Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
706.50
+4.00
725.00
-8.00
Nov 17
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	706.50	+4.00	725.00	-8.00	Nov 17

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
416.68	-4.53	502.29	-2.69	806.27	-10.06	Nov 21

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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	363	413	-50	412	465	-53	725	754	-29	Nov 21
Singapore	360	409	-49	451	500	-49	728	747	-19	Nov 21
Fujairah	331	381	-50	451	491	-40	738	810	-72	Nov 21
Houston	363	386	-23	434	441	-7	722	749	-27	Nov 21

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Digital Bunker Prices
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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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Latest News
- 2025-11-21
  Oil extends decline as US presses for Russia-Ukraine peace deal
  Oil prices fell on Friday, extending declines for a third session as the United States pushed for a Russia-Ukraine peace deal that could swell global supply while uncertainty over interest rates curbed investors’ risk appetite. Brent crude futures dropped... Read more Oil prices fell on Friday, extending declines for a third session as the United States pushed for a Russia-Ukraine peace deal that could swell global supply while uncertainty over interest rates curbed investors’ risk appetite.
  Brent crude futures dropped by $1, or around 1.6%, to $39 a barrel by 1417 GMT. U.S. West Texas Intermediate crude (CLc1) was down around 1.9%, or $1.10, at $57.90.
  Both contracts are set to register declines of more than 2% for the week, erasing last week’s gains.
  Market sentiment turned bearish as Washington pushed for a peace plan between Ukraine and Russia to end the three-year war while sanctions on Russian oil producers Rosneft and Lukoil are set to take effect on Friday.
  Ukrainian President Volodymyr Zelenskiy said he would work with Washington on a plan to end the war.
  "With the news of talks coming just as U.S. sanctions on Russia’s two largest oil companies are due to take effect today, oil markets saw some relief on risks to Russian oil supply," said Jim Reid, a managing director at Deutsche Bank.
  However, a peace deal could be some way off.
  "An accord is far from certain," ANZ analysts said in a note to clients, adding that Kyiv has repeatedly dismissed Russia’s demands as unacceptable.
  "The market is also becoming sceptical that the latest restrictions on Russian oil companies Rosneft and Lukoil will be effective," the analysts said.
  
  Lukoil has until December 13 to sell its huge international portfolio.
  
  A stronger dollar was also depressing oil prices, with the currency poised for its best week in more than a month on investor expectations that the U.S. Federal Reserve is unlikely to cut interest rates next month. [FRX/]
  OANDA analyst Kelvin Wong said the CME FedWatch tool shows the odds of a December rate cut have been significantly reduced to 35%, down from about 90% a month ago. Source: Reuters/Investing.com
- 2025-11-21
  The Week in Alt Fuels: Incentivising green port calls
  Several ports around the world offer green rebates. But the port incentive network remains too thin and too fragmented to meaningfully shape global shipping behaviour. At least 110 global ports have introduced some form of green discounts. 57 have linked... Read more Several ports around the world offer green rebates. But the port incentive network remains too thin and too fragmented to meaningfully shape global shipping behaviour.
  At least 110 global ports have introduced some form of green discounts. 57 have linked them to the Environmental Ship Index (ESI) and 47 to the Green Award certification scheme.
  
  These are voluntary schemes that measure a vessel’s environmental performance compared to current IMO standards, including exhaust emissions.
  
  For instance, a higher ESI scores, out of 100, reflects better engine performance and use of emission-reduction technologies.
  
  The current formula captures carbon dioxide (CO2), nitrogen oxides (NOx) and sulphur oxides (SOx) and gives additional points to vessels equipped with onshore power systems. But it omits methane emissions from LNG-powered ships, a significant gap as LNG vessels continue to grow in number.
  
  A revised ESI formula that includes methane emissions and updated IMO-aligned baselines will apply from 2027.
  
  Even with the current gaps, major ports including ARA and several others across the EU, Japan, Brazil, the UK and the US offer ESI-linked port fee discounts.
  
  Discounts vary across the world.
  
  Norway’s Oslo offers 10–20% concessions for vessels with more than 30–40 ESI points. Japan’s Osaka offers 15% above 30 points.
  
