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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
731.50
+14.00
671.00
0.00
Sep 8
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	731.50	+14.00	671.00	0.00	Sep 8

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
452.79	+0.69	540.05	-0.47	779.01	+1.52	Sep 11

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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	401	438	-37	469	492	-23	671	700	-29	Sep 11
Singapore	413	433	-20	485	529	-44	670	693	-23	Sep 11
Fujairah	384	404	-20	485	518	-33	730	756	-26	Sep 11
Houston	396	414	-18	493	477	+16	675	692	-17	Sep 11

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Analytical Section
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MABUX for Industry
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Latest News
- 2025-09-11
  Polish firm plans green ammonia plant in Mauritania
  Polish renewable energy firm Hynfra plans to build a green ammonia production plant at the Port de l’Amitié in Nouakchott, Mauritania. Green ammonia is produced by combining green hydrogen and nitrogen using renewable electricity. Hynfra’s planned... Read more Polish renewable energy firm Hynfra plans to build a green ammonia production plant at the Port de l’Amitié in Nouakchott, Mauritania.
  
  Green ammonia is produced by combining green hydrogen and nitrogen using renewable electricity.
  
  Hynfra’s planned facility will be located on the Somelec wind farm, with additional solar and wind capacity to be developed to supply electricity input. It will integrate on-site green hydrogen production to produce up to 100,000 mt/year of green ammonia from 2030.
  
  Port de l’Amitié is “first public commercial port south of the Sahara and a crossroads between Europe, Africa and North America” giving it a “privileged geographical position” in international trade, according to the port authority of Nouakchott.
  
  The deepwater port sits on the Atlantic coast of Africa and will provide export access for the project, though the company has not yet confirmed whether the green ammonia will be used for bunkering.
  
  “Mauritania, thanks to the combination of high solar irradiation and strong, stable winds, has some of the best conditions in the world for the development of renewable energy,” said Tomoho Umeda, president of Hynfra.
  
  The company joins a growing group of firms seeking to leverage resource-rich countries as bases for large-scale green ammonia production.
  
  Countries like India, China, Brazil, Egypt among others are being targeted for export-oriented projects, some of which could eventually support marine bunkering demand.
  
  Green ammonia is emerging as a candidate for low- and zero-emission shipping. The IMO is expected to adopt its global net-zero framework in October, giving regulatory momentum to alternative fuels.
  
  There are currently three ammonia-capable vessels in operation worldwide, with another 39 on order for delivery by 2029. Source: ENGINE
- 2025-09-11
  Maritime industry eyes nuclear propulsion
  Swiss automation company ABB and Swedish small modular reactor maker Blykalla have expanded their partnership to introduce lead-cooled small modular reactors (SMRs) to the maritime industry. The move builds on an agreement signed in October 2024 that... Read more Swiss automation company ABB and Swedish small modular reactor maker Blykalla have expanded their partnership to introduce lead-cooled small modular reactors (SMRs) to the maritime industry.
  
  The move builds on an agreement signed in October 2024 that focused on advancing lead-cooled SMR technology for Sweden’s energy sector, and now extends into shipping — where interest in nuclear propulsion is growing as part of decarbonisation efforts.
  
  While nuclear propulsion has been considered for merchant shipping for decades, progress has been limited by safety concerns. SMRs — compact nuclear units designed for flexible deployment — are increasingly seen as a breakthrough solution, offering space-efficient designs for large vessels and the ability to operate for years without refuelling.
  
  Blykalla’s design is a "passively safe" lead-cooled SMR already under review for maritime adaptation, the company said. It was also selected as one of three reactor concepts in the Nuclear Propulsion for Merchant Ships I (NuProShip I) project, which is developing SMRs tailored to the operational needs of larger ships. ABB will contribute its expertise in power distribution, automation and control systems to support deployment at sea.
  
