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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
750.00
0.00
625.00
-5.00
Mar 13
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	750.00	0.00	625.00	-5.00	Mar 13

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
496.46	-2.89	578.14	-3.13	754.01	-5.74	Mar 14

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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	439	433	+6	495	492	+3	625	620	+5	Mar 14
Singapore	473	442	+31	512	531	-19	638	653	-15	Mar 14
Fujairah	458	483	-25	508	537	-29	736	806	-70	Mar 14
Houston	415	450	-35	515	566	-51	660	665	-5	Mar 14

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Analytical Section
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MABUX for Industry
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Latest News
- 2025-03-14
  Maritime Week Americas 20-22 May 2025
  Maritime Week Americas returns to the United States in May 2025, to the fabulous new location of Tampa, on Florida’s Gulf Coast. Still the biggest and most popular marine fuels event in the whole of the Americas, MWA25 will again bring together over 250... Read more Maritime Week Americas returns to the United States in May 2025, to the fabulous new location of Tampa, on Florida’s Gulf Coast. Still the biggest and most popular marine fuels event in the whole of the Americas, MWA25 will again bring together over 250 bunker buyers, suppliers and traders – and related maritime sectors – to discuss the key issues they face today.
  
  MWA25 will look at shipping and bunker markets throughout North, Central and South America and the Caribbean, examining traditional bunker markets and the ‘new’ fuels whose take-up is rapidly picking up pace. Of course, traditional marine fuels are still the mainstay throughout the Americas. The conference will examine fuel quality and quantity issues and take a close look at what is happening in some of the continent’s more active markets, such as Peru and Panama.
  
  LNG is now a mainstream marine fuel as its availability grows throughout the Americas, with Panama among the newest supply hubs. But is there potential for a backlash over LNG’s green credentials? Biofuels are also on a fast upward trajectory, with Brazil and other countries now leading the way. But while LNG and biofuels look set to play a major role in fuelling ships for the foreseeable future, other fuels, such as methanol, ammonia and hydrogen may not be too far behind. These, and the full range of alternative fuels will be examined in depth during the MWA Conference.
  
  More ports are now beginning to appreciate the environmental benefits of making shore power available to visiting vessels, with some – such as Miami – currently assessing the benefits of installing electric power facilities and others – such as Seattle – already planning to mandate cold ironing for cruise ships visiting the port. At the same time, more electric-powered vessels are beginning to appear, with Canada’s Montreal and Vancouver currently leading the way with new electric ferries. Meanwhile, the world’s biggest electric-powered ferry is expected to start operating between Buenos Aires in Argentina and Colonia in Uruguay by mid-2025.
  
  As always, MWA25 will feature some exciting networking events, designed to highlight the new venue and to ensure that the delegates take every opportunity to network.
  
