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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
805.01
-10.03
665.00
+2.00
Nov 11
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	805.01	-10.03	665.00	+2.00	Nov 11

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
520.62	-0.64	598.26	-1.29	757.74	+0.69	Nov 13

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MBP INDEX vs DBP INDEX (ICE/NYMEX)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	MBP Index	DBP Index	Diff	Date
Rotterdam	474	453	+21	518	546	-28	665	749	-84	Nov 13
Singapore	469	474	-5	570	549	+21	666	758	-92	Nov 13
Fujairah	437	484	-47	566	543	+23	746	806	-60	Nov 13
Houston	450	448	+2	543	567	-24	655	676	-21	Nov 13

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Latest News
- 2024-11-13
  GLOBAL: INDUSTRY GROUPING SET TO DEVELOP AMMONIA BUNKERING SAFETY GUIDELINES
  Korean Register (KR) and the Liberian Registry have signed a Memorandum of Understanding (MoU) with HD Korea Shipbuilding & Offshore Engineering (HD KSOE), HD Hyundai Heavy Industries (HD HHI) and KSS Line to develop safety guidelines for ship-to-ship... Read more
- 2024-11-13
  GLOBAL: UCL/UMAS: ‘INTERNATIONAL SHIPPING EMISSIONS RETURN TO PEAK 2008 LEVELS’
  A new report from UCL and UMAS says that there has been a ‘stagnation in emissions reductions from international shipping since 2018‘ and calls for ‘renewed efforts in fleet efficiency and carbon intensity improvements’. In a statement sent to Bunkerspot... Read more
- 2024-11-13
  GLOBAL: OILMAR EXTENDS GLOBAL FOOTPRINT WITH NEW OFFICES
  Dubai-headquartered marine fuel and petroleum products trader Oilmar DMCC is set to open new branch offices in London and Copenhagen. The company said that the new offices are expected to be fully operational by 2025. Announcing the news, it also invited... Read more
- 2024-11-13
  GLOBAL: DNV MARITIME BOSS CALLS ON SHIPPING TO ‘UP THE GAME’ ON TRAINING TO KEEP UP WITH CYBER RISKS
  The maritime industry must share learnings from cyber incidents and step up training, DNV’s Maritime CEO Knut Ørbeck-Nilssen said, launching a report which found that awareness of cyber risks, cyber security investments, and risks themselves have all... Read more
- 2024-11-13
  GLOBAL: NORTH ATLANTIC ECA ‘COULD PREVENT SEVERAL THOUSAND PREMATURE DEATHS’, CLAIMS NEW ICCT REPORT
  Establishing an emission control area (ECA) in the North Atlantic would have ‘significant environmental and public health benefits’ and ‘could prevent several thousand premature deaths’, according to a new study from the International Council on Clean... Read more
- 2024-11-13
  Oil pares losses on tight supply but cloudy demand caps gains
  Oil prices edged up on Wednesday on signs of near-term supply tightness but remained near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025. Brent futures rose 17 cents, or 0.24%, to $72.06... Read more Oil prices edged up on Wednesday on signs of near-term supply tightness but remained near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.
  Brent futures rose 17 cents, or 0.24%, to $72.06 a barrel by 0420 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 14 cents, or 0.21%, at $68.26.
  "Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buyers in the physical market have been particularly active, with any available cargoes being snapped up quickly," ANZ analysts said in a note.
  But falling demand projections and weakness in major consumer China continued to weigh on market sentiment.
  "We may expect prices to consolidate around current levels for longer," said Yeap Jun Rong, market strategist at IG, adding the recent attempt for a bounce was quickly sold into.
  "The absence of a more direct fiscal stimulus out of China has been casting a shadow on oil demand outlook, coupled with the prospects of higher US oil production with a Trump presidency and looming OPEC+'s plans for an output raise," Yeap added.
  In its monthly report on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said world oil demand would rise by 1.82 million barrels per day (bpd) in 2024, down from growth of 1.93 million bpd forecast last month, mostly due to weakness in China, the world's biggest oil importer.
  
