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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
732.50
0.00
653.00
-5.00
Aug 12
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	732.50	0.00	653.00	-5.00	Aug 12

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
456.90	-2.53	542.56	-2.79	752.76	-3.78	Aug 13

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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	415	428	-13	470	481	-11	653	657	-4	Aug 13
Singapore	410	440	-30	500	521	-21	642	690	-48	Aug 13
Fujairah	390	474	-84	490	526	-36	718	843	-125	Aug 13
Houston	408	443	-35	487	561	-74	648	701	-53	Aug 13

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Latest News
- 2025-08-13
  EUROPE: HYDROGEN-POWERED USV OBTAINS LR CERTIFICATION IN UK FIRST
  ACUA Ocean’s hydrogen-powered unmanned surface vessel (USV) Pioneer has become the first in the United Kingdom (UK) to earn certification for a remotely operated and unmanned vessel (ROUV). The certification was issued by classification society Lloyd’s... Read more
- 2025-08-13
  EUROPE: AARHUS CONTAINER TRAFFIC HITS ‘NEW HEIGHTS’
  Denmark’s Port of Aarhus has reported that its container throughput is continuing to hit ‘new heights’, with July seeing ‘exceptional numbers’ and a year-on-year (y-o-y) growth of 45% to 86,835 twenty-foot equivalent units (TEUs). In terms of ship... Read more
- 2025-08-13
  GLOBAL: AD PORTS POSTS 15% REVENUE INCREASE
  Abu Dhabi-headquartered AD Ports has reported a revenue of AED 4.83 billion for the second quarter (Q2) of 2025, which was up 15% on the same period last year. The group EBITDA was up 9% year-on-year (y-o-y) at AED 1.17 billion while profit before... Read more
- 2025-08-13
  EUROPE: GREENLYTE AND MB ENERGY INK ‘SEVEN-FIGURE’ E-METHANOL OFFTAKE AGREEMENT
  Startup Greenlyte Carbon Technologies and integrated energy company MB Energy have signed a strategic agreement for the offtake of e-methanol from the former’s LiquidSolar facility in Marl, Germany, as well as advanced offtake intentions for future projects. The... Read more
- 2025-08-13
  GLOBAL: LR EXPANDS ITS ADVISORY OFFERING TO SUPPORT ‘GROWING COMPLEXITY’ OF PORTS
  Lloyd’s Register has announced the launch of LR Advisory which is intended to support ports as they address the challenges of sustainability, security, technology and geopolitics. Announcing the new service, LR said that it will be offering advisory... Read more
- 2025-08-13
  Oil stable as market waits for inventory data, US-Russia meeting
  Oil prices were steady on Wednesday as investors awaited clearer indications of U.S. inventory data, while eyeing an upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Brent crude futures were flat at $66.12 a... Read more Oil prices were steady on Wednesday as investors awaited clearer indications of U.S. inventory data, while eyeing an upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
  Brent crude futures were flat at $66.12 a barrel at 0330 GMT, while U.S. West Texas Intermediate crude futures dipped 6 cents to $63.11. Both contracts settled lower on Tuesday.
  Trump and Putin are due to meet in Alaska on Friday to discuss ending Russia’s war in Ukraine that has shaken oil markets since February 2022.
  Oil investors are in a "wait-and-see mode" ahead of the meeting, said ING commodity strategists.
  "The outcome could remove some of the sanction risk hanging over the market," the ING strategists added.
  Investors also awaited further cues after an industry report showed U.S. crude stockpiles climbed last week.
  Crude inventories in the U.S., the world’s biggest oil consumer, rose by 1.52 million barrels last week, market sources said, citing American Petroleum Institute figures on Tuesday. Gasoline inventories dropped while distillate inventories gained slightly. [API/S]
  Should the U.S. Energy Information Administration data set for release later on Wednesday also show a decline, it could indicate that consumption during the summer driving season has peaked and refiners are easing back their runs. The demand season typically runs from the Memorial Day holiday at the end of May to the Labor Day holiday in early September.
  
