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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
892.50
0.00
695.00
-5.00
Jan 13
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	892.50	0.00	695.00	-5.00	Jan 13

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
537.15	-3.22	621.50	-2.95	802.64	-3.63	Jan 15

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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	465	496	-31	547	562	-15	695	708	-13	Jan 15
Singapore	500	508	-8	598	605	-7	740	741	-1	Jan 15
Fujairah	476	546	-70	582	612	-30	780	894	-114	Jan 15
Houston	472	519	-47	594	654	-60	756	778	-22	Jan 15

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Latest News
- 2025-01-15
  The Maritime Standard Announces Ship Finance and Trade Conference 2025
  The Maritime Standard Announces Ship Finance and Trade Conference 2025 15 th January 2025, Dubai, UAE: The Maritime Standard announces that the Ship Finance and Trade Conference 2025 will take place on Tuesday, 18th February 2025, at the Taj Exotica... Read more The Maritime Standard Announces Ship Finance and Trade Conference 2025
  
  15 th January 2025, Dubai, UAE: The Maritime Standard announces that the Ship Finance and Trade
  Conference 2025 will take place on Tuesday, 18th February 2025, at the Taj Exotica Resort, The Palm,
  Dubai. This prestigious event will gather global leaders, financial experts, and key stakeholders from
  the maritime industry to discuss innovative financial strategies and sustainable solutions that will
  shape the future of ship finance and trade.
  The theme for the 2025 edition, “Financing Green Shipping Solutions,” reflects the growing emphasis
  on sustainability and innovation in the maritime sector. With the industry navigating decarbonization
  challenges, evolving regulations, and complex market dynamics, the conference will provide a
  platform to address these critical issues through thought-provoking discussions and actionable
  insights.
  Trevor Pereira, Managing Director of The Maritime Standard, emphasized the critical need for action:
  “The maritime sector stands at a defining crossroads where sustainable practices are not just
  aspirations but imperatives. The Ship Finance and Trade Conference 2025 is a unique opportunity for
  industry leaders to forge innovative financial pathways, driving the transition to greener shipping and
  securing a resilient future for global trade.”
  The program will feature two high-impact sessions covering a wide array of topics. Discussions will
  explore financing options for alternative fuel-powered vessels, retrofitting ships for green operations,
  reducing carbon footprints across ports and terminals, and accelerating cargo-handling
  electrification. Delegates will also gain valuable perspectives on compliance with emerging carbon
  markets, Shariah-compliant financing, sustainability-linked loans, and innovative approaches to ESG-
  compliant investments.
  
