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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 421.00
+200.00
1 315.00
+15.00
Mar 23
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 421.00	+200.00	1 315.00	+15.00	Mar 23

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
842.35	-1.91	993.01	-0.10	1 647.64	+13.79	Mar 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	800	728	+72	830	806	+24	1 315	1 369	-54	Mar 23
Singapore	800	761	+39	1 000	909	+91	1 842	1 362	+480	Mar 23
Fujairah	870	707	+163	1 055	876	+179	1 760	1 425	+335	Mar 23
Houston	703	633	+70	850	740	+110	1 325	1 365	-40	Mar 23

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-03-23
  Port of Melbourne signs deal to deploy electric tugboats
  The Port of Melbourne has entered into an agreement with Danish towage provider Svitzer to introduce fully electric tugboats at the port. Tugboats are small but powerful vessels used to tow or push larger ships within harbours, rivers, or canals. While... Read more The Port of Melbourne has entered into an agreement with Danish towage provider Svitzer to introduce fully electric tugboats at the port.
  
  Tugboats are small but powerful vessels used to tow or push larger ships within harbours, rivers, or canals.
  
  While the immediate impact of these electric tugboats on global greenhouse gas emissions may be modest, their real value lies in offering critical technical and operational insights that could support the future development of larger electric vessels.
  
  The partnership—also involving investment firm Copenhagen Infrastructure Partners (CIP) and energy company Plexar Energy—will evaluate the feasibility of deploying two fully electric tugboats at the port. It will also examine the potential for establishing a dedicated renewable energy microgrid along with high-capacity charging infrastructure.
  
  Electric propulsion is gradually gaining traction in the shipping industry, though it remains largely confined to smaller and short-sea vessels.
  
  This month, Lloyd’s Register (LR) partnered with Australian shipbuilder Echo Marine to support the delivery of Western Australia’s first fully electric passenger ferries. In parallel, Kuok Maritime Group (KMG) has taken delivery of Eon, a fully electric harbour tugboat, in Singapore. Source: Engine
- 2026-03-23
  Viking unveils hydrogen-powered cruise ship
  Cruise operator Viking has unveiled its hydrogen-powered cruise ship Viking Libra at Fincantieri’s Ancona shipyard in Italy. The vessel will be powered by a propulsion system based partly on liquefied hydrogen and fuel cells. Viking claims it is... Read more Cruise operator Viking has unveiled its hydrogen-powered cruise ship Viking Libra at Fincantieri’s Ancona shipyard in Italy.
  
  The vessel will be powered by a propulsion system based partly on liquefied hydrogen and fuel cells.
  
  Viking claims it is the “world's first hydrogen-powered cruise ship capable of operating with zero emissions.”
  
  Viking Libra is scheduled for delivery in November 2026.
  
  Upon delivery, the vessel will sail its inaugural itineraries across the Mediterranean and Northern Europe. Source: Engine
- 2026-03-23
  Port of Helsingborg introduces emergency energy surcharge
  Responding to the hike in fuel prices caused by the situation in the Middle East, the Swedish Port of Helsingborg is introducing a temporary ‘emergency energy surcharge’ for its port operations. The Port Authority said that: ‘The surcharge will take... Read more
- 2026-03-23
  Oil whipsaws as war risks to energy facilities counter prospect of eased Iran sanctions
  Oil prices swung between gains and losses on Monday as investors weighed rising U.S. and Iranian threats over energy facilities against the release of millions of barrels of seaborne Iranian oil after Washington temporarily removed sanctions. Brent... Read more Oil prices swung between gains and losses on Monday as investors weighed rising U.S. and Iranian threats over energy facilities against the release of millions of barrels of seaborne Iranian oil after Washington temporarily removed sanctions.
  
  Brent crude futures rose 65 cents to $112.84 a barrel by 0446 GMT. U.S. West Texas Intermediate was at $98.75 a barrel, up 84 cents. Both contracts were down more than $1 earlier in the session.
  
  The spread of more than $13 a barrel between Brent and WTI is the widest in years.
  
  "Oil sentiment may lurch on threats and rhetoric in the near term, but its more durable direction will continue to be shaped by the state of Middle East oil flows," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
  
  On Saturday, U.S. President Donald Trump threatened to "obliterate" Iran’s power plants if it did not fully reopen the Strait of Hormuz within 48 hours, barely a day after he talked about "winding down" the war, now in its fourth week.
  
  Iran’s Parliament Speaker Mohammad Baqer Qalibaf wrote on X that critical infrastructure and energy facilities in the Middle East could be "irreversibly destroyed" if Iranian power plants were attacked.
  
