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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 027.00
+162.00
1 325.00
+15.00
Apr 6
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 027.00	+162.00	1 325.00	+15.00	Apr 6

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
779.76	+1.66	906.93	+4.49	1 524.21	+9.15	Apr 10

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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	650	671	-21	675	747	-72	1 325	1 541	-216	Apr 10
Singapore	659	697	-38	778	831	-53	1 600	1 534	+66	Apr 10
Fujairah	630	643	-13	750	800	-50	1 590	1 597	-7	Apr 10
Houston	671	726	-55	835	846	-11	1 285	1 252	+33	Apr 10

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Latest News
- 2026-04-10
  NYK investigating information breach incident on bunker procurement system
  NYK Group has set up an internal task force to investigate a ‘personal information breach’ incident that occurred as a result of an unauthorised access by a third party to a marine fuel procurement system used by the company. In a statement issued... Read more
- 2026-04-10
  Pertamina and CRecTech ink Sumatra bio-methanol pilot agreement
  PT Pertamina Power Indonesia (PNRE), the renewable and clean energy arm of Pertamina Group, has signed a Memorandum of Understanding (MoU) with Singapore-based CRecTech to explore a pilot biogas-to-bio-methanol facility at the Sei Mangkei Special Economic... Read more
- 2026-04-10
  Vale orders ethanol-powered bulkers
  Mining giant Vale and Shandong Shipping Corporation have concluded an agreement for new ethanol-powered Guaibamax vessels. In a statement issued yesterday (9 April), Vale said the order marks ‘the first time in the maritime industry’ that ethanol will... Read more
- 2026-04-10
  Bunker-related oil spill ‘causing significant disruption in the port of Antwerp’
  The Port of Antwerp Bruges has reported that an oil spill which occurred during a bunkering operation in the Deurganck Dock is ‘causing significant disruption’. The Port Authority confirmed to ship.energy that the spill occurred yesterday (9 April)... Read more
- 2026-04-10
  Nuclear technology ready to take the leap into commercial shipping, says Babcock
  The latest developments in modular reactor technology mean that nuclear energy has become a technically and commercially viable option to power merchant ships, Babcock’s Business Development Director Blair Jamieson has told ship.energy. The British... Read more
- 2026-04-10
  Oil climbs as strikes on Saudi facilities stoke anxiety, Hormuz near standstill
  Oil prices climbed on Friday, driven by fresh anxiety over supplies from Saudi Arabia and as tanker traffic through the critical Strait of Hormuz remained largely frozen. Prices were still headed for a loss as nerves eased over a fragile two-week ceasefire... Read more Oil prices climbed on Friday, driven by fresh anxiety over supplies from Saudi Arabia and as tanker traffic through the critical Strait of Hormuz remained largely frozen.
  Prices were still headed for a loss as nerves eased over a fragile two-week ceasefire between the U.S. and Iran, while Israel signalled a potential diplomatic opening, saying it was ready to begin direct talks with Lebanon as soon as possible.
  Brent crude futures added 58 cents, or 0.60%, to $96.50 a barrel as of 0338 GMT. West Texas Intermediate futures were up 49 cents, 0.50%, at $98.36 a barrel.
  For this week, both contracts have so far lost 11%, the biggest weekly decline since June 2025.
  Attacks on Saudi energy facilities have cut the kingdom’s oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi state news agency SPA reported on Thursday, citing an official source at the Ministry of Energy.
  Concerns of further oil supply disruptions were heightened after the report, ANZ analysts said in a Friday note.
  "The initial wave of relief following President Trump’s two-week ceasefire announcement has quickly given way to underlying doubts," IG market analyst Tony Sycamore said in a note.
  "All eyes remain firmly on tanker tracker flows through the Strait of Hormuz for any signs of increased activity ahead of peace talks scheduled in Pakistan on Friday," Sycamore said.
  