  Attendees will have the opportunity to engage with decision-makers, industry leaders, and financial
  experts as they explore strategies to drive sustainable growth. The event aims to foster meaningful
  dialogue, promote collaboration across sectors, and uncover actionable solutions to meet the
  maritime industry's pressing challenges.
  The Ship Finance and Trade Conference 2025 continues The Maritime Standard’s legacy of hosting
  world-class events that support the growth and transformation of the shipping, ports, and trade
  sectors. As a hub for knowledge-sharing and networking, this one-day gathering promises to deliver
  insights that will help shape the future of maritime finance and trade.
  Registration is now open, and attendees are encouraged to secure their participation early. For
  further information, sponsorship opportunities, and registration details, please visit https://tms-
  shipfinanceandtrade.com/ Source: The Maritime Standard
- 2025-01-15
  EUROPE: COPENHAGEN INFRASTRUCTURE PARTNERS TO FUND 800MW GREEN HYDROGEN PROJECT IN GERMANY
  A new joint green hydrogen project in Lower Saxony, Germany was announced today (15 January) by Copenhagen Infrastructure Partners (CIP) in collaboration with Friesen Elektra Green Energy. Project Anker, a green hydrogen production facility located... Read more
- 2025-01-15
  ASIA PACIFIC: SOUTH KOREA LAUNCHES GREEN MARINE FUEL INFRASTRUCTURE FUND
  South Korea’s Ministry of Oceans and Fisheries (MOF) and the Korea Maritime Development Corporation held a ceremony in Seoul yesterday (14 January) to launch a KRW one trillion ($680 million) infrastructure fund that will be used to build both bunkering... Read more
- 2025-01-15
  INTERVIEW: IMO CHIEF ‘POSITIVE’ ON PROGRESS TOWARDS GLOBAL PRICING MECHANISM FOR SHIPPING’S EMISSIONS
  As more countries rally behind a global levy for shipping’s greenhouse gas emissions, International Maritime Organization (IMO) Secretary-General, Arsenio Dominguez, has said that negotiations ‘remain on track’, but stressed that discussions to define... Read more
- 2025-01-15
  EUROPE: BIBBY MARINE CHOOSES ARMON TO BUILD METHANOL ECSOV AFTER BREAK WITH GONDAN
  UK based offshore services company, Bibby Marine, has today (14 January) revealed that it has inked a new contract with Spanish shipyard Armon to build an electric Commissioning Service Operation Vessel (eCSOV), after splitting with the previous builder... Read more
- 2025-01-15
  GLOBAL: BLENDING TO MEET ISO 8217:2024 SPECIFICATIONS COULD TRIGGER ‘A SPIKE IN PROBLEMATIC FUELS’, WARNS INTEGR8
  Integr8 Fuels has warned that data from its latest Bunker Quality Trends Report indicates that 45% of global very low sulphur fuel oil (VLSFO) supply would not meet the RM380 requirements of the International Organization for Standardization’s ISO 8217:2024... Read more
- 2025-01-15
  Oil inches up, but uncertainty over sanctions impact caps gains
  Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact. Brent crude futures... Read more Oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, though gains were capped as the market awaited more clarity on their impact.
  Brent crude futures edged up 11 cents, or 0.1%, to $80.03 a barrel by 0515 GMT, after dropping 1.4% in the previous session. U.S. West Texas Intermediate crude climbed 23 cents, or 0.3%, to $77.73 a barrel after a 1.6% decline.
  Prices slipped on Tuesday after the U.S. Energy Information Administration predicted oil would come under pressure over the next two years as supply would outpace demand.
  "The dominant driver has been all about the Russian oil sanctions lately, compounded by a streak of stronger U.S. economic data," said Yeap Jun Rong, market strategist at IG.
  "The key question remains on how much Russian supply will be lost in the global market and whether alternative measures can offset the shortfall," said Yeap, adding that in the near term oil may give up some of its sharp gains from the past week.
  The market also found some support on Wednesday from a drop in crude stockpiles in the U.S., the world's biggest oil consumer, reported by the American Petroleum Institute late on Tuesday.
  "Oil prices are trading firmer in early morning trading in Asia today after API numbers showed that {{8849|U.S. crcrude oil inventories fell more than expected over the last week," said ING analysts.
  
  The analysts added that while crude oil stocks in the country's flagship storage hub Cushing, Oklahoma, increased by 600,000 barrels, inventories were still historically low. Cushing in the delivery location for WTI futures contracts.
  The API reported U.S. crude oil stocks fell by 2.6 million barrels in the week ended Jan. 10, according to market sources citing the API figures. They added that gasoline inventories rose by 5.4 million barrels while distillate stocks climbed by 4.88 million barrels.
  A Reuters poll showed analysts expected U.S. crude oil stockpiles fell by about 1 million barrels in the week to Jan. 10. Stockpile data from the Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due at 10:30 a.m. EST (1530 GMT).
  On Tuesday, the EIA trimmed its outlook for global demand in 2025 to 104.1 million barrels per day, while expecting supply of oil and liquid fuel to average 104.4 million bpd.
  It predicted Brent prices would fall 8% to average $74 a barrel in 2025, then fall further to $66 a barrel in 2026, while WTI would average $70 in 2025 and fall to $62 next year.
  Source: Reuters/Investing.com
- 2025-01-15
  Goldman Sachs: Geopolitical Risk Could Send Oil Prices Even Higher
  The two-day oil price rally on Friday and Monday following the latest U.S. sanctions on Russia’s oil exports goes to show that geopolitics will continue to play a key role in oil price action and market balances this year. The price rally, which pushed... Read more The two-day oil price rally on Friday and Monday following the latest U.S. sanctions on Russia’s oil exports goes to show that geopolitics will continue to play a key role in oil price action and market balances this year.
  
  The price rally, which pushed oil to four-month highs, could just be a knee-jerk reaction until tanker supply chains adapt to the latest sanctions move. Nevertheless, these geopolitical forces cannot be ignored by market participants, and speculators are awaiting the next wave of geopolitical decisions by the incoming Trump Administration.
  
  There is no doubt there will be major changes in the U.S. domestic energy policy with a President strongly supporting fossil fuels to contribute to America’s “energy independence.”
  
  President-elect Trump’s foreign policy is more difficult to predict. Still, it will surely have an effect on the global economy and the oil market because of the near- to medium-term trade policies and further sanctions that could see Iran’s supply restricted.
  
  Geopolitical events tend to impact oil prices, and they will continue doing so this year, according to Goldman Sachs.
  
