Mabux: Global Bunker Prices

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MARKET BUNKER PRICES (MBP)
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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
832.50
0.00
672.00
-2.00
Apr 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	832.50	0.00	672.00	-2.00	Apr 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
505.07	-3.82	585.19	-3.42	770.51	-3.89	Apr 3

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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	454	464	-10	495	527	-32	672	658	+14	Apr 3
Singapore	470	475	-5	541	568	-27	663	691	-28	Apr 3
Fujairah	454	514	-60	528	573	-45	728	844	-116	Apr 3
Houston	440	483	-43	514	606	-92	670	715	-45	Apr 3

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
- Bunker Price Forecast for 40+ ports
- Digital Bunker Prices
MABUX for Industry
- API for integration with your application, custom solutions available upon demand
- Bunker market analyses upon request for required region or port
- Bunker Price seminars that allow to learn how to use MABUX tools for bunker business
- MABUX Open Bunker Directory features contact details of bunker suppliers, traders and brokers worldwide.
Latest News
- 2025-04-03
  EU countries consider changing 2025 gas storage targets, sources say
  Changes to future EU gas storage targets being negotiated by European Union countries could, if approved quickly enough, also soften this year’s binding storage-filling requirements, EU diplomats told Reuters. EU countries are negotiating changes to... Read more Changes to future EU gas storage targets being negotiated by European Union countries could, if approved quickly enough, also soften this year’s binding storage-filling requirements, EU diplomats told Reuters.
  EU countries are negotiating changes to future gas storage filling obligations for 2026 and 2027, including swapping their current binding target to fill storage 90% by November 1 for an aim to hit the same filling level any time between October 1 and December 1.
  But these changes could also apply to this year’s November 1 target, if the rules are finalised and published ahead of that date, the EU diplomats said.
  The gas storage rules were introduced in 2022 after Russia slashed deliveries following its invasion of Ukraine, to ensure EU countries had a buffer of stored fuel during winter.
  A negotiating document, published on Wednesday by Poland - which holds the EU’s rotating presidency and chairs negotiations among its member countries - confirmed the planned changes to the gas storage rules would apply from the day after they are published in the EU’s official journal of laws.
  EU countries aim to agree their joint position on the rules next week, after which they must negotiate the final law with the European Parliament.
  It could take months before the rules are agreed and published as an EU law - likely meaning it would affect the November filling target but not the other goals countries face in the months before, one of the EU diplomats said.
  
  The EU also has gas storage filling targets for February, May, July and September. The countries’ proposal would make these targets voluntary in future years.
  With negotiations ongoing, the implications for the 2025 targets - as well as the other amendments countries have proposed to future targets - could still change.
  The European Commission had initially wanted to extend the current system of binding targets that must be met by certain dates for two more years.
  
  But that idea met resistance from governments including Germany, France and the Netherlands. Countries want looser rules because of concerns the targets inflate gas prices by indicating to the market that European buyers must buy large volumes of fuel by fixed deadlines, creating an opportunity to manipulate prices.
  The latest negotiating document showed that as well as tweaking the EU’s November storage-filling target, member states would be allowed to deviate by up to 5 percentage points from the requirement to fill gas storage by 90%, in case of "unfavourable" market conditions. Source: Reuters/Investing.com
- 2025-04-03
  Oil slumps over 7% on Trump tariffs, OPEC+ boosting output
  Oil prices fell on Thursday as the decision by the OPEC+ group to speed up its unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump’s announcement of sweeping new tariffs. Brent futures were down $5.33,... Read more Oil prices fell on Thursday as the decision by the OPEC+ group to speed up its unwinding of oil output cuts in May compounded already heavy losses following U.S. President Donald Trump’s announcement of sweeping new tariffs.
  Brent futures were down $5.33, or 7.11%, at $69.62 a barrel by 1504 GMT. U.S. West Texas Intermediate crude futures were down $5.59, or 7.80%, at $66.12.
  Brent was on course for its worst percentage drop since August 1, 2022, and WTI its worst since July 11, 2022.
  "Obviously, there’s a lot of fear and moaning this morning," said Phil Flynn, senior analyst with Price Futures Group. "A lot of people didn’t think Trump would go through with it and he did."
  At a ministers’ meeting on Thursday, OPEC+ countries agreed to advance their plan for oil output hikes, now aiming to return 411,000 barrels per day to the market in May, up from 135,000 bpd initially planned.
  "The economy and oil demand are inextricably linked," said Angie Gildea, KPMG U.S. energy leader.
  "Markets are still digesting tariffs, but the combination of increased oil production and a weaker global economic outlook puts downward pressure on oil prices - potentially marking a new chapter in a volatile market."
  Oil prices were already trading some 4% lower prior to the meeting, as investors reacted to Trump’s tariffs with concerns that they would escalate a global trade war, curtailing economic growth and limiting fuel demand.
  Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world’s biggest oil consumer, with much higher duties on products from dozens of countries.
  
  Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.
  UBS analysts on Wednesday cut their oil forecasts by $3 per barrel over 2025-26 to $72 per barrel.
  Traders and analysts now expect more price volatility in the near term, given the tariffs may change as countries try to negotiate lower rates or impose retaliatory levies.
  "Countermeasures are imminent and judging by the initial market reaction, recession and stagflation have become terrifying possibilities," said PVM analyst Tamas Varga.
  
  "As tariffs are ultimately paid for by domestic consumers and businesses, their cost will inevitably increase, impeding the rise in economic wealth."
  Further weighing on market sentiment, U.S. Energy Information Administration data on Wednesday showed U.S. crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts’ forecasts for a decline of 2.1 million barrels. [EIA/S] Source: Reuters/Investing.com
- 2025-04-03
  AMERICAS: APM TERMINALS BUYS PANAMA CANAL RAILWAY COMPANY
  APM Terminals has acquired the Panama Canal Railway Company (PCRC) from Canadian Pacific Kansas City Limited and the Lanco Group/Mi‑Jack. PCRC operates a 76 kilometre single-line railway adjacent to the Panama Canal that mainly facilitates cargo movement... Read more
- 2025-04-03
  AMERICAS: GALVESTON LNG BUNKER PORT AND DUNMURA INK LNG BUNKER SUPPLY AGREEMENT
  In a move aimed at creating ‘the first dedicated LNG bunker facility on the US Gulf Coast’, Galveston LNG Bunker Port LLC (GLBP) and Dunmura Ltd have signed an agreement for the supply of LNG from GLBP’s proposed liquefaction project. Under the terms... Read more
- 2025-04-03
  EUROPE: DENMARK’S PORT OF AARHUS POSTS 10% GROWTH IN A ‘STORMY’ 2024
  Denmark’s largest commercial port, the Port of Aarhus, has announced that it achieved a turnover of DKK 375 million in a ‘challenging’ and ‘stormy’ 2024, which was up by almost 10% on the previous year. In a statement issued today (3 April), Thomas... Read more
- 2025-04-03
  GLOBAL: BALTIC EXCHANGE LAUNCHES FUEL EQUIVALENCE CONVERTER
  Baltic Exchange has launched a free-to-use Fuel Equivalence Converter which it says will help shipping players understand the physical properties and the commercial and operational impact of the wide variety of marine fuels that are currently available... Read more
- 2025-04-03
  GLOBAL: A.P. MOLLER HOLDING ANNOUNCES PLANS TO PURCHASE AND DELIST SVITZER
  Just under a year since towage specialist Svitzer gained a listing on Nasdaq Copenhagen, the former Maersk business is now the subject of a cash offer from A.P. Moller Holding, which says that taking Svitzer back into private ownership ‘will better support... Read more
- 2025-04-03
  EUROPE: ELENGY OFFERING BIOLNG BY EQUIVALENCE AT FRENCH TERMINALS
  Elengy has launched a biomethane liquefaction by equivalence offering, which will provide for the loading of bioLNG into tankers and micro-LNG carriers at its French terminals in Fos-sur-Mer and Montoir-de-Bretagne. In a statement issued last week,... Read more
- 2025-04-03
  MABUX: Bunker Weekly Outlook, Week 14, 2025.
  At the end of the 14th week, the global bunker indices (MABUX) maintained a moderate upward trend. The 380 HSFO index increased by 5.94 USD, rising from 503.31 USD/MT last week to 508.53 USD/MT, staying above the 500 USD mark. The VLSFO index edged up... Read more At the end of the 14th week, the global bunker indices (MABUX) maintained a moderate upward trend. The 380 HSFO index increased by 5.94 USD, rising from 503.31 USD/MT last week to 508.53 USD/MT, staying above the 500 USD mark. The VLSFO index edged up by 3.85 USD, remaining at 587.68 USD/MT, still below the 600 USD threshold. Meanwhile, the MGO index climbed by 5.94 USD, from 768.81 USD/MT last week to 774.75 USD/MT. However, at the time of writing, there were indications that prices were beginning to trend downward.
  
