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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
707.50
-51.00
700.00
+15.00
Feb 16
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	-51.00	700.00	+15.00	Feb 16

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
450.32	+4.40	540.26	+5.30	800.79	+7.06	Feb 20

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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	426	458	-32	477	509	-32	700	744	-44	Feb 20
Singapore	455	455	0	511	551	-40	704	737	-33	Feb 20
Fujairah	445	419	+26	508	541	-33	773	800	-27	Feb 20
Houston	375	428	-53	483	490	-7	684	752	-68	Feb 20

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Analytical Section
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Latest News
- 2026-02-20
  Oil heads for first weekly gain this month as US-Iran tensions rise
  Oil prices traded near six-month highs on Friday, heading for their first weekly gain in three weeks after U.S. President Donald Trump told Iran "bad things" will happen if it does not agree to a nuclear deal in the coming days. Brent crude futures edged... Read more Oil prices traded near six-month highs on Friday, heading for their first weekly gain in three weeks after U.S. President Donald Trump told Iran "bad things" will happen if it does not agree to a nuclear deal in the coming days.
  Brent crude futures edged down 8 cents, steadying at around $71.58 a barrel by 1442 GMT while U.S. West Texas Intermediate crude stood at $66.44.
  Over the week, Brent and WTI were both up about 5.3%.
  "Market players are now awaiting how tension in the Middle East will evolve over the weekend; the appetite to take profit and close a position is also limited ahead of the weekend," UBS oil analyst Giovanni Staunovo said.
  Iran’s foreign minister said on Friday he expected to have a draft counterproposal ready within days following nuclear talks this week as Trump said he was considering limited military strikes.
  BETTING ON HIGHER PRICES
  Iran, a major oil producer, lies opposite the oil-rich Arabian Peninsula across the Strait of Hormuz, through which about 20% of global oil supply passes. Conflict in the area could limit oil entering the global market and push up prices.
  "We’re waiting for a potential binary outcome, if we should take Trump’s words at face value," said Ole Hansen, head of commodity strategy at Saxo Bank. "The market is nervous, it’s going to be a wait-and-see day."
  
  Traders and investors ramped up purchases of call options on Brent crude in recent days, betting on higher prices, Saxo Bank analysis shows.
  Also supporting oil were reports of falling crude stocks and limited exports in the world’s biggest oil-producing and exporting countries.
  U.S. crude inventories dropped by 9 million barrels as refining utilisation and exports climbed, an Energy Information Administration report showed on Thursday. [EIA/S]
  Markets were also considering the impact of ample supply, with talks of OPEC+ leaning towards a resumption in oil output increases from April.
  The oil surplus that was evident in the second half of 2025 continued in January and is likely to persist, JP Morgan analysts Natasha Kaneva and Lyuba Savinova said in a note.
  "Our balances continue to project sizeable surpluses later this year," they said, adding that output cuts of 2 million barrels per day would be needed to prevent excess inventory builds in 2027. Source: Reuters/Investing.com
- 2026-02-20
  The Week in Alt Fuels: Methanol bunkering gathers steam
  Methanol bunkering infrastructure is beginning to follow the growing fleet as sales rise and new port activity emerges. The number of methanol-capable vessels in operation has risen to 112, up from 106 at the end of 2025, according to DNV data. A further... Read more Methanol bunkering infrastructure is beginning to follow the growing fleet as sales rise and new port activity emerges.
  
  The number of methanol-capable vessels in operation has risen to 112, up from 106 at the end of 2025, according to DNV data. A further 337 vessels on order are expected to join the global fleet by 2030.
  
  Global methanol bunkering activity has started to broaden as the methanol-capable fleet expands, with higher volumes recorded at major hubs and early activity emerging in smaller ports.
  
  Methanol bunker sales in Singapore rose from nil in December 2025 to 300 mt in January 2026. Bio-methanol sales in Rotterdam reached 12,000 mt across 2025, almost three times the volume recorded a year earlier.
  
  The Spanish port of Barcelona plans to host a methanol bunkering pilot in 2026.
  
  Earlier this month, Spanish oil storage operator Exolum, Canadian methanol producer Methanex and Danish renewable energy group Ørsted introduced bio-methanol bunkering at the Port of Immingham in the UK. Under the agreement, Exolum will provide storage and fuelling infrastructure at its Immingham facility and Methanex will supply the bio-methanol for Ørsted's offshore wind farm maintenance vessels.
  
