a “direct compliance” target of 17%. These limits will increase annually, aiming for a 30% baseline and a 43% direct compliance target by 2035. Ships that fail to meet these targets will face GHG emissions charges under a two-tier pricing system: $100 per tonne of CO₂ equivalent for ships that meet only the baseline target, and $380 per tonne for those that meet neither. Surplus compliance may be pooled or carried forward. If adopted by IMO member states in October, the regulation will also establish an IMO Net-Zero Fund to redistribute revenue from emissions charges, support the adoption of zero-emission fuels (ZNZ), and fund cleaner fuel transitions in developing countries.
  
  The global bunker market is exhibiting signs of a moderate upward correction. We anticipate that the upward trend will continue to dominate the movement of global bunker indices next week.
  Source: MABUX
- 2025-04-24
  Oil prices edge up after sharp drop as OPEC+ mulls faster output boost
  Oil prices inched higher in Asian trade on Thursday following steep losses in the prior session, as investors digested reports that OPEC+ plans to further ramp up production in June. The commodity was supported by signals of potential tariff negotiations... Read more Oil prices inched higher in Asian trade on Thursday following steep losses in the prior session, as investors digested reports that OPEC+ plans to further ramp up production in June.
  The commodity was supported by signals of potential tariff negotiations between the U.S. and China.
  As of 21:45 ET (01:45 GMT), Brent Oil Futures expiring in June edged 0.3% higher to $66.33 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.2% to $61.78 per barrel.
  Both contracts settled nearly 2% lower on Wednesday in anticipation of increased supply from the Organization of the Petroleum Exporting Countries.
  OPEC+ members eye faster output hikes - Reuters
  Several OPEC+ nations are pushing to accelerate oil output hikes in June, extending May’s surprise boost, as internal disputes over quota compliance deepen, Reuters reported Wednesday, citing sources familiar with the talks.
  The proposed increase—potentially matching May’s 411,000 barrels per day rise—comes as oil prices hover near four-year lows amid a U.S.-China trade war and oversupply concerns.
  Eight OPEC+ countries will meet on May 5 to finalize the June plan, while divisions persist within the group, according to the report.
  Saudi Arabia, frustrated by overproduction from Kazakhstan and Iraq, led the push for May’s accelerated increase, the report said.
  Not all members are on board. Russia and others prefer slower, pre-agreed hikes to avoid further price declines, Reuters reported.
  Signs of US-China tariff negotiations support oil
  Despite the fall, oil prices were supported by expectations of potential tariff negotiations between the U.S. and China.
  
  The Wall Street Journal on Wednesday reported that the Trump administration is considering reducing tariffs on Chinese imports to de-escalate trade tensions.
  Prior to this, Trump hinted at potential trade negotiations with China, saying a potential deal could lead to a “substantial” reduction in tariffs. But "it won’t be zero," he added.
  A reduction of duties could lead to increased economic activity in China, the world’s largest crude importer.
  US crude inventories jump unexpectedly - EIA
  The U.S. Energy Information Administration (EIA) on Wednesday reported that crude oil inventories increased by 244,000 barrels to 443.1 million barrels for the week ending April 18, defying analysts’ expectations of a 770,000-barrel draw.
  Meanwhile, both gasoline and distillate inventories fell more than anticipated.
  Gasoline stocks declined by 4.5 million barrels, surpassing the expected 1.4 million-barrel draw, while distillate inventories, including diesel and heating oil, dropped by 2.4 million barrels, far exceeding the forecasted 30,000-barrel decrease. Source: Investing.com
- 2025-04-24
  Crude Caught in Crossfire of OPEC+ Discord and Tariff Shocks
  The U.S. stock markets enjoyed a broad rally on Wednesday, with the S&P 500 jumping nearly 2% a day after U.S. President Donald Trump announced that China tariffs will come down substantially, with another potential boost coming from a Wednesday Reuters... Read more The U.S. stock markets enjoyed a broad rally on Wednesday, with the S&P 500 jumping nearly 2% a day after U.S. President Donald Trump announced that China tariffs will come down substantially, with another potential boost coming from a Wednesday Reuters report citing unnamed sources as saying talks to lead to significant tariff reductions.
  
  “It will come down substantially, but it won’t be zero,” Trump said on Tuesday, echoing earlier remarks by U.S. Treasury Secretary Scott Bessent. Less than a day later, reports emerged that the administration is considering reducing tariffs on Chinese imports from 145% to as low as 50% if talks with Beijing are successful.
  
  But while the stock markets are enjoying a reprieve, oil prices are not. On Wednesday at 2:25 p.m. ET, Brent crude for June delivery was down 2.2%, only recouping a few tenths of a percentage point on the tariff optimism.
  