  The MABUX Global Scrubber Spread (SS)—the price difference between 380 HSFO and VLSFO—continued its moderate decline, dropping by $1.37 from $80.52 last week to $79.15, slipping below the $80.00 mark. The weekly average of the index also saw a slight decrease of $0.15. In Rotterdam, the SS Spread showed growth for the first time in four weeks, rising by $7.00 from $39.00 to $46.00, surpassing the $40.00 threshold. However, the weekly average in the port remained unchanged at $46.00. Meanwhile, in Singapore, the 380 HSFO/VLSFO price difference increased by $15.00, climbing from $51.00 last week to $66.00, with the weekly average in the port rising by $11.84. Overall, SS Spread dynamics indicate signs of a renewed upward trend. However, the indices remain well below the $100.00 breakeven mark, keeping conventional VLSFO more profitable than the 380 HSFO + Scrubber combination. For more details, refer to the “Differentials” section on mabux.com.
  
  Europe is capitalizing on weak Asian demand for liquefied natural gas (LNG) to increase imports to their highest level for this time of year. Lower Asian demand and spot prices are prompting the resale of cargoes to Europe, which, as the heating season ends, must begin replenishing LNG stockpiles depleted by a winter colder than the previous three. Meanwhile, Europe has a short-term window to secure large LNG volumes, as China’s LNG imports are projected to decline this year—the first annual drop since 2022.
  
  As of April 1, European regional storage facilities were 33.59% full, down 0.32% from the previous week and 37.74% lower than at the start of the year (71.33%). With rising average temperatures, gas extraction had virtually ceased. Meanwhile, the European gas benchmark, TTF, continued its moderate growth in Week 14, increasing by €0.895/MWh to €42.450/MWh from €41.555/MWh last week.
  
  The price of LNG as a bunker fuel in the port of Sines (Portugal) experienced a sharp decline at the end of the week, dropping to 787 USD/MT from 874 USD/MT the previous week. Simultaneously, the price gap between LNG and conventional fuel narrowed by March 31, with MGO LS quoted at 736 USD/MT, resulting in a price difference of 51 USD in favor of MGO LS, compared to 147 USD the week prior. More detailed information can be found in the LNG Bunkering section on mabux.com.
  
  At the end of Week 14, the MABUX Market Differential Index (MDI)—which measures the ratio of market bunker prices (MBP) to the MABUX digital bunker benchmark (DBP)—continued its gradual shift towards fuel undervaluation in the 380 HSFO and VLSFO segments.
  
  • 380 HSFO segment: Rotterdam and Singapore moved into the undervalued zone, meaning all four major ports were now undervalued. The weekly average MDI values increased as follows:
  Rotterdam: +8 points
  Singapore: +19 points
  Fujairah: +9 points
  Houston: +4 points
  MDI values in Rotterdam and Singapore were close to the 100% correlation mark between MBP and DBP.
  
  • VLSFO segment: all four selected ports remained undervalued. The weekly average MDI values changed as follows:
  Rotterdam: +10 points
  Singapore: +8 points
  Houston: +12 points
  Fujairah: Unchanged
  
  • MGO LS segment: Rotterdam re-entered the overvalued zone, becoming the only overvalued port, with its weekly average MDI rising by 10 points. The other three ports remained undervalued, with the following increases:
  Singapore: +6 points
  Fujairah: +11 points
  Houston: +4 points
  Rotterdam remained near the 100% correlation mark between MBP and DBP.
  