  In Asia, Mitsui O.S.K. Lines and its partners completed Japan's first ship-to-ship methanol bunkering at anchorage in the Port of Yokohama. The Chinese government has outlined plans to develop 1 million mt/year of methanol and biofuel bunkering capacity in Shanghai by 2030.
  
  On the supply side, bunker vessel capacity is also expanding.
  
  Spanish bunker supplier Vilma Oil Med started operating a methanol dual-fuel IMO Type 2 chemical bunker tanker at the Port of Ceuta, adding dedicated capacity for methanol bunkering in the western Mediterranean.
  
  Separately, Hercules Tanker Management took delivery of the second vessel in a planned series of 10 methanol bunker tankers. The 7,700-dwt vessel, Hercules Elisabeth, can carry conventional bunker grades as well as alternative fuels including methanol and biofuels up to B100.
  
  Recent activity suggests that methanol bunkering infrastructure is beginning to respond to fleet growth.
  
  But the scale is uneven and access remains largely concentrated in a small number of major ports, with Rotterdam leading by volume. Early activity is emerging across a number of smaller ports, but availability beyond the established hubs is still limited and fragmented.
  
  In other news this week, methane industry body Gasnam has highlighted that the Iberian Peninsula is likely to overtake the Netherlands as a bunkering hub for liquefied natural gas (LNG) and its low-emission variants.
  
  The International Maritime Organization (IMO) is working towards allowing the certification of marine engines operating on non-carbon bunker fuels under draft amendments to its nitrogen oxides (NOx) rules, DNV reported.
  
  Marine fuel cell developer Genevos will develop a modular solid oxide fuel cell (SOFC) power unit for commercial vessels and cruise ships. The application will be first used on a research vessel operated by the German Aerospace Centre, Genevos said. Source: ENGIИE
- 2026-02-20
  ShoreLink delivering cold ironing solution to Port of Oslo
  ShoreLink has announced it is to deliver its CruiseLink Mobile S shore power solution to the Port of Oslo at the Filipstad cruise quay. In a social media post today (19 February), Tallinn-headquartered ShoreLink highlighted that the unit features a... Read more
- 2026-02-20
  Incat Crowther and SWITCH partnering on hydrogen fuel cell-electric fast ferry for New York
  Incat Crowther and SWITCH Maritime (SWITCH) are partnering on the design and regulatory approval process for a hydrogen fuel cell-electric fast ferry design that will be deployed in New York. The project team, which includes expertise spanning ferry... Read more
- 2026-02-20
  More Panamanian fuel coming to Peru to meet growing bunker demand
  One of Peru’s bunker suppliers has informed ship.energy that it has been ramping up its imports of fuel oil cargoes from Panama to meet the growing bunker demand at the port of Callao. In a message sent to ship.energy this week, Luis Goldenberg, the... Read more
- 2026-02-20
  GTT records increase in LNG fuel tank orders in 2025
  French LNG containment specialist GTT recorded a total of 18 orders for the design of cryogenic tanks for new LNG-powered container vessels last year, up from the 13 orders received in 2024. In its 2025 financial results, published yesterday (19 February),... Read more
- 2026-02-20
  Hanwha Ocean signs deals to strengthen Canadian shipbuilding
  South Korean shipbuilder Hanwha Ocean has signed a Memorandum of Understanding (MoU) with Ontario Shipyards aimed at re-establishing large-scale vessel construction capabilities in the Canadian province. The agreement will see Hanwha Ocean provide... Read more
- 2026-02-20
  Oil heads for first weekly gain in three as US-Iran tensions brew
  Oil prices rose on Friday, headed for their first weekly gain in three, on growing concerns a conflict may erupt between the U.S. and Iran, after Washington said Tehran will suffer if it does not agree a deal on its nuclear activity in a matter of days. Brent... Read more Oil prices rose on Friday, headed for their first weekly gain in three, on growing concerns a conflict may erupt between the U.S. and Iran, after Washington said Tehran will suffer if it does not agree a deal on its nuclear activity in a matter of days.
  Brent crude futures rose 25 cents, or 0.4%, to $71.91, while U.S. West Texas Intermediate crude gained 31 cents, or 0.5%, to $66.74 as of 0437 GMT.
  Prices settled at a six-month high on Thursday after U.S. President Trump said "really bad things" would happen if Iran does not come to an agreement regarding a nuclear programme it has said is peaceful but that the U.S. believes is militaristic. Trump set a deadline of 10 to 15 days.
  Iran, meanwhile, has planned a joint naval exercise with Russia, a local news agency reported, days after temporarily closing the Strait of Hormuz for military drills.
  "Crude oil prices have edged to six-month highs as concerns over potential supply risks from the Strait of Hormuz keep markets on edge," said Phillip Nova senior market analyst Priyanka Sachdeva.
  Iran lies opposite the oil-rich Arabian Peninsula across the Strait of Hormuz, through which about 20% of global oil supply passes. Conflict in the area could limit oil supplies entering the global market and push up prices.
  "Market focus has clearly shifted to escalating Middle East tensions after the failure of multiple rounds of U.S.-Iran nuclear talks, even as investors debate whether any actual disruption will materialise," Sachdeva added.
  