  In a Tuesday report, commodity analysts at Standard Chartered warned that the ongoing tariff snafu has unsettled oil markets, creating negativity about demand prospects and weighing heavily on oil market sentiment. Volatility in oil markets has spiked, with the 30-day realized annualised front-month volatility clocking in at 42.8% at settlement on 21 April, over 23 ppt higher than at the start of April and just 1.7 ppt below a 30-month high. StanChart has predicted oil markets could see a short-covering rally, noting there’s been record net-selling across the four main Brent and WTI contracts following the 2 April announcement of U.S. tariffs. The ICE Brent positioning index fell 28.9 w/w to -40.3 while the NYMEX WTI positioning index rose 21.0 w/w to -79.0. StanChart says the overall change was largely due to the closing out of longs rather than the opening of new shorts, with longs across the four contracts falling by 26.3 million barrels (mb), while shorts increased by 5.8 million barrels.
  
  Further, StanChart says oil markets appear to have ignored the latest [bullish] move by OPEC+. A week ago, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman submitted their individual compensation plans to OPEC, potentially cutting the amount of extra barrels they will bring to the markets during their ongoing unwinding of cuts. The latest plan requires the seven nations to cut output by a further 369,000 barrels per day each month starting April 2025 now to June 2026. Under the new plan, monthly cuts will range from 196,000 bpd to 520,000 bpd from April until June 2026, up from 189,000 bpd to 435,000 bpd previously. But Kazakhstan on Wednesday threw another spanner in the works, saying it would prioritize national interest, not OPEC quotas, and pump at will.
  
  Additionally, on Wednesday, Reuters reported that ?OPEC+ is considering accelerating oil output increases for June, following a significant 411,000 barrels per day (bpd) hike in May, which was three times higher than initially planned. The decision to boost production in May was influenced by a sharp decline in oil prices to a four-year low, driven by factors such as the U.S.-China trade war and concerns over compliance within the group. Saudi Arabia, in particular, advocated for the increased output to address perceived non-compliance by countries like Kazakhstan and Iraq. However, Kazakhstan has stated it will prioritize its national interests, indicating it may not adhere strictly to OPEC+ quotas. A meeting involving eight OPEC+ countries is scheduled for May 5 to finalize the output plan for June. Market reactions have been mixed, with Brent crude oil prices fluctuating in response to these developments.
  
  Previously, eight OPEC+ nations unveiled plans to advance their planned phase-out of voluntary oil output cuts by ramping up output by 411,000 barrels per day in May--equivalent to three monthly increments. The announcement of the accelerated unwinding clip came at a time when U.S. President Donald Trump announced tariffs on trading partners, deepening the shock to oil markets. The move confirmed previous rumors that Saudi Arabia could be willing to abandon its traditional role as OPEC’s swing producer as it looks to make a strong statement against production cut violators such as Kazakhstan, United Arab Emirates and Iraq.
  
  Last September, the Financial Times reported that Saudi Arabia was ready to abandon its unofficial price target of $100 a barrel for crude oil as it prepares to increase output, effectively signaling that it is resigned to a prolonged period of lower oil prices. Saudi Arabia currently accounts for 2 mb/d out of 2.8 mb/d output cuts from OPEC members and a total of 3.15 from OPEC+. Essentially, the Saudi contribution is double that of the entire group, with only the Kingdom and Kuwait currently cutting production by a double-digit percentage. In fact, a big part of lower output by other OPEC+ members is not voluntary but rather reflects their inability to meet their quotas.
  
  Kazakhstan, in particular, has repeatedly exceeded its OPEC+ output quota of 1.468 million bpd. Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate--a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd.
  
  The OPEC+ member has been able to increase oil output despite damage to the Caspian Pipeline Consortium (CPC), its main export route via Russia. Back in February, Russia reported that CPC capacity was cut by 30-40% after an attack by Ukrainian drones. It’s not clear how Kazakhstan has managed to ramp up output despite having constrained export capacity. ?azakhstan relies on the CPC for more than 80% of its exports. The surge in output follows a rise in production at the giant Tengiz oilfield, operated by Tengizchevroil, led by Chevron Corp. (NYSE:CVX), which has embarked on a $48 billion expansion of Tengiz.
  
  Source: Oilprice.com
- 2025-04-24
  China Hits Oil Output Record
  In January, China’s National Energy Administration said it was eyeing stable oil production of over 200 million tons in 2025. Two months later, oil production in the world’s largest importer of the commodity hit an all-time high of 4.6 million barrels... Read more In January, China’s National Energy Administration said it was eyeing stable oil production of over 200 million tons in 2025. Two months later, oil production in the world’s largest importer of the commodity hit an all-time high of 4.6 million barrels daily, per official data. China is taking “Drill, baby, drill” to heart.
  
  It was Bloomberg’s energy columnist Javier Blas who cited the Chinese official oil production data. He also pointed out the rather ironic fact that while U.S. shale producers were hunkering down amid falling oil prices despite Trump’s passion for drilling, Chinese state energy majors were boosting local production consistently, reversing a downward trend in that production that had begun a decade ago—despite predictions that China’s oil demand is about to peak any day now.
  
  Earlier this year, CNPC said it was likely that demand for fuels in China peaked two years ago. The suggestion was based on a 1.9% in crude oil imports in 2024 to just over 11 million barrels daily. This was the first decline in imports of crude oil to China in two decades—but domestic production rose.
  