  maritimeweekamericas.com
  Source: maritimeweekamericas.com
- 2025-03-14
  INTERVIEW: FORTESCUE’S HOARE ‘VERY HOPEFUL’ MID-TERM MEASURES COULD DRIVE EARLY ADOPTION OF AMMONIA AS A MARINE FUEL
  Fortescue’s Head of Green Shipping, Andrew Hoare Fortescue’s Head of Green Shipping, Andrew Hoare, says next month’s Marine Environment Protection Committee (MEPC) meeting has the potential to set the pace of adoption of green ammonia as a marine fuel. Hoare... Read more
- 2025-03-14
  GLOBAL: ABS CEO WIERNICKI: ‘CARBON LEVY IS A WILD CARD’
  Speaking at the CERAWeek conference in Houston, ABS Chairman and CEO Christopher J. Wiernicki said that a carbon levy on ships’ emissions is a ‘wild card’ whose impact will ‘all depend on how it is implemented and enforced’. ‘There’s a huge question... Read more
- 2025-03-14
  ASIA PACIFIC: BUNKER SALES CONTINUE DOWNWARD TRAJECTORY IN SINGAPORE
  The 4,145,110 metric tonnes (mt) of marine fuel (including alternative fuels) sold in Singapore last month was 8.1% down on the 4,509,330 mt recorded in February 2024. Last month’s total was also down on the 4,487,910 mt of sales registered at the... Read more
- 2025-03-14
  GLOBAL: SHELL SEES SIGNIFICANT INCREASE IN ANNUAL LNG BUNKERING VOLUMES
  Shell delivered 1.1 million tonnes of marine LNG last year, more than doubling the amount delivered in 2023. In a social media post today (13 March), the energy major’s head of global downstream LNG, Dexter Belmar, said these volumes had been achieved... Read more
- 2025-03-14
  EUROPE: DAN-BUNKERING EUROPE HIRES HEAD OF DRY CARGO
  Bjarke Poulsen has joined Dan-Bunkering Europe as a Fuel Supplier & Head of Dry Cargo. Announcing the appointment, Dan-Bunkering said Poulson has over 13 years of experience as a bunker manager, along with a background in bunker procurement with a... Read more
- 2025-03-14
  ASIA PACIFIC: HANWHA’S MARINE HYDROGEN FUEL CELL SECURES DNV AIP
  A 200kW hydrogen fuel cell system developed by Korea-based Hanwha Aerospace has received an Approval in Principle (AiP) from classification society DNV. In a statement published today (13 March), the Hanwha Group subsidiary said it is now positioned... Read more
- 2025-03-14
  Oil bounces as Ukraine ceasefire deal remains elusive
  Oil prices rebounded on Friday to recover some of their more than 1% losses in the previous session, partly due to diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies. Brent crude futures rose 46... Read more Oil prices rebounded on Friday to recover some of their more than 1% losses in the previous session, partly due to diminishing prospects of a quick end to the Ukraine war that could bring back more Russian energy supplies.
  Brent crude futures rose 46 cents, or 0.7%, to $70.34 a barrel by 0406 GMT after settling 1.5% lower in the previous session. U.S. West Texas Intermediate crude was at $67.03 a barrel, up 48 cents, or 0.7%, after closing down 1.7% on Thursday.
  Russian President Vladimir Putin said on Thursday that Moscow supported a U.S. proposal for a ceasefire in Ukraine in principle, but sought a number of clarifications and conditions that appeared to rule out a quick end to the fighting.
  "Russia’s tepid support of a 30-day cease-fire proposal with Ukraine has reduced confidence around a ceasefire in the short term," IG market analyst Tony Sycamore said.
  "The feeling is that U.S. won’t lift sanctions until they agree a ceasefire."
  However, the global trade war that has roiled financial markets and raised recession fears is escalating with U.S. President Donald Trump on Thursday threatening to slap a 200% tariff on wine, cognac and other alcohol imports from Europe.
  The International Energy Agency warned on Thursday that global oil supply could exceed demand by around 600,000 barrels per day this year, due to growth led by the United States and weaker than expected global demand.
  "The macroeconomic conditions that underpin our oil demand projections deteriorated over the past month as trade tensions escalated between the U.S. and several other countries," the IEA said, prompting it to revise down its demand growth estimates for the fourth quarter of 2024 and the first quarter of 2025.
  
  The Trump-driven trade war woes and demand worries dented oil prices on the previous day, though the possibility of less Russian oil in the global markets in the near term provided some cushion during Friday’s trade.
  "Most price projections were to the downside in the short term, but geopolitical tension could still cause supply disruptions," ANZ analysts said in a note to clients. Source: Reuters/Investing.com
- 2025-03-14
  Ex-Pioneer CEO: Shale Can’t Thrive at $50 Oil
  The founder of Pioneer Natural Resources has a warning for the U.S. oil producers—the next two years will not be easy, and “drill, baby, drill” isn’t happening at $50 oil price. Scott Sheffield, who founded Pioneer Natural Resources and sold last year... Read more The founder of Pioneer Natural Resources has a warning for the U.S. oil producers—the next two years will not be easy, and “drill, baby, drill” isn’t happening at $50 oil price.
  
  Scott Sheffield, who founded Pioneer Natural Resources and sold last year the top Permian basin producer to ExxonMobil for $60 billion, expects two or three years in which the U.S. shale patch will have to reinvent itself – once again – if it wants to remain a relevant force on the market at a lower price of oil, which the Trump Administration wants.
  
  Since the first shale revolution, producers and drillers have shown during several boom-and-bust cycles that they can achieve cost reductions and efficiency gains and lower their breakeven prices.
  
  This time around, a “drill, baby, drill” boom is not on the horizon, industry executives warned as early as November when President Donald Trump was elected.
  
  Growth in the U.S. shale patch was already slowing even before November. With many new uncertainties about global supply and demand and economic growth in the United States and China, America’s oil producers are in for a rollercoaster ride in the coming months.
  
  If oil prices continue to trend lower and fall below $60 and further down toward $50 per barrel – which appears to be a preferred price for the White House – U.S. oil producers would begin another cycle of consolidation and cost cuts (even including job reductions) to ride out the next price decline.
  
