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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 016.00
+49.00
1 215.00
-5.00
May 5
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 016.00	+49.00	1 215.00	-5.00	May 5

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
774.45	-8.37	930.54	-8.91	1 392.54	-18.03	May 7

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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	660	708	-48	791	787	+4	1 215	1 329	-114	May 7
Singapore	696	736	-40	810	877	-67	1 185	1 322	-137	May 7
Fujairah	707	683	+24	915	846	+69	1 490	1 385	+105	May 7
Houston	690	706	-16	855	823	+32	1 220	1 206	+14	May 7

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Latest News
- 2026-05-07
  EST-Floattech battery system installed on inland cruise vessel newbuild
  Netherlands-based EST-Floattech has announced the integration of its Octopus Series battery system on board the newly built inland cruise vessel Amadeus Aurea. The vessel has been completed at TeamCo Shipyard in Heusden and entered service last month. Developed... Read more
- 2026-05-07
  DOF wins long-term Petrobras deal for four ethanol-capable RSVs
  The first two vessels are expected to be delivered by 2030, in line with the planned start of operations. Norwegian offshore services firm DOF has secured a 12-year charter contract in Brazil for remotely operated vehicle (ROV) support vessels for... Read more The first two vessels are expected to be delivered by 2030, in line with the planned start of operations.
  
  Norwegian offshore services firm DOF has secured a 12-year charter contract in Brazil for remotely operated vehicle (ROV) support vessels for Petrobras’ offshore operations.
  
  The deal includes the construction of four newbuild vessels for subsea inspection, maintenance, and repair (IMR) activities in Petrobras’ deepwater operations.
  
  DOF said the vessels will feature hybrid propulsion systems capable of operating on ethanol, diesel, and battery power packs.
  
  The deal adds to growing momentum around ethanol as a marine fuel, even as the fuel remains in its early stages.
  
  Recent developments have included Everllence successfully testing a dual-fuel engine running on ethanol and partnering with Brazilian miner Vale on ethanol engine development. Vale has also moved to charter two ethanol-capable vessels scheduled for delivery from 2029.
  
  Meanwhile, WinGD has said it plans to launch an ethanol-capable engine next year, while HD Hyundai Heavy Industries has completed full-load ethanol operation testing.
  
  Container shipping major Maersk has also expanded ethanol trials onboard dual-fuel methanol vessels, first testing a 10% ethanol blend before later increasing the blend ratio to 50%, signalling growing industry interest in the fuel. Source: ENGIИE
- 2026-05-07
  KSS Line orders three LPG dual fuel VLGCs
  South Korea’s KSS Line has contracted HD Hyundai Heavy Industries to build three LPG dual fuel very large gas carriers (VLGCs). The vessels will be delivered sequentially from Q1 2029, with two of the vessels going on charter with BGN Group while the... Read more
- 2026-05-07
  Reimagining South Korea’s ports as renewable energy hubs
  A new report from the NGO Pacific Environmental has called for South Korea’s ports to be ‘reimagined as renewable energy hubs by using unused renewable energy for port and ocean shipping electrification’. In a statement sent to ship.energy today (7... Read more
- 2026-05-07
  Aus Ships and Volvo Penta teaming up to develop electric drive passenger ferry
  Shipbuilder Aus Ships and Volvo Penta have announced a collaboration to develop what they say will be Australia’s first 100% electric drive passenger ferry. Commissioning of the vessel, which is currently under construction, is due to be complete in... Read more
- 2026-05-07
  MABUX: Bunker Weekly Outlook, Week 19, 2026.
  The global bunker market recorded mixed performance over the week, with price fluctuations remaining significant amid ongoing tensions in the Middle East. The 380 HSFO index surged by USD 38.13, rising from USD 765.04/MT the previous week to USD 803.17/MT... Read more The global bunker market recorded mixed performance over the week, with price fluctuations remaining significant amid ongoing tensions in the Middle East. The 380 HSFO index surged by USD 38.13, rising from USD 765.04/MT the previous week to USD 803.17/MT and exceeding the USD 800 threshold. The VLSFO index also posted a strong gain of USD 48.53, increasing from USD 914.02/MT to USD 962.55/MT, steadily approaching the USD 1,000 mark. In contrast, the MGO LS index declined by USD 6.91, falling from USD 1,462.01/MT last week to USD 1,455.10/MT. At the time of writing, the global bunker market continued to display a mixed trend, reflecting persistent volatility across fuel segments.
  