  The National Energy Administration reported in January that total oil and gas production in China last year topped 400 million tons of oil equivalent for the first time ever, “playing a "ballast" role in ensuring the stable production, supply and prices of oil and gas in the country.” Crude oil output specifically reached 213 million tons, equal to a daily average of about 4.3 million barrels. This was close to an all-time high, and, per the figures cited by Bloomberg’s Blas, the all-time high has now been reached, EV proliferation and all.
  
  It was, of course, EVs that prompted all the oil demand peak predictions. It wasn’t just CNPC. It was pretty much every forecaster in the industry that saw China’s oil demand peak as imminent. And then, just this month, CNPC again forecast that demand for oil in China would rise by 1.1% this year, driven primarily by petrochemicals. There could be some disruption in the sector because of the tariff war, which is set to affect U.S.-Chinese trade in petrochemical feedstocks, notably propane and ethane, but if the war ends soon enough, that demand projection should remain valid.
  
  But even with peak demand—if it is indeed imminent—China will continue to boost its domestic oil production because it is a matter of energy security for Beijing. Despite all the wind and solar, and the EVs, and despite the battery storage push that has accompanied China’s energy transition push. Energy security still depends on oil—and gas—and the Chinese leadership knows it.
  
  Thanks to that knowledge, China has become one of the top ten oil producers in the world, vying with Iraq for the number-five spot, per Bloomberg’s Blas. What this means is something that will have implications for oil price forecasts. Greater domestic production means a lower need for imports, and that means the effect of China’s import data on international prices should, at some point in the not-too-distant future, cease to have the dramatic effect it does now.
  
  Of course, China will not cease to be a major importer of crude anytime soon. Its domestic production is very far from covering even half of its demand for crude. Last year, China’s total oil demand reached 16.68 million barrels daily, per OPEC calculations. Compared to this figure, a domestic daily average of 4.3 million barrels is, while not negligible, not exactly an example of self-sufficiency, either. Yet this domestic average is growing.
  
  There are constraints to this growth, of course. For one thing, most of China’s additional output, per Blas, comes from mature conventional fields discovered decades ago. Shale exploration is challenging for geological purposes, but the majors are keeping at it and reporting results. Earlier this year, Sinopec reported that it had added 1.3 billion in new oil and gas reserves from two shale fields in eastern China. Adding the reserves does not automatically mean utilizing them, but it certainly suggests an intention to do so, despite the challenges, such as the fact they are located at depths of between 3,000 meters and 4,650 meters. With some state help, however, the challenge should be overcome.
  
  China is essentially doing with oil and gas what it did with wind and solar. Where U.S. drillers are accountable to their shareholders, Chinese state drillers are accountable to the government, whose responsibility, in turn, is to provide the financial support that would make projects viable—exactly as it did with wind and solar. For China, “Drill, baby, drill” is state policy and the country’s track record in transition technology suggests that it will squeeze out every last drop of every field worth exploiting. After all, those demand peak projections are very far from set in stone.
  
  Source: Oilprice.com
- 2025-04-24
  MABUX: Global bunker market to resume downward movement on Apr.24.
  MABUX World Bunker Index (a composite index based on current prices for 380 HSFO, VLSFO, and MGO), showed an upward correction on Apr.23: 380 HSFO - USD/MT - 470.20 (+4.95) VLSFO - USD/MT – 470.20 (+4.95) MGO - USD/MT – 730.90 (+4.33) As of Apr.23,... Read more MABUX World Bunker Index (a composite index based on current prices for 380 HSFO, VLSFO, and MGO), showed an upward correction on Apr.23:
  
  380 HSFO - USD/MT - 470.20 (+4.95)
  VLSFO - USD/MT – 470.20 (+4.95)
  MGO - USD/MT – 730.90 (+4.33)
  
  As of Apr.23, the MABUX Market Differential Index (MDI), which monitors the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP), showed the following pricing trends across key global ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore remained the only overcharged port, with the premium increasing by $8. The other three ports were underpriced: the discount remained unchanged in Rotterdam, narrowed by $4 in Fujairah, and widened by $3 in Houston. Notably, Rotterdam maintained a near-perfect correlation between MBP and DBP.
  
  • VLSFO segment: All four ports were undercharged. The underpricing gap widened by $3 in Rotterdam, $1 in Fujairah, and $3 in Houston, while it narrowed by $1 in Singapore. Houston’s MDI approached the $100 threshold.
  
  • MGO LS segment: Rotterdam was the only overcharged port in this segment, with the premium decreasing by $4. Singapore, Fujairah, and Houston continued to be undercharged, with discounts widening by $1, $3, and $17, respectively.
  
  We expect Global bunker indices to resume a downward trend on Apr.24: 380 HSFO –minus 2-5 USD/MT, VLSFO - minus 3-6 USD/MT, MGO LS – minus 5-9 USD/MT.
  Source: MABUX