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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 215.00
-206.00
1 337.00
+40.00
Mar 25
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 215.00	-206.00	1 337.00	+40.00	Mar 25

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
717.92	-49.72	927.32	+12.66	1 592.77	+29.97	Mar 27

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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	697	698	-1	750	773	-23	1 337	1 357	-20	Mar 27
Singapore	673	725	-52	855	864	-9	1 675	1 350	+325	Mar 27
Fujairah	700	672	+28	861	835	+26	1 620	1 413	+207	Mar 27
Houston	667	607	+60	832	708	+124	1 302	1 261	+41	Mar 27

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Analytical Section
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Latest News
- 2026-03-27
  Oil prices on track for steepest weekly fall in 6 months
  Oil prices fell on Friday and were on track for the steepest weekly decline in six months after U.S. President Donald Trump said talks to end the war with Iran were going well and that he would pause attacks on the country’s energy plants for 10 days.... Read more Oil prices fell on Friday and were on track for the steepest weekly decline in six months after U.S. President Donald Trump said talks to end the war with Iran were going well and that he would pause attacks on the country’s energy plants for 10 days.
  
  Brent futures fell 84 cents, or 0.8%, to $107.17 per barrel as of 0353 GMT, while U.S. West Texas Intermediate futures lost $1.02, or 1.1%, to $93.46 per barrel, trimming gains from a bullish previous session.
  
  Both benchmarks were trading 4.6% lower on a weekly basis despite the Brent rising 5.7% and WTI gaining 4.6% on Thursday on fears of further escalation of the war.
  
  "Despite talks of de-escalation, oil is trading on war longevity, not just headlines. Any direct damage to oil infrastructure or prolonged conflict could force markets to rapidly reprice higher," said Priyanka Sachdeva, analyst at Phillip Nova.
  
  While Trump announced a pause on attacks on Iran’s energy infrastructure, the U.S. has also sent thousands of troops to the Middle East, with Trump weighing whether to use ground forces to seize Iran’s strategic oil hub of Kharg Island.
  
  An Iranian official told Reuters that a 15-point U.S. proposal, conveyed to Tehran by Pakistan, was "one-sided and unfair".
  
  The war has taken 11 million barrels of oil per day out of global supply, with the International Energy Agency describing the crisis as worse than the two oil shocks of the 1970s and the Russia-Ukraine war on gas put together.
  
  Analysts at Macquarie Group said if the war begins to wind down soon, oil prices will fall quickly in coming months, but still remain at pre-conflict levels. However, prices could rise to $200 if the war drags on until end of June, they said.
  
  "With each passing day, market pressure is building. Asian countries are tapping buffer stocks and weighing demand adjustments," said Mukesh Sahdev, founder & CEO of Australia-based consultancy XAnalysts.
  
  Source: Reuters/Investing.com
- 2026-03-27
  Record Oil and Gas Output Fails to Shield CNOOC from Market Volatility
  Lower oil prices offset a record-high oil and gas production to drag down the 2025 profit of Chinese oil and gas giant CNOOC from a year earlier and below analyst estimates. CNOOC Ltd, China’s top offshore crude oil and natural gas producer, on Thursday... Read more Lower oil prices offset a record-high oil and gas production to drag down the 2025 profit of Chinese oil and gas giant CNOOC from a year earlier and below analyst estimates.
  
  CNOOC Ltd, China’s top offshore crude oil and natural gas producer, on Thursday reported a net profit of $17.7 billion (122.1 billion Chinese yuan) for 2025, down by 11.5% from 2024. The company attributed the decline to “the adverse impact of lower oil prices.”
  
  The 2025 net profit turned out lower than the $18.9 billion (130.7 billion yuan) average of analyst estimates in a Bloomberg survey.
  
  Revenues from CNOOC’s oil and gas sales fell by 5.6% last year from 2024, with oil sales revenues down by 9.1% and natural gas sales up by 16.9%.
  
