Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
892.50
-12.50
675.00
+5.00
Jan 10
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	892.50	-12.50	675.00	+5.00	Jan 10

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
525.63	+4.49	607.95	+4.44	780.20	+8.43	Jan 10

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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	454	497	-43	535	592	-57	675	804	-129	Jan 10
Singapore	483	515	-32	580	599	-19	708	813	-105	Jan 10
Fujairah	457	528	-71	569	590	-21	754	861	-107	Jan 10
Houston	465	496	-31	578	625	-47	724	732	-8	Jan 10

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Digital Bunker Prices
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Analytical Section
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- World and regional Bunker indices
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Latest News
- 2025-01-10
  EUROPE: Piraeus sees increase in cruise calls in 2024
  The Port of Piraeus served 810 cruise ship calls, of which 600 were homeport, last year compared to 760 in 2023. In a statement issued on Tuesday (7 January), the Piraeus Port Authority (PPA) said pre-booking data suggests strong momentum for the cruise... Read more
- 2025-01-10
  EUROPE: WEST ACQUIRES NORDIC MARINE INSURANCE
  P&I Club West has announced the full acquisition of Nordic Marine Insurance (Nordic). A provider of fixed premium insurance for the marine industry, Nordic specialises in Delay Insurance, Primary Loss of Earnings, Hull and Machinery (H&M), Loss of... Read more
- 2025-01-10
  AMERICAS: EAST COAST PORT STRIKE AVERTED AS UNION REACHES NEW WAGE AGREEMENT
  The International Longshoremen’s Association (ILA) and United States Maritime Alliance (USMX) announced on 8 January that they had come to a tentative agreement on new six-year master contract. The two sides agreed to continue to work under the current... Read more
- 2025-01-10
  GLOBAL: ORDERS FOR ALTERNATIVE-FUELLED SHIPS JUMPED 38% IN 2024 WITH LNG DOMINATING, DNV DATA SHOWS
  LNG represented about half the 515 orders for alternative-fuelled vessels placed in 2024, according to the latest data from classification society DNV. A total of 264 LNG-fuelled vessels were added to the orderbook in 2024, more than doubling the 130... Read more
- 2025-01-10
  GLOBAL: SHANDONG PORT GROUP BANS US SANCTIONED VESSELS FROM DOCKING
  Chinese Shandong Port Group has placed a ban on tankers under US sanctions from entering its ports, news service Reuters has reported. The notice issued on Monday (6 January) forbids ports to dock, unload or provide ship services to vessels on the... Read more
- 2025-01-10
  Oil set for third straight weekly gain on winter fuel demand
  Oil prices rose in early Asian trade and were on track for a third straight week of gains with icy conditions in parts of the United States and Europe driving up fuel demand for heating. Brent crude futures climbed 24 cents, or 0.3%, to $77.16 a barrel... Read more Oil prices rose in early Asian trade and were on track for a third straight week of gains with icy conditions in parts of the United States and Europe driving up fuel demand for heating.
  Brent crude futures climbed 24 cents, or 0.3%, to $77.16 a barrel at 0138 GMT. U.S. West Texas Intermediate crude futures gained 26 cents, or 0.4%, to $74.18.
  Over the three weeks ending Jan. 10, Brent has advanced 5.9% while WTI has jumped 6.9%.
  Analysts at JPMorgan attributed the gains to growing concern over supply disruptions due to tightening sanctions, amid low oil stockpiles, freezing temperatures in many parts of the U.S. and Europe and improving sentiment regarding China's stimulus measures.
  The U.S. weather bureau expects central and eastern parts of the country to experience below-average temperatures. Many regions in Europe have also been hit by extreme cold and will likely continue to experience a colder-than-usual start to the year, which JPMorgan analysts expect to boost demand.
  "We anticipate a significant year-over-year increase in global oil demand of 1.6 million barrels a day in the first quarter of 2025, primarily boosted by ... demand for heating oil, kerosene, and LPG," JPMorgan said in a note on Friday.
  Meanwhile, the premium of the front-month Brent contract over the six-month contract reached its widest since August this week, potentially indicating supply tightness at a time of rising demand.
  Oil prices have rallied despite the U.S. dollar strengthening for six straight weeks. A stronger dollar typically weighs on prices, as it makes purchases of crude expensive outside the United States.
  
