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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
652.50
0.00
648.00
+3.00
Dec 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	652.50	0.00	648.00	+3.00	Dec 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
406.71	-0.35	488.49	+0.54	759.90	+0.47	Dec 5

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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	360	412	-52	406	462	-56	648	673	-25	Dec 5
Singapore	353	408	-55	442	501	-59	650	666	-16	Dec 5
Fujairah	319	379	-60	432	491	-59	716	729	-13	Dec 5
Houston	359	392	-33	436	445	-9	655	679	-24	Dec 5

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Analytical Section
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Latest News
- 2025-12-05
  Oil prices hold steady due to stalled Ukraine peace talks and supply outlook
  Oil prices were steady on Friday, supported by stalled Ukraine peace talks, though gains were offset by expectations of a supply glut. Brent crude was down 7 cents, or 0.1%, to $63.19 per barrel by 1255 GMT. U.S. West Texas Intermediate dipped 10 cents,... Read more Oil prices were steady on Friday, supported by stalled Ukraine peace talks, though gains were offset by expectations of a supply glut.
  Brent crude was down 7 cents, or 0.1%, to $63.19 per barrel by 1255 GMT. U.S. West Texas Intermediate dipped 10 cents, or 0.2%, to $59.57 a barrel.
  For the week, Brent was largely stable and WTI was on track to log a gain of about 1.7%, marking a second straight weekly increase.
  "It is quite flat today and this week had a narrow trading range," said Tamas Vargas, an oil market analyst at PVM. "The lack of progress in the Ukrainian peace talks provides a bullish backdrop but on the other hand, resilient OPEC production provides a bearish backstop. These two opposing forces make trading seemingly quiet."
  The market is also assessing the impact of a possible U.S. Fed rate cut and tensions with Venezuela, both of which could boost oil prices, analysts said.
  Of economists surveyed in a November 28 to December 4 Reuters poll, 82% expected a 25-basis-point interest rate reduction at next week’s Federal Reserve policy meeting. A rate cut would stimulate economic growth and energy demand.
  "Looking ahead, supply factors remain in focus. A peace deal with Russia would bring more barrels to the market and likely push prices down," said Anh Pham, a senior research specialist at LSEG.
  
  "On the other hand, any geopolitical escalation will drive prices higher. OPEC+ has agreed to keep production steady until early next year, so it adds some support for prices too," he said.
  Markets also continued to brace for a potential U.S. military incursion into Venezuela after President Donald Trump said late last week the U.S. would start taking action to stop Venezuelan drug traffickers on land "very soon".
  Rystad Energy said in a note that such a move could put at risk Venezuela’s 1.1 million barrels per day of crude oil production, which goes mostly to China.
  Prices were also boosted this week by the failure of U.S. talks in Moscow to achieve any significant breakthrough over the war in Ukraine, which could have included a deal to let Russian oil back into the market.
  
  Those factors kept prices supported despite a growing surplus.
  Saudi Arabia cut its January Arab Light crude selling prices to Asia to the lowest level in five years amid oversupply, according to a document reviewed by Reuters on Thursday. Source: Reuters/Investing.com
- 2025-12-05
  Cost and availability among concerns in methanol adoption: DNV
  Methanol is increasingly being seen as a practical and scalable sustainable bunker fuel alternative, but cost and fuel availability remain some of the significant hurdles in its wide scale adoption, a report by class society DNV has said. In the study,... Read more Methanol is increasingly being seen as a practical and scalable sustainable bunker fuel alternative, but cost and fuel availability remain some of the significant hurdles in its wide scale adoption, a report by class society DNV has said.
  
  In the study, DNV noted that current methanol-fuelled engines and related technical systems have reached a high level of readiness.
  
  DNV counted about 83 methanol-capable ships already in operation and another 367 on order. Methanol-capable vessels are second only to LNG-capable vessels among alternative fuels, according to its tally.
  
  Most are container vessels, with several car carriers, chemical tankers and bulk carriers also included.
  
  According to DNV, 40 of these ships, mostly containerships, are conventional fuelled vessels that have been converted, or are scheduled for conversion, to operate on methanol.
  
  DNV also highlighted significant improvements in methanol engines and related fuel technologies.
  
  While ship-related challenges have eased considerably in recent years, the report pointed to insufficient progress in areas such as fuel demand, fuel availability and energy costs.
  
  For regulatory compliance and emissions reduction, methanol adoption needs to focus on methanol with low greenhouse-gas (GHG) intensity, such as bio-methanol or e-methanol.
  
  Most methanol used on ships to date has been fossil methanol, which has a higher well-to-wake GHG intensity than fuel oil. Demand for low-GHG methanol has remained modest, with only small volumes of bio-methanol bunkered since 2023, DNV said.
  
  Current global green-methanol production capacity of 2.2 million mt is more than sufficient for today’s demand, but far below the levels expected to support a future fuel transition, according to the analysis.
  