  While the realized natural gas price was 3% higher, the realized crude oil and liquids price fell by 13.4%, to $66.47 per barrel in 2025, down from $76.75 a barrel for 2024.
  
  The lower realized prices dented the profits, despite the record-high annual production last year.
  
  CNOOC’s net oil and gas production for 2025 reached a new record high of 777.3 million barrels of oil equivalent (boe), an increase of 7% compared to 2024. Offshore oil and gas has become a critical contributor to China’s reserves and production growth, the company said.
  
  This year, CNOOC plans to further boost its oil and gas reserves and production and build competitive advantages through international expansion. The Chinese major targets annual oil and gas production of between 780 million boe and 800 million boe for 2026.
  
  In the macro outlook for 2026, CNOOC said that “the world faces heightened geopolitical risks and successive waves of regional conflicts, and uncertainty surrounding oil prices is set to increase markedly.”
  
  “Global inflationary pressures increase, economic growth remains weak, and growth divergence among different economies will further intensify,” the Chinese oil and gas giant said.
  
  Source: Oilprice.com
- 2026-03-27
  Iran’s Gift To the World: 10 Oil Tankers Through Strait of Hormuz
  President Donald Trump said Thursday that Iran allowed 10 oil tankers to transit the Strait of Hormuz, describing the move as a “present” and a sign of progress in ongoing negotiations. The comment, made during a Cabinet meeting, offers the clearest indication... Read more President Donald Trump said Thursday that Iran allowed 10 oil tankers to transit the Strait of Hormuz, describing the move as a “present” and a sign of progress in ongoing negotiations. The comment, made during a Cabinet meeting, offers the clearest indication yet of what the administration had been hinting at earlier this week—some limited easing at the world’s most critical oil chokepoint.
  
  The details are scant. The White House has not confirmed specifics on the vessels, their cargo, or whether additional transits are expected. Trump suggested the ships were foreign-flagged, possibly Pakistani, and framed the move as a goodwill gesture from Tehran.
  
  The market will take it for what it is: incremental and highly conditional.
  
  Flows through the Strait of Hormuz have been restricted for weeks, with Iran effectively controlling passage and allowing select cargoes through at its discretion. The result has been a sharp dislocation between paper and physical markets, with Brent trading at $108 per barrel while physical barrels struggle to move.
  
  Ten tankers does not fix that, but it’s a start.
  
  At normal operating levels, the Strait handles roughly a fifth of global oil flows. Letting a small number of vessels through may ease some immediate pressure—particularly for buyers in Asia—but it does not restore anything close to normal trade.
  
  But it does reinforce the point that access to the Strait is now a lever.
  
  Iran appears willing to modulate flows, not reopen them outright. That keeps pressure on the global system while signaling just enough flexibility to keep negotiations alive.
  
  Still, every barrel moving through Hormuz right now is doing so on someone’s terms. Source: Oilprice.com
- 2026-03-27
  Saudi Oil Exports to China and India Set to Fall Amid War Disruptions
  Saudi crude oil exports to its two biggest clients, India and China, are on course to decline in April because of the production disruptions in the Middle East, Bloomberg reported earlier today, citing traders. The traders said Saudi oil exports to... Read more Saudi crude oil exports to its two biggest clients, India and China, are on course to decline in April because of the production disruptions in the Middle East, Bloomberg reported earlier today, citing traders.
  
  The traders said Saudi oil exports to the Chinese market were seen at some 40 million barrels, down from 48 million barrels shipped to the world’s top importer in February. Shipments to India were seen at around 23 million barrels, the Bloomberg sources said. That would be down from between 25 and 28 million barrels in February, based on figures from Vortexa and Kpler, the publication noted.
  
  Earlier this week, Reuters reported that Saudi oil giant Aramco had notified customers of term supply in Asia that they would receive in April only the flagship Arab Light grade loaded at the Yanbu export port on the Red Sea. So far in March, Saudi Aramco has exported about 4.355 million barrels per day of crude, according to Kpler data. This is way below the 7.1 million bpd in exports in February.
  