  Also supporting oil prices were reports of falling crude oil stocks and limited exports in the world’s biggest oil producing and exporting countries.
  U.S. crude inventories dropped by 9 million barrels, as refining utilisation and exports climbed, an Energy Information Administration report showed on Thursday. [EIA/S]
  Worries about how interest rates in the U.S.- the world’s largest oil consumer - could pan out limited oil price gains.
  "Recent Fed minutes pointing to steady rates or even the risk of further hikes if inflation stays sticky could cap demand," said Phillip Nova’s Sachdeva.
  Low interest rates are typically seen as supportive for crude prices.
  Markets were also mulling the impact of ample supply on prices, with talks of OPEC+ leaning towards a resumption in oil output increases from April.
  The oil surplus that was evident in the second half of 2025 continued in January and "is likely to persist", JP Morgan analysts Natasha Kaneva and Lyuba Savinova said in a client note.
  "Our balances continue to project sizable surpluses later this year," they said, adding that meant output cuts of 2 million barrels per day would be needed to prevent excess inventory builds in 2027. Source: Reuters/Investing.com
- 2026-02-20
  Civil War-Torn Sudan Sits On Unexplored Mineral Riches Worth Billions
  Long dominated by its agricultural and oil sectors, Sudan is now keen to unlock its vast mineral wealth as Africa's third-largest, and the world's thirteenth-largest, nation in terms of mineral diversity. Sudan is a major African gold producer, with the... Read more Long dominated by its agricultural and oil sectors, Sudan is now keen to unlock its vast mineral wealth as Africa's third-largest, and the world's thirteenth-largest, nation in terms of mineral diversity. Sudan is a major African gold producer, with the sector becoming a crucial source of foreign exchange following the loss of 75% of its oil revenue after the secession of South Sudan in 2011. However, ~75% of its resources remain unexplored, with deposits of copper, iron ore, chromite, zinc, base metals, uranium and various rare earth elements largely untouched.
  
  Now, in the throes of a civil war that erupted in April 2023, Sudan is courting investors to help develop the industry, hoping to take advantage of the Western world’s panic to secure non-Chinese rare earths supplies.
  
  In an interview with a visiting Turkish mining delegation in Khartoum, Ahmed Haroun Altom, director?general of Sudan’s General Authority for Geological Research, outlined the scale of the opportunity. Haroun highlighted state efforts to simplify licensing procedures and offer investment incentives, part of a broader strategy to boost foreign direct investment and diversify government revenue sources. He said the authority’s role encompasses geological surveying, evaluation and the dissemination of technical data to potential partners, efforts designed to reduce the risk premium for investors considering the country is still recovering from conflict and political instability.
  
  The Turkish delegation with interests spanning mining, energy, petrochemicals, and electric vehicles, described Sudan’s untapped geology as a key lure, underscoring the opportunity for strategic partnerships in mineral extraction and downstream processing. Haorun says Sudan’s geological base is “rich and diverse”, particularly for gold, energy minerals, and industrial ores”, despite detailed exploration and valuation work remaining limited.
  
  Sudan's mineral sector has expanded sharply in recent years, with gold becoming one of the country’s most valuable exports. The country achieved record gold output of 64.4 tonnes in 2024, generating approximately $1.6 billion in government revenue despite the ongoing civil war. Last year, Sudan’s gold production set yet another record at 70 tonnes, generating about $1.8 billion, or nearly 4% of GDP. This production was largely driven by continued operations in 90% of mining areas and increased regulation.
  
