Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 430.00
-68.00
1 372.00
-3.00
Sep 29
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 430.00	-68.00	1 372.00	-3.00	Sep 29

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
701.93	+0.26	843.29	+1.03	1 525.17	+3.29	Oct 1

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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	612	714	-102	669	811	-142	1 372	1 620	-248	Oct 1
Singapore	724	754	-30	849	927	-78	1 274	1 613	-339	Oct 1
Fujairah	665	702	-37	938	867	+71	1 645	1 676	-31	Oct 1
Houston	540	664	-124	730	783	-53	1 370	1 487	-117	Oct 1

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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
- 2026-10-01
  Oil prices turn higher amid diplomatic uncertainty, Gulf supply recovery hopes
  Oil prices marched higher on Thursday, as traders weighed signs of recovering Middle East crude flows against uncertainty over diplomatic efforts to end the Middle East conflict. Brent crude futures for December rose 2.1% to $100.12 per barrel by... Read more Oil prices marched higher on Thursday, as traders weighed signs of recovering Middle East crude flows against uncertainty over diplomatic efforts to end the Middle East conflict.
  
  Brent crude futures for December rose 2.1% to $100.12 per barrel by 08:43 ET (12:43 GMT), while U.S. West Texas Intermediate (WTI) crude futures gained 1.2% to $91.48 a barrel.
  
  The front-month Brent contract, which expired on Wednesday, settled at $103.50 in the previous session. Brent gained about 14% in September, its biggest monthly increase since July, while WTI rose about 5%.
  
  "[A]s European traders arrived at their desks, oil suddenly shot higher. It’s not entirely clear what triggered this move, although it could be linked to a statement from Ukrainian President [Volodymyr] Zelensky who said that Ukraine had attacked another Russian oil facility," said David Morrison, Senior Market Analyst at Trade Nation in a note. Ukraine has been successfully targeting Russian energy infrastructure and refining facilities in recent months, causing a shortage of refined produces, such as diesel, Morrison said.
  
  Meanwhile, media reports have suggested that there has been some recovery in Gulf oil flows, potentially bolstering the supply outlook. Middle East crude exports reached 16.328 million barrels per day in September, their highest level since the conflict began in February, Kpler data showed this week.
  
  Additionally, Saudi Arabia resumed tanker loadings from the key Red Sea port of Yanbu, after the kingdom restarted operations at its east-west pipeline stretching the width of the country.
  
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  However, regional flows remain below pre-conflict levels. Kpler data showed Middle East exports in September were still about 3.2 million barrels per day below February levels, leaving the market sensitive to any renewed disruption.
  
  Diplomacy is also in focus. Iran said on Wednesday it had received a U.S. response to its latest proposal for restoring a ceasefire, after President Donald Trump rejected an earlier plan that involved reopening the Strait of Hormuz in exchange for lifting the U.S. blockade on Iranian ports.
  
  Elsewhere, U.S. crude inventories rose by 922,000 barrels last week, compared with a 700,000-barrel draw expected by analysts, the Energy Information Administration reported on Wednesday.
  
  Fuel inventories, however, pointed to tighter markets. Gasoline stocks fell 1.7 million barrels, while distillate stocks, which include diesel and heating oil, dropped 2.3 million barrels.
  
  Trump said on Wednesday that he was still discussing a possible ban on U.S. diesel exports, despite the White House previously denying a report that it was preparing a 90-day blanket ban. The issue has gained urgency as U.S. diesel prices reached a record $6.53 a gallon last week, while U.S. diesel inventories remain at historically low levels.
  