  The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — continued its upward trajectory, rising by USD 10.40 from USD 148.98 last week to USD 159.38. The index remained firmly above the psychological USD 100.00 breakeven threshold and additionally surpassed the USD 150.00 mark. The weekly average of the global SS Spread also increased by USD 20.49. In Rotterdam, the SS Spread posted a substantial gain of USD 48.00, climbing from USD 92.00 last week to USD 140.00 and once again moving above the USD 100.00 breakeven level. The port’s weekly average SS Spread rose by USD 31.50. In Singapore, the 380 HSFO/VLSFO spread increased by USD 12.00, from USD 103.00 last week to USD 115.00, while the weekly average value in the port advanced by USD 19.33. Overall, SS Spread values continue to remain consistently above the USD 100.00 breakeven mark, significantly improving the economic attractiveness of scrubber-equipped vessels consuming 380 HSFO compared to ships operating on conventional VLSFO. Given the current high level of market volatility, the upward trend in SS Spread dynamics is likely to persist into next week. Detailed information is available in the “Differentials” section on mabux.com.
  
  The Istanbul ECA Spread (ES) closed the week at USD 20.00, down sharply from USD 50.00 recorded the previous week, while the weekly average declined by USD 44.17. The Venice ECA Spread remains uncalculated due to the absence of regular market quotations.
  Overall, the ECA Spread continued its significant downward correction and remains well below the USD 100.00 level, substantially reducing the economic attractiveness and profitability of conventional ULSFO compared to traditional MGO LS fuel. At this stage, no major changes in the ECA Spread trend are expected next week. Detailed information is available in the “Differentials” section of mabux.com.
  
  According to Lansdowne Moritz, global LNG bunker volumes declined below 1 million tonnes in Q1, after exceeding this threshold in the previous quarter. The downturn was primarily driven by prolonged cold weather in January, which tightened global gas balances, constrained US LNG exports, and pushed prices higher. Additional pressure came from geopolitical factors, notably the closure of the Strait of Hormuz amid Middle East tensions, which disrupted LNG market stability. As a result, LNG lost price competitiveness relative to VLSFO across key bunkering hubs. Elevated LNG prices also incentivized dual-fuel vessels to switch to conventional fuels, further weighing on LNG bunker demand. From a regional perspective, Europe’s position weakened as TTF prices traded above JKM from mid-January, reflecting growing inventory concerns. In contrast, Asian hubs benefited from relatively stronger pricing dynamics and initial bunker demand from newbuild vessels. Despite the broader global slowdown, LNG bunkering volumes in the US and Canada showed strong growth, more than doubling compared to the previous quarter.
  
  European underground gas storage facilities continued to record moderate gains as of May 5, with total storage occupancy reaching 34.07% of capacity, up 2.10 percentage points from the previous week. However, current occupancy levels remain 27.39% below the year-opening level of 61.46%. Meanwhile, the European TTF gas benchmark maintained its moderate upward momentum for the Week 19, rising to EUR 46.926/MWh compared to EUR 43.594/MWh recorded last week. The continued increase in gas prices reflects ongoing market sensitivity to supply security concerns and the pace of storage replenishment ahead of the next heating season.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) increased by another USD 15.00 this week (USD 1,105/MT versus USD 1,090/MT last week). Meanwhile, the price difference between LNG and conventional fuel remained virtually unchanged, at USD 294 in favor of LNG (versus USD 300 the week before): MGO LS was quoted at USD 1,399/MT at the port of Sines on May 4. More detailed information is available in the "LNG Bunkering" section of mabux.com.
  