  Despite the sector’s size, Sudan’s industrial mining remains embryonic: according to research from Chatham House, much of the country’s output comes from artisanal and small?scale mining, which made up more than 80% of declared production. An estimated 1.5 million Sudanese people work in these small gold mines, operating outside formal government control. Both the Sudanese Armed Forces (SAF) and Rapid Support Forces (RSF) control different, resource-rich regions, using smuggling routes to neighboring countries including Chad, Eritrea, and Egypt as well as the UAE. The RSF largely controls gold mines in Darfur and the west, while the SAF controls areas in the north and east.
  
  The Sudanese government aims to attract foreign investments into the country’s minerals sector using a variety of legislative and tax incentives including tax holidays, duty exemptions and profit repatriation, alongside developing infrastructure to improve access to mining sites. The National Investment Encouragement Act protects foreign investors from nationalization and provides mechanisms for international dispute resolution.
  
  Sudan is also focusing on modernizing its geological database through the Geological Research Authority of Sudan (GRAS) to provide accurate maps and information, critical for investor confidence. The Sudanese government is prioritizing the rehabilitation and development of infrastructure to bolster the mining sector, which has shown significant recovery in recent years.
  
  The Ministry of Minerals has approved a 2026 strategic plan aimed at increasing the production of strategic minerals by enhancing infrastructure, including road and rail networks to facilitate exports. The plan aims to strengthen monitoring and increasing production rates while also streamlining operations through Port Sudan to improve the export of minerals. Sudan's infrastructure, particularly roads and transport, requires substantial, sustained investment of nearly $4.2 billion per year over the next decade to improve connectivity and economic efficiency.
  
  Further, the government is focusing on integrating renewable energy, particularly solar power, to supply electricity to remote and off-grid mining sites. This aligns with broader national efforts to move away from heavy reliance on imported fossil fuels for power generation.The World Bank is actively supporting the energy transition in Sudan, including a $76.3 million project that features the installation of 500 renewable energy systems, aimed at boosting electricity access and supporting businesses.
  
  That said, Sudan continues to derive significant benefit from its neighbor's oil economy. Last year, the country lifted a nearly year-long force majeure on South Sudanese oil exports, allowing repairs on the Petrodar pipeline and the resumption of shipments. This move followed new security agreements with Juba to ensure the safety of the pipeline, which was previously halted due to war damage in Sudan.
  
  South Sudan pays significant oil revenues--sometimes in-kind--to Sudan, primarily as fees for transporting its crude through Sudanese pipelines to international markets. Sudan receives ~$9 per barrel from its neighbor to the south for transportation and processing fees depending on the pipeline, plus a Temporary Financial Arrangement (TFA) payment to compensate for Sudan's loss of oil fields. South Sudan exports more than 90% of its 90,000 bpd oil output via pipelines running through Sudan to Port Sudan. Source: Oilprice.com
- 2026-02-20
  Why Blaming 32 Companies for Half the World’s CO2 Misses the Point
  Every few years, a statistic captures the climate debate and briefly dominates headlines. The latest one comes from an analysis highlighted by Inside Climate News, claiming that just 32 companies are responsible for roughly half of global carbon dioxide... Read more Every few years, a statistic captures the climate debate and briefly dominates headlines. The latest one comes from an analysis highlighted by Inside Climate News, claiming that just 32 companies are responsible for roughly half of global carbon dioxide emissions.
  
  It is a striking figure. It is also deeply unconstructive.
  
  Not because the data is wrong, but because the conclusion many draw from it has very little to do with how emissions can actually be reduced in a complex, fast-changing global energy system.
  
  Correlation Is Not Control
  
  Most of the companies on this list are familiar names. Oil and gas producers. Coal miners. Chemical manufacturers. State-owned energy giants. Their inclusion should surprise no one. These companies extract, process or sell the fuels and materials that underpin modern economies.
  
  They are, by definition, upstream nodes in the system.
  
  Assigning them responsibility for downstream emissions may feel morally satisfying, but it confuses accounting with agency. Emissions occur because energy is consumed, materials are demanded, and systems are built around those realities. Producers respond to that demand. They do not create it in isolation.
  
  This distinction matters. You cannot solve a system-level problem by isolating one layer of the system and treating it as the sole lever for change.
  
  Why Scope 3 Is a Dead End Argument
  
  Much of the pressure placed on these companies focuses on Scope 3 emissions, meaning the emissions generated by their customers. The idea is that producers should force or accelerate change across their entire value chain.
  
