Mabux: Global Bunker Prices

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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
904.00
-91.00
1 240.00
+15.00
Apr 20
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	904.00	-91.00	1 240.00	+15.00	Apr 20

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
745.25	+8.22	869.57	+13.55	1 425.29	+18.55	Apr 23

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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	630	710	-80	689	790	-101	1 240	1 337	-97	Apr 23
Singapore	645	738	-93	722	879	-157	1 285	1 330	-45	Apr 23
Fujairah	610	684	-74	730	848	-118	1 420	1 393	+27	Apr 23
Houston	627	691	-64	830	804	+26	1 174	1 252	-78	Apr 23

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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
- Bunker Price Forecast for 40+ ports
- Digital Bunker Prices
MABUX for Industry
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- Bunker market analyses upon request for required region or port
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Latest News
- 2026-04-23
  Danish shipping leaders take pessimistic view of market conditions and outlook
  A survey by Danish Shipping of the CEOs of its largest member companies shows that half of the respondents expect that overall market conditions in the shipping industry will deteriorate over the next 12 months, with Anne H. Steffensen, Danish Shipping’s... Read more
- 2026-04-23
  Baleària begins sea trials for LNG dual-fuel ferry
  Spanish ferry operator Baleària has commenced sea trials for its new LNG dual-fuel catamaran ferry Mercedes Pinto in Gijón, Spain. A catamaran is a vessel with two parallel hulls connected by a deck. The ferry is capable of running on both LNG and... Read more Spanish ferry operator Baleària has commenced sea trials for its new LNG dual-fuel catamaran ferry Mercedes Pinto in Gijón, Spain.
  
  A catamaran is a vessel with two parallel hulls connected by a deck.
  
  The ferry is capable of running on both LNG and conventional marine fuels. It is currently under construction at the Armon shipyard, with delivery expected in May.
  
  Baleària intends to deploy the vessel on Canary Islands routes following the completion of its acquisition of assets from Armas Trasmediterránea.
  
  Mercedes Pinto will join the operator’s existing catamarans, including Eleanor Roosevelt and Margarita Salas, within the Baleària fleet.
  
  The company continues to advance its decarbonisation efforts through the adoption of cleaner fuels and fleet electrification. In October last year, Baleària began using bio-LNG on three ferries, and earlier in August, it commissioned two fully electric RoPax vessels from Astilleros Armon’s Gijón shipyard. Source: ENGIИE
- 2026-04-23
  NGO applauds Coastal Sustainability Alliance’s ‘Milk-Run’ model for reducing shipowners’ Scope 3 emissions
  Climate NGO Pacific Environment has welcomed the Coastal Sustainability Alliance’s (CSA) ‘Milk Run’ strategy for getting supplies to ships at Singapore’s anchorages as an effective way to help shipowners reduce their Scope 3 emissions and reduce marine... Read more
- 2026-04-23
  Port of Rotterdam reports marginal decrease in Q1 throughput
  The Port of Rotterdam has reported a 0.7% decrease in first quarter (Q1) throughput compared with the first three months of 2025. Throughput in Q1 2026 stood at 103.0 million tonnes, compared with 103.7 million tonnes in the first quarter of 2025. In... Read more
- 2026-04-23
  UNCTAD and MPA to jointly promote alternative fuels adoption
  The UN Trade and Development (UNCTAD) and Maritime and Port Authority of Singapore (MPA) will promote the adoption of alternative fuels as part of a newly announced partnership aimed at supporting the transition toward more sustainable, resilient and... Read more
- 2026-04-23
  Launch of Seagate tugboat featuring onboard biofuel blending system
  A naming and launch ceremony was held today (22 April) for the Bisan Maru tugboat, which has been constructed by Kanagawa Dockyard Co. for the “K” LINE subsidiary Seagate Corporation, and is described as the first vessel of its type to be equipped with... Read more
- 2026-04-23
  Hydrogen fuel cell-powered harbour craft study launched in Singapore
  Classification society ABS, Marinteknik Shipbuilders, SeaTech Solutions International and VINSSEN have signed a research collaboration agreement to study the feasibility of a hydrogen fuel cell-powered harbour craft in Singapore. In a statement sent... Read more
- 2026-04-23
  MABUX: Bunker Weekly Outlook, Week 17, 2026.
  During the week, the global bunker market remained in a downward correction phase, driven by easing geopolitical tensions following the ceasefire in the Middle East, in effect since April 8. By the end of the reporting period, the 380 HSFO index declined... Read more During the week, the global bunker market remained in a downward correction phase, driven by easing geopolitical tensions following the ceasefire in the Middle East, in effect since April 8. By the end of the reporting period, the 380 HSFO index declined by a further USD 28.2, falling from USD 756.18/MT to USD 727.46/MT. The VLSFO index also continued its downward trajectory, decreasing by USD 29.42 to USD 848.10/MT, compared to USD 877.52/MT the previous week. The most significant drop was observed in the MGO LS segment, which fell by USD 68.25, from USD 1,444.61/MT to USD 1,376.36/MT, breaching the USD 1,400.00 threshold. MGO LS continues to demonstrate the highest level of volatility within the global bunker market. At the time of writing, market dynamics indicate a transition to minor and mixed fluctuations, suggesting a potential stabilization phase following the recent correction.
  