  Amid persistently high market volatility and the ongoing blockade of the Strait of Hormuz, the MABUX Market Differential Index (MDI) — the ratio between market bunker prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — recorded the following trends over the week across the world’s major bunker hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: All four ports remained in the undervalued zone. The level of undervaluation was unchanged in Rotterdam at 98 points, while discounts widened by 8 points in Singapore and by 12 points in Houston. In contrast, Fujairah recorded a marginal decline in its discount level by 3 points. Singapore’s MDI remained above the USD 100.00 threshold.
  
  • VLSFO segment: Houston shifted into the undervalued zone, resulting in all four major ports being undervalued. The weekly MDI discount widened by 16 points in Rotterdam and by 28 points in Houston, while narrowing by 3 points in Singapore and by 65 points in Fujairah. Rotterdam and Singapore maintained MDI levels above USD 100.00, whereas Fujairah fell below this threshold. Houston’s MDI moved close to the 100% correlation level between MBP and DBP.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston remained undervalued, with MDI levels increasing by 155 points, 89 points, and 10 points, respectively. Fujairah continued to be the only overvalued port in this fuel segment, with its overvaluation level rising by 28 points. Rotterdam and Singapore once again recorded MDI values above USD 100.00.
  
  Overall, the ongoing shift toward undervaluation in the balance between overvalued and undervalued ports continued during the week, reinforced by another port moving into the undervalued zone in the VLSFO segment. Current market conditions suggest that this trend is likely to persist into next week. More detailed information on the correlation between market prices and the MABUX Digital Bunker Benchmark is available in the “Digital Bunker Prices” section on mabux.com.
  
  In his closing remarks at MEPC 84 (1 May), IMO Secretary-General Arsenio Dominguez proposed advancing preparatory work ahead of MEPC 85 through two intersessional meetings and a dedicated one-day expert workshop on “chain of custody” models. The proposal was endorsed, with intersessional sessions scheduled for 1–4 September and 23–27 November, preceding MEPC 85 (30 November–3 December). These meetings will focus on the development of mid-term measures aimed at reducing greenhouse gas (GHG) emissions from shipping. While discussions on mid-term GHG measures remain ongoing, MEPC 84 delivered a concrete regulatory outcome with the adoption of a new Emission Control Area (ECA) in the North-East Atlantic. The regulation is set to enter into force on 1 September 2027, with full implementation from September 2028. The new ECA will cover the exclusive economic zones and territorial waters—up to 200 nautical miles from baselines—of Greenland, Iceland, the Faroe Islands, Ireland, and the mainland coasts of the United Kingdom, France, Spain, and Portugal, significantly expanding the geographic scope of emissions regulation in the region.
  
  Ongoing tensions in the Middle East, combined with the continued blockade of the Strait of Hormuz and the absence of any meaningful signs of de-escalation, continue to leave the global bunker market highly sensitive to developments in the region. Under current conditions, we expect global bunker indices to maintain a mixed pattern next week, with the potential for a downward correction should the conflicting parties move toward an agreement to end hostilities. However, any further escalation in the Middle East conflict could once again trigger a sharp increase in bunker prices.
  Source: MABUX
- 2026-05-07
  Oil prices rise about $1 as investors weigh Middle East peace prospects
  Oil prices rose about $1 in early trade on Thursday, rebounding from the previous day’s sharp losses, as investors weighed the prospects of a Middle East peace deal succeeding. Brent crude futures were up 88 cents, or 0.9%, at $102.15 a barrel by 0032... Read more Oil prices rose about $1 in early trade on Thursday, rebounding from the previous day’s sharp losses, as investors weighed the prospects of a Middle East peace deal succeeding.
  Brent crude futures were up 88 cents, or 0.9%, at $102.15 a barrel by 0032 GMT. U.S. West Texas Intermediate gained $1.12, or 1.2%, to $96.20 a barrel.
  Both benchmarks slumped more than 7% on Wednesday, hitting two-week lows on optimism over a possible end to the Middle East war. They pared losses, however, after U.S. President Donald Trump said it was "too soon" for face-to-face talks with Tehran and a senior Iranian lawmaker said the U.S. proposal was more of a wish list than a reality.
  "While peace negotiations are likely to continue at least until next week’s U.S.-China summit, the outlook beyond that remains uncertain," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
  Trump and Chinese President Xi Jinping are scheduled to meet next week.
  "The main scenario is that oil prices will remain elevated," Kikukawa said.
  Iran said on Wednesday it was reviewing a U.S. peace proposal that sources said would formally end the war while leaving unresolved the key U.S. demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.
  An Iranian foreign ministry spokesperson cited by Iran’s ISNA news agency said Tehran would convey its response. Trump said he believed Iran wanted an agreement.
  