  “SMRs hold significant potential to drive decarbonisation, and our collaboration with Blykalla will help to advance their viability in maritime applications,” said Juha Koskela, president of ABB's marine and ports division.
  
  Separately, the Korea Atomic Energy Research Institute (KAERI) and shipbuilder Samsung Heavy Industries (SHI) have received Approval in Principle (AiP) from the American Bureau of Shipping (ABS) for an LNG carrier powered by a molten salt reactor (MSR).
  
  The MSR has a capacity of 100 megawatt thermal (MWth) and uses molten salt mixed with nuclear fuel and coolant as liquid nuclear fuel. A single unit could operate an LNG carrier throughout its lifetime without fuel replacement, according to KAERI.
  
  MSR technology is gaining attention in shipping thanks to its high safety standards and energy efficiency, KAERI added.
  
  The announcement was made this week at Gastech 2025 in Milan, Italy. Source: ENGINE
- 2025-09-11
  North Windships appoints Technical Manager
  Norway-based wind propulsion specialist North Windships has appointed Dr. Martina Vilanova Reche as its new Technical Manager. Rejoining the company after completing her PhD research on wind propulsion systems for commercial ships, Dr Vilanova Reche... Read more
- 2025-09-11
  Low-GHG fuel production unlikely to meet shipping’s needs by 2030, DNV report finds
  The CEO of DNV Maritime, Knut Ørbeck-Nilssen, has warned that low-GHG fuel supply is ‘basically not there in 2030’ and called on the IMO not to sideline the LNG pathway. In its latest Maritime Forecast to 2050, which was published today (11 September),... Read more
- 2025-09-11
  IBIA: ADN 2025 regulations could create ‘unintended consequences’ for bunkering in ARA region
  Under ADN 2025 (European Agreement on the International Carriage of Dangerous Goods by Inland Waterways) regulations, cargo tanks carrying fuel under UN-3082 classification can no longer be opened for sampling and measurements, thereby precluding manual... Read more
- 2025-09-11
  ScanOcean opens London office
  The Sweden-based bunker trader ScanOcean has officially opened its new office in London. The new London operation, which will complement the company’s offices in Stockholm and Gothenburg, will be led by Christoffer Ahiqvist, who relocated from Stockholm... Read more
- 2025-09-11
  Aurelio starts bunkering operations in Senegal
  Dubai-based Aurelio Holding Limited has informed ship.energy that it has started bunkering and cargo delivery operations in the Senegalese port of Dakar. In a statement sent to ship.energy this morning (11 September), the company said that it has ‘successfully... Read more
- 2025-09-11
  MABUX: Bunker Weekly Outlook, Week 37, 2025.
  At the close of the 37th week, the global bunker indices MABUX showed mixed dynamics without a clear overall trend. The 380 HSFO index fell by USD 13.43, sliding from USD 465.83/MT last week to USD 452.40/MT, once again approaching the USD 450 mark. The... Read more At the close of the 37th week, the global bunker indices MABUX showed mixed dynamics without a clear overall trend. The 380 HSFO index fell by USD 13.43, sliding from USD 465.83/MT last week to USD 452.40/MT, once again approaching the USD 450 mark. The VLSFO index also declined by USD 13.45, moving from USD 554.31/MT to USD 540.86/MT, breaking below the USD 550 threshold. In contrast, the MGO index recorded a modest gain of USD 1.17, rising from USD 775.88/MT to USD 777.05/MT. At the time of writing, the global bunker indices were showing signs of moderate growth.
  
