Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
744.50
-13.00
615.00
+3.00
Jun 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	744.50	-13.00	615.00	+3.00	Jun 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
466.00	+2.11	540.61	+1.59	722.48	+2.77	Jun 6

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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	427	422	+5	475	473	+2	615	618	-3	Jun 6
Singapore	445	430	+15	514	514	0	614	651	-37	Jun 6
Fujairah	419	468	-49	497	520	-23	710	804	-94	Jun 6
Houston	398	445	-47	475	560	-85	610	655	-45	Jun 6

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Latest News
- 2025-06-06
  Crude climbs on US jobs report, China talks
  Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable U.S. jobs report and resumed trade talks between the U.S. and China, raising hopes for growth in the world’s two largest economies. Brent crude... Read more Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable U.S. jobs report and resumed trade talks between the U.S. and China, raising hopes for growth in the world’s two largest economies.
  Brent crude futures settled at $66.47 a barrel, up $1.13, or 1.73%. U.S. West Texas Intermediate crude finished at $64.58, up $1.21 or 1.91%.
  Both benchmarks settled with weekly gains after declining for two straight weeks. Brent has advanced 2.75% this week, while WTI is trading 4.9% higher.
  "I think the jobs report was Goldilocks," said Phil Flynn, senior analyst with the Price Futures Group. "It was not too hot, not too cold but just right to increase the chances for an interest rate cut by the Federal Reserve."
  The U.S. Labor Department’s monthly employment report showed the unemployment rate held steady at 4.2% last month. Employers added 139,000 jobs, which combined with downward revisions to prior months’ estimates showed a cooling in labor demand but nothing abrupt; by comparison, monthly job gains averaged 160,000 last year.
  A rate cut by the U.S. central bank, much desired by President Donald Trump, could boost economic growth and demand for petroleum.
  "This market had priced in a lot of bad options," said John Kilduff, partner with Again Capital. "None of it has come to pass. OPEC+ held the line. There have been talks between China and the U.S., though the details are sketchy, at least they didn’t fly apart like Elon (Musk) and Donald (Trump)."
  
  China’s official Xinhua news agency said trade talks between Xi and Trump took place at Washington’s request on Thursday. Trump said the call had led to a "very positive conclusion", adding the U.S. was "in very good shape with China and the trade deal".
  The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the U.S. levies are flowing through into the global economy.
  On Saturday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, agreed to ramp up output by a previously announced 411,000 barrels per day (bpd) in July. The group rejected a Saudi recommendation for a bigger output hike, part of a broader strategy to win back market share for OPEC+.
  "The market looks balanced in 2Q/3Q on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from OPEC+," HSBC said in a note.
  