  Ship traffic through the strait stood at well below 10% of normal volumes on Thursday despite the ceasefire as Tehran asserted its control by warning ships to keep to its territorial waters while doing so.
  Iran and the U.S. agreed on Tuesday to a two-week ceasefire brokered by Pakistan, but fighting was still taking place following the announcement.
  Analysts say Pakistan will try to push for a more durable peace agreement but may lack the leverage needed to compel the reopening of the strategic waterway.
  Iran wants to charge fees for ships passing through the strait under a peace deal, a Tehran official told Reuters on April 7. Western leaders and the U.N.’s shipping agency have pushed back on the idea.
  The crucial artery for oil and gas flows has been effectively shut down by the conflict, which began on February 28 when the U.S. and Israel launched air strikes on Iran.
  Brent prices could reach $190 a barrel if flows through the Strait of Hormuz remain at the current level, said John Paisie, president of energy consultants Stratas Advisors.
  "If Iran allows increasing flows the price of oil will be more moderated, but still well above pre-war levels."
  Some 50 infrastructure assets in the Gulf have been damaged by drone and missile strikes over the nearly six weeks since the conflict started, and around 2.4 million bpd of oil refining capacity have been taken offline, according to JPMorgan. Source: Reuters/Investing.com
- 2026-04-10
  Standard Chartered: Oil Price Correction Is Likely Overdone
  Oil prices have declined by the biggest margin since the Iran war began in late February, with Brent crude for June delivery and WTI for May delivery retreating to the mid-$90s per barrel, alongside falling refined product prices. The United States and... Read more Oil prices have declined by the biggest margin since the Iran war began in late February, with Brent crude for June delivery and WTI for May delivery retreating to the mid-$90s per barrel, alongside falling refined product prices. The United States and Iran agreed to a temporary two-week ceasefire on Wednesday, with Tehran allowing safe passage for shipping vessels through the Strait of Hormuz. The two weeks are intended as a window to finalize a permanent settlement, with formal talks scheduled to begin in Pakistan. However, oil and commodity analysts at Standard Chartered have argued that the oil price correction could prove too deep, and oil prices could spike on any reports of escalation or re-emerging war rhetoric. Previously, StanChart had issued a second-quarter oil price forecast for Brent crude at $98/bbl, and WTI at 92.50/bbl. Brent crude for June delivery was trading at $95.57 per barrel at 14.30 pm ET, while WTI crude for May delivery was trading at $96.99/bbl
  
  StanChart notes that near-term price movements continue to take direction from escalation and de-escalation in the Middle East conflict, which has triggered several regional flashpoints, reduced transit through the Strait of Hormuz, and shut-in production from Gulf countries. The analysts note that Brent is in backwardation along the forward curve, with the back of the curve stabilizing at $67-70 per barrel; however, they have predicted that oil prices are likely to remain $10-20/bbl higher than pre-conflict levels, supported by purchasing for strategic reserves and the logistical lags caused by the disruption.
  
  StanChart expects this trend to continue even when OPEC attempts to resume maximum production capacity. While most Gulf production is from reservoirs with sufficient pressure to restart quickly, transit through the Strait of Hormuz has not suddenly become risk-free, with oil flows largely remaining at Iran’s discretion. The uncertainty regarding technical details on how vessels can transit safely remain unclear, something that will continue to weigh on vessel spot rates and insurance policies. The possibility of transit fees for passage also remains uncertain, although the Omani Minister of Transport has announced that the country has signed all agreements related to marine transport, stipulating that no fees will be imposed for passage. There are media reports that ships still require permission from the Iranian navy or risk being destroyed.
  
  According to StanChart, Iran’s ability to exert such a high level of control over global energy supplies is unlikely to be acceptable to other Gulf producers in the long term, even if it is tolerated for a brief period to clear the vessel backlog. StanChart estimates that there are 426 tankers, 34 LPG carriers and 19 LNG carriers stranded at the Strait of Hormuz, with LNG cargoes likely to be among the first to transit. Recently, two Qatari vessels carrying LNG were forced to abandon an attempt to exit the Strait of Hormuz in what would have been the first export of Qatari LNG in more than a month. The tankers loaded their cargoes in late February just before hostilities began, before moving toward the eastern opening of the strait near Oman on Monday morning. However, they were forced to perform a U-turn on Monday morning. Iran had effectively choked off the waterway, allowing only approved or “non-hostile” vessels to pass.
  
  That said, the natural gas outlook is not as bullish, with StanChart noting that the market is coping remarkably well with the near-term loss of the majority of Middle East gas supply. After all, disruption to Qatari LNG and UAE LNG cargoes is being broadly balanced by expected LNG supply growth in 2026, most notably from the United States.
  