  The MABUX Global Scrubber Spread (SS), representing the price differential between 380 HSFO and VLSFO, remained largely stable over the week, declining marginally by $0.70 from $121.34 to $120.64. The index continues to hold firmly above the key psychological threshold of $100.00 (SS Breakeven). Meanwhile, the weekly average of the SS index posted a slight increase of $0.18, indicating relative stability on a broader basis. In Rotterdam, the SS Spread recorded a notable upward movement, rising sharply by $42.00 from $28.00 to $70.00, thus moving closer to the $100.00 breakeven level. The port’s weekly average SS Spread also increased significantly by $26.00, reflecting strengthening differentials in the region. Conversely, in Singapore, the 380 HSFO/VLSFO spread continued to narrow, decreasing by $4.00 from $66.00 to $62.00. The weekly average in Singapore also declined substantially by $35.16, pointing to weakening spread dynamics in the port. Amid persistent market volatility, the SS Spread is expected to continue fluctuating in multiple directions in the near term. Further details are available in the “Differentials” section of mabux.com.
  
  The Istanbul ECA Spread (ES) declined by $25.00 over the week, falling from $100.00 to $75.00 by the close of the reporting period. Despite this net decrease, the index exhibited pronounced intra-week volatility, fluctuating within a wide range of $75–$125. The weekly average, however, increased by $8.34, indicating underlying upward pressure during the period. The calculation of the Venice ECA Spread remains temporarily suspended due to the absence of consistent market quotations. Given the persistent geopolitical risks, particularly the potential for renewed escalation in the Middle East, the ECA Spread is expected to maintain a high level of volatility with significant short-term fluctuations. Further details are available in the “Differentials” section of mabux.com.
  
  Global gas demand is expected to grow steadily through 2055, supported by expansion in power generation, industry, and transport, with the strongest increases in Asia-Pacific, the Middle East, and Africa. LNG is set to play a central role in this trajectory, as seaborne trade is projected to double and account for around 65% of global gas flows by mid-century, reinforcing its importance in market flexibility and cross-border supply. In the near term, however, supply disruptions—particularly in the Middle East—are sustaining price volatility and elevated risk premiums. More importantly, these pressures are accelerating structural changes in the market: both buyers and suppliers are reassessing portfolio strategies, placing greater emphasis on supply diversification, pricing structures, and contractual flexibility. This signals a broader shift toward a more security-driven and risk-aware global gas trading environment.
  
  As of April 21, the level of natural gas in European underground storage facilities continued to show a modest increase, reaching 30.61% of total capacity, up by 1.06 percentage points compared to the previous week. However, current storage levels remain significantly lower than at the beginning of the year, standing 29.55 percentage points below the 61.46% recorded on January 1, 2026. At the same time, the European gas benchmark TTF extended its downward trend by the end of week 17, declining by 1,434 euros/MWh to 41,931 euros/MWh, compared to 43,365 euros/MWh the previous week. The index is now approaching the 40,000 euros/MWh level, reflecting continued bearish pressure in the regional gas market.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) continued its downward trend, declining by a further USD 62.00 over the week to USD 985/MT, compared to USD 1,047/MT the previous week. At the same time, the price differential between LNG and conventional marine fuel continued to narrow, reaching USD 342 in favor of LNG, down from USD 440 a week earlier. As of April 20, MGO LS at the port of Sines was quoted at USD 1,327/MT, reinforcing LNG’s relative price competitiveness despite the contraction in the spread. More detailed information is available in the “LNG Bunkering” section of mabux.com.
  
  Amid the ongoing geopolitical tensions in the Middle East, the MABUX Market Differential Index (MDI)—reflecting the ratio between market bunker prices (MBP) and the MABUX digital bunker benchmark (DBP)—continued to display mixed dynamics across the world’s key hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: All four ports remained in the undervalued zone. The level of discount deepened further in Rotterdam (+13 points), Singapore (+2 points), and Fujairah (+10 points), while Houston recorded a partial correction with the discount narrowing by 25 points.
  