  The U.S. oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021, energy services firm Baker Hughes (NASDAQ:BKR) said on Friday.
  Oil rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said. Source: Reuters/Investing.com
- 2025-06-06
  EUROPE: VIKING LINE UNVEILS CONCEPT FOR ‘WORLD’S LARGEST’ ELECTRIC ROPAX FERRY
  Viking Line has developed the Helios vessel concept which could provide a completely emission-free service between Helsinki and Tallin as early as the beginning of the 2030s. With a battery capacity of approximately 85–100 megawatt hours (MWh), Helios... Read more
- 2025-06-06
  AMERICAS: IRVING OIL INVESTING CAD 100 MILLION IN SAINT JOHN REFINERY MODERNISATION PROJECT
  Canada’s Irving Oil is investing CAD 100 million to upgrade Canada’s largest refinery Irving Oil is embarking on it what it calls a ‘significant’ upgrade to its Fluid Catalytic Cracking Unit (FCCU), a critical processing unit that produces products... Read more
- 2025-06-06
  GLOBAL: INDIA AND NORWAY LOOKING TO WORK TOGETHER ON GREEN MARITIME TECHNOLOGIES
  India’s Minister of Ports, Shipping and Waterways (MoPSW), Shri Sarbananda Sonowal, met with Norway’s Transport Minister, Jon-Ivar Nygård, and Minister of Fisheries and Ocean Policy, Marianne Sivertsen, on the sidelines of Nor-Shipping this week to discuss... Read more
- 2025-06-06
  GLOBAL: BIMCO SUBCOMMITTEE DEVELOPING BIOFUEL CLAUSE FOR TIME CHARTERS
  A BIMCO subcommittee is currently working on a Biofuel Clause for Time Charter Parties which is scheduled to be presented at the shipping association’s Documentary Committee meeting in October. In a statement issued on Wednesday (4 June), BIMCO said... Read more
- 2025-06-06
  GLOBAL: NEAL BOLTON JOINS ISLAND OIL
  Neal Bolton has joined Island Oil in the role of Business Development Manager. Bolton has more than 40 years’ of experience in the maritime industry with a focus on marine fuels through roles at ExxonMobil and KPI OceanConnect. He has also helped... Read more
- 2025-06-06
  Oil prices on track for solid weekly gains as China and U.S. resume trade talks
  Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and China’s Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies. Brent... Read more Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after U.S. President Donald Trump and China’s Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world’s two largest economies.
  Brent crude futures fell 12 cents, or 0.2%, to $65.22 a barrel as of 0133 GMT. U.S. West Texas Intermediate crude gave up 15 cents, also 0.2%, to $63.22, after gaining around 50 cents on Thursday.
  On a weekly basis, both benchmarks were on track to settle higher after falling for two straight weeks. Brent has advanced 2.1% this week, while WTI is trading 4% higher.
  The market continued to swing with news on tariff negotiations and data showing how trade war uncertainty and tariff impacts are flowing through into the global economy.
  China’s official Xinhua news agency said trade talks between Xi and Trump took place at Washington’s request. Trump said the call had led to a "very positive conclusion," adding the U.S. was "in very good shape with China and the trade deal."
  Elsewhere, Canada continued trade talks with the U.S. with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.
  The market has also been supported by output cuts in Canada due to ongoing wildfires.
  Top exporter Saudi Arabia cut its July crude prices for Asia to near two-month lows. That was a smaller price reduction than expected after OPEC+ agreed to ramp up output by 411,000 barrels per day in July.
  
  The kingdom had been pushing for a bigger output hike, part of a broader strategy to win back market share and discipline over-producers in OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia.
  In economic indicators, the U.S. services sector contracted in May for the first time in nearly a year, and weekly jobless claims rose again, pointing to a cooling labor market. Investors are awaiting Friday’s U.S. nonfarm payrolls report for further signals on the Federal Reserve’s interest rate policy. Source: Reuters/Investing.com
- 2025-06-06
  Energy Promises Fade as Iraq Faces a Long Hot Summer
  The ambitious plans of Iraqi Prime Minister Al-Sudani to reinvigorate paused agreements and forge new initiatives in the state’s vitality sectors with the world’s energy giants—from Eastern Asia to Europe and the U.S.—were seen as potential drivers for... Read more The ambitious plans of Iraqi Prime Minister Al-Sudani to reinvigorate paused agreements and forge new initiatives in the state’s vitality sectors with the world’s energy giants—from Eastern Asia to Europe and the U.S.—were seen as potential drivers for achieving energy independence and rapid development. These moves also seemed to bolster his bid for a second term as Prime Minister. However, recent developments show a difficult road ahead, despite significant steps taken toward his goal.
  
  Iraq’s energy infrastructure, already in disrepair before 2003, was further weakened by civil wars, terrorism, and the failure of previous governments to act decisively, despite generating over $1.1 trillion in oil revenues by 2022, to close the gap between energy supply and demand. This failure cost several former prime ministers their chance at a second term. Al-Sudani's energy agreements, initiated early in his administration, were expected to address these longstanding challenges. However, recent political turbulence and the looming summer heat may intensify the crisis, as unrest has already erupted in southern provinces this week.
  