  Indeed, LNG production by the world’s largest LNG exporter could be enough to offset Middle Eastern volumes: U.S. LNG exports are expected to rise by ~13% in 2026, driven by new capacity from Venture Global LNG's Plaquemines and Cheniere Energy's (NYSE:LNG) Corpus Christi Stage 3. Port Arthur LNG (Texas) and Rio Grande LNG are scheduled to begin operations between 2027-2028, with further projects expected to come online in 2030/2031.
  
  U.S. LNG export capacity is projected to more than double between 2024 and 2028, with exports expected to rise from 11.9 Bcf/d in 2024 to 21.5 Bcf/d by 2030, reinforcing the country’s position as the top global exporter. The rapid expansion requires significant new infrastructure to transport the feedgas. Thankfully, the startup of projects like the Matterhorn Express Pipeline is expected to mitigate takeaway capacity constraints, helping to stabilize Waha Hub prices. Source: Oilprice.com
- 2026-04-10
  MABUX: Global bunker market expected to maintain upward momentum on Apr. 10 amid renewed Middle East tensions.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed sideways movement on Apr. 09, lacking a clear trend amid ongoing uncertainty in the global fuel market: 380 HSFO: USD/MT: 778.10 (+6.52) VLSFO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — showed sideways movement on Apr. 09, lacking a clear trend amid ongoing uncertainty in the global fuel market:
  
  380 HSFO: USD/MT: 778.10 (+6.52)
  VLSFO: USD/MT 902.44 (+1.01)
  MGO: USD/MT 1 515.06 (-10.58)
  
  As of Apr. 09, the MABUX Market Differential Index (MDI) — which compares Market Bunker Prices (MBP) with the MABUX Digital Bunker Price Benchmark (DBP), recorded mixed dynamics across key ports: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports remained in the undercharge zone, with discounts narrowing significantly: by $216 in Rotterdam, $124 in Singapore, $123 in Fujairah, and $160 in Houston. MDI values across all ports approached the 100% correlation mark between MBP and DBP, indicating relative stabilization in this segment.
  
  • VLSFO segment: Houston returned to the overcharge zone, becoming the only overpriced port in this segment, with its premium increasing by $134. The remaining ports stayed undercharged, with discounts narrowing by $227 in Rotterdam, $155 in Singapore, and $154 in Fujairah.
  
  • MGO LS segment: Singapore, Fujairah, and Houston shifted into the overcharge zone, with premiums rising sharply by $283, $321, and $181, respectively. Rotterdam remained the only undercharged port, with its discount narrowing by $391. The MGO segment continues to exhibit the highest volatility in the global bunker market, driven by supply constraints linked to disruptions in the Hormuz Strait.
  
  The global bunker market is projected to maintain an upward trajectory on April 10, driven by renewed geopolitical tensions in the Middle East, which are heightening uncertainty and reinforcing supply security concerns. At the same time, intraday dynamics may reflect a phase of multidirectional index movements: 380 HSFO: plus 5-15 USD/MT, VLSFO: plus 5–20 USD/MT, MGO LS: plus 10–35 USD/MT.
  Source: MABUX
- 2026-04-10
  Why Oil Markets Remain on Edge Despite Ceasefire
  The two-week US-Iran ceasefire announced overnight has taken the panic premium out of oil – but not the full risk premium. Prices are not snapping back to pre-war levels due to the scale of disruption and backlog-clearing mechanisms that will take some... Read more The two-week US-Iran ceasefire announced overnight has taken the panic premium out of oil – but not the full risk premium. Prices are not snapping back to pre-war levels due to the scale of disruption and backlog-clearing mechanisms that will take some time to normalize. Futures have moved and, as a result, Rystad Energy has reduced its average Brent price from $97 to average $87 for 2026. However, the tightness in the physical barrels is unlikely to be cleared anytime soon.
  
  Oil plunged below US$100 per barrel after the US and Iran agreed to a two-week ceasefire, expected to halt military strikes in exchange for Tehran reopening the Strait of Hormuz. Refiners should use this window to resume more opportunistic buying. However, the transition period itself could present the next challenge.
  