  Source: Investing.com
- 2026-10-01
  Carnival posts ‘best ever revenues’ and ‘all-time high net income’
  Cruise shipping giant Carnival Corporation has reported ‘best ever revenues’ and an ‘all-time high’ net income of $1.9 billion for the third quarter (Q3) of 2026 – despite an increase in fuel costs. In a statement issued yesterday (29 September), Carnival... Read more
- 2026-10-01
  Nakilat names new dual-fuel LPG/ammonia carrier Energy North
  Qatar Gas Transport Company Limited (Nakilat) has named the latest LPG/ammonia carrier to join its fleet during a ceremony held at the HD Hyundai Samho shipyard in Yeongam, South Korea. In a statement issued today (30 September), Nakilat said that... Read more
- 2026-10-01
  Scorpio Tankers orders scrubber-equipped newbuildings
  Monaco-based Scorpio Tankers has announced it has entered into an agreement to purchase four newbuilding vessels comprising two LR2 product tankers and two very large crude carriers (VLCC). All four vessels will be equipped with scrubbers, the company... Read more
- 2026-10-01
  Latest 24,000 TEU LNG dual-fuel boxship joins CMA CGM fleet
  CMA CGM has announced the latest addition to its new generation of French-flagged containerships. With a capacity of 24,212 TEU (twenty-foot equivalent unit), the CMA CGM Orsay follows the CMA CGM Notre Dame and CMA CGM Pantheon as part of a series... Read more
- 2026-10-01
  Monthly alternative-fuelled vessel orders hit near 2-year high
  The 69 orders for alternative-fuelled vessels recorded last month marked the highest monthly total since October 2024, according to the latest figures from DNV’s Alternative Fuels Insight (AFI) platform. Moreover, the total of 168 orders placed in... Read more
- 2026-10-01
  Oceania Bunkering Mozambique set to start offering STS deliveries of LSMGO in Beira this month
  Marine fuel supplier Oceania Bunkering Mozambique has informed ship.energy that it will be officially launching its new ship-to-ship (STS) bunker delivery service of low sulphur marine gasoil (LSMGO) later this month. Representatives told ship.energy... Read more
- 2026-10-01
  IINO Lines and Mizuho Bank agree transition loan for LPG dual-fuel VLGC
  Japan’s Mizuho Bank has arranged for a transition loan to finance IINO Lines’ acquisition of the LPG dual fuel LUMI AURORA very large gas carrier (VLGC) as part of the shipping company’s Green Transition Finance Framework. A transition loan is designed... Read more
- 2026-10-01
  MABUX: Bunker Monthly Outlook, September 2026.
  September’s bunker market was driven primarily by geopolitical and supply-side factors. Middle East uncertainty, reduced Gulf and Russian product flows, and tight distillate and VLSFO supply supported prices, while weaker global oil demand expectations... Read more September’s bunker market was driven primarily by geopolitical and supply-side factors. Middle East uncertainty, reduced Gulf and Russian product flows, and tight distillate and VLSFO supply supported prices, while weaker global oil demand expectations partly offset upward pressure. The key market drivers included:
  • Middle East conflict and Strait of Hormuz: Supply and shipping disruptions kept the geopolitical risk premium elevated, driving bunker market volatility and briefly pushing Brent above USD 110/bbl.
  • Tight crude supply. Lower Gulf output and falling global inventories increased supply pressure and reduced market buffers.
  • Persistent distillate tightness. Diesel and gasoil remained among the strongest parts of the barrel. Gulf diesel/gasoil exports stayed substantially below pre-conflict levels, while refinery capacity elsewhere struggled to compensate. This provided particularly strong support to MGO LS bunker prices.
  • VLSFO blending-component constraints. Strong distillate margins increased competition for low-sulphur blending components, limiting VLSFO availability and supporting VLSFO prices relative to crude and HSFO.
  • Regional bunker supply imbalances. Physical availability differed significantly between major hubs, producing substantial deviations between market bunker prices and underlying benchmark values. By Sep. 30, MABUX MDI showed all four major hubs—Rotterdam, Singapore, Fujairah and Houston—underpriced in the MGO LS segment, while regional differences persisted for HSFO and VLSFO.
  • Higher European compliance costs. RED III requirements increasingly affected Northwest European bunker economics. In Rotterdam, higher compliance costs weakened competitiveness versus neighboring ports such as Antwerp and Hamburg and contributed to shifts in bunker demand.
  • Rising LNG bunker prices. LNG strengthened during September as European gas prices moved higher amid tighter LNG supply and concerns over relatively low European storage levels. This reduced LNG's price competitiveness against conventional bunker fuels in several locations.
  
  By the end of September, the 380 HSFO index had increased by $79.31, from $622.00/MT at the end of August to $701.31/MT. The VLSFO index rose by $69.36, reaching $845.00/MT compared with $775.64/MT at the end of August. The MGO LS index posted a sharp increase of $167.28, climbing from $1,349.80/MT at the end of August to $1,517.08/MT. The steep rise in bunker quotations in September was driven primarily by a new wave of escalation in the military conflict between the United States and Iran, which significantly increased the geopolitical risk premium embedded in crude oil and oil product prices. At the time of writing, bunker indices were trading close to their peak levels.
  