  Despite having one of the highest population growth rates globally and in the region—with the population nearly doubling over the past two decades—by 2022, over 40% of Iraqis still lacked access to clean drinking water and faced more than a 40% shortfall in public electricity supply. Around 25% of the population remained in poverty, average income levels had declined by roughly 40% compared to the late 1970s, and the unemployment rate stood at 15.53%, showing only minimal improvement from the same rate in 2020. These figures collectively highlight the post-2003 governments' failure to deliver economic development and public welfare.
  
  Although Iraq produces around 4.0 million barrels of oil per day—making it the second-largest producer in OPEC and the fifth globally—improvements in the energy sector were expected to be among the quickest gains backed by oil revenue investments. From the beginning of Al-Sudani’s cabinet, major downstream oil and gas projects were outlined, such as the construction of new refineries, rehabilitation of damaged facilities, and installation of new pipelines to deliver fuels to power stations. Initiatives in power generation and transmission—such as building new power plants, securing fuel supplies, and upgrading aging infrastructure and the national grid—were also defined. However, the outcomes, especially in meeting electricity demand, still fall well short of the country’s needs.
  
  The limited domestic electricity production—strained further by rapidly rising consumption and growing public expectations for a modern lifestyle, especially compared to Gulf countries—has fueled dissatisfaction. These issues have ranked high among grievances that sparked protests over the past decade. Although the current cabinet’s actions in the energy sector were expected to alleviate these concerns, the matter remains a critical factor likely to influence the upcoming 2025 fall elections.
  
  Al-Sudani—referred to as “Engineer,” a title prominently displayed on project billboards throughout Baghdad—has signed or overseen multi-billion-dollar megaprojects. These include a contract with Siemens Energy to boost national power generation by 11,000 MWh, followed by a five-year agreement between the Iraqi Ministry of Electricity and the U.S.-based GE for a 24,000 MWh production increase. His administration also inked a major deal with TotalEnergies to upgrade the country’s energy infrastructure and establish a large-scale solar power plant. It also launched the fifth-plus and sixth rounds of oil and gas field development contracts after a long pause. The Ministry of Petroleum also signed a new contract with British oil giant BP to develop Kirkuk’s oil fields. While these megaprojects could yield key improvements in public services, a range of domestic, regional, and international challenges has significantly limited their scale or delayed results.
  
  As the country heads into the scorching summer months from July to September, reports indicate that water reserves at dams have dropped to a historic low—just 5 billion cubic meters as of April 2025, compared to 60 billion cubic meters in 2020. The state’s electricity sector is similarly strained. Despite efforts to expand solar power and natural gas infrastructure, Iraq’s electricity supply remains at approximately 27,450 MW, while demand has surged to 48,000 MW—a shortfall of around 20,550 MW, or 42%, according to Al-Sudani’s remarks at the Baghdad International Fair.
  
  Although the government has proposed temporary solutions such as importing electricity from Turkey, Saudi Arabia, and Jordan, the deficit continues to fall short of public expectations. The situation may worsen if the U.S. ends sanction waivers that currently allow Iraq to purchase natural gas from Iran—a source that helps generate about 5,500 MW, or roughly 20% of the country’s current electricity capacity.
  
  Meanwhile, new political alliances forming ahead of Iraq’s elections—even within the ruling “Coordination Framework”—could pose further challenges to Al-Sudani’s re-election bid. With limited prospects for his coalition, other influential Shia parties may exploit the ongoing energy crisis to undermine his position. By capitalizing on public frustration, particularly in Baghdad, they could reignite protests and weaken his chances for a second term.
  