  Analysts polled by Reuters expect the EIA report to show crude inventories fell by about 300,000 barrels last week. [EIA/S]
  Outlooks issued by OPEC and the EIA on Tuesday pointed to increased production this year which also weighed on prices. But both expect output in the U.S., the world’s largest producer, to decline in 2026 while other regions will increase oil and natural gas production.
  U.S. crude production will hit a record 13.41 million barrels per day in 2025 due to increases in well productivity, though lower oil prices will prompt output to fall in 2026, the EIA forecast in a monthly report.
  The Organization of the Petroleum Exporting Countries’ monthly report said global oil demand will rise by 1.38 million bpd in 2026, up 100,000 bpd from the previous forecast. Its 2025 projection was left unchanged.
  
  The White House on Tuesday tempered the expectations for a quick Russia-Ukraine ceasefire deal, which may lead investors to reconsider an end to the war soon and any easing of sanctions on Russian supply, which had been supporting prices.
  "Trump downplayed expectations of his meeting with President Putin ... However, expectations of additional sanctions on Russian crude continue to fall," ANZ senior commodity strategist Daniel Hynes wrote in a note.
  Source: Reuters/Investing.com
- 2025-08-13
  Oil Trade Caught in Trump’s Global Tariff Crossfire
  The Trump-Putin meeting this Friday and the oil trade spat with India have been hogging the headlines these days, but meanwhile, the tariff war continues—and it may end with a complete rearrangement of global supply chains. The central target, of course,... Read more The Trump-Putin meeting this Friday and the oil trade spat with India have been hogging the headlines these days, but meanwhile, the tariff war continues—and it may end with a complete rearrangement of global supply chains.
  
  The central target, of course, is China. Amid the latest negotiations between Beijing and Washington, China faces a 30% blanket tariff on goods sold to the United States. And in a positive turn of events, the deadline for the entry of these tariffs into effect has been pushed back by 90 days. This has provided space for some hope that any disagreements about trade balance could be resolved without blood being spilled, figuratively. But if the tariffs do take effect, there will be blood.
  
  All Asian countries became targets for Trump’s tariff offensive, as did India and Brazil, and every other trade partner that the United States has. Yet Asia is one of the most important parts of the trade equation due to its lead role as exporter to the U.S.—mostly of Chinese goods.
  
  The Financial Times recalled in a recent analytical piece how Chinese companies had spent billions on building manufacturing capacity in neighboring countries in Southeast Asia with the precise purpose of insulating themselves against a potential tariff war initiated by the White House. Yet Trump has easily seen through that and imposed tariffs on all those Southeast Asian countries as well.
  
  In fairness, those tariffs are lower than the ones for China, but the so-called transshipment tariffs for goods originating in China but being routed via third countries before getting shipped to the United States are not. Those are at a hard 40%.
  
  “It’s a gut punch to these countries and they need to try to negotiate it lower,” Dan Ives, global head of research at financial services provider Wedbush Securities, told CNN this week. “The worry is US is trying to cut off China’s export routes and it speaks to the high tariffs facing these nations.”
  
  If the U.S. is trying to cut off China’s export routes, Chinese exporters would have to work hard to forge new ones, and that may well start by returning home. “The China plus one strategy is going to come under tremendous stress,” Louise Loo, Asia economist at Oxford Economics, told the Financial Times. “The upfront cost to move to new markets is going to be exorbitantly high,” Loo added, noting that the tariff pressure will prompt many to retrench.
  
  This means that Chinese investments overseas, notably in Southeast Asia, would diminish, if not dry up completely, affecting the economies of these countries, including Vietnam, Malaysia, Cambodia, and Indonesia, and not in a positive way because there isn’t a line of companies from other countries waiting their turn to pour some billions into, say, solar panel manufacturing capacity in Vietnam.
  
  This means that, if implemented, all these tariffs may well spark a race for new low-cost manufacturing locations in low-tariff jurisdictions, wherever they might be. Some analysts suggest Mexico. Others note that the tariffs might actually do what Trump wants them to do, namely, revive local manufacturing in the United States. Or Chinese manufacturers will get more creative.
  
  “The new punitive treatment would either short-circuit this Southbound shift in manufacturing we’d seen over the past decade, or incentivise more creative ways of rerouting by Chinese manufacturers,” Oxford Economics’ Louise Loo told CNN.
  