  Supplies could be further hit as U.S. President Joe Biden is expected to announce new sanctions targeting Russia's economy this week in a bid to bolster Ukraine's war effort against Moscow before President-elect Donald Trump takes office on Jan. 20. A key target of sanctions so far has been Russia's oil industry.
  Source: Reuters/Investing.com
- 2025-01-10
  Wave of New LNG Supply Fuels Glut Fears
  A new wave of LNG supply is set to hit the markets in the coming years as the two biggest exporters of the super-chilled fuel, the United States and Qatar, are preparing for a major boost to capacity. Analysts say that tight LNG markets in the first... Read more A new wave of LNG supply is set to hit the markets in the coming years as the two biggest exporters of the super-chilled fuel, the United States and Qatar, are preparing for a major boost to capacity.
  
  Analysts say that tight LNG markets in the first half of this decade are likely to flip to a large surplus in the latter half of the 2020s.
  
  However, there are a lot of uncertainties about demand in the medium term. If demand in Asia and Europe firms up and new power demand from data centers continues to surge, any oversupply could be absorbed quicker than previously thought, some market observers say.
  
  New Wave of LNG Supply
  
  Qatar, currently the world’s second-largest LNG exporter behind the U.S., has a huge expansion program underway to boost its export capacity by a whopping 85% from current levels by 2030.
  
  QatarEnergy is proceeding with the North Field West project, after drilling appraisal wells at the world’s largest natural gas field, the North Field it shares with Iran, and finding “huge additional gas quantities” in the field.
  
  The tiny Gulf nation has recently signed huge 27-year agreements for LNG supply to various countries in Europe and Asia, including Italy, France, the Netherlands, and China.
  
  Qatar’s main competitor in these markets is the world’s biggest LNG exporter, the United States, which offers more flexibility in cargo deliveries, including the possibility for the buyer to resell the cargo.
  
  The U.S. has new projects coming online this year and a new President is expected to strongly support the LNG industry and exports and possibly use LNG as a bargaining chip in tariff negotiations with trade partners.
  
  Supply from America is growing with the start-up of Venture Global’s second facility, Plaquemines LNG, in Louisiana and the commissioning of Cheniere’s Corpus Christi Stage 3 project. Both Plaquemines LNG and Corpus Christi Stage 3 achieved first gas in late December 2024 and are expected to ramp up operations and exports throughout this year.
  
  U.S. LNG exports are expected to jump by 15% in 2025, reaching almost 14 Bcf/d, thanks to higher export capacity with the Plaquemines LNG and Corpus Christi LNG Stage 3 plants, the EIA said in the Short-Term Energy Outlook (STEO) for December.
  
  President-elect Donald Trump has said that Europe faces “tariffs all the way” if it does not buy more oil and gas from the United States.
  
  The Trump administration could leverage LNG as a bargaining chip in trade negotiations with Europe, consultancy Rystad Energy said last month.
  
  The new U.S. Administration is also expected to reverse the Biden pause on LNG permits, which could make U.S. developers more willing to take final investment decisions (FIDs) on new projects in the next few years.
  
  Overall, North America’s LNG export capacity is on track to more than double between 2024 and 2028, from 11.4 billion cubic feet per day (Bcf/d) in 2023 to 24.4 Bcf/d in 2028, if projects currently under construction begin operations as planned, the U.S. EIA says.
  
  Between 2024 and 2028, LNG export capacity is estimated to grow by 0.8 Bcf/d in Mexico, 2.5 Bcf/d in Canada, and 9.7 Bcf/d in the United States from a total of 10 new projects that are currently under construction in the three countries, according to the EIA.
  
  The new U.S. projects include Plaquemines LNG and Corpus Christi LNG Stage III, which already achieved first gas in late December 2024.
  
  “Trump’s push for deregulation and energy dominance could accelerate US LNG exports by fast-tracking permitting and infrastructure expansions, reinforcing US oil and gas production as well as LNG export growth,” said Emily McClain, Vice President, North America Gas & LNG Market Research at Rystad Energy.
  
  Glut, Demand, and Prices
  
  “The potential for oversupply in global markets could destabilize prices, especially if trade tensions with China reignite, which would have negative consequences for US producers and LNG developers. US LNG projects rely on securing consistent demand from China,” McClain noted.
  