  At the same time, Iran's struggles to maintain its contracted gas supply to Iraq—which currently supports production of around 3,500 MWh—are cause for concern. Further reductions are likely during Iran’s own peak summer demand or if the U.S. revokes sanction waivers, forcing Iraq to halt gas imports without reliable alternatives. This is further complicated by recent tensions between Baghdad and Erbil over the Kurdistan Regional Government’s (KRG) agreements with WesternZagros and HKN to develop the MIRAN and TOPKHANA oil and gas fields. These deals were announced during the KRG Prime Minister’s visit to Washington last week, even as Kurdistan’s oil exports remain stalled due to unresolved technical and financial disputes between Baghdad, Erbil, and IOCs in the APIKUR.
  
  Although strengthening energy security was a notable achievement for Al-Sudani’s cabinet early in his tenure, the lack of tangible progress and difficulties in executing ambitious plans, as I discussed in my previous article for OilPrice, could jeopardize his prospects of leading the next government after the 2025 Iraqi parliamentary elections.
  
  Source: Oilprice.com
- 2025-06-06
  MABUX: Global bunker market to resume upward evolution on Jun.06.
  The MABUX World Bunker Index—a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO— returned to a slight downward movement on Jun.05: 380 HSFO - USD/MT - 463.89 (-2.12) VLSFO - USD/MT – 539.02 (-1.88) MGO - USD/MT – 719.71 (-3.09) As... Read more The MABUX World Bunker Index—a composite indicator tracking daily prices for 380 HSFO, VLSFO, and MGO— returned to a slight downward movement on Jun.05:
  
  380 HSFO - USD/MT - 463.89 (-2.12)
  VLSFO - USD/MT – 539.02 (-1.88)
  MGO - USD/MT – 719.71 (-3.09)
  
  As of Jun.05, the MABUX Market Differential Index (MDI), which tracks the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP)—indicated the following trends across key global ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Rotterdam and Singapore remained in the overcharge zone, with premiums widening by $2 and $3, respectively. Fujairah and Houston continued to be undercharged, although the discounts narrowed by $5 and $4, respectively. Rotterdam’s MDI hovered around a 100% correlation between MBP and DBP.
  
  • VLSFO segment: Rotterdam and Singapore shifted into the overcharge zone, with premiums increasing by $3 and $4, respectively. Fujairah and Houston were undercharged. The discounts dropped by $6 and $3, respectively. The MDI in both Rotterdam and Singapore remained close to full correlation mark.
  
  • MGO LS segment: Rotterdam returned to the overcharge zone and became the only overpriced port in this segment, with the premium widening by $3. Singapore, Fujairah, and Houston were undercharged, with discounts narrowing by $6, $5, and $6, respectively. MDI in Rotterdam remained close to a 100% correlation.
  
  We expect Global bunker market to resume its upward trend on Jun.06: 380 HSFO – plus 1-3 USD/MT, VLSFO – plus 2-4 USD/MT, MGO LS – plus 3-6 USD/MT.
  Source: MABUX
- 2025-06-06
  Sustainable Aviation Fuel Faces Uphill Battle To Become Mainstream
  Sustainable aviation fuel (SAF) is the most promising lever known today to accelerate progress toward a net zero future, says Delta Air Lines. The clean jet fuel, which can be made from used cooking oil, wastes, or plants, reduces carbon dioxide (CO2)... Read more Sustainable aviation fuel (SAF) is the most promising lever known today to accelerate progress toward a net zero future, says Delta Air Lines.
  
  The clean jet fuel, which can be made from used cooking oil, wastes, or plants, reduces carbon dioxide (CO2) emissions by up to 80%, the aviation industry says.
  
  However, SAF faces many challenges on the runway to take off. Scale and cost are the two biggest and interconnected challenges for the industry to begin replacing petroleum-based kerosene.
  
  High Costs, Low Availability
  
  “Unfortunately, there isn’t enough SAF today to fuel the world’s commercial airlines for even a single day and it is currently 2 to 4 times more expensive than conventional jet fuel,” Delta says.
  
  In 2023, Willie Walsh, Director General at the International Air Transport Association (IATA), said that the airline industry would be ready to embrace the fact that SAF would always be more expensive than oil-based jet fuel.
  