  Saudi Arabia has been rerouting oil flows from the Strait of Hormuz in the east to the port of Yanbu in the west via the East-West pipeline. Last week, loadings from Yanbu averaged 4 million barrels daily, with tankers essentially standing in line to load Saudi crude from the Red Sea port. Data from Kpler, quoted earlier this week by Reuters, suggested that the daily loading rates at Saudi oil export terminals since the start of the month have averaged 4.355 million barrels. Loadings from Yanbu specifically are seen at an average of 3.8 million barrels daily, which would be an all-time high.
  
  Clearly, the rerouting has not been enough to offset the Strait of Hormuz disruption, hence the two consecutive months of lower shipments to India and China, both of which have tapped temporarily de-sanctioned Russian barrels at sea. Source: Oilprice.com
- 2026-03-27
  Iran Earning $139 Million a Day From Oil as Hormuz Crisis Locks Out Rivals
  Iran’s oil exports have not collapsed and are fetching much higher prices than before the war, handing Tehran handsome extra revenues from its crude, which is the only one unimpeded from transiting the Strait of Hormuz. Unlike all other Gulf producers,... Read more Iran’s oil exports have not collapsed and are fetching much higher prices than before the war, handing Tehran handsome extra revenues from its crude, which is the only one unimpeded from transiting the Strait of Hormuz.
  
  Unlike all other Gulf producers, Iran is passing its oil through the Strait of Hormuz and its export volumes remain resilient. Steady volumes and higher prices have been bringing millions of dollars of additional oil revenues for the Islamic Republic since the war began, as oil prices jumped and discounts for Iranian barrels significantly narrowed versus Brent.
  
  Iran has likely earned $139 million per day by selling its flagship Iran Light crude so far in March, according to Bloomberg calculations based on export estimates by Tankertrackers.com and prices for Iranian Light.
  
  The estimated daily revenues were nearly $25 million higher compared to the average of $115 million daily proceeds from Iranian Light in February, according to Bloomberg’s calculations.
  
  Iran is benefiting in several ways from the Hormuz crisis.
  
  First, its tankers are transiting the Strait of Hormuz while most other Gulf oil supply is still trapped. Then, the massive supply shock from the Middle East has hiked international crude prices to above $100 per barrel (at about $105 a barrel of Brent early on Thursday), which adds more revenues from oil sales. And last but not least, the huge discount of more than $10 per barrel for Iran’s oil to Brent before the war has now narrowed to just $2.10 per barrel this week.
  
  Iranian oil exports have remained resilient since the U.S. and Israel started bombing Iran and killed the Ayatollah, meaning that the jump in oil prices and the free flow of Iranian oil through the Strait of Hormuz is likely hiking Iran’s oil revenues.
  
  Iranian crude exports remain relatively steady, maritime intelligence firm Windward said on Wednesday.
  
  The U.S. waiver on Iranian sales may not be attracting buyers beyond the already established customers, the Chinese independent refiners, but it surely is driving up the price of Iranian crude to narrowed discounts to Brent. Source: Oilprice.com
- 2026-03-27
  Barclays: Prolonged Hormuz Blockage Could Wipe Out 14 Million Bpd of Oil Supply
  The global oil market could lose up to 14 million barrels per day (bpd) of supply if the blockage at the Strait of Hormuz extends for more weeks, according to Barclays. A prolonged disruption at the world's most vital oil chokepoint is set to lead... Read more The global oil market could lose up to 14 million barrels per day (bpd) of supply if the blockage at the Strait of Hormuz extends for more weeks, according to Barclays.
  
  A prolonged disruption at the world's most vital oil chokepoint is set to lead to 13-14 million bpd of supply losses—an immense shock, the UK-based investment bank said in a note on Thursday, as reported by Reuters.
  
  However, both the magnitude of the supply loss and the duration of the Hormuz closure are highly uncertain, Barclays analysts noted.
  