  If refiners delay purchases in anticipation of further price declines while physical flows remain constrained, product tightness could worsen even amid de-escalation.
  
  The ceasefire has shifted market rationale, allowing futures to reset quickly as the probability of sustained disruption declines. Yet this adjustment in futures does not translate into an immediate return to pre-conflict conditions, which is reflected in the relative strength of the physical market. What is being observed, both in reporting and in physical premiums, is not a full reopening of the Strait of Hormuz but rather a formalization of existing conditions, where passage remains contingent on coordination with Iran’s armed forces and subject to technical constraints
  
  Janiv Shah, Vice President, Commodity Markets - Oil, Rystad Energy
  
  It’s also been rumored that both Iran and Oman are permitted to charge fees under the two-week ceasefire. This is the toll booth that traders had already begun to factor in: selective access, fee-based transit, Iran retaining control over who moves and who does not – but now with a diplomatic wrapper around it. Tanker owners, insurers, and crews need evidence that risk has actually reduced, not just paused. Even within this two-week window, the expectation is that activity will restart in a measured manner rather than all at once.
  
  This exacerbates one of the most important near-term market features: the dislocation between futures and physicals. In this ceasefire environment, paper markets reprice the relief almost instantly, while physical indicators and differentials still reflect caution. The Brent flat price has fallen, but prompt physical differentials are likely to remain sticky, tanker rates stay elevated, and sour crude buyers continue to pay up for security of limited global supply away from the Gulf. This goes to show that the perceived geopolitical risk can ease faster than operational risk.
  
  Looking ahead
  
  The market still needs to watch for signs of a repricing of the longer-duration scenarios.
  
  As the ceasefire proposal details are digested and understood, the main triggers would be only Iranian-friendly ships allowed to transit, weaker exporter loading reliability, or evidence that insurers and shipowners still view Gulf transit as unsafe.
  
  Sentiment of shipowners is critical in the current situation, whereby the risks of damage to vessels from underwater mines will be at the forefront of operators’ minds.
  
  In an escalation scenario, futures would react first and most violently because they are pricing probability, optionality, and fear.
  
  The front of the curve typically absorbs the largest premium as traders price the risk of immediate supply loss, tanker disruption, delays through the Strait of Hormuz, and broader regional military spillover. That is why the four-month and six-month war scenarios had gained and remained strong relative to the pre-war line and the ceasefire case.
  
  Those paths reflect more than lost barrels; they signify the market pricing duration, uncertainty, and the growing chance that disruption spreads beyond a short-lived and localized event.
  
  Backwardation across all benchmarks has dropped considerably – in some cases up to 40% on middle distillates – as the war premium effects that had lifted the prompt future months have reduced a lot.
  
  Rystad Energy expects this to continue in the ceasefire case over the next few months as barrel availability continues to increase and regional shorts have more cover.
  
  Asia buyers between a rock and a hard place
  
  That gap is most visible in the East-West spread. The prompt Brent-Dubai exchange of futures for swaps (EFS) is sitting around $9 for June, significantly above pre-war levels despite Brent’s decline. That spread shuts the Atlantic Basin-to-Asia arbitrage. The consequences are already visible in the West African market and Atlantic Basin grades at large, with barrels not flowing and programs not sold. The economics currently do not look good in Asia.
  
  The US-Iran ceasefire does little to alleviate this. Even as access through the Strait normalizes progressively, new loadings face voyage times of three to six weeks before reaching Asian discharge ports. The regional sour crude pipeline that Asian refiners are configured to run remains effectively broken. Atlantic Basin barrels are uneconomic. Barrels from the Gulf are not arriving.
  