  “Regardless, Trump’s energy agenda in 2025 is likely to reshape US and global energy markets, but careful balancing of market fundamentals and geopolitics will be crucial.”
  
  Rising LNG supply, not only from America but also from Qatar where the huge capacity expansion projects will be ready in 2027, could ease global LNG prices, thus incentivizing demand in the price-sensitive Asian markets, which are expected to lead global gas demand growth in the next decade.
  
  Europe is also boosting LNG imports and will do so even at higher prices as it needs additional alternative supply after the end of the Russian pipeline gas deliveries, including the latest halt to flows via Ukraine.
  
  Asia, for its part, is using growing amounts of natural gas for power generation and feedstock as emerging economies expand. The data center boom in both emerging and developed economies in Asia could also draw a lot of LNG supply into the region in the coming years.
  
  With global LNG demand currently predicted to remain strong through the end of the decade, the new wave of supply may not create as large a glut as previously feared.
  
  “If demand continues to strengthen, driven by improving macro conditions and new demand nodes like from data centers, then any oversupply in 2027 and 2028 could evaporate completely,” Saul Kavonic, an energy analyst at Australia-based research firm MST Marquee, told Bloomberg at the end of last year.
  
  Source: Oilprice.com
- 2025-01-10
  Trump's Re-election May Spark Conflict with China Over Latin American Energy
  China’s rapidly expanding presence in emerging markets around the globe, and particularly in Latin America, is creating a geopolitical minefield for would-be competitors around the world. Western powers have been growing increasingly wary of China’s control... Read more China’s rapidly expanding presence in emerging markets around the globe, and particularly in Latin America, is creating a geopolitical minefield for would-be competitors around the world. Western powers have been growing increasingly wary of China’s control of key supply chains around the world, including a near-chokehold on critical primary materials and rare earth minerals necessary for tech manufacturing and clean energy development.
  
  South America is rich in key materials in renewable energy and electric vehicle manufacturing such as lithium, nickel, and cobalt. China is already the “dominant producer of rare earths and graphite globally,” The South China Morning Post reports based on recent BloombergNEF data. “It also owns around a third of global rare earths, a sixth of graphite and an eighth of lithium reserves.” And expanding its already significant acquisitions of Latin American minerals is a key part of China’s geopolitical strategy. Chinese companies already own major stakes in one of the largest lithium producers in Chile, have purchased a ‘major evaporative lithium project’ in Argentina, and have signed dozens of trade-strengthening agreements with Brazil.
  
  Chinese investing has been particularly pronounced in the energy sector, and especially the clean energy sector. Around 90% of all installed wind and solar technologies in Latin America are produced by Chinese companies. As of 2023, Beijing had active free trade agreements with Chile, Costa Rica, Ecuador, and Peru (and was in active negotiations with Uruguay). To date, 22 Latin American countries have signed on to China’s massive international infrastructure investing scheme, the Belt and Road Initiative (BRI).
  
  On top of the significant BRI inroads, China’s State Grid now controls most of Chile’s regulated energy distribution, and has increasing levels of control in Peru. In February of this year, the government of Peru approved a deal for state-owned China Southern Power Grid International (HK) to purchase Enel Distribución Perú and Enel X Perú, thereby handing over complete and total control of electricity distribution in the capital city of Lima to Beijing. “China wants to be Latin America’s switch, and Peru has become the paradigm of that effort,” political analyst and economic journalist Paolo Benza recently told the regional news outlet Diálogo.
  
  Under the Biden administration, the threat has been treated as a call to action for the United States to ramp up its own supply chains for critical materials as well as domestic capacities for their extraction, manufacturing, and refinement. However, Washington has struggled to make inroads for the import of critical materials such as South American lithium, whereas China has already developed well-established trade relations in these markets.
  
  Under Trump, however, these tensions could transform from policy goals into potential sources of geopolitical and just plain political conflict. As the Council on Foreign Relations recently reported, “the reelection of Donald Trump, who has promised a wide array of trade measures, including tariffs on Mexico, could signal a significantly more confrontational approach to China in the Western Hemisphere.”
  