  "It clearly means more escalation, which means higher oil prices. Some are incorrectly thinking, however, that Iran may cave," said Amrita Sen, founder of Energy Aspects.
  
  "Trump is trying to show he can out-escalate and that way ends in scorched earth for Gulf infrastructure."
  
  The crisis in the Middle East is "very severe" and worse than the two oil shocks of the 1970s put together, Fatih Birol, the executive director of the International Energy Agency, said on Monday.
  
  The war has damaged major energy facilities in the Gulf and nearly halted shipping through the Strait of Hormuz, which handles about 20% of global oil and liquefied natural gas flows.
  
  Analysts estimated a loss of 7 million to 10 million barrels per day of oil production in the Middle East.
  
  Iraq has declared force majeure on all oilfields developed by foreign oil companies, three energy officials said.
  
  Crude production at Basra Oil Company has been cut to 900,000 bpd from 3.3 million bpd, Iraqi Oil Minister Hayan Abdel-Ghani said in a statement issued by his ministry.
  
  Indian refiners plan to resume buying Iranian oil while refiners elsewhere in Asia are examining such a move, traders have said.
  
  "Drawing not only on the subtext of Trump’s remarks but also on a distillation of his barrage of often opaque, at times contradictory, statements, we detect a desire to bring hostilities to an end, alongside a growing focus on reopening the Strait of Hormuz," Hari said.
  
  However, it is unclear that threats to strike Tehran’s energy infrastructure "will prove effective so long as Iran retains the capacity to launch retaliatory, like-for-like attacks on neighbouring states," Hari added. Source: Reuters/Investing.com
- 2026-03-23
  Buyers Scramble for Seaborne Oil as Middle East War Continues
  The most immediate buffer to avoid oil supply shortages—crude in floating storage—is being depleted at a rapid rate as buyers scramble to get their hands on volumes sitting on tankers that are away from the Strait of Hormuz. Oil in floating storage... Read more The most immediate buffer to avoid oil supply shortages—crude in floating storage—is being depleted at a rapid rate as buyers scramble to get their hands on volumes sitting on tankers that are away from the Strait of Hormuz.
  
  Oil in floating storage has fallen to about 78 million barrels this week, from 140 million barrels at the end of last year, according to data from intelligence firm Vortexa cited by Bloomberg.
  
  Since the war in the Middle East began, the oil on water volumes have been drawing down at an estimated rate of about 1.8 million barrels per day (bpd), according to Vortexa data. This rate of depletion of oil in floating storage is one of the fastest in years and suggests that buyers in Asia are seeking physical supply that’s almost immediately available.
  
  The temporary U.S. waiver on purchases of Russian crude on tankers is surely helping India to buy such crude, which Indian refiners had shunned for weeks before the war due to U.S. pressure to slash imports of Russian oil.
  
  India is now winning the competition with China to attract Russian crude cargoes with vessels turning mid-voyage away from their previous Chinese destinations and heading for India, as the U.S. waiver and the Middle East supply shock drive Indian refiners back to buying Russia’s oil.
  
  With the floating storage buffer fast depleting and oil prices still untenably high for the Trump Administration, Treasury Secretary Scott Bessent said on Thursday that the U.S. could ‘unsanction’ more than 100 million barrels of Iranian crude on tankers.
  
  The U.S. has already moved to ‘unsanction’ an estimated 130 million barrels of Russian oil cargoes already on the water, and could do the same with about 140 million barrels of Iranian oil in floating storage, Bessent told FOX Business’ “Mornings With Maria” on Thursday.
  
  The unsanctioning of Iranian oil – if it happens and if attracts non-Chinese buyers – would be difficult to transact because of other major sanctions against Iran in place, including in banking and insurance, analysts say. Source: Oilprice.com
- 2026-03-23
  European Gas Price Set for 20% Weekly Jump on Qatar’s LNG Outage
  Europe’s benchmark natural gas prices soared this week after Qatar’s key LNG hub sustained extensive damage in Iranian missile attacks, with European gas prices on track for a 20% weekly jump early on Friday as the market braces itself for years of disrupted... Read more Europe’s benchmark natural gas prices soared this week after Qatar’s key LNG hub sustained extensive damage in Iranian missile attacks, with European gas prices on track for a 20% weekly jump early on Friday as the market braces itself for years of disrupted supply out of the world’s second-largest LNG exporter.
  