  A Pakistan mediation source and another person briefed on the talks said an agreement was close on a one-page memorandum that would formally end the conflict.
  U.S. media outlet Axios reported that the U.S. expects Iranian responses on several key points in the next 48 hours, citing sources saying this is the closest the parties had come to an agreement since the war began.
  Even if a peace deal is reached, oil supplies are expected to tighten further in coming weeks because it will take weeks for oil shipments to resume from the Middle East Gulf and reach refiners worldwide - so oil companies will continue to deplete storage tanks to meet peak summer demand.
  U.S. crude and fuel inventories continued to decline last week as countries sought to offset supply disruptions caused by the Iran crisis, the Energy Information Administration said on Wednesday. [EIA/S]
  Crude stocks fell by 2.3 million barrels to 457.2 million barrels last week, compared with analyst expectations in a Reuters poll for a 3.3 million-barrel draw. Source: Reuters/Investing.com
- 2026-05-07
  Oil Shortage Pain Begins for Asia
  Asian economies are starting to feel the first serious effects of the oil and gas export paralysis in the Persian Gulf, with economic growth stuttering and likely to deteriorate over the coming months. Some are already in stagflation, and the outlook... Read more Asian economies are starting to feel the first serious effects of the oil and gas export paralysis in the Persian Gulf, with economic growth stuttering and likely to deteriorate over the coming months. Some are already in stagflation, and the outlook is dire.
  
  Asia buys 85% of its total oil imports from Persian Gulf countries, which made it especially vulnerable to the kind of supply shock that almost nobody believed would ever materialize. Now that it has, Asia is suffering the consequences of its heavy dependence.
  
  Asia imported 30% less oil last month than it did in April 2025, Kpler data cited by Reuters showed this week. Imports from the United States are surging, but they are not enough to fill the gap left by frozen Middle Eastern barrels.
  
  According to the Kpler data, U.S. exporters are shipping 2.27 million barrels daily to Asia this month, rising to 3.29 million barrels daily in May. However, Middle East oil shipments to Asia were seen at 14.8 million barrels daily for April, per Kpler, which would be substantially down from the March average of 18.63 million barrels daily. In other words, imports from the Middle East are down by roughly 4 million barrels daily while imports from the U.S. are seen up by just one million barrels daily.
  Related: U.S. Fuel Exports Hit Record High as Hormuz Crisis Reshapes Global Energy Flows
  
  Asia is also boosting crude oil imports from Russia, with the U.S. once again extending a sanction waiver that makes these purchases possible, in evidence that Washington is acutely aware of the effect the war in the Middle East is having on global energy security—and U.S. retail fuel prices, too.
  
  Yet there is not enough oil in the world to fill the gap entirely, which is why forecasters have started revising their growth outlooks. The Asian Development Bank recently revised down its forecast for the Asia Pacific, expecting the region to grow by 4.7%, which compares to earlier forecasts of 5.1% growth, Reuters reported. The ADB also raised its inflation outlook for the region, expecting the average to hit 5.2% this year.
  