  “Notwithstanding uncertainty about the ceasefire negotiations, in our base case, we expect traffic through the Strait to normalize by early April, which would be consistent with Brent averaging $85/b in 2026,” they wrote.
  
  But if the blockage extends into the end of April, Brent Crude could reprice to $100 per barrel, and further up to $110 a barrel if the closure extends through May, according to Barclays.
  
  Earlier this week, Goldman Sachs said that the supply losses from the Iran War could peak at about 17 million bpd, as it raised its 2026 average price forecasts for both Brent and West Texas Intermediate benchmarks.
  
  Early on Thursday in Asian trade, Brent Crude prices were trading at $105 per barrel, up by 3%, after signals emerged that Iran may not be interested in holding talks on a ceasefire.
  
  WTI Crude was also up 3% at $93 per barrel, as the U.S. benchmark continues to trade at a major discount to Brent amid the frantic search of Brent-linked crudes in Asia, where supply shortages are already being acutely felt.
  
  By 20 March, supply disruptions in the Middle East reached 10.7 million bpd, according to Kpler's estimates. These could rise to as much as 11.5 million bpd by late March and remain at that level throughout April if the situation in the Strait of Hormuz does not improve, Kpler's analyst said, noting that short-term fixes to the supply loss, such as stocks release and sanctions relief “can only delay, not offset, the growing structural deficit.” Source: Oilprice.com
- 2026-03-27
  StanChart: Europe’s Gas Prices Could Spike Above $90/MWh By The Summer
  European natural gas futures climbed toward €55/MWh on Thursday, snapping a four-day losing streak due to uncertainty over a Middle East ceasefire and ongoing threats to energy infrastructure. Initial hopes for a Middle East ceasefire quickly faded after... Read more European natural gas futures climbed toward €55/MWh on Thursday, snapping a four-day losing streak due to uncertainty over a Middle East ceasefire and ongoing threats to energy infrastructure. Initial hopes for a Middle East ceasefire quickly faded after Iran rejected Washington’s 15-point peace proposal and outlined its own conditions instead. Damage to Gulf energy infrastructure has been extensive, with approximately 40 energy assets across the Gulf having been attacked. The effective closure of the Strait of Hormuz has forced rerouting of energy volumes, significantly reducing LNG availability and increasing competition with Asian buyers for alternative cargoes. Qatar’s Ras Laffan gas hub was among the early casualties, with two of the 14 LNG trains and one of the two gas-to-liquids (GTL) facilities at the site damaged. QatarEnergy LNG has announced that 17% of the nation’s LNG capacity (12.8million tons per year) has been knocked out for three to five years. QatarEnergy had already declared force majeure on its total LNG output before the second wave of attacks caused further devastation.
  
  Previously, we reported that commodity analysts at Standard Chartered have forecast that global oil prices will remain higher for longer, driven by persistent supply disruptions from the Middle East conflict and structural market constraints. StanChart revised its 2026 Brent oil forecast up to $85.50 per barrel, good for a 35% increase on its previous projection. And now the energy experts have predicted that Europe’s gas prices will continue their north-bound trajectory. According to StanChart, TFF gas prices could push above €80/MWh (~$92.40/MWh)--a level they last touched in 2022 after Russia invaded Ukraine-- if the US-Iran conflict is unresolved by the start of the summer injection season. Further, StanChart says we could see elevated prices further along the curve towards 2028, implying that the continent's gas prices could remain elevated for months.
  
  But it’s not just the Middle East conflict that has conspired to wreak havoc on Europe’s energy sector, with the continent's gas stores now nearly depleted. Europe's gas storage is currently at just 28% of total capacity, the lowest level since 2022. A relatively harsh winter across continental Europe led to higher-than-expected heating demand, rapidly depleting the reserves that had been built up over the previous year. Additionally, the seasonal gas price spreads for much of early 2026 made it unprofitable for market participants to buy gas and inject it into storage, leading companies to delay refilling their tanks. The situation is even more dire in the Netherlands, where the wind-down of the Groningen gas field and closure of associated trading operations have contributed to record-low local storage levels, which have now sunk below 6%.
  