  None of this, however, would make goods cheaper. This means that whichever way supply chains shift, chances are that imported goods will likely become more expensive for U.S. buyers in the near future—if all those tariffs enter into effect, of course. Source: Oilprice.com
- 2025-08-13
  Big Oil Boosts Exploration as Energy Transition Sputters
  After years of public vows to wean themselves off fossil fuels, the world’s biggest oil companies are dusting off their drilling maps and doubling down on exploration. The promised pivot to renewables has sputtered, energy security fears have sharpened,... Read more After years of public vows to wean themselves off fossil fuels, the world’s biggest oil companies are dusting off their drilling maps and doubling down on exploration. The promised pivot to renewables has sputtered, energy security fears have sharpened, and the payoff from oil and gas remains too rich to ignore. Now, from the Gulf of Mexico to Namibia, Big Oil is chasing new barrels in a world that, by its own admission, will still be burning them for decades.
  
  After spending the early 2020s promising a gradual reduction in fossil fuel production and billions of U.S. dollars in low-carbon energy investments, Europe’s biggest oil and gas firms have dramatically changed their priorities as the energy transition proved much slower than anticipated and the energy crisis exposed shortfalls in conventional energy supply.
  
  The U.S. supermajors, ExxonMobil and Chevron, did not have to pivot back to oil and gas – they weren’t going in the renewable energy direction anyway. But both companies are boosting exploration and seek to add advantaged resources to their portfolios to increase reserves.
  
  Shell and BP Boost Exploration
  
  The most notable shift came from the European majors, who scaled back billions of dollars of investment in renewables and are now looking to bolster their oil and gas reserves portfolios. BP and Shell realized that the energy transition faces bigger hurdles than expected and doesn’t pay off in profit margins and shareholder payouts the way oil and gas does.
  
  So, it was back to the basics for BP, Shell, and TotalEnergies. This means more exploration efforts and a focus on areas and strengths that can yield results.
  
  Shell, whose chief executive Wael Sawan has said that reducing global oil and gas production would be “dangerous and irresponsible”, is not happy with its recent track record in exploration.
  
  “We went through a significant reset, I would say, of our exploration department, capability, the funnel because the hard truth is while we have had some good progress in certain areas, it hasn’t delivered what we had wanted,” Sawan told analysts on the Q2 earnings call at the end of July.
  
  Shell will continue to invest in exploration where it has established track records, like the Gulf of Mexico, Malaysia, Oman, and in areas like Namibia.
  
  “We have some exciting wells coming in the next, I’d say, 6 to 12 months,” Sawan said, adding that Shell plays the long game in exploration.
  
  Shell’s UK-based peer, BP, was the last to reconsider its strategy and bet again on oil and gas instead of on renewables.
  
  In a major reset back to oil and gas, BP in February said it would increase its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year.
  
  In the upstream, BP will aim for 10 new major projects to start up by the end of 2027, and a further 8–10 projects by the end of 2030. Production is expected to grow to 2.3–2.5 million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.
  
  That’s a stark departure from the previous strategy to lower oil and gas output by 2030.
  
  On the Q2 earnings call, BP’s chief executive, Murray Auchincloss, touted the start-up of five new oil and gas major projects so far this year. BP also sanctioned four more projects and made ten exploration discoveries in what the executive described as “the best year for discoveries in recent memory”, including the significant discovery in the Bumerangue block offshore Brazil, the supermajor’s biggest in 25 years.
  
  BP hasn’t actually increased its exploration budget very much in the last 12 months, but these 10 discoveries year to date aren’t luck as the exploration team uses technology, including seismic imaging and AI algorithms, Gordon Birrell, EVP, production & operations at BP, told analysts.
  
  The exploration team’s mission “is to fill up our hopper with great resources that we can then bring forward to invest in as major projects,” Birrell said.
  
  French supermajor TotalEnergies “reloaded the exploration portfolio by acquiring exploration permits in the U.S. Gulf, in Malaysia, in Indonesia and Algeria” in the second quarter, CEO Patrick Pouyanné said on the earnings call.
  
  Exxon and Chevron Continue Hunt for Resources
  
  Exxon and Chevron used the years in which European Big Oil promised to help deliver the green transition to amass large portfolios in the top U.S. shale basin, the Permian, and increase and deliver oil projects in their respective key geographies, such as Guyana for Exxon and Kazakhstan for Chevron.
  
  Following the acquisition of Hess, whose completion was announced last month, Chevron gained 30% of Guyana’s Stabroek offshore block—where the operator ExxonMobil is leading the production of more than 660,000 barrels per day (bpd) from several projects in the block.
  
  The asset has a lot to offer, in terms of resources and money, to a company like Chevron, whose reserves replacement ratio has declined in recent years, and its oil and gas reserves have now reached the lowest level in at least a decade.
  