  The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — continued to narrow in September, declining by $9.95, from $153.64 at the end of August to $143.69. The monthly average, however, increased by $3.75. In Rotterdam, the SS Spread contracted by $55.00, from $120.00 at the end of August to $65.00, falling below the $100.00 SS Benchmark. The monthly average decreased by $24.54. In Singapore, the 380 HSFO/VLSFO price differential narrowed by $27.00, from $152.00 in August to $125.00, while the port’s monthly average declined by $30.84. The continued narrowing of the SS Spread indicates a gradual stabilization of the market and its adaptation to the prevailing geopolitical environment. At the same time, a potential decline below the psychological $100 threshold could negatively affect the economic attractiveness of using high-sulfur 380 HSFO in combination with scrubbers compared with conventional VLSFO. We expect the SS Spread to maintain a moderate downward trend in October. More detailed information is available in the “Differentials” section at mabux.com.
  
  By the end of September, the ECA Spread (ES) — the price differential between ULSFO and MGO LS — in Istanbul shifted into a phase of moderate contraction, declining by $50.00, from $125.00 at the end of August to $75.00, thereby falling below the psychological $100 threshold. The monthly average decreased by $85.17. Overall, the ECA Spread has begun to show signs of gradual narrowing, suggesting a relative stabilization of the market. We expect the ECA Spread dynamics to see no substantial changes in October. More detailed information is available in the “Differentials” section at mabux.com.
  
  Europe is heading into winter with gas storage levels among the lowest in the past two decades. Middle East tensions have disrupted LNG supplies from Qatar, pushing gas and LNG prices sharply higher in Europe and Asia while intensifying competition for cargoes that can avoid geopolitically sensitive maritime chokepoints. Despite already elevated price levels, LNG still has significant upside potential, with prices potentially rising by around one-third. Low European inventories, limited supply flexibility and strong competition between European and Asian buyers for spot LNG cargoes are expected to keep the market under upward pressure through the winter season.
  
  As of September 28, gas storage levels in European underground facilities continued to rise moderately, reaching 71.16% of total capacity, up 6.43 percentage points from 64.73% at the end of August. Storage levels were also 9.70 percentage points above the level recorded at the beginning of the year (61.46%). The European gas benchmark TTF was virtually unchanged by the end of September, edging down by just EUR 0.004/MWh, from EUR 69.809/MWh at the end of August to EUR 69.805/MWh. However, the relatively stable month-end result masked significant intra-month volatility, with TTF quotations surging to as high as EUR 82.500/MWh during September.
  
  The price of LNG as bunker fuel in the port of Sines (Portugal) continued to rise in September, gaining USD 123 to USD 1,608/MT, compared with USD 1,485/MT at the end of August. At the same time, the price differential between LNG and conventional bunker fuel remained in favor of conventional fuel but narrowed significantly to USD 28, versus USD 80 in August. At the end of September, MGO LS was quoted at USD 1,580/MT in the port of Sines. More detailed information is available in the LNG Bunkering section at mabux.com.
  
  By the end of September, the MABUX Market Differential Index (MDI) — the correlation between market bunker prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — showed the following trends across the world’s four major bunkering hubs: Rotterdam, Singapore, Fujairah and Houston.
  
  In the 380 HSFO segment, Fujairah remained the only overvalued port, although its premium narrowed by 15 points, bringing the MDI closer to the 100% MBP/DBP correlation mark. The other three ports stayed in the undervalued zone. Average weekly discounts widened by 44 points in Rotterdam, 15 points in Singapore and 18 points in Houston. Houston’s MDI exceeded the $100 mark.
  
  In the VLSFO segment, Singapore returned to the undervalued zone, joining Rotterdam and Houston. Average undervaluation levels widened by 17 points in Rotterdam, 71 points in Singapore and 46 points in Houston. Fujairah remained the only overvalued port, with its premium increasing by 13 points.
  
  In the MGO LS segment, all four ports stayed in the undervalued zone. MDI levels declined by 101 points in Rotterdam and 17 points in Fujairah, while increasing by 72 points in Singapore and 17 points in Houston. MDI values in Rotterdam, Singapore and Houston exceeded the $100 mark.
  
