Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
547.94
0.00
679.00
-2.00
Jun 5
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	547.94	0.00	679.00	-2.00	Jun 5

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
477.04	-2.67	602.49	-3.12	787.44	-2.80	Jun 9

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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	448	475	-27	534	570	-36	679	766	-87	Jun 9
Singapore	439	486	-47	581	564	+17	716	775	-59	Jun 9
Fujairah	417	511	-94	562	567	-5	833	823	+10	Jun 9
Houston	420	444	-24	530	555	-25	710	746	-36	Jun 9

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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
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Latest News
- 2023-06-09
  Oil prices stable as gains capped by demand fears
  Oil prices were broadly stable on Friday and were set for a second week of declines as concern over oil demand growth outweighed Saudi output cuts. Brent crude futures dipped 18 cents, or 0.3%, to $75.78 a barrel by 1334 GMT, while U.S. West Texas Intermediate... Read more Oil prices were broadly stable on Friday and were set for a second week of declines as concern over oil demand growth outweighed Saudi output cuts.
  Brent crude futures dipped 18 cents, or 0.3%, to $75.78 a barrel by 1334 GMT, while U.S. West Texas Intermediate crude was down 27 cents, or 0.4%, at $71.02.
  Both benchmarks lost about $1 on Thursday, having rebounded from a slump of more than $3 after the U.S. and Iran denied a report by the Middle East Eye that they were close to a nuclear deal that could have brought Iranian barrels back to the market.
  Oil prices had risen early in the week, buoyed by Saudi Arabia's pledge over the weekend to cut output, but pared gains on a rise in U.S. fuel stocks and weak Chinese export data.
  "Attention will now shift back to the precarious state of the oil demand picture," said PVM analyst Stephen Brennock.
  Expectations of tighter supply and higher demand as the United States enters the summer holiday season, when more people drive, are being offset by worries over a slow pickup in China's fuel demand.
  China's factory gate prices fell at the fastest pace in seven years in May and quicker than forecasts, as faltering demand weighed on a slowing manufacturing sector and cast a cloud over the fragile economic recovery.
  Meanwhile, strong factory activity in India - the world's third-largest oil consumer - helped to lift fuel consumption in May, driving diesel sales to a record high.
  Some analysts expect oil prices to rise if the U.S. Federal Reserve skips a interest rate hike at its next meeting over June 13-14. Source: Reuters/Investing.com
- 2023-06-09
  GLOBAL: MSC COMPLETES BIO-LNG VOYAGE AHEAD OF NAMING CEREMONY
  MSC Cruises’ latest vessel, MSC Euribia, has completed a journey from St Nazaire to Copenhagen on bio-LNG ahead of its naming ceremony in the Danish capital. As previously reported, last month, the cruise company announced it had purchased 400 tonnes... Read more
- 2023-06-09
  EUROPE: TRIO SIGN LETTER OF INTENT FOR AUTONOMOUS VESSEL CONTROL CENTRE
  Norwegian ferry and express boat operator Norled, Remota AS and Seam AS have today (9 June) signed a letter of intent (LOI) to collaborate on the further development and operation of a control centre for marine operations and autonomous operations of... Read more
- 2023-06-09
  GLOBAL: GTT RECEIVES CLASS APPROVAL FOR LATEST ALTERNATIVE FUEL PROJECTS
  GTT has been granted three Approvals in Principle (AiP) from DNV for three development projects involving alternative fuels. Two of the three concepts were developed with the support of the Finnish ship designer Deltamarin, France-based GTT said yesterday... Read more
- 2023-06-09
  GLOBAL: ALFA LAVAL DEVELOPS METHANOL-FIRED STEAM BOILER
  Alfa Laval has introduced a methanol-fired Aalborg boiler systems that can accommodate a wide range of marine fuels, including methanol, LNG and biofuels. The boiler will be installed on newbuild container vessels and Alfa Laval says more deliveries... Read more
- 2023-06-09
  AMERICAS: CLEAN SHIPPING ACT OF 2023 INTRODUCED
  US Congressman Robert Garcia, alongside Senator Alex Padilla with Congresswoman Nanette Barragán as co-lead, have introduced the Clean Shipping Act of 2023 which aims to ‘set a path to eliminate greenhouse gas emissions from all ocean shipping companies... Read more
- 2023-06-09
  Oil prices headed for second straight weekly loss on demand fears
  Oil prices looked set to post their second straight weekly loss as prices continued to fall on Friday over demand concerns and scepticism that the United States and Iran could strike a nuclear deal. Brent crude futures dropped 35 cents, or 0.5%, to $75.61... Read more Oil prices looked set to post their second straight weekly loss as prices continued to fall on Friday over demand concerns and scepticism that the United States and Iran could strike a nuclear deal.
  Brent crude futures dropped 35 cents, or 0.5%, to $75.61 a barrel by 0304 GMT, while the U.S. West Texas Intermediate crude futures eased 35 cents, or 0.5%, to $70.94.
  "Oil prices are expected to stay in a range of about 3 dollars above and below $70 for WTI in the near term," Satoru Yoshida, a commodity analyst with Rakuten Securities.
  Both benchmarks slid by around $1 on Thursday, rebounding from their earlier losses of more than $3, after the U.S. and Iran both denied a report by the Middle East Eye that they were close to a nuclear deal.
  For the week, they were on track for losses of about 1% losses, after shedding about the same amount in the previous week.
  Oil prices had risen early in the week following Saudi Arabia's pledge over the weekend for deep output cuts, but they pared gains after rising U.S. fuel stocks and weak Chinese export data.
  Yoshida said factors such as fears over tighter supply and higher demand as the United States enters driving season which could drive prices higher were being offset by worries over a slow pickup in China's fuel demand.
  "Crude prices didn't get any favours from China as their economic recovery has disappointed," OANDA analyst Edward Moya said.
  While a Reuters poll of economists showed the U.S. Federal Reserve could skip a rate hike at its June 13-14 meeting, the absence of similar signals from other major central banks was weighing on the oil demand outlook, Moya added. Source: Reuters/Investing.com
- 2023-06-09
  Nuclear Fusion Remains Decades Away Despite Major Breakthroughs
  After decades of progress so incremental and expensive that it may have seemed pointless, nuclear fusion technology finally had a breakthrough worth writing home about. Last year, a team of scientists in California was able to achieve ignition, creating... Read more After decades of progress so incremental and expensive that it may have seemed pointless, nuclear fusion technology finally had a breakthrough worth writing home about. Last year, a team of scientists in California was able to achieve ignition, creating more energy from a laser-driven fusion experiment than was beamed into it. The breakthrough has signaled a new era for nuclear fusion, in which the nascent technology shifted from a pipe dream ripped out of the pages of science fiction to a model of clean energy production with actual potential for practical application and scalability. But critics still question whether creating an artificial sun here on Earth will ever be affordable and energy efficient enough to make a real impact on the global energy industry.
  