  The overall trend continues to shift toward undervaluation, with two additional ports in the 380 HSFO segment now classified as undervalued. We anticipate that this trend will dominate the global bunker market in the coming 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 European Commission has released its first report on the inclusion of maritime transport in the EU Emissions Trading System (ETS). The report provides an initial assessment of the EU ETS's impact since its entry into force in the shipping sector on January 1, 2024, currently covering approximately 12,000 large vessels. The document examines the potential risks of evasion and circumvention of the system’s requirements but finds no evidence that its introduction has caused major market disruptions. Additionally, the Commission has published a separate analysis on the possible inclusion of small vessels between 400 and 5,000 GRT under the EU Regulation on Monitoring, Reporting, and Verification (MRV). The analysis reveals that more than 5,300 small vessels, responsible for around 11 million tonnes of CO2 emissions annually, remain outside the legislation’s scope. Including these vessels in the EU ETS could increase regulated emissions by approximately 9% and expand the number of covered vessels by about 42%.
  
  We anticipate the global bunker market remains relatively balanced, minimizing the likelihood of sharp price fluctuations. Next week, a moderate decline in indices is possible, while multidirectional price movements are expected to prevail.
  Source: MABUX
- 2025-04-03
  Oil slump as Trump’s higher-than-expected tariffs expected to crimp demand
  Oil prices fell by as much as 3% on Thursday after U.S. President Donald Trump announced sweeping new tariffs that investors worry will spark a global trade war that will curtail economic growth and limit fuel demand. Brent futures were down $1.60, or... Read more Oil prices fell by as much as 3% on Thursday after U.S. President Donald Trump announced sweeping new tariffs that investors worry will spark a global trade war that will curtail economic growth and limit fuel demand.
  Brent futures were down $1.60, or 2.13%, to $73.35 a barrel by 0331 GMT after dropping by as much as 3.2% earlier, its biggest daily percentage decline since March 5. U.S. West Texas Intermediate crude futures were down $1.62, or 2.26%, to $70.09 after slipping by as much as 3.4% earlier.
  Trump on Wednesday unveiled a 10% minimum tariff on most goods imported to the United States, the world’s biggest oil consumer, with much higher duties on products from dozens of countries, kicking into high gear a global trade war that threatens to drive up inflation and stall U.S. and worldwide economic growth.
  "The US tariff announcement clearly caught markets off guard. Pre-announcement speculation suggested a flat 15-20% tariff, but the final decision was more hawkish," Yeap Jun Rong, market strategist at IG, said in an email.
  "For oil prices, the focus now shifts to the global growth outlook, which is likely to be revised downward due to these higher-than-expected tariffs," he added.
  Imports of oil, gas and refined products were exempted from the new tariffs, the White House said on Wednesday.
  The tariffs sent markets reeling on Thursday, with Japan’s Nikkei plunging to an eight-month low, China’s yuan dropped to its lowest levels in seven weeks and stock markets slumped in early Asia trade.
  
  "We know it will be negative for trade, economic growth and thus oil demand growth. But we don’t know how bad it will be as the effects come a little bit down the road," said Bjarne Schieldrop, chief commodities analyst at SEB.
  On Wednesday, UBS analysts cut their oil forecasts by $3 barrels over 2025-2026 to $72 per barrel, citing weaker fundamentals.
  Traders and analysts now expect more price volatility in the near term, as the tariffs may change as countries try to negotiate lower rates or enact retaliatory levies.
  Reinforcing the bearish sentiment, the Energy Information Administration data on Wednesday showed U.S. crude inventories rose by a surprisingly large 6.2 million barrels last week, against analysts’ forecasts for a decline of 2.1 million barrels. [EIA/S]
  © Reuters. FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, U.S. February 18, 2025. REUTERS/Eli Hartman/File Photo
  Inventories gained amid a surge in imports from Canada, which had expected to be hit with tariffs on its crude shipments to the U.S.
  The EIA data also showed gasoline demand was lower last week and refinery runs were lower at a time of year that plants should be producing more fuel ahead of the summer driving season. Source: Reuters/Investing.com