  The April 2026 contract of the Dutch TTF Natural Gas Futures slightly eased early on Friday from the surge on Thursday and was trading flat at about $72 (62 euros) per megawatt-hour (MWh) as of 9:19 a.m. Amsterdam time.
  
  The benchmark gas prices are set for a 20% weekly surge, following the sharp move higher on Thursday, when prices soared on fears of persistent gas supply disruptions following the Iranian attack on Qatar’s Ras Laffan Industrial City (RLIC), which hosts the world’s biggest LNG liquefaction complex.
  
  All the futures prices through the March 2027 futures contracts are now trading above $69 (60 euros) per MWh, double compared to just above $37 (32 euros) per MWh before the war in the Middle East started on February 28.
  
  Qatar’s state firm QatarEnergy on Thursday said it expects the damage to the Ras Laffan LNG complex to cost it about $20 billion per year in lost revenue and to take up to five years to repair, noting that supply to markets in Europe and Asia would be impacted for years to come.
  
  About 17% of Qatar’s LNG export capacity is now effectively sidelined for years to come, tightening market balances for the rest of the decade.
  
  “The damage sustained by the LNG facilities will take between three to five years to repair,” said QatarEnergy President and CEO, Saad Sherida Al-Kaabi, who is also Qatar’s Minister of State for Energy Affairs.
  
  “The impact is on China, South Korea, Italy and Belgium. This means that we will be compelled to declare force majeure for up to five years on some long-term LNG contracts.”
  
  The extended outage in Qatar upends global LNG and gas markets as it risks tightening global supply, raising prices, and delaying capacity growth through 2028, Wood Mackenzie reckons. Source: Oilprice.com
- 2026-03-23
  Asian Refiners Pay Record Premiums for Non-Middle East Crude
  Refiners in Asia are paying huge premiums for crude that could replace some of the supply stuck in the Middle East, with the most suitable grades from Norway and the U.S. being bid at record-high double-digit premiums over Dated Brent. Many refineries... Read more Refiners in Asia are paying huge premiums for crude that could replace some of the supply stuck in the Middle East, with the most suitable grades from Norway and the U.S. being bid at record-high double-digit premiums over Dated Brent.
  
  Many refineries in Asia, which is the most dependent region on Middle East supply, are designed to optimally run on the sour and heavier grades that the Gulf producers export. Now that most Gulf supply is either curtailed at the upstream level or stuck on tankers unable to pass the Strait of Hormuz, refiners pay upwards of $10 per barrel premium for many crudes that could be alternative to the Middle Eastern oil.
  
  The huge premiums – some of them at record highs – will not dent refiners’ profits as fuel premiums over crude prices, the so-called cracks, are astronomically high, allowing the refiners to churn in handsome profits despite paying up huge premiums for the crude supply.
  
  The Johan Sverdrup crude from the giant Norwegian field of the same name, for example, was last heard of being bid at $11.30 per barrel premium over Dated Brent, trade sources tell Bloomberg.
  
  Another viable alternative to Middle Eastern supply, the U.S. Mars crude, has flipped from a slight discount to Dated Brent in February to a record-high premium of $11 per barrel in early March, before easing to a premium of about $6 a barrel in recent deals, according to the traders.
  
  Little-known crudes from producers in Southeast Asia, such as Labuan crude from Malaysia, Minas from Indonesia, and Bach Ho from Vietnam, are now seeing premiums of over $10 per barrel above Dated Brent, compared to up to $2 a barrel historical premiums, the traders told Bloomberg.
  
  “Despite high freight rates, longer voyage times and a steeply backwardated Brent structure, refiners have stepped up procurement of Atlantic Basin and American barrels since last week,” Kpler’s Senior Crude Oil Analyst, Muyu Xu, said this week.
  
  Japanese refiners are likely buying at least 13 million barrels of U.S. WTI and Mars for April-loading, potentially the highest monthly level on record, according to Xu.
  
  Thailand’s PTT is said to have bought March-loading North Sea Forties and Angolan crude, while South Korea’s GS Caltex purchased two April-loading cargoes of Kazakh-origin CPC Blend, according to Argus Media.
  
