Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
716.50
+9.00
734.00
+20.00
Feb 24
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	716.50	+9.00	734.00	+20.00	Feb 24

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
455.01	+3.80	551.99	+4.19	816.26	+1.45	Feb 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	441	452	-11	491	503	-12	734	769	-35	Feb 27
Singapore	439	449	-10	515	545	-30	709	762	-53	Feb 27
Fujairah	417	413	+4	512	535	-23	769	825	-56	Feb 27
Houston	390	421	-31	493	480	+13	706	751	-45	Feb 27

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Latest News
- 2026-02-27
  Oil prices rise as U.S., Iran talks end in stalemate; Venezuela sales eyed
  Oil prices rose Friday after the negotiations over Iran’s nuclear ambitions ended in stalemate, raising fears over a military solution disrupting supplies from the Middle East. At 07:50 ET (12:50 GMT), Brent oil futures for April rose 2.4% to $72.54... Read more Oil prices rose Friday after the negotiations over Iran’s nuclear ambitions ended in stalemate, raising fears over a military solution disrupting supplies from the Middle East.
  At 07:50 ET (12:50 GMT), Brent oil futures for April rose 2.4% to $72.54 a barrel, and West Texas Intermediate crude futures gained 2.6% to $66.89 a barrel.
  Both contracts were poised to deliver healthy gains for February as supply risks from heightened geopolitical tensions prompted solid demand.
  Get more price insights on oil markets by subscribing to InvestingPro
  Iran-U.S. talks end in stalemate
  U.S.-Iran talks over Tehran’s nuclear ambitions concluded on Thursday with no clear deal being inked.
  Both sides signaled that they will resume negotiations soon, with technical-level discussions also set to take place next week in Vienna, mediator Oman said.
  Tensions over Iran were a major driver of oil prices in February, especially as the U.S. amassed a major military force in the Middle East and threatened action if Tehran did not accept a deal.
  "While there are efforts to find a diplomatic solution, the buildup of U.S. military assets means there is the very real risk of significant escalation in the event a deal cannot be reached," said analysts at ING, in a note. "The market is pricing in a large risk premium due to this uncertainty; we believe as much as US$10/bbl."
  “Oil supply could be anywhere between 10mb/d lower or 1mb/d higher than current levels, depending on the outcome of current peace talks,” ANZ analysts said in a note.
  
  “However, the Strait of Hormuz is the focus. Anything short of sustained disruption to oil supplies in that waterway would likely see only temporary rallies in the oil price,” ANZ analysts said, adding that the Organization of Petroleum Exporting Countries was likely to release more production to offset supply disruptions.
  The Strait of Hormuz is a key shipping channel in the Middle East, with Iran controlling the northern coast of the crossing. Any major conflict with the country is likely to disrupt shipping through the channel.
  Venezuela oil sales set to ramp up under U.S. agreement
  Oil sales under a recent supply deal between the U.S. and Venezuela are expected to reach $2 billion by end-February, U.S. officials said on Thursday.
  This comes after Washington took control of Venezuela’s oil industry at the beginning of the year with President Nicolas Maduro’s capture by U.S. forces.
  Since then, Venezuela has ramped up domestic production, with global trading houses Vitol and Trafigura also marketing a bulk of the country’s oil. Several buyers in Asia and Europe, including key oil consumer India, are set to receive Venezuelan oil in the coming weeks.
  Venezuela’s return marks a sharp increase in global oil supplies– a trend that could pressure crude in the coming months. Fears of a supply glut in 2026 were a major weight on crude in recent months. Source: Investing.com
- 2026-02-27
  The Week in Alt Fuels: Spain anchors Iberian biomethane push
  The Iberian Peninsula is projected to overtake the Dutch lead in methane bunkering. And Spain could power most of Iberia’s biomethane push. A recent report by industry body Gasnam projects that the Iberian Peninsula could overtake the Netherlands as... Read more The Iberian Peninsula is projected to overtake the Dutch lead in methane bunkering. And Spain could power most of Iberia’s biomethane push.
  
  A recent report by industry body Gasnam projects that the Iberian Peninsula could overtake the Netherlands as Europe’s leading bunkering hub for liquefied natural gas (LNG) and its low-emission variants like bio- and e-methane this year.
  
  “Iberia challenges the hegemony of the north of the continent,” Gasnam notes.
  
  The study says a key reason could be that most bunkering activity in the Netherlands is concentrated in the port of Rotterdam, while activity in Iberia is spread across a wider range of ports in Spain, Portugal and Gibraltar.
  
  This geographic spread is reinforced by the peninsula’s location at the western edge of continental Europe, linking the Mediterranean with the Atlantic Ocean and sitting at a key crossroads for shipping traffic between the Americas, Africa and the rest of Europe.
  