  The Port Authority of New York & New Jersey grants fixed concessions of $1,000–3,000 above 40 points. Australia’s Botany and Kembla offer $1,000–2,500 above 20 and Taiwan International Port offers NT$12,000–14,000 ($384–448) above 40.
  Africa’s National Ports Authority offers 10% discounts to vessels carrying Green Award certifications when they call at the ports of Cape Town and Durban.
  
  Some ports bypass these green credentials entirely and base incentives on use of alternative fuels.
  
  Singapore's port authority offers 100% concessions for ships using full battery-electric propulsion or green hydrogen, green ammonia with 25% pilot fuel, green methanol or 100% biofuel.
  
  LNG-fuelled ships with methane slips of less than 1% or ships running on B50–B99 biofuel blends qualify for 30% discounts. LNG-fuelled ships without slip mitigation and ships consuming B24–B49 biofuel blends can get 20% knocked off their prices.
  
  Indian port operator Adani Ports and Logistics offers a 50% port due concession at Dhamra, Dighi and Gangavaram for vessels fuelled by LNG, ammonia, hydrogen or battery-electric propulsion.
  
  On paper, these perks should incentivise cleaner fuels and operational practices.
  
  But in reality, the global incentive network remains sparse.
  
  For instance, a IMO’s Carbon Intensity Indicator (CII) report for 2023 showed that out of around 28,600 ships reporting, some 7,600 received “C” ratings for moderate environmental performance. 3,900 ships received “D” ratings and 1,500 “E” ratings. Nearly 4,000 ships did not report at all.
  
  In that same year, only around 40 ports worldwide offered ESI-linked green fee incentives.
  
  This contrast highlighted that thousands of vessels were operating in the moderate-to-poor performance range, but only a small number of ports were offering incentives to change that.
  Even today, the mismatch remains stark.
  
  UN data for this year shows that the global fleet is made up of 112,500 commercial vessels above 100 gross tonnes, but only some ports worldwide offer structured green discounts.
  
  The average score among 6,500 vessels listed with ESI has just been 31.9 this year, well below the 40-point threshold many ports set for higher-tier discounts.
  
  Where incentives do exist, they vary widely by ports, vessel types and metrics. They lack consistency around green credentials. For example, out of a combined 104 ports across both schemes, only 19 offer both ESI- and Green Award-linked rebates.
  
  Another challenge could be that these rebates are nowhere near big enough to trigger much fuel switching.
  
  A 2018 International Transport Forum (ITF) report noted that “green port fees can only work if they create a large enough incentive in relation to the operating costs of shipping companies”. It suggested imposing higher penalties for ships with greater emissions or those that score poorly towards environmental schemes.
  