  The Wall Street bank expects Brent Crude prices to trade in a range of $70-$85 per barrel and average about $76 this year, Goldman Sachs Research said in a note last week.
  
  Oil prices are set to be heavily influenced by the production growth rates in non-OPEC countries and potentially also by geopolitical factors — from sanctions to tariffs, according to Daan Struyven, co-head of Global Commodities Research and head of Oil Research at Goldman Sachs.
  
  “Energy prices are impacted by geopolitical events, which can be difficult to predict, and could cause prices to break out of the $70-85 range,” said the investment bank.
  
  Sanctions on Russia
  
  A day after Goldman Sachs published its note on Thursday, the outgoing U.S. Administration on Friday imposed the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and energy officials.
  
  Oil prices rallied on the news, with Brent Crude breaking above $81 per barrel and the U.S. benchmark, WTI Crude, approaching the $80 a barrel mark at $79 on Monday.
  
  The latest U.S. sanctions pushed oil to a four-month high and toward the upper end of Goldman Sachs’s forecast range of $70 to $85.
  
  The sanctions are already causing ripples in India, where Russia has become the single biggest supplier to refiners in the three years after the Russian invasion of Ukraine and the Western sanctions and embargoes on Russia’s petroleum.
  
  India’s refiners have stopped doing business with the Russian tankers and companies sanctioned by the U.S. on Friday, a source at the Indian government told Reuters on Monday.
  
  Despite the hefty sanctions, the world’s third-largest crude importer doesn’t expect major disruptions during the two-month wind-down period until March.
  
  The U.S. sanctions are putting about 700,000 barrels per day (bpd) of Russian crude exports at risk, but the losses to the market will likely be smaller, Warren Patterson, Head of Commodities Strategy at ING, said.
  
  “Some buyers may choose to ignore these sanctions, and Russia may also rely more heavily on those tankers in the shadow fleet that are not sanctioned to continue the trade,” Patterson noted, adding that Russia may have to increase its fleet size in order for flows to continue uninterrupted.
  
  Surplus Vanishing?
  
  The loss of some Russian supply could reduce or even wipe out the currently expected surplus in the oil market, analysts say.
  
  Before the latest U.S. sanctions, Goldman Sachs Research forecast a modest surplus of 400,000 bpd for 2025.
  
  The potentially smaller surplus, combined with the high spare capacity at OPEC+ producers, could again cap oil prices this year, according to the bank.
  
  “High spare oil capacity is likely to restrict oil prices from climbing substantially this year in spite of continued solid demand,” Goldman Sachs said, adding that it expects global oil demand to continue growing for at least another decade.
  
  Sanctions on Iran
  
  The bearish factor of high OPEC spare capacity will clash this year with the bullish factor of what is expected to be a “maximum pressure” campaign on Iran from President Trump.
  
  If Iranian oil supply drops by 1 million bpd, the price of Brent could rise to the mid-$80s per barrel by the middle of 2025, assuming that OPEC+ increases its supply throughout the year, Goldman Sachs reckons.
  
  “Hawkish comments on Iran from some US policy nominees suggest that a substantial drop in Iran oil exports is plausible. But any drop would likely be smaller than in 2018-2019, because China now has a 90% share of Iran’s oil exports,” the bank said.
  
  If a 1-million-bpd loss from Iran for six months materializes, Brent could jump to nearly $90 per barrel. And that’s assuming OPEC+ quickly increases oil supply to offset the shortfall from Iran, according to Goldman Sachs Research.
  
  Tariff Threat
  
  Sanctions and their stricter enforcement would be bullish drivers for oil this year, but another geopolitical factor – President Trump’s trade policy – could be a bearish drag on the global economy and oil prices.
  
  “Broader-than-expected tariffs from US President Donald Trump’s administration could drive down the price of oil in the medium term,” Goldman Sachs said.
  
  The bank estimates that Brent could drop to the low $60s by the end of 2026 in a scenario where the U.S. imposes tariffs of 10% across the board. Source: Oilprice.com
- 2025-01-15
  Iran-Russia Treaty Signals Deepening Ties, Defiance of West
  Russia and Iran have unveiled plans to sign a "comprehensive strategic partnership" treaty on Friday when Iranian President Masoud Pezeshkian visits Moscow. The two nations dubbed 'pariahs' by much of the West have seen their cooperation and relations... Read more Russia and Iran have unveiled plans to sign a "comprehensive strategic partnership" treaty on Friday when Iranian President Masoud Pezeshkian visits Moscow.
  