  Related: Kremlin Rep Rejects Ceasefire Deal As U.S. Officials Arrive in Moscow
  
  The new administration’s drive to ease the regulatory, permitting, and fiscal burdens on the U.S. oil and gas industry clashes with President Trump’s stated priority of pushing oil prices lower to reduce energy costs for American consumers.
  
  The tariff and trade wars aren’t helping, either.
  
  Uncertainty around which tariff is being placed today then delayed or removed tomorrow is complicating the already complex job of the U.S. producers to budget for drilling plans and capital expenditure.
  
  “You’ve really got to hunker down”
  
  Pioneer’s founder and industry veteran Sheffield has some advice for the U.S. oil firms.
  
  “You’ve really got to hunker down,” Sheffield told a Bloomberg Television interview on the sidelines of CERAWeek by S&P Global conference this week.
  
  “You may have to lay off some people. You’ve got to focus on your best prospects. We’ll see what happens over the next two or three years,” Sheffield told Bloomberg in Houston, which hosts one of the biggest industry conferences.
  
  Oil prices are likely to fall into the range of $50 to $60 per barrel, Sheffield says, noting that American producers will struggle at these prices.
  
  “It’s really hard to make money at $50 oil,” Sheffield told Bloomberg.
  
  “That $50 oil is not going to work”
  
  Earlier this week, U.S. Secretary of Energy Chris Wright told the Financial Times that shale producers could increase production even if oil prices fell to $50 per barrel as the sector continues to innovate and boost efficiency gains.
  
  Sheffield believes that there is a chance companies could make it at $50 oil.
  
  “Every time you go through a downturn, you got to think out of the box and how to live with a lower price,” the now retired shale pioneer told Bloomberg.
  
  However, the months ahead will not be easy, especially if oil prices slide further.
  
  The cash breakeven price, including dividends, is $50-$55 for U.S. oil companies, and “that $50 oil is not going to work,” Sheffield told CNBC on the sidelines of CERAWeek.
  
  Rising Costs with Tariffs
  
  With the tariffs thrown in the equation, Sheffield said that every time the U.S. imposes steel and aluminum tariffs, U.S. steel makers raise their prices, which “costs us more to drill a well.”
  
  Sheffield said that he hopes that President Trump’s tariff policies would be successful and the President “has two years to prove it.”
  
  In the U.S., onshore oil and gas appears to be one of the segments in the energy sector most exposed to tariffs, with steel contributing to a high proportion of the total cost through linepipe, plates, coils, and bars for onshore oil and gas facilities, Rystad Energy said last month. US shale and offshore oil and gas projects are most likely to see cost rises in the region of 5% to 10%, the consultancy said.
  
  Rising costs and declining oil prices is a combination that’s unlikely to lead to a “drill, baby, drill” in the oil patch soon.
  
  The priorities of the U.S. oil industry have drastically changed since President Trump’s first term.
  
  The U.S. shale patch is drilling, but it is drilling because it wants to distribute more of the profits to shareholders. It has made huge progress in capital discipline and efficiency gains and is getting more bang for its buck. Priorities are now returns to investors and financial frames capable of withstanding oil price volatility.
  
  With all the ongoing uncertainties about supply, demand, and costs, U.S. shale faces another round of consolidation and innovation to try to remain profitable at lower oil prices. Source: Oilprice.com
- 2025-03-14
  Saudi Aramco, IEA Chiefs Clash In Houston Over The Future Of Oil
  With the CERAWeek 2025 conference in Houston drawing to a close, C-Suite executives, ministers and top officials have weighed in on the trajectory of the global oil and gas sector with experts debating whether tariffs, trade, and competition will replace... Read more With the CERAWeek 2025 conference in Houston drawing to a close, C-Suite executives, ministers and top officials have weighed in on the trajectory of the global oil and gas sector with experts debating whether tariffs, trade, and competition will replace security, affordability, and sustainability in shaping energy markets and policy. However, one of the biggest highlights of the conference has been the showdown between Saudi Aramco’s CEO Amin Nasser and IEA Executive Director Fatih Birol and their highly divergent views on the future of the global oil industry. Once again, the Aramco CEO was adamant that there were “inherent flaws” in the energy transition away from conventional fuels, saying, “So I pay little attention to forecasts claiming that next year will be peak this, or peak that,” in a thinly-veiled dig at the IEA which has predicted a peak in oil demand by the end of the current decade.
  