  A combination of a fragmented patchwork of port incentives and small rebates suggests that the current network is still too inconsistent to influence large-scale behavioural change. Source: ENGIИE
- 2025-11-21
  Poland’s UNIMOT looking to develop bunker barge delivery service as a ‘main objective’
  Poland-based UNIMOT has informed ship.energy that the truck delivery service of marine gasoil (MGO) to the ‘small scale’ market – principally dredgers, tugs and inland craft – that it set up last year has been successful, but it still sees the launch... Read more
- 2025-11-21
  ORLEN joins TNFD initiative and posts ‘strong’ Q3 results
  Poland-based energy company and bunker supplier ORLEN has announced that it has committed to implementing the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) in its non-financial reporting. In a statement issued today... Read more
- 2025-11-21
  Countries call for dialogue and ‘constructive work’ on GHG reduction at IMO Council
  A meeting of the IMO Council heard countries from all sides of the vote that deferred the IMO Net-Zero Framework by a year declare their willingness to use the delay ‘effectively’ to build a consensus on the measures aimed at reducing greenhouse gas (GHG)... Read more
- 2025-11-21
  Transnet secures €350 million European loan for South Africa’s green transition
  South Africa’s state-owned transport and logistics company Transnet is to receive a €350 million European Investment Bank (EIB) framework loan which will be used to upgrade port and rail infrastructure and develop green hydrogen facilities. The loan... Read more
- 2025-11-21
  Pacific Carriers’ LNG-ready multi-purpose vessel named at PaxOcean
  A naming ceremony has been held at PaxOcean Zhoushan Shipyard, Chinafor Pacific Carriers Limited’s (PCL) LNG-ready multi-purpose vessel, Pac Libra. The naming ceremony for the 40,000 DWT vessel, which also features ESS [energy storage system]-ready... Read more
- 2025-11-21
  Oil extends decline by 1.5% on hopes for Russia-Ukraine peace deal
  Oil prices fell 1.5% on Friday, extending declines for a third straight session as the United States pushed for a Russia-Ukraine peace deal that could swell global market supply, while uncertainty over its rate cuts curbed investors’ risk appetite. Brent... Read more Oil prices fell 1.5% on Friday, extending declines for a third straight session as the United States pushed for a Russia-Ukraine peace deal that could swell global market supply, while uncertainty over its rate cuts curbed investors’ risk appetite.
  Brent crude futures fell 93 cents, or 1.5%, to $62.45 a barrel by 0416 GMT, after slipping 0.2% in the previous session. U.S. West Texas Intermediate was down 1.7%, or 98 cents, at $58.02 a barrel, after ending Thursday down 0.5%.
  Both contracts are set to fall more than 2.5% this week on oversupply concerns, erasing most of last week’s gains.
  Market sentiment turned bearish as Washington pushed for a peace plan between Ukraine and Russia to end the three-year war, while sanctions on top Russian oil producers Rosneft and Lukoil are set to take effect on Friday.
  "Oil extended declines as Zelenskiy agreed to work on a US- and Russia-drafted peace plan, with U.S. sanctions on two Russian oil majors due Friday," Saxo analysts said in a client note, referring to Ukrainian President Volodymyr Zelenskiy.
  "With Ukraine yet to formally reject the deal, the slim odds of an agreement are weighing on prices, as it would remove much of the war’s geopolitical risk premium baked into crude," IG market analyst Tony Sycamore said in a note.
  However, some analysts were sceptical just how soon a peace deal could be struck.
  
  "An accord is far from certain," ANZ analysts told clients in a note, adding that Kyiv has repeatedly dismissed Russia’s demands as unacceptable, hindering any breakthrough.
  "The market is also becoming sceptical that the latest restrictions on Russian oil companies Rosneft and Lukoil will be effective."
  Lukoil has until December 13 to sell its huge international portfolio.
  A stronger dollar was also depressing oil prices as it makes the dollar-denomined commodity more expensive for holders of other currencies.
  
  Dollar strength against Asian currencies was very evident after investors further downplayed odds of a follow-up rate cut at the December FOMC, following the release of minutes from its very divided October meet, UOB analysts said in a client note.
  The dollar was on track for its best week in more than a month on Friday as investors wagered the Federal Reserve is unlikely to cut rates next month. [FRX/] Source: Reuters/Investing.com
- 2025-11-21
  U.S. and Saudi Arabia Rebuild a Strategic Alliance
  Saudi Arabia made investment commitments of as much as $1 trillion during the visit of Crown Prince Mohammed bin Salman in the United States. The sum is a substantial increase on an original pledge of $600 billion, but it is also a sign that the relationship... Read more Saudi Arabia made investment commitments of as much as $1 trillion during the visit of Crown Prince Mohammed bin Salman in the United States. The sum is a substantial increase on an original pledge of $600 billion, but it is also a sign that the relationship between two of the world’s largest oil producers is back on track.
  
  The relationship, dating back to the early 20th century, was rather damaged during the Biden administration, in part due to its focus on the energy transition, which put it at odds with Saudi Arabia as an economy heavily dependent on oil revenues. Another part of the reason for the worsened bilateral relations was the issue of human rights and the murder of a dissident Saudi journalist, which included President Biden at one point calling the kingdom a pariah state. On top of those complications, President Biden at one point threatened to punish Saudi Arabia if Riyadh did not ramp up oil production to lower prices. In short, the Biden administration did not play well with the Saudis.
  