  LNG bunkering is widely established across Spain, with a range of ports offering physical deliveries of the fuel, including smaller locations such as Motril, Almeria, Denia, Tenerife and Valencia.
  
  Liquefied biomethane (LBM) bunkering has become more widespread in Spain. ENGINE’s analysis shows that physical LBM deliveries are available in several Spanish ports including Algeciras, Barcelona, Malaga, Cartagena, Bilbao, Huelva, Gijón and Vigo.
  
  In comparison, only a few of ports in Portugal, such as Porto, Sines and Leixoes, have seen LBM bunkering activity to date.
  
  On the infrastructure side, LBM bunkering in Spain benefits from a well-developed natural gas transmission grid.
  
  This can allow the region’s biomethane producers to move volumes for bunkering without physically delivering the fuel to ports, by injecting biomethane anywhere in the gas grid using a mass balance system. Suppliers can then withdraw it as certified green gas.
  
  In addition, a partnership between CycleØ and Nedgia has established private biomethane grid connections in Spain so that remote production sites can be directly connected to the national gas grid.
  
  Another advantage lies in the physical integration of ports and gas infrastructure. Several regasification terminals in Spain are located near ports, allowing fuel to be delivered directly to vessels from the terminals - although cargo ships will often get preference for terminal slots.
  
  For instance, Enagás operates seven regasification plants in Spain and all of them can perform for terminal-to-ship bunker operations. The facilities in Barcelona, Cartagena, Huelva and Gijón have already supplied LBM to ships.
  
  The Reganosa-owned Mugardos Energy Terminal in Galicia is also ready to supply LBM for bunkering, offering both truck-to-ship and terminal-to-ship deliveries.
  
  Bunkering readiness extends to vessel availability, with physical suppliers including Axpo, Titan/Molgas, Peninsula and Enagás deploying bunker vessels to deliver LNG and LBM across Spanish and wider Iberian ports.
  
  A study by Consultancy EU published last March found that 12 of Spain's 14 installed biomethane plants were connected to the national gas grid with output estimated around 0.5 terawatt hours/year (TWh/year).
  
  Some producers are already positioning themselves for producing higher volumes as demand is expected to rise over time, particularly as FuelEU Maritime’s compliance target will tighten from 2030.
  
  Moeve plans to develop 30 biomethane facilities across Spain by 2030, with a combined expected capacity of around 4 TWh/year, or roughly 260,000 mt/year.
  
  Five Bioenergy is also expanding its footprint, with four biomethane plants under construction in Spain with a combined capacity of at least 640 gigawatt hours/year, equivalent to about 42,000 mt/year. German energy firm Uniper has agreed to purchase biomethane from three of these plants, with deliveries scheduled to begin from 2027.
  
  For now, Spain’s bunkering ecosystem appears to be keeping pace with early LBM demand, with infrastructure and supply broadly aligned with current requirements.
  
  In other news this week, the Canadian Arctic and the Norwegian Sea are set to become new emission control areas (ECAs) from 1 March. While the ECAs will formally enter into force then, the main operational requirement for ships to use fuel with a sulphur cap of 0.10% will apply from 1 March 2027.
  
  German engine manufacturer Everllence and Brazilian mining major Vale will develop an ethanol-powered engine based on Everllence’s two-stroke, dual-fuel platform. Because ethanol remains liquid at standard temperatures and pressures, it can be handled using conventional bunkering and onboard fuel systems without major modifications, Everllence said.
  
  Global logistics firm DSV will use German shipowner Hapag-Lloyd’s biofuel consumption to claim around 18,000 mtCO2-equivalent of well-to-wake emissions reductions over two years under a book-and-claim arrangement.
  