  • VLSFO segment: Houston shifted into the overvalued zone, becoming the sole port in this category, with the premium increasing sharply by 53 points. The other three hubs remained undervalued: Rotterdam saw its discount narrow by 13 points, whereas Singapore and Fujairah recorded widening discounts of 32 and 18 points, respectively. Notably, Singapore’s MDI exceeded the $100.00 threshold.
  
  • MGO LS segment: Houston transitioned into the undervalued zone, joining Rotterdam. The discount level in Rotterdam eased by 38 points, while in Houston it widened significantly by 57 points. Singapore and Fujairah remained overvalued, although trends diverged: Singapore’s premium declined markedly by 118 points, while Fujairah’s increased by 27 points. Rotterdam and Singapore both moved below the $100.00 level, whereas Fujairah exceeded this mark.
  
  Overall, the weekly balance between overvalued and undervalued ports remained largely unchanged. One port entered the overvalued zone in the VLSFO segment, while another shifted into undervaluation in the MGO LS segment. The broader pattern continues to indicate a prevailing trend toward undervaluation across the global bunker market. Given the sustained high volatility, further pronounced and multidirectional fluctuations in MDI dynamics are expected in the near term. More detailed insights into the correlation between market prices and the MABUX digital benchmark are available in the “Digital Bunker Prices” section on mabux.com.
  
  The combined sales volume of high sulphur fuel oil (HSFO) and very low sulphur fuel oil (VLSFO) in Fujairah declined sharply in March, falling below the 150,000 cbm threshold amid escalating disruptions to regional shipping flows. According to the latest data, VLSFO sales dropped to 98,304 cbm, representing a 73% month-on-month contraction from 365,706 cbm in February. Similarly, 380 HSFO volumes decreased by approximately two-thirds, declining from 146,989 mt in February to 51,011 cbm in March. The downturn extended across other bunker segments. Total marine gasoil (MGO) sales, across all sulphur grades, fell by 77% month-on-month to 9,537 cbm, compared with 41,567 cbm in February. Marine lubricant sales also contracted significantly, decreasing from 4,679 cbm to 1,036 cbm over the same period. The broad-based decline underscores the material impact of ongoing geopolitical tensions on bunker demand in the region. Continued shipping disruptions and congestion risks around the Strait of Hormuz are likely to exert further downward pressure on Fujairah’s bunker volumes in the near term, suggesting another weak performance in the current month.
  
  Overall, the global bunker market is undergoing a moderate downward correction, while remaining highly sensitive to potential supply-side disruptions. Regional supply-demand balances have shown some improvement, particularly in Singapore, contributing to a degree of short-term stabilization. At the same time, persistent geopolitical uncertainty surrounding the Strait of Hormuz continues to represent a significant upside risk for prices. Any prolongation of negotiations or deterioration in shipping conditions could trigger sharp and multidirectional price movements, reinforcing the market’s elevated volatility profile.
  Source: MABUX
- 2026-04-23
  Oil rises with Brent above $102 as Iran talks dither, Hormuz disruptions persist
  Oil prices rose further in Asian trade on Thursday, aided by few signs of fresh talks between the U.S. and Iran, while shipping activity in the Strait of Hormuz remained scant after attacks on vessels this week. Oil had clocked wild swings earlier this... Read more Oil prices rose further in Asian trade on Thursday, aided by few signs of fresh talks between the U.S. and Iran, while shipping activity in the Strait of Hormuz remained scant after attacks on vessels this week.
  Oil had clocked wild swings earlier this week, before settling higher on Wednesday after U.S. President Donald Trump announced an indefinite extension in a ceasefire with Iran. But this was accompanied by Washington and Tehran dropping out of potential peace talks in Pakistan.
  Brent oil futures rose 0.4% to $102.33 a barrel, while West Texas Intermediate crude futures rose 0.6% to $93.52 a barrel by 21:24 ET (01:24 GMT).
  Get more insights on oil markets and the impact of the Iran war by subscribing to InvestingPro
  Oil had risen sharply on Wednesday after Iran attacked and seized two ships in the Strait of Hormuz, keeping the waterway largely shut. The U.S. maintained a navy blockade against the country, drawing ire from Tehran.
  The status of more U.S.-Iran peace talks remained wholly unclear even after Trump indefinitely extended the ceasefire. Washington was also seen pursuing Iranian vessels in broader Asian waters, reports showed this week.
  Iran has ruled out the possibility of any ceasefire talks as long as the U.S. maintains its naval blockade. Trump has called on Tehran to fully reopen Hormuz before any major peace deal can be signed, leaving the two countries at an impasse.
  