  In the last three years, nuclear fusion breakthroughs have increased exponentially, with scientists making incredible gains across the globe in different fusion experiments, often with completely different approaches. And it all happened nearly simultaneously when looking at the long timeline of nuclear fusion experimentation. All of these breakthroughs have been critical, but three, in particular, have rewritten the narrative and made even the staunchest doubters of nuclear fusion take pause. First, in 2021, a team of researchers at the Experimental Advanced Superconducting Tokamak (EAST) in Hefei, China obliterated previous records for a sustained steady-state fusion reaction, achieving fusion for an unprecedented 1,056 seconds – nearly 20 minutes. In the same year, The Joint European Torus (JET) in Oxfordshire more than doubled its 1997 fusion record when it produced 59 megajoules of energy in a single fusion experiment.
  
  And then there was the aforementioned experiment in California that blew them all away. Last December, researchers at the National Ignition Facility (NIF) at the Lawrence Livermore National Laboratory made history when they became the first to finally overcome what remains as nuclear fusion’s most significant barrier: creating net positive energy. The now legendary experiment used lasers to beam 2.05 megajoules of light onto a minuscule amount of fusion fuel – about the size of a peppercorn – sparking an explosion that released 3.15 MJ of energy – about the same as three sticks of dynamite.
  
  But while the importance of this breakthrough can’t be denied, it doesn’t mean that nuclear fusion will be powering our homes any time soon. Indeed, there are a few important caveats to the magnitude of the NIF discovery. While the fusion reaction in the NIF experiment created more energy than was beamed onto the fuel, it still was a net energy drain when looking at the bigger picture. When taking into account the amount of energy used to power the lasers, the experiment was a net loss by a wide margin. Furthermore, NIF is an enormously expensive project being carried out in a national lab project funded to research nuclear weapons – hardly the same conditions that a commercial pursuit would take place in.
  