  The International Monetary Fund is no more optimistic. “Asia entered 2026 on a strong footing,” IMF economist Andrea Pescatori said last month as quoted by the Asia Times. However, “The war in the Middle East and the ensuing energy supply shock are raising inflation, weakening external balances, and narrowing policy options, underscoring the region’s dependence on imported oil and gas.”
  
  Despite the overall strong dependence on Middle Eastern energy imports, not all Asian economies are equally vulnerable to the effects of the supply shock. The poorer Asian nations have been the first to start running out of options. Because of limited financial resources, these nations have not been able to build the kind of oil reserve that their wealthier neighbors have now tapped to deal with the crisis. Several countries in Southeast Asia have begun implementing energy austerity measures, with the Philippines declaring a national energy emergency.
  
  China, meanwhile, sports an oil reserve of more than a billion barrels accumulated over the last couple of years, it has a much more diversified supply base featuring Iran and Russia—unlike European importers, for instance—and was quick to curb fuel exports to secure domestic supply. Japan, for its part, maintains a solid oil reserve of some 400 million barrels, which makes it one of the largest in the world. It has now started to drain that reserve to keep a lid on local fuel prices.
  
  Other Asian nations have taken various measures to deal with the tightening of oil and gas supply but the problem with these measures is that they cannot be sustained over a long period of time. Working from home is a temporary remedy in a shortage situation and so are fuel subsidies and releases from strategic oil reserves. The subsidies are also quite dangerous because they empty government coffers quite quickly, limiting the government’s ability to intervene in other sectors should the need arise.
  
  Some have started to ration fuel use, while others, namely Japan and Australia, have taken to cooperation deals in the energy space, taking a long-term approach to energy security planning. Yet the immediate problem of not enough oil to go around remains. The ultimate remedy, if it can be called that, would be demand destruction if the war drags on for months. This demand destruction will occur naturally as prices become unpalatable for a growing number of consumers.
  
  Economically, this is bad news because shrinking consumption means a shrinking economy. This prospect led Goldman Sachs to also revise its outlook for some Asian economies, including Japan and the Southeast Asian nations, although it noted that, so far, the impact of the war on Asia has not been as bad as feared. Still, the bank’s analysts said, “How much of the resilience thus far reflects structural factors versus unsustainable declines in buffer stocks?” It appears that we are about to find out soon enough. Source: Oilprice.com
- 2026-05-07
  Fujairah in Focus as Oil Flows Reroute Around Hormuz Crisis
  As the Strait of Hormuz has now been closed for nearly nine weeks, the oil hub at Fujairah in the United Arab Emirates (UAE) has become an even more prominent oil export and bunkering hub than it has ever been. Thanks to its strategic position on the... Read more As the Strait of Hormuz has now been closed for nearly nine weeks, the oil hub at Fujairah in the United Arab Emirates (UAE) has become an even more prominent oil export and bunkering hub than it has ever been.
  
  Thanks to its strategic position on the east coast of the UAE and outside the Strait of Hormuz, Fujairah is now the key export port for crude and fuels from the UAE and an even more important bunkering port for ship refueling.
  
  The strategic position of Fujairah outside the blocked Strait of Hormuz made it a target of Iranian attacks as early as the second week of the now nine-week-long war. In March, attacks at Fujairah suspended oil loading and bunkering operations several times, before the early-April ceasefire temporarily halted attacks from Iran.
  
  However, the oil port was hit earlier this week after the United States announced Project Freedom to escort ships out of the Strait of Hormuz – currently paused after just three days by President Trump.
  
  The new attack at the Fujairah Petroleum Industries Zone caused a fire and sent oil prices surging on Monday, as the oil hub outside the Strait of Hormuz is strategic to the UAE’s oil exports and to global shipping.
  