  Overall, the overvaluation/undervaluation balance across the key global bunkering hubs saw no substantial changes in September, with undervaluation continuing to dominate across all three fuel segments. The most notable shift was Singapore’s return to the undervalued zone in the VLSFO segment. Significant MBP/DBP differentials, exceeding $100 in several ports, indicate a persistent imbalance between market bunker prices and the MABUX digital benchmark. In October, we expect MDI dynamics to remain mixed, with an overall predominance of undervaluation amid continued geopolitical tensions in the Middle East.
  
  More detailed information on the correlation between market bunker prices and the MABUX digital benchmark is available in the “Digital Bunker Prices” section at mabux.com.
  
  Other Global Bunkering Trends
  
  • Port emissions: New UCL research indicates that around 10% of global shipping GHG emissions occur within port areas, highlighting ports as an important focus for maritime decarbonization measures.
  • Nuclear propulsion: NEMO is advancing regulatory, insurance, liability and port-readiness frameworks for maritime nuclear power. Initial deployment could focus on fixed-route and ice-class vessels, as well as energy-intensive offshore operations, while several major industry players are already assessing nuclear propulsion and onboard power applications.
  • Low-emission fuels: DNV estimates that bunker demand for low-emission fuels could be more than five times higher by 2050 under a global IMO regulatory framework. However, delays and proposed revisions to the IMO Net-Zero Framework continue to create uncertainty over the pace of the fuel transition.
  • LNG and ammonia: DNV expects the global LNG bunker vessel fleet may need to more than double by 2030 to meet rising demand from LNG-fuelled ships. At the same time, LNG bunkering infrastructure, operational expertise and safety standards could provide a foundation for the future development of ammonia bunkering.
  
  The global bunker market is expected to stay volatile in October, with geopolitical developments in the Middle East and the Strait of Hormuz remaining the key drivers. Tight crude and distillate supply, low inventories and regional bunker availability constraints should continue to support prices, particularly for MGO LS. At the same time, weaker global oil demand and a gradual recovery in Gulf flows could limit further upside. Overall, MABUX expects a moderate upward trend in October, while any further geopolitical escalation remains the key upside risk.
  Source: MABUX
- 2026-10-01
  Oil prices barely changed as investors assess US-Iran peace talks and Gulf exports
  Oil prices were nearly flat in early Asia trade on Thursday, following the previous day’s gains and steep monthly rises, as investors assessed the outcome of US-Iran peace talks and the outlook for Middle East crude exports. Brent crude futures rose... Read more Oil prices were nearly flat in early Asia trade on Thursday, following the previous day’s gains and steep monthly rises, as investors assessed the outcome of US-Iran peace talks and the outlook for Middle East crude exports.
  
  Brent crude futures rose 12 cents or 0.1%, to $98.15 a barrel by 0045 GMT, while US West Texas Intermediate crude was at $90.35 a barrel, down 7 cents, or 0.1%.
  
  Both benchmarks rose about $1 a barrel on Wednesday. Brent recorded a monthly gain of around 14% in September, its biggest since July, while WTI increased by about 5% on the month.
  
  "Although buying continued amid supply concerns as peace talks stalled, selling pressure also prevailed as Middle Eastern oil exports showed signs of recovery," said Toshitaka Tazawa, an analyst at Fujitomi Securities, citing Saudi Arabia’s resumption of exports from its Red Sea port of Yanbu as a key factor.
  
  A new catalyst, such as progress in peace negotiations, will be needed for WTI to break below the immediate support level of $88 a barrel, he added.
  
  Qatar said on Tuesday it hopes that shuttle diplomacy between Tehran and Washington can lead to a breakthrough.
  
  However, US President Donald Trump denied reports by Axios and CNN that cited US officials as saying he was willing to give Iran sanctions relief and release frozen Iranian funds in return for "concrete" steps by Tehran on its nuclear programme.
  
  On Tuesday, Saudi Arabia resumed oil tanker loadings from Yanbu after restarting operations on its East-West Pipeline.
  
  Goldman Sachs estimates Gulf oil exports, including "dark exports" involving ships operating with their location transponders turned off, have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average, as exports doubled in September, it said in a note on Tuesday.
  
  Also, OPEC+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday, two people with knowledge of the matter told Reuters.
  
  Meanwhile, US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, the EIA said, compared with analysts’ expectations in a Reuters poll for a 264,000-barrel draw. But fuel inventories fell sharply on strong seasonal and global demand. [EIA/S]
  
  Source: Reuters/Investing.com

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