  In theory, this sounds reasonable. In practice, it quickly becomes performative.
  
  A company can influence its operations. It can decarbonise production, invest in cleaner processes, reduce methane leaks, electrify assets, and deploy carbon capture. What it cannot do is unilaterally change how billions of people, cities and industries use energy overnight.
  
  Expecting a fuel supplier to control the behaviour of end users is like asking a steelmaker to solve urban planning or a cement producer to redesign housing markets. Responsibility becomes so diffuse that it ceases to be actionable.
  
  The result is not faster decarbonisation. It is friction, litigation, and defensive corporate behaviour.
  
  These Companies Are Symptoms, Not the Disease
  
  The uncomfortable truth is that these 32 companies exist at scale because the current system demands what they supply. Aviation, shipping, construction, chemicals, food production, electricity and heating all rely on the outputs of these industries.
  
  Singling out producers without addressing consumption patterns, infrastructure lock-in and policy design is like blaming a mirror for what it reflects.
  
  Yes, these companies must change. Many already are, albeit unevenly. But they are not always in the driving seat. In many cases, they are responding to regulatory frameworks, price signals and national energy strategies over which they have limited control.
  
  State-owned enterprises, in particular, often operate as instruments of national policy rather than independent market actors. Asking them to move faster than the systems they serve is politically unrealistic.
  
  Why the Narrative Is Counterproductive
  
  Publicly concentrating blame on a handful of companies may feel like accountability, but it risks hardening positions at exactly the wrong moment.
  
  Decarbonisation requires cooperation across value chains. It requires producers, consumers, regulators, financiers and technology providers to move in concert. Framing the transition as a morality play with clear villains undermines that cooperation.
  
  It also distracts from where emissions reductions are actually achieved. Not in balance sheets, but in infrastructure decisions. Power plants. Industrial furnaces. Vehicle fleets. Buildings. Supply chains.
  
  If the goal is to reduce emissions, the question should not be who to shame, but where intervention delivers the highest impact per euro, per regulation, per unit of political capital.
  
  Transition Pathways Matter More Than Attribution
  
  The most constructive role for large emitters is not to be isolated and pressured, but to be integrated into credible transition pathways.
  
  Oil and gas companies, for example, control assets, expertise and capital that are essential for carbon capture, hydrogen, geothermal energy and large-scale infrastructure deployment. Chemical companies are central to developing low-carbon materials and circular processes. Coal-heavy utilities can accelerate grid transformation if given the right incentives and frameworks.
  
  None of this happens through public finger-pointing. It happens through clear policy, predictable regulation and market mechanisms that reward decarbonisation rather than merely penalising emissions.
  
  If anything, focusing excessively on historical responsibility risks slowing the transition by turning potential partners into adversaries.
  
  Decarbonisation Is a System Design Problem
  
  Climate change is not solved by identifying who emitted what. It is solved by redesigning energy, industrial and economic systems so that emissions no longer occur.
  
  That means electrification where possible. Renewable deployment at scale. Grid expansion. Storage and flexibility. Carbon capture for residual emissions. Demand-side efficiency. Carbon pricing that actually works.
  
  Producers play a role in all of this, but so do governments, cities, consumers and investors. When responsibility is framed too narrowly, accountability becomes theatrical rather than effective.
  
  The energy transition will not be won in courtrooms or opinion pieces. It will be won in permitting offices, planning ministries, engineering teams and investment committees.
  
  A Better Use of the Data
  
  The analysis showing the concentration of emissions can still be useful if interpreted correctly. It highlights where engagement matters. It shows where transition finance, technology deployment, and policy dialogue can have outsized effects.
  
  Used that way, the data becomes a roadmap, not a verdict.
  
  The question should not be how to punish these companies, but how to help them change faster without breaking the systems they support. That requires pragmatism, not purity.
  
  Pressure without pathways leads to resistance. Pathways without pressure lack urgency. The balance is difficult, but necessary.
  
  Less Blame, More Transition
  
  There is nothing wrong with demanding faster decarbonisation. There is something wrong with pretending it can be achieved by isolating a handful of companies from the systems that made them large.
  
  If we genuinely want emissions to fall, we should focus less on naming and shaming and more on building transition pathways that work at scale. The world does not need fewer companies. It needs better systems. Source: Oilprice.com

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