  In short, fusion remains enormously expensive, and the achievement of net energy production remains elusive. In fact, Wired reported last year that in all likelihood, “the real fusion energy breakthrough is still decades away.” ITER, the world’s biggest fusion experiment co-funded by 35 nations in the South of France, is already enormously over budget and behind schedule. Furthermore, the sector faces significant regulatory challenges, as current frameworks guiding nuclear fission will not be applicable to nuclear fusion. This means there is a lot of lengthy and pricey bureaucratic and policy work to be done before commercial fusion could become a possibility.
  
  A lot of hope has been placed in the future of nuclear fusion. Advocates of the technology have proposed that it could produce limitless emissions-free fuel, saving the world from climate crisis as well as geopolitical wars over energy. In short, it would bring us endless energy and world peace to boot. However, news of nuclear fusion’s world-saving capabilities has almost certainly been greatly exaggerated. “[The NIF breakthrough] is a big deal and fine to applaud, but it doesn't mean a green energy revolution is imminent,” CNET summarized. “It'll still be years before fusion power progress bears fruit — likely a decade or so — and it's still not clear if fusion will ever be cheap enough to radically transform our power grid. Continuing today's investments in solar and wind is critical to combating climate change.” Source: Oilprice.com
- 2023-06-09
  MABUX: Global bunker prices to retreat on June 09.
  MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) trended higher on Jun. 08: 380 HSFO - USD/MT - 479.71 (+2.04) VLSFO - USD/MT – 605.61 (+4.01) MGO - USD/MT – 790.24 (+6.72) As of Jun. 08, the MABUX MBP/DBP... Read more MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO) trended higher on Jun. 08:
  
  380 HSFO - USD/MT - 479.71 (+2.04)
  VLSFO - USD/MT – 605.61 (+4.01)
  MGO - USD/MT – 790.24 (+6.72)
  
  As of Jun. 08, the MABUX MBP/DBP Index (MDI) (the correlation between market bunker prices (MBP) and the MABUX digital bunker price benchmark (DBP), recorded the following changes:
  
  - HSFO segment: the underprice premium declined in Rotterdam (minus $1) but widened in Singapore (plus $5), Fujairah (plus $3) and Houston (plus $3).
  
  - VLSFO segment: the undercharge ratio did not show any significant changes and remained unchanged in Fujairah and Houston but increased in Rotterdam by $3. Singapore continued to be the only overpriced port, with the overcharge premium decreasing by $4.
  
  - MGO LS segment: the undervalue margins widened in Rotterdam by $5, in Singapore by $1 and in Houston by $7. Fujairah remained the only overpriced port, with the premium decreasing by $5 and approaching the 100 percent correlation mark.
  
  We expect Global bunker indices to turn into down movement on Jun. 09: 380 HSFO –minus 3-6 USD/MT, VLSFO – minus 3-7 USD/MT, MGO LS –minus 3-6 USD/MT.
  Source: MABUX
- 2023-06-09
  Venezuela’s Secret Weapon: A “Dark Fleet” Of Oil Tankers
  Dark fleet is a term used to describe the assortment of tanker vessels which conceal their locations so as to enable the transportation of illicit cargoes of crude oil and derivative products. This is done using a variety of deceptive techniques to prevent... Read more Dark fleet is a term used to describe the assortment of tanker vessels which conceal their locations so as to enable the transportation of illicit cargoes of crude oil and derivative products. This is done using a variety of deceptive techniques to prevent the tanker from being identified or tracked. These include turning off the vessel’s ID system, spoofing its location and using multiple flags of convenience over short periods. While this has been a long-running practice that emerged to cloak the transportation and sale of U.S.-sanctioned oil from Venezuela and Iraq it exploded after Russia’s invasion of Ukraine. To penalize Moscow for the attack on Ukraine, the U.S. and its allies sanctioned Russia’s economically crucial petroleum exports. This caused the volume of vessels evading identification to surge. A substantially larger dark fleet is extremely beneficial for Nicolas Maduro’s Venezuela, which only two years ago was a near-failed state on the verge of collapse but has since seen its economy return to growth.
  