  Chinese refiners, meanwhile, have placed orders for at least 9 million barrels of April-loading West African crude on top of the term volumes and continue to buy up March- and April-loading Brazilian crude, Kpler’s Xu notes. Source: Oilprice.com
- 2026-03-23
  U.S. Bets on Natural Gas to Power 10 GW AI Buildout in Ohio
  Amid the Iranian war and oil price crisis, the Department of Energy, alongside the Department of Commerce, has unveiled a public-private partnership with SoftBank and AEP Ohio that centers on one thing the AI boom desperately needs but rarely talks about... Read more Amid the Iranian war and oil price crisis, the Department of Energy, alongside the Department of Commerce, has unveiled a public-private partnership with SoftBank and AEP Ohio that centers on one thing the AI boom desperately needs but rarely talks about plainly—power. Not theoretical power. Not intermittent power. Real, dispatchable, grid-ready megawatts, mostly from natural gas.
  
  At the core of the plan, revealed in a Friday press release, is a 10-gigawatt data center campus at the Portsmouth Site in southern Ohio, backed by an equally massive 10 GW of new generation. Of that, a staggering 9.2 GW will come from natural gas.
  
  The $33.3 billion in Japanese-backed funding tied to the gas buildout tells the story of just how serious this is. This isn’t a pilot project or a feel-good clean energy press release. This is baseload muscle being bolted onto the grid to support hyperscale computing.
  
  And the grid, frankly, needs the help. As part of the deal, SB Energy is committing $4.2 billion to transmission upgrades with AEP Ohio to expand capacity. And—critically—doing it without passing costs onto ratepayers. That last point reflects a growing reality: the US power grid wasn’t built for AI workloads that can rival small countries as far as electricity demand.
  
  Ten gigawatts is the equivalent of multiple nuclear plants or a sizable chunk of a regional grid. And nearly all of it is gas-fired, signaling where reliability concerns are landing in real-world investment decisions.
  
  There’s also a strategic layer. Repurposing DOE land tied to legacy nuclear work into a hub for AI, quantum computing, and advanced research is about control of infrastructure, supply chains, and technological leadership.
  
  Construction is expected to kick off this year. Source: Oilprice.com
- 2026-03-23
  Oil Markets Brace for Volatility as Trump’s Iran Deadline Fuels Escalation Fears
  Oil prices opened the week elevated but stable in early Asian trading on Monday, holding near multi-year highs after another weekend of escalating tensions between the United States and Iran. At the time of writing, WTI crude was trading at $98.61,... Read more Oil prices opened the week elevated but stable in early Asian trading on Monday, holding near multi-year highs after another weekend of escalating tensions between the United States and Iran.
  
  At the time of writing, WTI crude was trading at $98.61, up 0.39%, while Brent crude had inched down 0.24% to trade at $111.90. These muted price moves mask an increasingly uncertain environment, with markets bracing for a very volatile session.
  
  Late on Saturday, President Trump issued a stark ultimatum, warning that the United States would strike Iran’s power plants within 48 hours unless the Strait of Hormuz is fully reopened. Iran responded by warning that any attack on its country’s energy infrastructure would trigger retaliation against "critical infrastructure, energy infrastructure, and oil facilities throughout the region", with Iran's Speaker of Parliament later adding that "financial entities that finance the US military budget are legitimate targets."
  
  The deadline for President Trump's ultimatum, which falls late Monday U.S. time, is sure to drive significant volatility in oil prices and likely result in further escalation across the region. Already, there have been heavy airstrikes across Iran early Monday morning after Iran continued to attack Israel over the weekend.
  
  This latest escalation from the U.S. President has raised fears that the conflict could move beyond military installations into a broader campaign against civilian and economic infrastructure. Partly due to these concerns, Saudi Aramco's CEO has canceled his plans to attend this week's CERAWeek energy conference in the U.S. The CEO of Kuwait Petroleum Cooperation is also set to miss the conference, according to Reuters, although he is expected to join virtually from Kuwait.
  
  In an attempt to help calm oil markets, the IEA's Executive Director said the agency is ready to work with member countries to release more stockpiled oil "if necessary." He did then go on to emphasize that the "single most important solution to the problem" would be reopening the Strait of Hormuz.
  
  Beyond energy markets, equity markets in Japan, South Korea, and Australia all opened lower on Monday, reflecting a broader risk-off sentiment as investors grapple with the possibility of further escalation.
  
  For oil traders, Trump’s ultimatum has created a defined timeline for potential escalation, with the threat of direct U.S. strikes on Iranian energy infrastructure representing a significant step up in the conflict. Iran has made clear that any such move would be met with retaliation that could further disrupt energy flows across the Middle East. Source: Oilprice.com
- 2026-03-23
  Trump’s Iran Uranium Dilemma Raises Stakes for Oil Markets
  Trump faces a simple but difficult choice: Iran’s enriched uranium still needs to be secured, and airstrikes haven’t accomplished that. The only clear way to control it would likely require U.S. troops on the ground—an option that risks widening the conflict... Read more Trump faces a simple but difficult choice: Iran’s enriched uranium still needs to be secured, and airstrikes haven’t accomplished that. The only clear way to control it would likely require U.S. troops on the ground—an option that risks widening the conflict and raising the stakes significantly.
  