  The two nations dubbed 'pariahs' by much of the West have seen their cooperation and relations grow in the context of the Ukraine war. "On January 17, Vladimir Putin will hold talks with the President of the Islamic Republic of Iran Masoud Pezeshkian, who will come to Russia on an official visit," the Kremlin announced Monday.
  
  The much anticipated treaty has long been in the works, since at least last summer, news of which caused President Zelensky to say there's an axis of rogue states conspiring to defeat Ukraine. This has included North Korea as well, which has lost troops helping Moscow defend Kursk region.
  
  As for the treaty to be signed by the week's close, it was previewed as heavily focused on defense and security cooperation. "It will confirm the parties' desire for closer cooperation in the field of defense and interaction in the interests of peace and security at the regional and global levels," Russian Foreign Minister Sergey Lavrov had earlier stated.
  
  Putin and Pezeshkian in addition to signing the agreement are expected to discuss "prospects for the further expansion of bilateral cooperation, including in trade and investment, transport and logistics and the humanitarian sphere, as well as topical issues on the regional and international agenda," the Kremlin said.
  
  Already, the two sides cooperate deeply on drones. Russia has since the Ukraine war's start been using Iran-produced 'Shahed' kamikaze drones against Ukrainian cities, and Iran has reportedly set up a major UAV production facility on Russian soil at Moscow's invitation.
  
  Moscow and Tehran early last month lost a key Middle East ally upon the fall of Bashar al Assad, after Islamic insurgents rampaged across the country and the demoralized and underpaid Syrian Army quickly collapsed. Turkey was widely seen as supporting the insurgents with intelligence and equipment, and likely other NATO states played a background role as well.
  
  As for Iran, it sees the treaty as further safeguarding independence and national sovereignty:
  
  Discussing the specifics of the deal, Jalali told Iran's state-run Young Journalists Club (YJC), "The independence and security of our country, as well as self-reliance, are crucial elements, and we are not particularly inclined to align ourselves with any specific bloc."
  
  "National independence is of great importance to the Islamic Republic of Iran. After all, we have been paying the price for it for 45 years," he added in an article published Saturday.
  
  But both countries have come under far-reaching US and EU sanctions for what's happening in Ukraine. Western intelligence has warned against the transfer of Iranian ballistic missiles to Russia in the context of the Ukraine war as well. While there have been some reports suggesting this has happened, there's as yet no definitive evidence. Source: Oilprice.com
- 2025-01-15
  Oil Embargo on the U.S. Could Blow Up in Canada's Face
  Alberta Premier Danielle Smith is no shrinking violet when it comes to disagreements with the Canadian government over energy policy. Smith has previously clashed with Ottawa over its carbon tax, and following a weekend visit to President-elect Trump,... Read more Alberta Premier Danielle Smith is no shrinking violet when it comes to disagreements with the Canadian government over energy policy.
  
  Smith has previously clashed with Ottawa over its carbon tax, and following a weekend visit to President-elect Trump, she did not mince words over Foreign Affairs Minister Melanie Joly’s threat to impose an oil embargo on the US if Trump carries through with 25 percent tariffs on Canadian imports.
  
  “Oil and gas is owned by the provinces, principally Alberta, and we won’t stand for that,” Smith told reporters at an online news conference Monday.
  
  Alberta is Canada’s largest oil-producing province, in 2023 producing 84 percent of the country’s crude.
  
  No country is more important than Canada when it comes to US oil imports. In 2023 the nation imported 4.4 million barrels a day, which was around 97 percent of Canada’s total crude oil exports, making it America’s top supplier.
  
  Trump, who takes office on Jan. 20, has said he will slap 25% tariffs on imports coming from Canada and Mexico unless they take measures to control illegal drugs and migrants from crossing their borders.
  
  Joly won’t rule out cutting off the supply of energy to the United States in a tariff war, telling CTV’s Question Period on Sunday that “everything is on the table”. The country is reportedly preparing a list of products against which surtaxes could be levied, should Trump make good on his tariff threat.
  
  Ottawa made similar moves in 2019 during Trump’s first term, the National Post reported, adding more than $16 billion in surtaxes to American imports including steel, aluminum, yogurt, toilet paper and dishwashers.
  
  But Smith said Canada shouldn’t be making empty threats and “it’s not Joly’s call to make,” she said via Global News. According to the Canadian Constitution’s section 92, provinces have exclusive jurisdiction over the exploration, development, conservation, and management of non-renewable natural resources within their borders.
  
  Smith suggested that an oil embargo could blow up in Canada’s face, given that cutting off pipeline supplies through Michigan could choke off key supply to Ontario and Quebec.
  