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  Oil prices settled up 0.1% on Tuesday following the news, after falling by about 5% during the two previous sessions.
  OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd.
  The International Energy Agency, which has a far lower view, is set to publish its updated forecast on Thursday.
  "The re-election of former President Trump is unlikely to materially affect oil market fundamentals over the near term, in our view," Barclays (LON:BARC) analysts wrote.
  "Drill, baby, drill: this is likely to underwhelm as a strategy to drive oil prices materially lower over the near term" given that the stock of approved permits actually rose under the Biden administration, the analysts said.
  However, markets would still feel the effects of a supply disruption from Iran or a further escalation between Iran and Israel, according to Barclays.
  Donald Trump's expected secretary of state pick, U.S. Senator Marco Rubio, is known for his hardline stance on Iran, China and Cuba. Tighter enforcement of sanctions on Iran could disrupt global oil supply, while a tougher approach to China could further weaken oil demand in the world's largest consumer.
  Two U.S. central bankers said on Tuesday that interest rates are acting as a brake on inflation that is still above the 2% mark, suggesting that the Federal Reserve would be open to further interest rate cuts.
  The Fed cut its policy rate last week by a quarter of a percentage point to the 4.50%-4.75% range. Interest rate cuts typically boost economic activity and energy demand.
  
  U.S. weekly inventory reports have been delayed by a day following Monday's Veterans Day holiday. The American Petroleum Institute industry group data is due at 4:30 p.m. EST (2130 GMT) on Wednesday.
  Analysts polled by Reuters estimated on average that crude inventories rose by about 100,000 barrels in the week to Nov. 8. Source: Reuters/Investing.com
- 2024-11-13
  Global Leaders Gather in Baku for Critical Climate Talks
  The 29th annual United Nations Climate Change Conference, held this year in the Azerbaijani capital Baku, kicked off November 11 with a plea for attendees to clean up a mess. “One single COP can’t deliver the full transformation that every nation needs,”... Read more The 29th annual United Nations Climate Change Conference, held this year in the Azerbaijani capital Baku, kicked off November 11 with a plea for attendees to clean up a mess.
  
  “One single COP can’t deliver the full transformation that every nation needs,” UN Climate Change Executive Secretary Simon Stiell stated in his opening remarks. “Parties need to agree [on] a way out of this mess. That’s why we’re here in Baku. We must agree [on] a new global climate finance goal.”
  
  Stiell argued that climate finance assistance should not be viewed as “charity” but something in the best interests of all nations, from the wealthiest to the poorest.
  
  “If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price. If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees,” he continued. “No country is immune.”
  
  Up to 80,000 participants from almost 200 countries, including government leaders, experts and activists, will convene in Baku over the next two weeks to grapple with climate-finance and other global warming-related issues. The conference’s primary goal is to secure $100 billion annually to address climate-related challenges mainly in developing nations.
  
  In his own welcoming remarks, COP29 president and Azerbaijan’s ecology minister, Mukhtar Babayev, said the outcome of the gathering will hinge on actions, not words.
  
  “The new efforts to be defined must include more effective results,” he said. “We understand that the negotiations will not be easy, but we must achieve the main goal of the conference.”
  
  For Azerbaijan, a major fossil fuel producer and a controversial choice to serve as host of the climate conference, COP29 represents an opportunity, and perhaps a risk. President Ilham Aliyev’s administration sought to host the conference out of a desire to boost Azerbaijan’s international prestige. Accordingly, success in achieving the $100 billion fund-raising goal would likely reflect well on the hosts. Conversely, Baku’s image could take a hit if the meeting ends inconclusively.
  
  In the months leading up to the conference, COP29 generated lots of publicity for Azerbaijan, but much of it was negative. Aliyev’s administration received widespread criticism for carrying out a far-reaching crackdown meant to silence all forms of internal dissent in advance of the meeting. Influential Western news outlets, including the Financial Times and Economist, published analysis pieces that poked holes in Azerbaijan’s climate action record, prompting Aliyev to complain about a “smear” campaign against Baku.
  
  Aliyev undermined his own climate messages in September with a vow to ramp up production of oil and gas. “We are currently working on several new projects in the oil-and-gas sector, and based on their development, we have new production forecasts,” he said. “I am confident that growth in the oil-and-gas sector will be positive.”
  