  Asia is caught between a market it cannot afford to buy from and a supply line that will take weeks to restart – and a two-week ceasefire window does not change either of those conditions. Source: Oilprice.com
- 2026-04-10
  U.S. LNG Exports Soar To Record Levels In March Amid Panic Buying
  U.S. liquefied natural gas (LNG) exports hit a record 11.7 million metric tons in March 2026, mainly driven by global panic buying and supply disruptions triggered by geopolitical tensions in the Middle East. Missile and drone attacks on Qatar's Ras Laffan... Read more U.S. liquefied natural gas (LNG) exports hit a record 11.7 million metric tons in March 2026, mainly driven by global panic buying and supply disruptions triggered by geopolitical tensions in the Middle East. Missile and drone attacks on Qatar's Ras Laffan Industrial City in March damaged critical infrastructure, forcing major outages and positioning the U.S. as a vital swing producer. LNG facilities in Louisiana handled roughly 1.8 million more metric tons in March 2026 compared to March 2025, with Louisiana currently handling ~61% of all U.S. LNG shipments. Europe remained the top destination, accounting for approximately 7.49 million tons, or 64%, of total U.S. exports of super-chilled gas. A substantial premium for international gas prices over the U.S. Henry Hub price also incentivized increased export activities, with European TTF and Asian LNG benchmarks trading at a massive premium to U.S. Henry Hub prices, which hovered around $3 per MMBtu. While Henry Hub prices were relatively stable due to strong production, the high international prices (TTF, JKM) ensured maximum utilization of U.S. export terminals, which were running near capacity.
  
  Louisiana Plaquemines LNG plant has been contributing significantly to U.S. LNG output growth as it continues to ramp up production. The Venture Global LNG facility received immediate authorization from the Department of Energy for a 13% increase in exports, adding up to 0.45 billion cubic feet of natural gas per day to meet surging global demand. Plaquemines LNG is designed with an initial, fully contracted capacity of 20 million metric tonnes per annum (mpta). However, the facility has shown it can exceed its original nameplate capacity by up to 40% thanks to the high performance of its modular design.
  
  The project is undergoing expansion, with long-term plans to exceed 45–58 mpta total capacity through additional modular trains to bring the total to 36 trains. Plaquemines LNG is one of the largest private infrastructure projects in the U.S., with total project costs estimated at nearly $24 billion when completed.
  
  Other than the Plaquemines LNG megaproject, Louisiana is also home to Delfin LNG, a proposed deepwater port project in Louisiana. Delfin LNG is slated to become the first U.S. floating liquefied natural gas (FLNG) export facility. The project will support three FLNG vessels producing up to 13.2 mpta. Located ~30 miles off Cameron Parish in the southwest corner of Louisiana, Delfin LNG will repurpose the UTOS pipeline and connect it with the High Island Offshore Gas Pipeline (HIOS) to transport feedgas to the floating LNG vessels. By utilizing these existing offshore pipelines and constructing a new 700-foot bypass to connect them (the Delfin Offshore Pipeline), the project will minimize additional infrastructure investment, classifying it as a "brownfield" deepwater port project. A February 2026 pipeline explosion and associated regulatory hurdles have delayed the Final Investment Decision (FID), which is now anticipated in the spring of 2026. Delfin LNG is a wholly-owned subsidiary of Delfin Midstream Inc., a developer of FLNG vessels. The project is primarily backed by Fairwood Peninsula Energy Corp (approx. 30.7%), along with Talisman Global Alternative Master LP and Talisman Global Capital Master.
  
  U.S. LNG exports are expected to rise by ~13% in 2026, driven by new capacity from Venture Global LNG's Plaquemines and Cheniere Energy's (NYSE:LNG) Corpus Christi Stage 3. Port Arthur LNG (Texas) and Rio Grande LNG are scheduled to begin operations between 2027-2028, with further projects expected to come online in 2030/2031.
  
  The Permian Basin’s gas production is projected to rise, driven by increasing associated gas output, which will help meet surging demand from the U.S. Gulf Coast LNG export terminals. Permian natural gas production is expected to hit 28 Bcf/d in the current year, solidifying the basin’s role as the fastest-growing gas-producing play in the U.S. Permian wells are currently producing record amounts of associated residue natural gas at approximately 22 Bcf/d, which is expected to rise to ~28 Bcf/d in 2026, comprising roughly one-fifth of total U.S. production.
  
  Overall, U.S. LNG export capacity is projected to more than double between 2024 and 2028, with exports expected to rise from 11.9 Bcf/d in 2024 to 21.5 Bcf/d by 2030, reinforcing the country’s position as the top global exporter. The rapid expansion requires significant new infrastructure to transport the feedgas. Thankfully, the startup of projects like the Matterhorn Express Pipeline is expected to mitigate takeaway capacity constraints, helping to stabilize Waha Hub prices.
  Source: Oilprice.com

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