  The MABUX Global Scrubber Spread (SS)—the price difference between 380 HSFO and VLSFO—remained practically unchanged over the week, edging down by a symbolic $0.02 from $88.48 to $88.46, and continuing to hold steadily below the psychological breakeven mark of $100. The weekly average of the index also showed a slight decline of $0.37. In Rotterdam, the SS Spread rose by $5.00, reaching $68.00 compared with $63.00 a week earlier, while the weekly average in the port remained unchanged at $67.83. In Singapore, by contrast, the 380 HSFO/VLSFO differential narrowed by $11.00, falling from $89.00 to $78.00, with the weekly average down by $6.66. Overall, the SS Spread indices show no clear trend and continue to fluctuate in different directions within the previously established range. The current pattern is expected to persist next week, with conventional VLSFO fuel likely to maintain its higher profitability compared with the HSFO plus scrubber option. More detailed information is available in the "Differentials" section of mabux.com.
  
  The United States exported more liquefied natural gas in August than in any previous month. Exports reached 9.33 million tons, surpassing the April record of 9.25 million tons. Europe remains the main destination for US LNG, accounting for 6.16 million tons, or two-thirds of the total — an increase of 0.91 million tons compared with July. Shipments to Asia declined slightly in August, to 1.47 million tons from 1.8 million tons in July. There is, however, a risk of oversupply in the LNG market, which could drive prices lower. According to Bloomberg, while the market is expected to remain balanced over the next two years, supply is projected to outpace demand from 2027 onward. With new liquefaction terminals coming online, the baseline scenario suggests that by 2030 supply will exceed demand by 63 million tons.
  
  As of September 9, European regional gas storage facilities were 79.63% full, up by 1.55% compared with the previous week. The current level is 8.30% higher than at the start of the year, when storage stood at 71.33%, although the pace of injections has continued to slow moderately. By the end of the 37th week, the European gas benchmark TTF recorded a modest increase of 1.159 euros/MWh, moving from 31.772 euros/MWh the previous week to 32.931 euros/MWh.
  
  Over the past week, LNG bunker fuel prices at the Port of Sines (Portugal) recorded a significant decline of USD 51.00, falling to USD 711.00/MT from USD 762.00/MT in the previous week. The price differential between LNG and conventional bunker fuel also shifted in favor of LNG. As of the latest assessment, LNG was priced USD 51 below conventional fuel, compared with the prior week when conventional fuel held a USD 32 advantage. On the reporting date, MGO LS was quoted at USD 755.00/MT at the Port of Sines. Further details and extended analytics are available in the “LNG Bunkering” section on mabux.com
  
  At the end of the 37th week, the updated MABUX Benchmark Market Differential Index (MDI)—the ratio of market bunker prices (MBP) to the MABUX digital bunker benchmark (DBP)—showed the following trends across the world’s major hubs: Rotterdam, Singapore, Fujairah and Houston:
  
  • 380 HSFO segment: All ports remained in the undervalued zone. The average weekly MDI increased by 2 points in Rotterdam but fell by 15 points in Singapore, 55 points in Fujairah, and 22 points in Houston. Overall, MDI values in this fuel segment remain close to the 100% correlation level between MBP and DBP.
  
  • VLSFO segment: Houston moved into the overvalued zone, becoming the only port in this category, with its MDI rising by 62 points. The other ports stayed undervalued, with weekly MDI undervaluation levels edging up by 1 point in Rotterdam and 2 points in Singapore, while Fujairah registered a 17-point decline.
  
  • MGO LS segment: All ports remained undervalued. The MDI rose by 6 points in Rotterdam but fell sharply in the other hubs, decreasing by 34 points in Singapore, 125 points in Fujairah, and 32 points in Houston. Across all ports, MDI values remain well below the $100 mark.
  
  In terms of overall structure, the indices reflected a gradual move toward 100% correlation between MBP and DBP, with the VLSFO segment showing the appearance of one overvalued port (Houston). Nevertheless, the undervaluation trend continues to dominate across all bunker fuel segments. Looking ahead, MDI indices are expected to continue moving toward restoring balance between MBP and DBP.
  
  More detailed information on the correlation between MABUX market prices and the digital benchmark is available in the Digital Bunker Prices section of mabux.com.
  