  In its defense, the IEA says an oil demand peak doesn't necessarily mean a rapid plunge in fossil fuel consumption is imminent, adding that it will probably be followed by “an undulating plateau lasting for many years.” Indeed, Fatih Birol reiterated that position in his remarks to the Houston conference, where he said investments in existing oil and gas fields are still needed to counter steep natural declines. Whereas some analysts interpreted this as an about-face, designed to pander to Trump and his “drill baby drill” agenda, in reality the IEA has never advocated for an end to investments in upstream oil and gas.
  
  “Even as demand for fossil fuels falls, energy security challenges will remain since the process of adjustment to changing demand patterns will not necessarily be easy or smooth. For example, the peaks in demand we see based on today’s policies do not remove the need for investment in oil and gas supply, given how steep the natural declines from existing fields often are,” the IEA stated in its 2023 World Energy Outlook.
  
  Republican lawmakers have threatened to reassess funding for the IEA, accusing it of becoming an “energy transition cheerleader.”
  
  Cutting Emissions, Not Oil
  
  With the global energy transition picking up steam, hundreds of companies have laid out plans to cut their greenhouse gas emissions with the more ambitious ones pledging to achieve net zero emissions. Given this backdrop, Big Oil companies are finding themselves in a dilemma whereby they are under pressure to join the fight against climate change at a time when demand for the energy commodities they produce remains high. Not surprisingly, many are coming up with innovative ways to clean up their act without giving up their legacy businesses.
  
  Saudi Aramco is not any different. The world’s biggest oil and gas company has unveiled plans to reach net-zero by 2050 without sacrificing oil and gas production.
  
  During a rare two-day visit by Fortune last May, the world’s largest fossil fuel company lifted the curtain on dozens of research projects underway at its headquarters in Dhahran, in eastern Saudi Arabia, which the company believes will help it tackle climate change, even while pumping a mammoth 9 million barrels or so of oil a day. Aramco claims its tech breakthroughs have the potential to cut carbon emissions from each barrel of oil it produces by 15% by 2035, equivalent to 51.1 million tons of carbon a year.
  
  “We don’t see any contradiction. Combating emissions from these conventional energy sources is a very viable option,” says Ashraf Al-Ghazzawi, executive vice president for strategy and corporate development.
  
  “We need all sources of energy to meet the growth in demand, which is just tremendous in the developing world. The main pillar of our strategy and technology is efficiency and optimization of our existing production,” Ahmad Al-Khowaiter, Aramaco’s executive vice president for technology and innovation, told Fortune. According to Khowaiter, the company has tripled its research-and-development staff since 2010, and listed 1,033 patents with the U.S. patent office. Aramco now spends about $800 million a year on R&D, 60% of which is focused on “sustainability”.
  
  Carbon capture is one of the technologies Aramco has adopted to cut emissions. At its Hawiyah gas plant, the company captures carbon emitted during oil and gas production; transports it 50 miles away then injects it into an oil well to boost the recovery of crude, as well as to store the carbon. Khowaiter revealed that the company aims to cut the cost of carbon capture by 50%, making it commercially viable. In December, Saudi Aramco signed a shareholders’ agreement with Linde Plc (NYSE:LIN) and Schlumberger Limited (NYSE:SLB) for dthe evelopment of a 9mn t/y CCS hub at Jubail. Under the agreement, Aramco will hold 60%, with Linde and SLB each taking 20%. The 9mn t/y first-phase facility is due online by end-2027.
  
  Aramco also aims to produce 11 million tonnes of blue ammonia from its Jafurah natural gas field by 2030. For over a decade, the company has explored potential technologies to produce lower-carbon hydrogen from hydrocarbons, including Thermo-Neutral Reforming (TNR) with a goal to produce ‘blue’ hydrogen from about two million tonnes of blue hydrogen--by capturing the CO2 emissions from the production. However, Aramco is likely to struggle to find a buyer for its blue ammonia, with CEO Amin Nasser revealing its blue hydrogen costs the equivalent of about $250 a barrel of oil– three times higher than the current Brent spot price.
  
  “It is very difficult to identify any off-take agreement in Europe [for blue hydrogen]... and they explained it's because of the high cost. Even the customers in Japan and Korea [which are planning massive H2 economies] are waiting for government incentives. Until they get these incentives, it’ll be costly for them to pursue that blue hydrogen,” Nasser told a call with analysts.
  
  Figuring out which among the multiple lines of R&D will finally work could take years for Aramco to determine, with time not on its side. Still, the company has rejected any notion that it should cut fossil fuel output, “We were never an either-or company. Aramco provides a great example where emissions can be dealt with, it can be managed,” Ghazzawi, Aramco’s strategy chief, has declared. Source: Oilprice.com