  The report estimates that if the IMO’s net-zero framework is adopted, demand could rise to as much as 50 million mt by 2040.
  
  Renewable methanol’s competitiveness on price with conventional fuels remains a major challenge. Bio-methanol is currently priced at around $2,500/mt MGO equivalent, almost three times the price of MGO, DNV noted.
  
  Future cost estimates from DNV indicate that producing and distributing bio-methanol could cost between $1,200 and $2,050 per mt MGO equivalent in 2050.
  
  The key barrier to scaling up green-methanol bunkering is not production capacity, but the need for strong and sustained demand to unlock that capacity, the class society concluded. Source: ENGIИE
- 2025-12-05
  Monjasa brings crew management in-house
  Bunker company Monjasa has announced it recently expanded further into crew management, including both officers and cadets, through its technical ship management sister company, Montec. In a statement issued today (4 December), Denmark-headquartered... Read more
- 2025-12-05
  Axpo and GNV claim STS bio-LNG bunkering first in Italy
  Switzerland-based Axpo has completed what it says is Italy’s first ship-to-ship (STS) bio-LNG bunkering operation, fuelling the GNV Virgo RoPax at the Port of Genoa. In a statement sent to ship.energy today (4 December), Axpo said the six-hour bunkering... Read more
- 2025-12-05
  Golden Island delivers B100 biofuel to Maersk Line vessels
  Golden Island has announced it has completed its first and second B100 biofuel bunker deliveries to Maersk in October and November in Singapore. The company, which supplies a range of marine fuels in the Lion City, used Golden Sirius, one of the four... Read more
- 2025-12-05
  IMO updates logo to reflect ‘the ocean’s central role in global affairs’
  The International Maritime Organization (IMO) has rolled out a ‘refreshed’ logo and visual identity through which it aims to ‘honour’ its past and ‘signal its readiness to meet the challenges of 21st-century shipping’. The new logo was presented by... Read more
- 2025-12-05
  GCMD report finds 7.2% mean savings from wind propulsion on EPS tanker
  A joint report by the Centre for Maritime Decarbonisation (GCMD) and Singapore-headquartered Eastern Pacific Shipping (EPS) proposes a method to validate the performance of wind propulsion systems in real-life operations, which has measured 7.2% average... Read more
- 2025-12-05
  Name ceremony for dual-fuel LNG-carrying duo
  An NYK, MISC and China LNG Shipping joint venture company held a name ceremony on Wednesday (3 December) at HD Hyundai Heavy Industries’ shipyard in Ulsan, South Korea for two dual-fuel LNG carriers that will be working for QatarEnergy. One vessel... Read more
- 2025-12-05
  Oil prices hold gains amid stalled Ukraine peace talks, US rate cut hopes
  Oil prices were largely steady in Asian trading on Friday after rising in the previous session, as stalled diplomatic progress over the Ukraine war and firm expectations of a U.S. Federal Reserve rate cut supported sentiment. As of 21:56 ET (02:56 GMT),... Read more Oil prices were largely steady in Asian trading on Friday after rising in the previous session, as stalled diplomatic progress over the Ukraine war and firm expectations of a U.S. Federal Reserve rate cut supported sentiment.
  As of 21:56 ET (02:56 GMT), Brent Oil Futures expiring in February edged 0.2% lower to $63.15 per barrel, while West Texas Intermediate WTI crude futures fell 0.3% to $59.30 per barrel.
  Both contracts jumped nearly 1% on Thursday. WTI oil prices were on track for a 1.5% weekly gain.
  Stalled Ukraine peace talks aid oil prices
  Prices strengthened after U.S.-Russia talks held earlier this week failed to produce an immediate breakthrough toward a Ukraine ceasefire. The lack of progress dampened hopes that energy sanctions on Russian crude could be eased soon, keeping a risk premium in the market.
  Analysts said the stalled meeting reinforced market expectations that supply disruptions could persist, especially after recent Ukrainian strikes on Russian energy infrastructure.
  Get premium news and insight, AI stock picks, and deep research tools by upgrading to InvestingPro - get 55% off today
  Fed cut wagers intact; PCE data awaited
  Broader support also came from expectations that the Federal Reserve could cut interest rates at next week’s policy meeting, with futures pricing in a strong probability of a 25-basis-point reduction. Investors have shifted toward the view that the Fed may begin easing as economic momentum softens.
  
  U.S. labour market data reinforced that tone. Weekly jobless claims dropped sharply to 191,000 -- the lowest level since September 2022 -- though economists noted holiday-related volatility could have affected the reading. At the same time, a private payrolls report earlier in the week showed U.S. employers cut 32,000 jobs in November, signaling weakening hiring conditions.
  Markets are now focused on the release of the U.S. Personal Consumption Expenditures (PCE) Price Index later on Friday -- the Fed’s preferred inflation gauge. A softer reading could strengthen the case for policy easing.
  Source: Investing.com
- 2025-12-05
  New OPEC Plan Sets Off a Global Race for Spare Capacity
  The OPEC+ producers kept their targeted production unchanged for early next year when they met this weekend for their final gathering for the year. While reaffirming the decision was no news for anyone, the 22 OPEC+ group members made a more important... Read more The OPEC+ producers kept their targeted production unchanged for early next year when they met this weekend for their final gathering for the year.
  