  While Trump’s approaches are highly contentious and potentially even dangerous according to some experts, they are not without provocation. China’s own approach – rapidly expanding its presence in emerging markets through its mass-scale Belt and Road global infrastructure initiative – is seen by many experts as a flagrant political power-grab more than a mere economic gain. “The United States and its allies [...] fear that Beijing is using these relationships to pursue its geopolitical goals—like the further isolation of Taiwan—and bolster authoritarian regimes such as those in Cuba and Venezuela,” the Council on Foreign Relations report went on to say.
  
  China is currently South America’s largest foreign trading partner, providing massive amounts of direct investment as well as credit. Beijing has also strengthened military ties with several nations including Venezuela, whose authoritarian regime has isolated the country from the Western world by way of heavy economic sanctions. China’s willingness to trade with and even cozy up to Venezuela and China not only allows those governments economic relief but provides considerable leverage and influence to Beijing.
  
  Source: Oilprice.com
- 2025-01-10
  MABUX: Global bunker indices to resume upward movement on Jan.10.
  MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), showed mixed, largely sideways changes on Jan.09: 380 HSFO - USD/MT - 521.14 (-0.01) VLSFO - USD/MT – 603.51 (-1.28) MGO - USD/MT – 771.77 (+0.64) As... Read more MABUX World Bunker Index (as index calculated based on current prices for 380 HSFO, VLSFO and MGO), showed mixed, largely sideways changes on Jan.09:
  
  380 HSFO - USD/MT - 521.14 (-0.01)
  VLSFO - USD/MT – 603.51 (-1.28)
  MGO - USD/MT – 771.77 (+0.64)
  
  As of Jan.09, the MABUX Market Differential Index (MDI), which compares market bunker prices (MBP) with the MABUX Digital Bunker Price Benchmark (DBP), continued to show underpricing across all major bunker fuel types in key ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: The underprice margin narrowed by $2 in Rotterdam, $6 in Singapore, $5 in Fujairah, and $7 in Houston.
  
  • VLSFO segment: Undervaluation decreased by $5 in Rotterdam, $5 in Singapore, $13 in Fujairah, and $5 in Houston.
  
  • MGO LS segment: The undercharge declined by $7 in Rotterdam, $4 in Singapore, $8 in Fujairah, and $3 in Houston. The MDI for Singapore and Fujairah dropped below the $100 mark.
  
  We expect Global bunker indices to resume an upward trend on Jan.10: 380 HSFO – plus 1-3 USD/MT, VLSFO – plus 2-4 USD/MT, MGO LS – plus 3-8 USD/MT.
  Source: MABUX
- 2025-01-10
  China’s Coal Demand and Production Will Continue to Grow in 2025
  China’s coal demand and production are expected to continue rising this year and the cheap fuel is set to remain the backbone of the country’s energy system, according to China Coal Transportation and Distribution Association. Chinese coal production... Read more China’s coal demand and production are expected to continue rising this year and the cheap fuel is set to remain the backbone of the country’s energy system, according to China Coal Transportation and Distribution Association.
  
  Chinese coal production is forecast to increase by about 1.5% this year from 2024, for the ninth straight annual rise, the association said at a briefing, as quoted by Bloomberg.
  
  At the same time, coal demand is also set to rise, by around 1%, according to the main coal industry group in the world’s largest coal consumer. The power sector and higher demand from the chemicals industry will push up coal demand this year, the association said.
  
  Coal prices are expected to remain cheaper amid higher domestic production and enough coal inventories.
  
  Robust coal production in China is pushing supply higher than demand and this is likely to make coal even cheaper than it already is, Bloomberg reported last month, citing Chinese coal industry officials.
  
  “An avalanche of inventory is crushing the market,” an analyst from the China Coal Transportation and Distribution Association, told media in December.
  
  “Power plants are dumping stockpiles. There’s just too much supply,” Han Lei also said.
  
  Despite growing renewable energy capacity installations, thermal power generation in China, which comes mostly from coal-fired power plants, rose by 1.9% between January and November from the same period a year earlier, Chinese statistics data showed last month.
  
  The trend points to an increase in coal and overall thermal power generation even as China’s renewables installations have boomed in recent years.
  
  Although the share of coal in China’s electricity generation has been declining in recent years with the renewables boom, Chinese coal power generation and demand remains strong.
  
  Coal still accounts for about 60% of China’s power generation, despite a surge in hydropower earlier this year after abundant rainfall, which reduced the share of coal in the country’s energy mix during the summer.
  
  Source: Oilprice.com