  Moreover, she said that, if Ottawa moves to cut exports, “they will have a national unity crisis on their on their hands at the same time as having a crisis with our U.S. trade partners.”
  
  More positively, Smith told CTV News “I think oil and gas is going to be key to being able to get a breakthrough once tariffs do come in, getting them off. We maintain a strong partnership on energy. We make the case about how much the Americans benefit from that energy relationship, we demonstrate that we are a good trade partner, that we buy more goods and services from America than any other nation.”
  
  “The bedrock of that tariff-free relationship is energy,” she added, noting that Canada exports heavily discounted Canadian oil to the US, which is then upgraded and sold as a value-added product for a price up to three times higher than the raw crude.
  
  “I just feel like the more we make those arguments, slowly but surely we'll be able to make the case that we should continue to enjoy a tariff-free relationship,” Smith told reporters on the conference call.
  
  Smith said she’s “very concerned” about a leadership vacuum affecting talks with the United States over tariffs. Prime Minister Justin Trudeau has resigned and prorogued parliament until March. The Liberal Party of Canada has said that a new leader will be announced on March 9.
  
  Alberta and Ottawa frequently clash over energy policy and this is just the latest spat. Older readers will remember when then-Prime Minister Pierre Trudeau asked the Western provinces to agree to a voluntary freeze on oil prices amid the 1973 Arab oil embargo. With the embargo driving international oil prices to record highs, and nine days after asking for the price freeze, Trudeau’s government imposed a 40-cent tax on every barrel of oil exported to the United States. Revenues were used to subsidize oil imports for Eastern Canadian refiners. Then-Alberta Premier Lougheed called the decision “the most discriminatory action taken by a federal government against a particular province in the entire history of Confederation.”
  
  The same Liberal government in 1980 introduced the National Energy Program, or NEP. The NEP aimed to reduce the role of foreign companies in the Canadian oil patch, including increasing Canadian ownership of the industry, sharing revenue between the federal and provincial governments, and developing non-conventional sources.
  
  However, it was deeply unpopular in the Western provinces especially Alberta, where it was felt that it interfered with provincial jurisdiction and unfairly deprived Alberta of oil revenue. The program was dismantled in 1985 by the federal Conservative government.
  
  Fast-forwarding to present day, Alberta Premier Danielle Smith has continued to lobby for Alberta’s interests while disparaging federal policies seen as detrimental to the province.
  
  To wit, Alberta has been battling Ottawa over the carbon tax since it was introduced in 2019. Meant to tax carbon emissions, the levy is applied to homeowners’ natural gas bills, to fossil fuel producers and distributers, and to large industrial emitters through an output-based pricing system. The tax has more than tripled from $20 per tonne of carbon dioxide in 2019 to $65/t in 2023.
  
  Although the Supreme Court of Canada ruled in favor of the carbon tax in 2021, the Alberta government continues to challenge it on the grounds that it adds to already high home heating costs, and that it is unconstitutional.
  
  In October 2024, Premier Smith announced the province has applied for a judicial review to be exempted from the carbon tax, with the greater goal of forcing Ottawa to cancel it.
  
  Smith argues the tax places an unfair burden on Albertans, most of whom heat their homes with natural gas. Making matters worse, in 2023 Prime Minister Trudeau announced a three-year carbon tax reprieve on deliveries of heating oil. Smith says this only benefits people living in Atlantic Canada and Quebec, whose populations use heating oil, not natural gas.
  
  Amid the controversy, Smith has doubled down on oil and gas production despite a federal government that has phased out fossil fuel subsidies — with the notable exception of the Kinder Morgan Trans Mountain pipeline, bought by Ottawa in 2018 for $4.5 billion but whose costs ballooned to $34 billion — and pivoted towards clean energy including billions in subsidies to EV battery production facilities.
  
  Earlier this month Smith appeared on a video with Enbridge CEO Greg Abel to announce a doubling of oil and gas production.
  
  “Today we've signed a letter of intent with Enbridge to accelerate these growth opportunities and ensure more capacity for oil and gas is available across more than 29,000 kilometers of pipelines in the Enbridge network,” Smith said on the Cable Public Affairs Channel (CPAC).
  
  “This added capacity objective is critical to Alberta and our most important trading partner, the United States. Alberta's oil directly supports more than 50 US-based refineries with direct investment in more than 20 US states and is essential to affordability, growth, economic prosperity and energy security in the United States and globally. Alberta oil and natural gas is also a reliable and important feedstock for essential products produced in the United States especially in the Midwest states of Ohio, Illinois, Indiana, Michigan and Wisconsin.” Source: Oilprice.com