  President Trump changed all that, bringing relations back to the friend zone and extracting massive investment commitments across industries, but notably in LNG, defense, and critical minerals. The two also made progress on nuclear energy, with the U.S. agreeing to share its nuclear power technology with the Saudis on the condition that it would not be used for weapons-grade uranium enrichment.
  
  The latter had been a thorny issue for years, ever since talks about nuclear tech sharing began during the first Trump administration. At the time, the Saudis refused to sign off on the non-enrichment clause, which delayed the deal. Now, Chris Wright and Abdulaziz bin Salman signed a preliminary deal for the tech sharing, with specific steps forward presumably to follow.
  
  Aramco, meanwhile, announced preliminary agreements with U.S. companies worth a total $30 billion, noting the prospective deals build on earlier investment commitments made this year, with a value of up to $90 billion. The areas that the deals cover span from LNG to advanced materials manufacturing and financial services, the company said.
  
  In liquefied gas specifically, Aramco is looking into an investment in the Lake Charles project led by Energy Transfer, and an offtake deal for Commonwealth LNG.
  
  The Lake Charles LNG project is fully permitted, uses existing infrastructure, and benefits from an abundant natural gas supply through existing connections to the Henry Hub and connectivity to Energy Transfer’s vast network of natural gas pipelines. It will have an annual capacity of some 15 million tons of liquefied natural gas once completed. Finding equity partners for 80% of the facility is the condition Energy Transfer has set for making the final investment decision for the project.
  
  The Commonwealth LNG facility in Cameron Parish, Louisiana, will have an annual capacity of 9.5 million tons of liquefied gas. The construction of the first phase will cost $11 billion, according to Commonwealth LNG, and generate annual export revenues of some $3.5 billion. However, the company has yet to make the final investment decision on the project, just like Energy Transfer, after revising the timeline for the project’s completion, with commissioning moved from 2027 to 2031.
  
  Critical minerals and metals were another area of interest for both. Saudi Arabia has considerable deposits of some of these minerals and metals. The United States needs them. That one was really a no-brainer, and only a matter of time. During the Saudi visit, U.S. MP Materials announced a deal with Saudi Maaden and the U.S. federal government for the construction of a rare earths processing plant in Saudi Arabia.
  
  Nuclear, LNG, and critical minerals—this is more or less all the priority boxes ticked, plus weapons and military equipment supply deals to cement the mended fences. Now, the only question is how many of the preliminary commitments will progress to full deals. Source: Oilprice.com
- 2025-11-21
  MABUX: Global bunker indices to maintain slight downward momentum on Nov. 21.
  The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — changed downwards on Nov. 20: 380 HSFO: USD/MT 421.21 (-3.96) VLSFO: USD/MT 504.98 (-3.64) MGO: USD/MT 816.33 (-2.18) As of Nov. 20, the... Read more The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — changed downwards on Nov. 20:
  
  380 HSFO: USD/MT 421.21 (-3.96)
  VLSFO: USD/MT 504.98 (-3.64)
  MGO: USD/MT 816.33 (-2.18)
  
  As of Nov. 20, the MABUX Market Differential Index (MDI) —tracking the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) — continued to show underpricing across all fuel grades in the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: The underprice margin narrowed by $4 in both Rotterdam and Singapore and by $1 in Fujairah, while Houston registered a slight widening of $1.
  
  • VLSFO segment: A reduction in the underpricing ratio, with Rotterdam and Singapore each showing a $4 decline, Fujairah an $8 drop, and Houston a $9 decrease, bringing Houston’s MDI close to a full 100-percent correlation between MBP and DBP.
  
  • MGO LS segment: A notable narrowing of the underpricing discount, decreasing by $7 in Rotterdam, $22 in Singapore, $10 in Fujairah, and $23 in Houston. Singapore in particular approached nearly complete alignment between MBP and DBP.
  
  We expect Global bunker market to continue a slight downward trend on Nov. 21: 380 HSFO – minus 0-2 USD/MT, VLSFO – minus 0-3 USD/MT, MGO LS – minus 5-10 USD/MT.
  Source: MABUX

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