  London-based shipping firm RFOcean has signed a binding long-term off-take agreement with global renewable fuel producer ETFuels to purchase e-methanol at a fixed price from 2030. The fuel will be supplied from ETFuels’ 120,000 mt/year Rattlesnake Gap e-methanol project in West Texas in the US. Source: ENGIИE
- 2026-02-27
  Carbon Direct and C2X join forces on US forestry residue-to-biofuel project
  The Beaver Lake project will use an oversupply of forestry residue in Louisiana, resulting from a downturn in the US pulp and paper industry, to produce bio-methanol for use in hard to abate sectors such as shipping and aviation. Beaver Lake is repurposing... Read more
- 2026-02-27
  NorthStandard publishes white paper on shipping’s adoption of biofuels
  P&I Club NorthStandard, working with bunker supplier World Fuel and fuel testing agency VPS, has published a discussion document which looks at biofuel uptake, potential issues and loss prevention measures There is increasing uptake of fuel blends... Read more
- 2026-02-27
  Green methanol is a safe long-term bet, says Maersk’s former Head of Future Fuels
  In a social media post yesterday (27), Maria Strandesen said that her five years as Head of Future Fuels at Maersk and two years as an independent advisor have led her to one conclusion: ‘E-methanol remains one of the long-term winning fuels for shipping.’ Strandesen,... Read more
- 2026-02-27
  Synergy Marine assumes technical management of methanol dual-fuel Maersk
  Synergy Marine Group has announced the addition of the methanol dual-fuel Maersk Finisterre under the technical management of Synergy Pacific Pvt. The 5,915 TEU (twenty-foot equivalent unit) vessel is owned by NKS Canopus (Nissen Kaiun Singapore Group)... Read more
- 2026-02-27
  APM Terminals running operations at Balboa
  APM Terminals has this week begun temporary operations at the Panama’s Port of Balboa. In a statement issued on Tuesday (24 February), the company said it will be operating the terminal for a period of ‘up to 18 months’. Marliz Bermudez, CEO of... Read more
- 2026-02-27
  Oil prices edge lower after US, Iran extend talks
  Oil prices fell on Friday and were on track for a weekly decline after the United States and Iran extended talks over the OPEC member’s nuclear programme, easing concerns about potential hostilities that could disrupt supply. Brent crude futures lost... Read more Oil prices fell on Friday and were on track for a weekly decline after the United States and Iran extended talks over the OPEC member’s nuclear programme, easing concerns about potential hostilities that could disrupt supply.
  Brent crude futures lost 28 cents, or 0.4%, to $70.47 a barrel. WTI futures fell 29 cents, or 0.44%, to $64.92.
  For the week, Brent was heading for a 1.8% decline, while WTI was set to fall around 2.2%, reversing some of the previous week’s gains.
  The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute to avert a conflict after U.S. President Donald Trump ordered a military build-up in the region.
  During the talks, oil prices gained more than a dollar a barrel after media reports indicated the discussions had stalled over U.S. insistence on zero enrichment of uranium by Iran, as well as a demand for the delivery of all 60% enriched uranium to the United States.
  However, prices eased after the Omani mediator said the two sides had made progress in their talks.
  They plan to resume negotiations with technical-level discussions scheduled to take place next week in Vienna, Omani Foreign Minister Sayyid Badr Albusaidi said in a post on X after the meetings in Geneva.
  "While this initially allayed concerns of imminent U.S. military action, it leaves little time to reach a deal before President Trump’s deadline of 1–6 March," said Daniel Hynes, an analyst at ANZ.
  Source: Reuters/Investing.com
- 2026-02-27
  India’s Solar Manufacturers Slapped With 126% U.S. Tariff
  The U.S. Department of Commerce has imposed a 126% preliminary countervailing duty on Indian solar cells and modules, effectively closing off the lucrative U.S. market and exacerbating overcapacity issues for India’s burgeoning solar sector. The levies... Read more The U.S. Department of Commerce has imposed a 126% preliminary countervailing duty on Indian solar cells and modules, effectively closing off the lucrative U.S. market and exacerbating overcapacity issues for India’s burgeoning solar sector.
  
  The levies follow a complaint by the Alliance for American Solar Manufacturing and Trade (AASMT), claiming that Indian firms benefited unfairly from government subsidies. AASMT, a coalition that includes U.S.-based First Solar (NASDAQ:FSLR) and Mission Solar as well as China’s Hanwha Qcells, filed petitions in July 2025 alleging that solar imports from India, Indonesia, and Laos benefited from unfair government subsidies.
  
  More specifically, AASMT alleged that Indian solar firms received state support through various programs, including the Advance Authorisation Program, Duty Drawback Program and Export Promotion of Capital Goods (EPCG) Scheme. Major Indian solar stocks, including Adani Green Energy, Waaree Energies, Premier Energies and Vikram Solar, saw their share prices crash following the announcement.
  
  The Trump tariffs could not have come at a worse time for India’s solar sector: Indian solar imports to the U.S. have rocketed over the past couple of years, growing from $84 million in 2022 to nearly $793 million in 2024, thanks in large part to Prime Minister Modi’s flagship production-linked incentive scheme (PLI). Launched in April 2020, PLI provides financial incentives, typically 4% to 6% of incremental sales with 2020 as the base year, to companies for manufacturing goods within India in a bid to encourage industrial production growth.
  
  The scheme mainly targets strategic sectors such as renewable energy, automobiles, electronics and pharmaceuticals. Unlike upfront subsidies, the incentives are paid out only after companies meet specific, predetermined annual thresholds for increased production and sales. The financial benefits are generally paid over a period of 4 to 6 years. The subsidies are designed to help India cut reliance on Chinese solar imports as the country attempts to meet its target to have at least 500 gigawatts installed renewable capacity by 2030.
  