  According to DNV, the high cost of ammonia remains the most significant barrier to its adoption as a marine fuel. Since 2021, wholesale prices for green ammonia in Northwest Europe have held steady at around $2,900 per tonne of MGO equivalent (tMGOe)—nearly five times higher than current MGO prices. Importantly, this figure excludes bunkering and distribution costs, meaning the actual shipping price of green ammonia could be even higher. Blue ammonia, by contrast, has only entered production this year in very limited volumes and is not yet available for large-scale supply. Small-scale production and distribution further raise unit costs, while scaling up requires substantial investment. For instance, an ammonia bunkering barge can cost around $30 million, depending on size. Looking ahead, DNV forecasts that the cost of both green and blue ammonia could fall to $1,000–1,900/tMGOe by 2050, driven by advancements in technology. Regulatory measures such as the EU ETS, FuelEU Maritime, and the IMO Emissions Pricing Mechanism (set to take effect in 2028) may also accelerate adoption. Until then, however, ammonia will remain a niche transition fuel, viable only for a limited number of shipowners.
  
  We expect the global bunker market will retain the potential for moderate growth next week, with prevailing trends pointing toward a gradual alignment of market and benchmark values.
  Source: MABUX
- 2025-09-11
  Oil prices edge lower on concerns about weak US demand, oversupply
  Oil prices retreated a tad on Thursday on weak demand in the United States and broad oversupply risks, which countered concern over attacks in the Middle East and Russia’s war in Ukraine. Brent crude futures were down 14 cents, or 0.21%, at $67.35 a... Read more Oil prices retreated a tad on Thursday on weak demand in the United States and broad oversupply risks, which countered concern over attacks in the Middle East and Russia’s war in Ukraine.
  Brent crude futures were down 14 cents, or 0.21%, at $67.35 a barrel by 0433 GMT, and U.S. West Texas Intermediate crude futures lost 15 cents, or 0.24%, to $63.53.
  The benchmark contracts gained more than $1 each on Wednesday following Israel’s attack on Hamas leadership in Qatar the day before, and as Poland scrambled its own and NATO air defences to shoot down suspected Russian drones that had strayed into its airspace during an attack on western Ukraine.
  The gains were a continuation of an upward trend for oil prices for much of this month after they hit a three-month low on September 5.
  That said, neither event held any immediate risk of disruption to oil supplies, and market attention has turned to supply-and-demand balances, with rising oil stocks, falling producer prices and a slowing labour market pointing to a softening U.S. economy.
  U.S. crude inventories rose by 3.9 million barrels in the week to September 5, the Energy Information Administration said, against expectations of a draw of 1 million barrels. Gasoline stocks also rose, adding 1.5 million barrels, against expectations of a draw of 200,000 barrels. [EIA/S]
  The softer economy has meant that the U.S. Federal Reserve is expected to cut interest rates next week.
  
  "Easing labour market conditions mean the FOMC is set to vote for a 25bp cut next week ... although a rare triple dissent in favour of a 50bp move could steal the headlines," Stephen Brown, deputy chief economist for North America at Capital Economics, said in a note.
  The European Central Bank, meanwhile, is set to leave its interest rates unchanged on Thursday.
  On the supply side, the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, on Sunday decided to raise production from October.
  
  While the increases are smaller than previous months and some expectations, the move adds to the oil market weakness. Oil prices are set to drop significantly in the months ahead as rising output will lead to large oil inventory builds, the EIA said this week.
  "Despite lower trending prices and stagnating oil demand growth, oil producers—led by OPEC+—have been adding barrels, suggesting an imbalance is likely to form by the end of 2025 that will push the market into oversupply and drive crude prices even lower," Eurasia Group consultancy said in a note. Source: Reuters/Investing.com
- 2025-09-11
  U.S. Energy Chief Calls Net Zero a “Colossal Train Wreck”
  U.S. Energy Secretary Chris Wright blasted net-zero targets as a “colossal train wreck” ahead of his trip to Europe for a gas summit and meetings with EU officials, warning the push for climate policies could weaken energy security and derail a U.S.–EU... Read more U.S. Energy Secretary Chris Wright blasted net-zero targets as a “colossal train wreck” ahead of his trip to Europe for a gas summit and meetings with EU officials, warning the push for climate policies could weaken energy security and derail a U.S.–EU trade deal.
  