  IATA said at the end of 2024 that growth in SAF volumes is “disappointingly slow.”
  
  Last year, SAF production volumes reached 1 million tons, double the 500,000 tons produced in 2023. However, SAF accounted for just 0.3% of global jet fuel production and 11% of global renewable fuel, according to IATA’s estimates.
  
  Related: Putin Warns Trump of Response to Ukraine Drone Strikes
  
  This year, SAF production is set to double again to reach 2 million tons, but this would still be just 0.7% of airlines’ total fuel consumption in 2025, IATA said this weekend.
  
  “The pace of progress in ramping up production and gaining efficiencies to reduce costs must accelerate,” Walsh said as the association criticized policy shortcomings that make the fuel even more expensive than it is.
  
  “Unacceptably, the cost of SAF to airlines has now doubled in Europe because of compliance fees that SAF producers or suppliers are charging,” Walsh added.
  
  “Instead of promoting the use of SAF, Europe’s SAF mandates have made SAF five times more costly than conventional jet fuel,” the association said, warning that this could put SAF production at risk.
  
  “Raising the cost of the energy transition that is already estimated to be a staggering $4.7 trillion should not be the aim or the result of decarbonization policies. Europe needs to realize that its approach is not working and find another way,” said Walsh.
  
  With the fuel so expensive that it’s impossible to compete with jet fuel made from petroleum, the nascent SAF industry faces challenges at the start of the supply chain.
  
  “Investors in new generation fuel producers seem to be waiting for guarantees of easy money before going full throttle,” IATA’s Walsh said in December.
  
  To reach net zero CO2 emissions by 2050, IATA analysis shows that between 3,000 and more than 6,500 new renewable fuel plants – also producing renewable diesel and other biofuels – will be needed.
  
  The annual average capex needed to build the new facilities over the 30-year period is about $128 billion per year, in a best-case scenario, according to IATA.
  
  Long-Term Purchase Agreements
  
  Long-term purchase agreements could help create demand, according to Matthias Berninger, an executive vice president and sustainability head at chemicals giant Bayer, which owns Monsanto.
  
  “If they (airlines) commit to buy a certain amount over a certain period of time, we can guarantee that farmers will grow it and processors will process it,” Berninger told Reuters.
  
  "And the question whether or not that supply meets the market (demand) depends on long-term purchasing contracts of the airline industry sending a very clear demand signal comparable to what we have in the renewable space,” the executive added.
  
  Some companies have already committed to purchase agreements.
  
  For example, to help make SAF cost-competitive, Delta has joined a so-called “Demand Consortium” that includes Bank of America, Deloitte, Delta, and Ecolab. The consortium has been formed to purchase the first several million gallons of SAF each year, starting in the second half of 2025.
  
  The goal of the purchase agreements is to “scale production, drive down costs and secure multi-year demand that spurs continued growth of the SAF market,” Delta says.
  
  Each of these companies are also providing funding to support the market production of SAF, which will contribute to verified carbon emission reductions associated with their employee business travel.
  
  IATA expects the largest acceleration in the SAF market to take place in the 2030s as policy support becomes global, hopefully.
  
  The association estimates that SAF could contribute around 65% of the reduction in emissions needed by aviation to reach net zero CO2 emissions by 2050.
  
  Yet, progress in SAF has slowed due to economic and regulatory uncertainty, high production costs, and weak demand signals, including the lack of firm long-term off-take agreements, Boston Consulting Group (BCG) said in a report earlier this year.
  
  Too many players are in “wait and see” mode, the report found, as only a small subset of companies along the value chain has shown active leadership.
  
  Moreover, the lack of a clear business case is a major obstacle to greater investment, BCG says.
  
  As SAF production costs and prices remain the top obstacles, the result is a vicious cycle, according to BCG.
  
  “Low voluntary demand and limited willingness-to-pay weaken the business case for SAF, which slows investment in supply and delays the learning curve needed to drive costs down.”
  
  Source: Oilprice.com

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