  The chances that COP29 will produce desired action and financial commitments are murky. Amid the ongoing Russia-Ukraine war, many of the world’s most influential leaders, including China’s Xi Jinping, are staying away from the conference. Among the high-profile personalities who will attend are UN Secretary-General Antonio Guterres, President of the European Council Charles Michel, Belarusian leader Alexander Lukashenko and a world-famous Indian guru, Sadhguru.
  
  The United States is sending a relatively low-profile delegation led by White House senior adviser John Podesta. Donald Trump’s electoral victory raises questions about whether the United States will make any contribution toward the COP29 financing target. Trump has vowed to withdraw the United States from the Paris Climate Agreement.
  
  While the forecast for the financing goal remains cloudy, COP29 may create chances to achieve progress on regional issues with potentially large social and economic ramifications.
  
  For example, the Taliban in Afghanistan has sent representatives to Baku, marking the first time the radical Islamic leadership has opted to participate in the annual climate conference. The Taliban’s presence creates an opportunity for officials from Central Asian states to engage Afghan counterparts on the issue of the Qosh Tepa canal, a project in northern Afghanistan that can upend a delicate water balance across Central Asia. Central Asian states, including Kazakhstan and Uzbekistan, want to bring Afghanistan into a regional water-management framework, a concept that the Taliban has so far resisted. Source: Oilprice.com
- 2024-11-13
  MABUX: Global bunker market to shift towards a slight upward correction on Nov.13.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), marked its fifth consecutive decline on Nov. 12: 380 HSFO - USD/MT - 521.26 (-3.74) VLSFO - USD/MT – 599.55 (-4.97) MGO - USD/MT – 757.05 (-4.34) As... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), marked its fifth consecutive decline on Nov. 12:
  
  380 HSFO - USD/MT - 521.26 (-3.74)
  VLSFO - USD/MT – 599.55 (-4.97)
  MGO - USD/MT – 757.05 (-4.34)
  
  As of Nov.12, the MABUX MBP/DBP Index (MDI), monitoring the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), registered the following trends across major ports – Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore and Fujairah remained in the undercharge zone, with the underprice premium decreasing further by $6 in Singapore but increasing by $4 in Fujairah. Rotterdam, the only overpriced port, saw its premium rise further by $11. The MDI index in Houston showed a 100-percent correlation between the market price and the MABUX digital benchmark, while Singapore was nearing this level.
  
  • VLSFO segment: Rotterdam and Houston continued to be undercharged, with the gap narrowing further by $10 and $13, respectively. Singapore and Fujairah remained overcharged, with overpricing widening by $6 in Singapore and $3 in Fujairah.
  
  • MGO LS segment: All four ports were in the undercharge zone. The underprice rate declined further by $9 in Rotterdam, $6 in Fujairah, and $10 in Houston, but rose by $8 in Singapore.
  
  We expect Global bunker indices to turn to a slight upward evolution on Nov.13: 380 HSFO – plus 0-2 USD/MT, VLSFO – plus 0-2 USD/MT, MGO LS – plus 1-4 USD/MT.
  Source: MABUX
- 2024-11-13
  EU's New Enlargement Chief Signals Cautious Optimism
  Prospective EU Enlargement Commissioner Marta Kos got the thumbs-up from the European Parliament's Foreign Affairs Committee in Brussels on November 7. The Slovenian, a former journalist, businesswoman, and diplomat, could now be sworn in with the rest... Read more Prospective EU Enlargement Commissioner Marta Kos got the thumbs-up from the European Parliament's Foreign Affairs Committee in Brussels on November 7. The Slovenian, a former journalist, businesswoman, and diplomat, could now be sworn in with the rest of the new European Commission before the end of this year.
  
  During her three-hour hearing, Kos repeated the talking points of so many of her predecessors: that EU enlargement is "a marathon not a sprint;" that the accession process for new members is "merit-based with no shortcuts;" and that enlargement offers "a historical opportunity to achieve peace, freedom, and prosperity on the whole continent."
  