  Chevron’s CEO Mike Wirth said during the Q2 earnings call, “I’m not happy with the results out of exploration over the last few years, but I want to acknowledge our exploration team has been operating in a pretty narrow range.”
  
  In Chevron’s goal to have a balanced and diversified portfolio, “exploration needs to play an important role and we are making some changes to our program and our approach,” Wirth added.
  
  Chevron is looking at frontier exploration, too, with wells in Suriname, Namibia, and Egypt planned toward the end of this year, Chevron Vice Chairman, Mark Nelson, said.
  
  Exxon, for its part, while focused on the Permian and Guyana, is looking at opportunities elsewhere, and has deals in the works for exploration in Libya and a return to exploration offshore Trinidad and Tobago in blocks northwest of Guyana’s Stabroek.
  
  Following years of very low levels of global investment in exploration, the industry’s biggest international firms are ready to search for more resources using the latest technology.
  
  “Companies are refilling a pipeline, not just in drill-ready prospects, but in access to the areas where they would consider drilling,” Jessica Ciosek, head of Americas exploration research at Wood Mackenzie, told the Financial Times.
  
  Source: Oilprice.com
- 2025-08-13
  Iran and Russia Vow to Block U.S. Caucasus Ambitions
  Buckle up. The geopolitical struggle among the United States, Russia and Iran is poised to intensify before any durable peace comes to the Caucasus. The provisional peace deal signed August 8 at the White House by US President Donald Trump, Armenian... Read more Buckle up. The geopolitical struggle among the United States, Russia and Iran is poised to intensify before any durable peace comes to the Caucasus.
  
  The provisional peace deal signed August 8 at the White House by US President Donald Trump, Armenian Prime Minister Nikol Pashinyan and Azerbaijani leader Ilham Aliyev is a potential diplomatic thunderbolt that transforms the Caucasus, giving the United States the upper hand in what traditionally has been Russia’s backyard and Iran’s playground. But it is important to understand that the August 8 Joint Declaration is merely the end of the beginning: there is a long way to go before the aspirations outlined in the document are fulfilled.
  
  Though the three signatories to the Joint Declaration touted it as transformative, marking the dawn of an era of “eternal peace,” the document’s provisions are vague and non-binding. In effect, it is a memorandum of understanding, not a contract.
  
  Pashinyan and Aliyev “initialed” what was described as a “peace agreement.” In fact, what they signed was a pledge to keep on talking about a lasting settlement, adding little to what the two had already stated many times previously.
  
  “We acknowledged the need to continue further actions to achieve the signing and ultimate ratification of the [Peace] Agreement, and emphasized the importance of maintaining and strengthening peace between our two countries,” the Joint Declaration reads.
  
  It is worth noting that the Joint Declaration does not mention the main obstacle believed to be preventing the signing of a peace treaty — Azerbaijan’s demand that Armenia amend its constitution to unequivocally recognize Baku’s sovereignty over the Nagorno Karabakh territory, reconquered by Azerbaijani forces in 2023.
  
  The Joint Declaration does appear to potentially overcome another major obstacle — Azerbaijan’s insistence on a corridor between its mainland and its Nakhchivan exclave providing unhindered access for Azerbaijani citizens. The solution is American management of the corridor.
  
  But the American-managed route cannot yet be considered a sure thing. The Joint Declaration acknowledges as much, stating that US and Armenian officials merely express their “determination to pursue efforts in good faith to achieve this goal in the most expeditious manner.” Key operational details remain up in the air, and there is no timeline for negotiations.
  
  “This [August 8] summit was a step forward in the peace process, but the agreements reached leave a lot of questions unanswered. Much of what was agreed at the White House was a repackaging of things that Armenia and Azerbaijan had already agreed in principle,” Joshua Kucera, a senior analyst for Crisis Group, said in a statement.
  
  “Some of Baku’s and Yerevan’s motivation was surely the desire to get on Trump’s good side by giving him a role,” Kucera added.
  
  The transit corridor has been dubbed the Trump Route for International Peace and Prosperity, or TRIPP. Given his predilection for self-aggrandizement, putting the president’s name on the corridor may well increase the odds that Washington remains closely engaged, keeping pressure up on Armenia and Azerbaijan to keep the process moving forward.
  