  That uncertainty has been pouring over into global energy markets.
  
  Oil prices have pulled back from recent highs but remain elevated as the Middle East conflict shows no signs of abating. Europe remains largely non-committal towards using military means to secure the Strait of Hormuz, while U.S. President Donald Trump is still mulling whether to put U.S. troops on the ground in Iran in a bid to secure its cache of enriched uranium. Brent crude for May delivery was trading at $112.02 per barrel at 8:10 pm ET, down from Thursday’s peak above $118/bbl, while the corresponding WTI crude contract was changing hands at $98.32 per barrel after hitting $101/bbl on Thursday.
  
  On Thursday, the UK, France, Germany, Italy, Netherlands and Japan issued a joint statement condemning Iran’s attacks on commercial vessels and said they are “…ready to contribute to appropriate efforts to ensure safe passage through the Strait of Hormuz.’’ However, they did not commit to a specific, Pentagon-led security mission. It’s worth noting that Germany, Italy, and Greece have previously ruled out sending warships to join a US-led military mission in the Gulf, citing that the conflict is not their war and they were not consulted. Previously, EU foreign ministers confirmed they will not expand their current "Aspides" naval mission from the Red Sea into the Strait of Hormuz, with reports suggesting there is no appetite to alter the mission's mandate.
  
  Trump has slammed Europe for falling to help a landing help in the Gulf mission, calling them ‘‘cowards’’, “Now that fight is militarily WON, with very little danger for them, they complain about the high oil prices they are forced to pay, but don’t want to help open the Strait of Hormuz, a simple military maneuver that is the single reason for the high oil prices. So easy for them to do, with so little risk,” he wrote on his Truth Social platform.
  
  And now the onus rests on Trump to make a final decision on whether to deploy U.S. ground troops to seize Iran’s enriched uranium stockpile in one of the most high-stakes and controversial decisions of the ongoing conflict. The Trump administration's stated goal remains preventing a nuclear-armed Iran, but the president is now caught between maximalist aims and a desire to keep costs low and avoid a long-term regime change war.
  
  Experts estimate that Iran owns 970 pounds of enriched uranium that can potentially be used to build up to 10 nuclear weapons, much of it buried under the mountain facility targeted in U.S. bombings. On Thursday, Trump told reporters he was not putting troops on the ground in Iran, though he added that if he were, he wouldn't telegraph it. Conversely, sources within the administration indicate that the deployment of special forces to secure near-bomb-grade uranium is a live option under review. Expert analysis suggests that extracting or diluting the enriched material would likely require more than 1,000 troops per site.
  
  However, the Trump administration would have its work cut out for it if it decides to send troops into Iran. The Director of National Intelligence, Tulsi Gabbard, testified on Wednesday that U.S. and Israeli air strikes have already "obliterated" Iran's enrichment program and buried underground facilities under rubble, making any recovery mission a physically complex undertaking.
  
  Further, it’s unclear whether Trump would be able to garner the necessary approval from the U.S. Congress, with many lawmakers arguing that such a significant escalation would necessitate formal congressional authorization, despite the administration’s potential to act under executive authority. Interestingly, the matter is not cleanly split along party lines: lawmakers such as Florida Senator Rick Scott (R) have emphasized that allowing the stockpile to remain in the hands of Iranian hard-liners is untenable, while others like Connecticut Senator Richard Blumenthal (D) argue that securing the uranium cannot be achieved without a physical presence.
  
  Additionally, the majority of Americans are against such a mission: a recent YouGov poll found Trump has a net approval of -20 for how he’s handling the situation in Iran, with 56% disapproving and only 36% approving. This makes it the least popular major American conflict in nearly a century.
  
  And now there are growing concerns that oil prices could spike to levels never seen before. Energy and commodity analysts at Wood Mackenzie have predicted that oil prices could approach $200 per barrel if the Strait of Hormuz remains blocked for a sustained period. If that sounds like a stretch, consider that Standard Chartered estimates that the Middle East war has cut global oil supply by 7.4-8.2 million barrels per day. The release of 400 million barrels recently pledged by 32 IEA members over a 12-month period would only cover ~1.1 mb/d of that shortfall, potentially leaving global markets in a huge deficit. Source: Oilprice.com

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