  “Net zero 2050 is just a colossal train wreck,” Wright told the Financial Times in an interview.
  
  “It’s just a monstrous human impoverishment program, and of course, there is no way it is going to happen,” said the Energy Secretary, whose remarks were also shared on X by the official account of the U.S. Department of Energy.
  
  Secretary Wright, a former oil and gas executive, made his position on net zero known shortly after he was picked to lead the energy department earlier this year. Weeks earlier, the Trump Administration had given a loud and clear message on what it thinks of net zero on Day One—the day that President Donald Trump withdrew the United States from the Paris Agreement, again.
  
  After years of aligning with Europe on the net-zero agenda under President Biden, the United States is now on a collision course with the EU and its climate regulations.
  
  The EU’s Corporate Sustainability Due Diligence Directive and the Carbon Border Adjustment Mechanism (CBAM), commonly known as the “carbon border tax”, ultimately aim to impose levies on higher-emission products imported into the EU.
  
  Many companies outside the EU, including those in the U.S., have signaled they would rather not sell in Europe than pay significant “border taxes”, levies, penalties, or whatever the language will be later this decade, when the mechanism will come into effect.
  
  These rules and the EU’s “crusade” toward net zero are a threat to the U.S.-EU trade deal, Secretary Wright told FT.
  
  “I think those regulations significantly threaten the ability to implement the trade deal that was agreed to,” he added.
  
  The U.S.-EU trade deal for European energy purchases of American products already looks unrealistic, analysts say, even without accounting for all EU climate-related levies.
  
  U.S. giant ExxonMobil hopes the ongoing U.S.-EU dialogue on trade would address the “bone-crushing penalties” in the EU’s climate regulations, the supermajor’s CEO Darren Woods told analysts on the Q2 earnings call last month.
  
  Wright’s remarks from this week aren’t the first time the U.S. Energy Secretary has slammed the net zero agenda.
  
  Europe’s goal to pursue a net-zero agenda is depriving citizens of reliable and affordable energy in a choice made by politicians, Wright said at a forum in Poland in April.
  
  “This top-down imposition of enforced “climate policies” is justified as necessary to save the world from climate change,” Wright said.
  
  “But I can say that climate alarmism has clearly reduced energy freedom, and, hence, prosperity and national security across Western Europe.”
  
  Wright noted that affordability is more important than sustainability.
  
  “Today, folks struggling to pay their bills while aspiring to live highly energized lifestyles like you and I is a far bigger global challenge than climate change. Energy access is far too important to get wrong,” Wright said.
  
  The U.S. pushback against net zero has led to Secretary Wright saying that the United States could abandon the IEA if the organization, created in the aftermath of the 1970s Arab oil embargo, doesn’t return to forecasting energy demand without strongly promoting green energy.
  
  “We will do one of two things: we will reform the way the IEA operates or we will withdraw,” Wright told Bloomberg in an interview in the middle of July.
  
  “My strong preference is to reform it,” Secretary Wright added.
  
  The official echoed voices in the U.S. Republican party that the agency has become an advocate of the energy transition and is not objective in forecasting energy demand trends.
  
  From ensuring security of supply after the 1970s embargo, the agency has shifted from this purpose in recent years to endorsing the net-zero by 2050 goal and is advocating for a major change in the global energy system to include more electric vehicles (EVs), renewable power supply, hydrogen, and all other low-carbon energy sources.
  
  The IEA’s forecast that oil demand will peak this decade is “just total nonsense,” Secretary Wright said. Source: Oilprice.com

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