  Kos added, however, that the EU must reform before welcoming new countries and that she would push for a doubling of financial support for civil society and media in vulnerable EU neighborhood countries.
  
  Deep Background: The most interesting thing to look out for when a prospective EU enlargement commissioner is being grilled is if the person mentions any time frames as to when the club might expand. With her mandate running till 2029, could she oversee the first new addition(s) to the EU since Croatia joined in 2013?
  
  Kos didn't commit to any dates regarding when the bloc could admit new members, adding that "today, for the first time after 10 years, there is a real chance that we will bring one or two countries to the end of the negotiating process."
  
  She then pointed out the ambitious goals of Montenegro wanting to complete its talks with Brussels at the end of 2026 and Albania in 2027. She also said that Serbian President Aleksandar Vucic had recently underlined that he was willing to do everything to align his country's legislation with that of the EU.
  
  It was perhaps telling that she didn't mention North Macedonia at all. Kos was repeatedly quizzed by Bulgarian EU parliamentarians on the contentious issue in North Macedonia of amending the constitution to include Bulgarians as a founding people, something Skopje has repeatedly failed to do and which has slowed down the country's accession bid.
  
  Predictably, Kos came down on Sofia's side, indicating that the interests of EU member states "of course come first" and that the bloc "cannot import bilateral issues." North Macedonia now appears to be further back in line compared to Albania, Montenegro, and even Serbia.
  
  Drilling Down
  
  So, what about Ukraine? Nothing much concrete apart from Kos saying in her introductory remarks that "enlargement negotiations are the European guiding star for this brave nation," adding that the same was true for Moldova. She also confirmed that Ukraine likely would be her first destination as enlargement commissioner and that, while the EU had already started the reconstruction process, investment from the private sector will be needed going forward as well.
  There was one big omission. While mentioning both Ukraine and Moldova in her introduction, together with the Western Balkans, Turkey, and even the possibility of "fostering peace with Armenia and Azerbaijan," she skipped Georgia completely.
  In fact, when asked by a parliamentarian about her view of the South Caucasus republic, where contested parliamentary elections in late October have left the EU struggling with a response, she said that she had a message to the people of Georgia: "Don't give up hope."
  She said that she would be ready to resume the enlargement process with Georgia but only after the sitting government, which in recent years has taken an increasingly authoritarian approach, abolishes the recently adopted "foreign-agent law" and "anti-LGBT law."
  There was not a word on the elections, but there was an indication that Brussels is still prepared to work with the ruling Georgian Dream party. The pro-EU opposition in Georgia will likely not be thrilled with that almost "business-as-usual" approach.
  Away from the classical enlargement beat, Kos did hint that she aims to play a bigger role in the EU-facilitated dialogue between Serbia and Kosovo, which the new EU foreign policy chief, Kaja Kallas, will oversee and could be approached differently this time around. She offered few hints but did make one thing crystal-clear: there will be no land-swaps in the Western Balkans. "It is out of the question. We will not follow these tendencies," she said.
  Otherwise, she managed to swerve some of the more politically loaded questions. When pressed on Serbia's failure to align with EU sanctions on Russia, she appeared contradictory, first saying it was not a condition during the enlargement process but then admitting that a 100 percent alignment is necessary before becoming a member.
  Kos also ducked multiple questions on possible sanctions on Serbia over the Banjska attack in September 2023, when dozens of ethnic Serb gunmen attacked a police unit in northern Kosovo. Similarly, she failed to answer whether the bloc's restrictive measures on Kosovo, in place since last year over tension in the Serb-majority northern part of the country, should be lifted and nor did she give details about how she would handle the separatist tendencies of Milorad Dodik, the leader of the Republika Srpska entity in Bosnia-Herzegovina.
  Many of the same questions are expected when the prospective EU foreign policy chief Kaja Kallas faces the EU parliamentarians later on November 12. The former Estonian prime minister is expected to be one of the key players in Brussels in the years ahead, especially if she can shape a coherent EU foreign policy on everything from Ukraine to the Middle East.
  Source: Oilprice.com
- 2024-11-13
  OPEC's Leader is Making Big Moves in Carbon Markets
  While the world is watching COP29 in oil rentier state Azerbaijan, OPEC's leader, Saudi Arabia, presents a new addition to its economic diversification strategy: a voluntary carbon market. Even though most analysis is currently linking the announcement... Read more While the world is watching COP29 in oil rentier state Azerbaijan, OPEC's leader, Saudi Arabia, presents a new addition to its economic diversification strategy: a voluntary carbon market. Even though most analysis is currently linking the announcement of a new carbon-trading market to the COP29 breakthrough entailing rules for a UN-administered global emissions market, the real drivers of the Saudi move are clear: monetization of every single asset the country holds in theory. A statement made by Riham ElGizy, CEO of Saudi's RVCMC (Regional Voluntary Carbon Markets Company), indicated that 2.5 million tons of carbon credits will start to be auctioned today. RVCMC also stated that the funds will help climate projects in the global south and support the Kingdom's net zero goals.
  