  While reaffirming the decision was no news for anyone, the 22 OPEC+ group members made a more important decision that will likely influence production levels, upstream investments, and oil prices for years to come.
  
  The alliance approved a new mechanism to reassess the maximum sustainable production capacities of all its producers, which will be used as a baseline for the 2027 production quotas.
  
  OPEC+ and its leader, Saudi Arabia, say the new mechanism to assess how much any given producer can pump for a sustainable period of time is more transparent and fair for determining production levels from 2027 onwards.
  
  Quota Review
  
  The baselines are important in OPEC and OPEC+’s calculations of output quotas when the cartel or the wider group implements or reverses cuts.
  
  The assessment will be carried out between January and September 2026 for the 2027 baseline levels, and OPEC+ plans to have the maximum sustainable production capacity (MSC) assessed each year.
  
  MSC is typically defined by OPEC as the average maximum crude oil production that can be brought online within 90 days and sustained continuously for one full year, including all planned maintenance activities.
  
  A U.S.-based auditing firm will assess the MSC of 19 out of the 22 OPEC+ members. Sanctioned Russia and Venezuela will use a non-U.S. firm, while Iran’s baseline for 2027 will be determined by the average of its production in August, September, and October 2026, as assessed by the OPEC secondary sources, of which Argus is one.
  
  The new mechanism for quota assessment may seem too technical, but it is apparently needed as OPEC+ has seen disputes over the quota assignments in recent years.
  
  For example, some big OPEC producers, such as Iraq, the United Arab Emirates (UAE), and Kuwait, plan to raise their oil production capacity in the coming years. These countries have argued that they deserve higher baseline production levels as they expand capacity. The UAE, for example, has won a higher baseline for 2025 and 2026.
  
  Other disgruntled producers included now former member Angola, which quit OPEC as of January 2024 after 16 years in the cartel. The reason was a spat with the OPEC and OPEC+ members about production quotas. At a meeting in mid-2023, Angola and Nigeria were given lower crude oil production quotas as part of the OPEC+ agreement, after the two producers had underperformed and failed to pump to their quotas for years, due to a lack of investment in new fields and maturing older oilfields.
  
  Reassessment to Boost Investment
  
  The new mechanism to assess MSC and thus production quotas is a “turning point” in OPEC+ policy, Saudi Energy Minister, Prince Abdulaziz bin Salman, said this week.
  
  “Now we have the most detailed, the most technical, transparent approach of how we can move forward in the future in managing the market and how to attend to production,” said the energy minister of the biggest OPEC+ producer and de facto OPEC leader.
  
  Saudi Arabia and the other major Gulf producers will be the key beneficiaries of the new mechanism as it is set to incentivize keeping high capacity levels or boosting production capacity, Reuters columnist Ron Bousso argues.
  
  Indeed, many of the Gulf OPEC producers have plans to raise capacity, while Saudi Arabia keeps a 12 million barrels per day (bpd) production capacity, with its current spare capacity at about 2 million bpd.
  
  Even as Saudi Arabia is tendering a massive 44 gigawatts (GW) capacity of renewable energy projects, it will maintain its oil-producing potential to ensure global energy security, officials from the Kingdom said last year.
  
  The United Arab Emirates (UAE), one of OPEC’s top producers, aims to increase its production capacity to 5 million bpd by 2027. Currently, capacity is about 4.8 million bpd.
  
  “We can go to 6 million if the market requires,” the UAE’s Energy Minister, Suhail Al Mazrouei, told Reuters on the sidelines of the OPEC annual seminar this summer.
  
  Another major producer, Iraq, is also planning on increasing its production capacity. OPEC’s second-largest producer seeks to boost capacity to more than 6 million bpd by 2029, and potentially produce 7 million bpd within the next five years.
  
  Iraq’s current production is about 4 million bpd, as it is trying to compensate for previous overproduction in the OPEC+ agreements.
  
  The race to invest in additional capacity started a few years ago among the Gulf oil producers, who have low-cost production and oil-dependent economies (despite diversification efforts) and would like to make the most of every barrel of the huge oil reserves they have.
  
  The world may have reduced upstream investment in recent years, but the core OPEC producers have not—they have continued to pour oil money into additional oil production capacity while calling out those urging a reduction in oil and gas spending.
  
  Going forward, the new quota mechanism will not only help OPEC+ producers with higher capacity win higher baselines when 2027 quotas are handed out, but also increase OPEC’s long-term capacity to influence the oil market and regain market share lost to the booming output in the Americas in recent years. Source: Oilprice.com

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