  For Trump, his personal brand is now at stake. He has got a lot of skin in this game.
  
  But there are plenty of other forces at work that are intent on scuttling the deal. Russia and Iran, for one, are unlikely to stand idly by as the United States seeks to usurp their regional influence.
  
  If the ideas outlined in the Joint Declaration come into being, “in essence, an American semi-state military base [will be] created in Armenia,” explained Russian political scientist Sergei Markov in a Telegram post. “This is a strong blow to Russia’s interests [and] this is a strong blow to Iran’s interests because all this is right next to Iran’s northern border.”
  
  “This changes the entire strategic situation throughout the entire South Caucasus,” Markov added.
  
  Influential Iranian leaders have already indicated that Tehran will use all means at the government’s disposal to prevent the plan from becoming reality. Ali Akbar Velayati, a former long-time Iranian foreign minister and now a policy advisor to Supreme Leader Ayatollah Ali Khamenei, characterized the corridor as a “political plot” posing a mortal threat to Iranian security and economic interests, the Tasnim news agency reported.
  
  “NATO wants to lie between Iran and Russia like a viper, but Iran will not permit it,” the Iranian news agency quoted Velayati as saying. He threatened that a US-managed corridor would “turn into a graveyard of the mercenaries of Donald Trump, not a route owned by the US president.”
  
  The Kremlin, meanwhile, is clearly not pleased with developments, but has been more circumspect in revealing how Russia will respond.
  
  Russian Foreign Ministry spokeswoman Maria Zakharova hinted that heavier US involvement will cause heightened volatility in the Caucasus. “The involvement of extra-regional players should work to strengthen the peace agenda and not create additional difficulties and dividing lines,” Zakharova stated. “We would like to avoid the sad experience of Western assistance in resolving conflicts in the Middle East.”
  
  Beyond probable mischief-making by Moscow and Tehran, final approval by Armenia is a question mark. Pashinyan is likely to face determined domestic opposition to the plan. Polling data indicates that only about one-third of Armenians believe the country is headed in the right direction.
  
  “For Armenia, [the peace deal] offers a path toward economic diversification and greater strategic autonomy, but its success hinges on navigating domestic polarization and countering external interference,” said Nima Khorrami, an associate research fellow at the OSCEAcademy in Bishkek.
  
  Ultimately, there are lots of hurdles on which TRIPP could stumble.
  
  “If Trump is looking for an easy peacemaking win, he’s not there yet in the South Caucasus,” Kucera said. “A lot of hard work remains to be done to achieve a real, sustainable peace.” Source: Oilprice.com
- 2025-08-13
  MABUX: Global bunker indices to continue slight downward on Aug.13.
  Price Overview (Aug. 12) The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — recorded its fifth consecutive day of slight decline: • 380 HSFO: USD 459.43/MT (−3.31) • VLSFO: USD 545.35/MT (−2.09) • MGO:... Read more Price Overview (Aug. 12)
  The MABUX World Bunker Index — a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO — recorded its fifth consecutive day of slight decline:
  • 380 HSFO: USD 459.43/MT (−3.31)
  • VLSFO: USD 545.35/MT (−2.09)
  • MGO: USD 756.54/MT (−3.10)
  Market Differential Index (MDI) Insights
  As of Aug. 12, the MABUX MDI — which measures the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — continued to show underpricing across all major bunker fuel grades in the key hubs of Rotterdam, Singapore, Fujairah, and Houston.
  • HSFO segment: Underpricing margin widened by USD 4 in Rotterdam and USD 1 in Singapore, narrowed by USD 2 in Fujairah, and increased by USD 8 in Houston.
  • VLSFO segment: Discount widened by USD 4 in Rotterdam and USD 2 in Singapore, remained unchanged in Fujairah, and increased by USD 2 in Houston.
  • MGO LS segment: Underpricing ratio rose by USD 1 in Rotterdam, decreased by USD 3 in Singapore and USD 1 in Fujairah, and widened by USD 4 in Houston. Rotterdam’s MDI remained near full parity between MBP and DBP, while Fujairah’s index stayed above the USD 100 mark.
  
  Outlook for Aug. 13
  
  We expect Global bunker indices to continue a slight downward trajectory on Aug.13: 380 HSFO – minus 1-3 USD/MT, VLSFO – minus 1-3 USD/MT, MGO LS – minus 1-5 USD/MT.
  Source: MABUX

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