  Fujairah is the UAE’s only access to the Indian Ocean and is one of the few key oil export points that do not depend on tankers passing through the Strait of Hormuz.
  Related: U.S. Fuel Exports Hit Record High as Hormuz Crisis Reshapes Global Energy Flows
  
  Fujairah is not only a key export route bypassing the critical oil chokepoint, but it is also a major hub for crude and fuels in storage and a key bunkering port for refueling ships. The port is the most important bunkering hub in the Middle East and one of the world’s most critical and largest ship-refueling sites alongside Singapore and Rotterdam, as well as China’s Zhoushan.
  
  The port of Fujairah is the end point of a pipeline carrying crude from the giant oilfields in Abu Dhabi.
  
  The Abu Dhabi Crude Oil Pipeline (ADCOP) runs from onshore oil facilities at Habshan to Fujairah. The original nameplate capacity of the line is 1.5 million barrels per day (bpd) with a reported current capacity close to 1.8 million bpd, according to the International Energy Agency. The UAE has typically exported around 1.1 million bpd of domestic crude via this route, leaving room for up to 700,000 bpd of additional volumes in the case of a Strait closure.
  
  Fujairah is in no way in a position to replace, even partially, the Middle East’s export volumes lost to the closed Strait of Hormuz. But it is critical for supplies to Asia, especially India, in this period of heightened tensions.
  
  Moreover, Fujairah is home to the FRL refinery partly owned by the world’s biggest independent oil trader, Vitol. The refinery offers about 100,000 bpd of refining capacity, adjacent to the storage terminal of VTTI, jointly owned by Vitol, FM Global Infrastructure Fund, and the Abu Dhabi national energy company.
  
  So, Fujairah is one of the few key oil and fuel export routes that bypass the Strait of Hormuz and is a very important bunkering hub in the Middle East for ships traveling to Asia and Africa.
  
  As the Middle East crisis doesn’t appear anywhere close to resolution, the Fujairah hub is taking the spotlight not only because it offers an oil export valve for supply that doesn’t need to pass through the Strait of Hormuz.
  
  As of Monday, according to Iran’s Islamic Revolutionary Guard Corps (IRGC), the new map of expanded Iranian control over the Middle East’s most critical oil shipping lane includes Fujairah. Source: Oilprice.com
- 2026-05-07
  MABUX: Global bunker market expected to extend downward correction on May 07 amid rising expectations of a US-Iran framework pea
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its downward movement on May 06: 380 HSFO: USD/MT: 782.82 (-8.07) VLSFO: USD/MT 939.45 (-11.18) MGO: USD/MT 1 410.57 (-51.66) As... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its downward movement on May 06:
  
  380 HSFO: USD/MT: 782.82 (-8.07)
  VLSFO: USD/MT 939.45 (-11.18)
  MGO: USD/MT 1 410.57 (-51.66)
  
  As of May 06, the MABUX Market Differential Index (MDI). which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), recorded the following trends across the four major global bunkering hubs — Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports remained in the undercharge zone. Discounts narrowed by $12 in Rotterdam, $14 in Singapore, $23 in Fujairah, and $18 in Houston. MDI values in Rotterdam and Singapore fell below the $100 threshold, indicating a reduction in underpricing levels.
  
  • VLSFO segment: Fujairah moved into the overcharge zone, becoming the only overpriced port in this fuel segment, with the premium widening by $22. The remaining three ports continued to be underpriced, although discounts narrowed by $29 in Rotterdam, $28 in Singapore, and $11 in Houston. Singapore’s MDI remained above the $100 mark, while Fujairah approached full correlation between MBP and DBP values.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston continued to register undercharge conditions, with underpricing deepening by $76, $86, and $32 respectively. Fujairah remained the sole overcharged port, although its premium narrowed by $38. MDI values in Rotterdam, Singapore, and Houston stayed above the $100 level.
  
  MABUX expects the global bunker market to maintain its downward trajectory on May 07 amid growing market expectations that the United States and Iran are nearing a framework peace agreement, potentially easing geopolitical tensions and improving prospects for Iranian oil exports: 380 HSFO: minus 5-20 USD/MT, VLSFO: minus 5–20 USD/MT, MGO LS: minus 10–30 USD/MT.
  Source: MABUX

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