  The Saudi move was already anticipated since 2021, when RVCMC was set up as a joint venture between the Saudi sovereign wealth fund PIF and the Saudi Tadawul Group Holding Company (Tadawul Group), with PIF holding 80% and the Saudi Tadawul Group 20%. It is now remarkable that PIF is also the latter group's main shareholder. In 2021, PIF and Tadawul announced the Voluntary Carbon Market (VCM) initiative. In 2022, during the so-called 'Davos in the Desert' or Future Investment Initiative (FII), 1 million tons of carbon credits were already auctioned. For PIF and others, setting up VCMC is a logical step, as it supports and finances the Kingdom's green agenda, as shown in several green bonds, raking in billions of dollars and financing major renewable energy projects. In October 2024, an MOU was signed between the Regional Voluntary Carbon Market Company (RVCMC) and the Clean Development Mechanism Designated National Authority (CDMDNA), with a complete strategy to increase, expand, and support the Kingdom's carbon markets. It also falls directly in the Saudi Vision 2030 strategy, supported by Crown Prince Mohammed bin Salman, to reach net-zero emissions by 2060 and cut carbon emissions by 278 million tons annually by 2030 under the Saudi Green Initiative. The latter also includes ambitious carbon capture targets, with plans to capture 44 million tons of CO2 annually by 2035 and utilize 2 million tons daily to produce eco-friendly products like green methanol and clean fuels.
  
  Critics are already commenting on the Saudi Carbon strategy. Most are questioning the overall impact of greening the planet or removing emissions. As some stated, carbon markets unlock billions of dollars in financing, allowing polluters to meet their official targets by buying credits. Opponents are pointing at the extensive list of 'fake' carbon credit schemes in the global south, where significant investors have lost money and their credibility.
  
  However, RVCMC has already included these critical remarks in their proposals. The company will have all credits and accreditation secured from Sylvera or BeZero. The Saudis aspire to become one of the world's largest voluntary carbon markets by 2030. Auctions are being held and are targeted to include credits from climate projects in countries including Bangladesh, Brazil, Ethiopia, Malaysia, Pakistan, and Vietnam. Around twenty Saudi Arabian companies and two international firms are registered to buy credits.
  
  The overall formula is set for success and is backed by Saudi Arabia's main parties, PIF and others. It is also based on Saudi Arabia's possible international network in the global south. By addressing and certifying all credits, some of the ongoing critical discussions regarding projects are expected to be removed.
  
  From a birds-eye view, the move into carbon markets is not new, but it is supported by all now, as the Kingdom is facing some financial hurdles already. Saudi Aramco's overall debt position is heading to a net-debt situation, as the company's revenues are still primarily targeted to fund Saudi Vision 2030 projects and the government's expenses. Current oil prices are no longer bringing in the necessary funds, while overall expenditure of the known and still-to-come Giga projects is sky-high. In a situation where even the King of Oil is facing financial pressure, the realization has come that energy transition and economic diversification are not for free. Not even for a rentier state holding vast oil and gas reserves. Monetizing any additional source of resources is a welcome extra, but if this is enough remains to be seen. For global carbon markets, the Saudi move is a significant boost, especially as Riyadh always has a long-term approach and is not looking for quick wins.
  
  Source: Oilprice.com