  Hormuz has become a key point of focus in the Iran conflict, with its closure blocking roughly 20% of global oil supplies. Economies in Asia and the Middle East are expected to be the worst hit by disruptions. Source: Investing.com
- 2026-04-23
  StanChart: $95 Per Barrel Is The New Oil Price Equilibrium
  Oil prices were rallying again on Wednesday after Iran's Islamic Revolutionary Guard Corps (IRGC) captured two commercial vessels in the Strait of Hormuz. Brent crude for June delivery gained 2.99% to trade at $101.40 per barrel at 3.49 pm ET, while the... Read more Oil prices were rallying again on Wednesday after Iran's Islamic Revolutionary Guard Corps (IRGC) captured two commercial vessels in the Strait of Hormuz. Brent crude for June delivery gained 2.99% to trade at $101.40 per barrel at 3.49 pm ET, while the corresponding WTI crude contract was up 3.18% to change hands at $92.52/bbl. Iranian state media reported that the vessels violated maritime regulations, operated without permits, and tampered with navigation systems. The IRGC identified the seized ships as Panama-flagged MSC Francesca and Liberia-flagged Epaminondas. A third ship, identified as the Euphoria, was also fired upon and reportedly became stranded near the Iranian coast. The seizures came just hours after U.S. President Donald Trump announced that he is extending the ceasefire with Iran indefinitely to allow its leadership time to present a unified proposal to end the ongoing war. Trump, however, directed the U.S. military to continue the naval blockade of Iranian ports.
  
  And now oil and commodity experts at Standard Chartered have reported that the Brent crude price of $95/bbl appears to represent an uneasy equilibrium between hopes of de-escalation and structural tightness in physical balances that is increasing as time passes.
  
  Despite trading in a $13.71/bbl weekly front-month range, Brent prices for June delivery have traded through $95/bbl on eight of the last nine trading days, and have settled within $1/bbl of it on six of those nine days. This includes 20 April, when the front-month settled at $95.48/bbl.
  
  The forward curve remains in strong backwardation, with slight rotation w/w; the very back of the curve has pushed slightly higher (Brent for delivery five years out rose by $0.33/bbl w/w to $70.13/bbl), while 2027 contracts have softened incrementally. 1M Dated Brent fell by $8.03/bbl w/w to settle at $96.17/bbl on 20th April, with the dislocation between physical and financial benchmarks tightening. Dated Brent (or 1M Dated Brent/first-month Dated Brent) is a crucial physical benchmark for pricing crude oil, representing the value of light, sweet crude oil from the North Sea that has a specific delivery date allocated to it, usually within the next 10 to 30 days.
  
  StanChart notes that near-term oil price movements are now largely headline-driven, constantly taking direction from escalation and de-escalation in the US-Iran conflict amid tightening in physical oil markets. Constrained transit through the Strait of Hormuz has forced Gulf producers to shut-in production, with countries in the region cutting output by between 25% and 80% while spare capacity tightness and reliance on certain transit routes has been highlighted. The oil experts expect this theme to continue even when OPEC launches its maximum sustainable capacity (MSC) metric.
  
  Last November, OPEC+ mandated the OPEC Secretariat to develop and implement a new Maximum Sustainable Capacity (MSC) metric, with the assessment process scheduled to take place between January and September 2026. This audited, technical metric will be used to determine the production baselines for the year 2027 onwards, replacing previous politically negotiated quotas.OPEC defines MSC as "the average maximum number of barrels a day of crude oil that can be produced within 90 days and can be sustained continuously for one full year, including all planned maintenance activities". The main objective of the MSC is to reward members who invest in upstream capacity, improve transparency and combat overproduction by closing loopholes.
  
  Meanwhile, Brent crude remains in strong backwardation along the forward curve, with the back stable at $68-70 per barrel (bbl). StanChart has predicted that oil prices will remain $10-20/bbl higher than pre-conflict levels even after the acute stage of the conflict ends, supported by purchasing for strategic reserves, a focus on resource nationalism and hoarding, as well as the logistical lags caused by the disruption.
  
  That said, natural gas markets have continued to cope remarkably well with the loss of the majority of Middle East gas supply. Henry Hub gas prices have declined from a one-year high of ~$7.50/MMBtu when the war in Iran started in late February to trade at $2.85/MMBtu on Wednesday, while Europe’s gas prices hovered around €43 per MWh on Wednesday from above €60 per MWh when the war started. StanChart has noted that expected volumes to be delivered to the market outweigh current and expected reductions over the next few years, helping to contain the market shortfall and associated price reaction.
  
  Still, Europe and Asia will likely be in competition for molecules in the summer months, with Europe already starting to replenish relatively tight storage inventories. This is likely to support higher prices. U.S. gas prices remain equally muted, dampened by weather and plentiful supply. However, prices here could see longer-term support from increasing domestic demand for data-centre power generation, heating/cooling as well as export demand for LNG in the medium term. Source: Oilprice.com

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