  However, StanChart says gas prices are unlikely to approach the Russian gas shock of 2022 when they soared above €300/MWh (~$346/MWh) largely due to the rapid expansion in LNG capacity but also because Europe has continued to diversify its energy supplies by expanding its renewables portfolio. The global Liquefied Natural Gas (LNG) market is undergoing massive expansion, with significant capacity additions projected through 2030, mainly in the United States and Qatar. According to the International Energy Agency (IEA), an unprecedented expansion of nearly 300 billion cubic meters (bcm) per year of new LNG export capacity is expected by 2030, based on projects that have already reached a final investment decision (FID) or are under construction. Over the past 3 years, the U.S. accounted for nearly three-quarters of global new FIDs for LNG projects. The U.S. is cementing its position as the world's largest exporter, with capacity projected to grow by around 60% from 2024 levels, thanks to ongoing projects such as Plaquemines LNG, Corpus Christi Stage 3 and Golden Pass coming online.
  
  Qatar’s North Field expansion projects are set to massively increase production capacity, aiming to solidify its role as a low-cost supplier despite expected delays due to the ongoing geopolitical upheavals.
  
  Meanwhile, Africa is poised to become a major player in the global LNG boom, with the continent set to account for about 93 million tons per annum (Mtpa), or approximately 20%, of new global capacity in development by 2030 with Sub-Saharan Africa alone expected to green-light 74 Mtpa of new LNG export capacity. Sub-Saharan Africa is experiencing a significant surge in LNG project expansion, driven by major projects in Mozambique, Tanzania, Nigeria and West Africa, aiming to quadruple output by 2050. Key projects include the $42 billion Tanzania LNG deal and the $20 billion Mozambique LNG project, which TotalEnergies (NYSE:TTE) recently restarted. Located on the Afungi Peninsula, the project is expected to produce over 13 million tonnes of LNG annually and generate $35 billion in revenue for Mozambique, with production set to commence in 2029. Source: Oilprice.com
- 2026-03-26
  Acta Marine takes delivery of second methanol dual-fuel CSOV
  A CSOV is a purpose-built offshore vessel designed to support the installation, maintenance, and operation of offshore energy infrastructure, particularly wind farms. Named Acta Hercules, the vessel is equipped with a methanol dual-fuel main engine,... Read more A CSOV is a purpose-built offshore vessel designed to support the installation, maintenance, and operation of offshore energy infrastructure, particularly wind farms.
  
  Named Acta Hercules, the vessel is equipped with a methanol dual-fuel main engine, allowing it to operate on both methanol and conventional marine fuels.
  
  The vessel will commence a five-year charter with Danish wind turbine company Vestas, supporting offshore wind projects across Northwest Europe. Its first assignment will be at the Hollandse Kust West project in the Netherlands, with operational management handled by Acta Marine France.
  
  Following the delivery of Acta Pegasus and the entry of Acta Hercules into service, the remaining vessels, Acta Gemini and Acta Aquarius, are scheduled for delivery later in 2026. Source: Engine
- 2026-03-26
  E-methane specialist TES joins SEA-LNG
  Tree Energy Solutions (TES), a developer of large-scale e-methane projects, has joined the SEA-LNG coalition. In a statement sent to ship.energy today (26 March), SEA-LNG said that TES has set itself a target of producing one million tonnes of e-methane... Read more
- 2026-03-26
  MPA: Singapore has ‘adequate’ marine fuel supply to meet industry demand
  As conflict in the Middle East continues to cause disruption to shipping routes and energy flows, the Chief Executive of the Maritime and Port Authority of Singapore (MPA), Ang Wee Keong, has said the world’s largest bunker port has enough marine fuel... Read more

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