  The dark fleet first emerged as U.S. sanctions against Iran and Venezuela were ratcheted up to prevent those pariah states from exporting their crude oil to key markets without incurring hefty penalties. The volume of tankers clandestinely shipping petroleum to Iran and Venezuela has surged over the last three years. According to a Reuters investigation, there was a fleet of 300 vessels clandestinely shipping Iranian crude oil by March 2023 compared to 70 in November 2020. The news agency also stated earlier this year that Venezuela’s national oil company PDVSA had leased 41 tankers in 2022 to ship Venezuela crude oil, paying roughly double the market rate. In an earlier Reuters article, it was estimated that there were more than 200 tankers, including over 80 supertankers, shipping Iranian and Venezuelan crude oil.
  
  Latest estimates from a variety of sources put the number of vessels in the dark fleet at a far higher number. According to maritime AI company Windward there are 1,100 vessels in the dark fleet, with around 32% crude oil tankers, another 20% being oil product vessels, and the remainder comprised of chemical as well as other types of tankers. Analysts from other data broker firms put the number of vessels at around 700, but given the fleet’s opaque nature, it is difficult to determine the correct number. While PDVSA has its own fleet of 22 tankers, a recent internal report claimed that at least half of them are in such poor condition, they are unfit to ship crude oil. It is for that reason, along with growing oil production, that a larger dark fleet will be beneficial for Venezuela.
  
  A combination of endemic corruption and malfeasance, sharply weaker oil prices, a lack of skilled labor and strict U.S. sanctions saw Venezuela’s economic backbone, its petroleum industry, almost collapse. Against all odds, with the assistance of Russia, China and Iran, the national oil company PDVSA was able to rebuild some corroded energy infrastructure and bolster oil production. According to data supplied by Caracas to OPEC, Venezuela pumped an average of 810,000 barrels per day during April 2023, which was not only 7% higher than a month prior but 4.5% greater year over year. This is nearly triple the record low of 390,000 barrels per day during July 2020, when petroleum production plunged because of sharply weaker prices and the COVID-19 pandemic.
  
  The reconstruction of Venezuela’s heavily corroded oil industry is crucial to returning the economy to growth. Every year from 2014 until 2021, Venezuela’s gross domestic product contracted, plunging by 80% or $171 billion. This has been labeled as the modern world’s worst economic collapse to occur outside of war which saw over seven million Venezuelans flee the country, which was once the wealthiest in Latin America. Surprisingly, for 2021 Venezuela’s economy had returned to growth, expanding by 0.5% that year and then by a notable 8% in 2022. Key to this remarkable development was Venezuela restoring oil production and securing access to crucial energy export markets, which is where access to the dark fleet is pivotal. While U.S. sanctions had constrained Venezuela’s economy for some time, it wasn’t until President Donald Trump enacted his policy of maximum pressure that cut Caracas off from global energy and capital markets that it crashed.
  
  It was Teheran that provided the skilled technicians, critical parts and crucial condensate that were essential to rebuilding heavily corroded oil infrastructure and thereby boosting petroleum production. Ongoing reliable supplies of condensate are especially important to PDVSA, particularly since U.S. supplies ended with Trump’s January 2019 sanctions. The very-light high API hydrocarbon is a vital ingredient for processing and upgrading Venezuela’s heavy and ultra-heavy crude oil to exportable grades. It was the provision of a reliable supply from Iran that was key to PDVA growing oil production.
  
  While Iran’s condensate is still crucial to PDVSA’s operations, energy supermajor Chevron, which was permitted by the U.S. Treasury to recommence lifting petroleum in Venezuela in November 2022, is sourcing U.S.-supplied naphtha for heavy oil upgrading. Chevron is required to do this because of U.S. sanctions on Iranian crude oil and related products because U.S. sanctions block Chevron from making any payments to Caracas. As a result, all petroleum lifted by the U.S. energy supermajor will be utilized in an oil-for debt swap, with Chevron seeking to recover $3 billion in outstanding debt with PDVSA by the end of 2025.
  
  This emphasizes just how important the dark fleet, including Iranian tankers, is to PDVSA to ship oil to global energy markets in order to receive urgently required cash payments. Asia is the main destination for Venezuelan crude oil, with China believed to be receiving the bulk of those exports. A larger dark fleet makes it easier for PDVSA to not only ship oil to buyers undetected, in contravention of U.S. sanctions but also to ramp up export volumes which are vital for boosting income and sustaining Venezuela’s economy’s return to growth. In fact, higher oil production and exports saw the IMF predict that Venezuela’s GDP will expand by 5% in 2023.
  
  Source: Oilprice.com