  The tariffs are likely to present a major roadblock to India’s roaring solar sector with India’s solar manufacturing capacity having grown 13-fold since 2020. India’s solar module manufacturing is already experiencing significant overcapacity, with the current capacity of ~160 GW vastly outpacing annual domestic demand at 45-50 GW. India primarily exports solar modules and cells to the United States, which accounted for more than 90% of total exports in 2024. Driven by anti-dumping duties on Chinese goods, U.S. developers have been prioritizing non-Chinese, ethically sourced panels, which has significantly increased demand for Indian solar products.
  
  Thankfully, India’s solar sector has a couple of workarounds to help it navigate the tariff shocks.
  
  First off, Indian solar firms are accelerating efforts to pivot toward Europe, the Middle East and other emerging economies as they look to lower overreliance on the U.S. market. Manufacturers like Premier Energies are explicitly targeting European buyers as the region seeks to diversify its supply chains away from China, while Waaree Energies is developing Middle East supply chains, including a planned facility in Oman, in a bid to bypass direct export barriers.
  
  Second, Indian firms are increasing their manufacturing footprint inside the United States, allowing them to supply the U.S. market directly and bypass U.S. tariffs. Waaree has already built 2.6 GW of module manufacturing capacity in the United States, and plans to expand it to approximately 4.2 GW by the end of the year. This includes operations in Texas and the acquisition of Meyer Burger's facility in Arizona. Vikram Solar has established a manufacturing presence in the U.S. and has continued to build its U.S.-based operational capacity as it looks to support its 9.5 GW global capacity goals. Meanwhile, other Indian firms, including Grew Energy, ReNew Power, Navitas, Solex Energy, and Saatvik Energy are either setting up or pursuing supply chain establishments in the U.S.
  
  Finally, the Indian government is facilitating the ability of solar manufacturers operating within Special Economic Zones (SEZs) to sell their products into the Domestic Tariff Area (DTA), essentially shifting from an "export-only" model to enabling supply to the growing domestic market. The government introduced relief measures in the 2026/2027 Union Budget to facilitate sales from Special Economic Zone (SEZ) units into the domestic market at concessional duty rates.
  
  This policy aims to help manufacturers, including solar and semiconductor firms, absorb excess capacity caused by global trade disruptions. Eligible SEZ units can now sell a portion of their output to the Domestic Tariff Area (DTA) at reduced duty rates, whereas they previously had to pay full import duties on finished goods. These sales are, however, capped at a specific proportion of their exports to maintain a level playing field for non-SEZ manufacturers.
  
  Further, solar modules sold domestically must still comply with the Approved List of Models and Manufacturers (ALMM) and the newly mandated domestic content requirements (DCR) for solar cells, effective from June 1, 2026. Source: Oilprice.com
- 2026-02-27
  MABUX: Global bunker indices to show irregular changes on Feb. 27.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — recorded a marginal correction on Feb. 26: 380 HSFO: USD/MT 451.21 (-1.43) VLSFO: USD/MT 547.80 (-0.54) MGO: USD/MT 814.81 (-0.38) The... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — recorded a marginal correction on Feb. 26:
  
  380 HSFO: USD/MT 451.21 (-1.43)
  VLSFO: USD/MT 547.80 (-0.54)
  MGO: USD/MT 814.81 (-0.38)
  
  The limited scale of declines across all three fuel grades suggests moderate downward pressure, with the market maintaining relative stability ahead of the next trading session.
  
  As of Feb. 26, the MABUX Market Differential Index (MDI) — which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – reflected mixed dynamics across the four key global hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah shifted into the overcharge zone, becoming the only overpriced port in this segment, with the premium widening by $1. The remaining three hubs continued to trade in the undercharge zone. Discount levels were unchanged in Rotterdam, expanded by $7 in Singapore, and narrowed by $1 in Houston.
  
  • VLSFO segment: Houston remained the sole overpriced port, with its premium increasing by $8, signalling firm local pricing relative to the digital benchmark. Rotterdam, Singapore and Fujairah stayed in the undercharge zone. Discount margins narrowed by $1 in Rotterdam, while expanding by $3 in Singapore and $1 in Fujairah, indicating selective pricing adjustments amid shifting regional fundamentals.
  
  • MGO LS segment: All selected ports continued to trade in the undercharge zone, suggesting that market prices remain below the digital benchmark across the board. Discount levels declined by $1 in Rotterdam and $8 in Houston, increased by $2 in Singapore, and remained stable in Fujairah. The sharp contraction of Houston’s discount may signal strengthening sentiment in the distillate segment.
  
  We expect the Global bunker market to change irregular without a sustainable trend on Feb. 27: 380 HSFO – plus-minus 1-3 USD/MT, VLSFO – plus-minus 1-3 USD/MT, MGO LS – plus-minus 5-10 USD/MT.
  Source: MABUX

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