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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
850.00
+133.50
1 020.00
+65.00
Mar 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	850.00	+133.50	1 020.00	+65.00	Mar 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
575.57	+20.25	670.31	+22.13	1 043.18	+37.55	Mar 4

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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	560	517	+43	598	575	+23	1 020	1 027	-7	Mar 4
Singapore	600	519	+81	672	623	+49	1 040	1 020	+20	Mar 4
Fujairah	562	478	+84	658	611	+47	1 135	1 083	+52	Mar 4
Houston	480	476	+4	585	551	+34	960	928	+32	Mar 4

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- Daily and Weekly Bunker analyses and Future Curves
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Latest News
- 2026-03-04
  Global oil and gas shipping costs surge as Iran vows to close Strait of Hormuz
  Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz. Shipping through the Strait... Read more Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources on Tuesday, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.
  Shipping through the Strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of liquefied natural gas, has ground to a near halt after vessels in the area were hit as Iran retaliated against U.S. and Israeli strikes.
  The disruption and fears of prolonged closure have caused oil and European natural gas prices to jump, with Brent crude futures up nearly 10% this week as the conflict triggered multiple oil and gas shutdowns in the Middle East. [NG/EU] [O/R]
  The benchmark freight rate for the very large crude carriers (VLCCs) used to ship 2 million barrels of oil from the Middle East to China, also known as TD3, rose to an all-time high of W419 on Monday on the Worldscale industry measure used to calculate freight rates, or $423,736 per day, LSEG data showed.
  The rate had doubled from Friday, extending gains from a six-year high hit last week, after the U.S. and Israel attacked Iran and killed Supreme Leader Ayatollah Khamenei on Saturday.
  Iran has responded by attacking Gulf countries, prompting precautionary shutdowns at oil and gas facilities across the Middle East.
  
  An Iranian Revolutionary Guards senior official said on Monday that the Strait of Hormuz was closed and Iran would fire on any ship trying to pass, Iranian media reported.
  LNG SHIPPING RATES JUMP
  Daily freight rates for LNG tankers jumped more than 40% on Monday after Qatar halted production.
  Atlantic rates rose to $61,500 per day on Monday, up 43%, or $18,750, from Friday, according to Spark Commodities, a pricing assessment agency for LNG shipping. Pacific rates rose to $41,000 per day, up 45%, or $12,750, from Friday.
  Fraser Carson, principal analyst for global LNG at energy consultancy Wood Mackenzie, said spot daily LNG shipping rates could rise above $100,000 this week on tight supply.
  "Vessel availability for the rest of March is considered weak as cargo operators try to work through the backlog created by weather disruptions during February," he said.
  "There will be very strong competition for any available vessels."
  Until safe passage through the Strait of Hormuz can be assured, shipping will remain idle, Carson said.
  An oil shipbroker who declined to be named due to company policy said it was very difficult to assess shipping rates in the Gulf as several shipowners had suspended operations indefinitely.
  Meanwhile, bunker sales at Fujairah, a major bunkering port in the United Arab Emirates, have slowed as the conflict disrupted fuel supply, spurring a jump in prices and potentially shifting demand to other ports including Singapore.
  
  South Korean shipping firm Hyundai Glovis said on Tuesday it was preparing contingency plans including securing alternative routes and ports.
  South Korea’s maritime ministry issued a notice to South Korean shippers with vessels sailing in the Middle East, asking them to refrain from business operations in the region, an official told Reuters on Tuesday. Source: Reuters/Investing.com
- 2026-03-04
  Oil ticks up in seesaw trade as escalating Middle East conflict remains in focus
  Oil prices edged higher in a seesaw session, as traders digested positive U.S. economic data while fretting over supply disruptions amid the intensifying conflict in the Middle East. At 13:02 ET (18:02 GMT), Brent Oil Futures expiring in May rose 0.4%... Read more Oil prices edged higher in a seesaw session, as traders digested positive U.S. economic data while fretting over supply disruptions amid the intensifying conflict in the Middle East.
  At 13:02 ET (18:02 GMT), Brent Oil Futures expiring in May rose 0.4% to $81.68 per barrel and Crude Oil WTI Futures added 0.7% to $75.07 per barrel.
  Both benchmarks closed nearly 5% higher on Tuesday, adding to 7% gains at the start of the week, with the Brent contract reaching its highest level since July 2024.
  Get premium commodity market insights with analyst comments on InvestngPro
  Traders weigh supply risks
  The Middle East conflict, started over the weekend when U.S. and Israeli forces launched coordinated strikes on the Iranian military that killed Supreme Leader Ayatollah Ali Khamenei, has continued Wednesday, with U.S. Admiral Brad Cooper, who leads U.S. forces in the Middle East, stating that more than 2,000 Iranian targets had been hit.
  Iran has responded by firing missiles and drones at neighboring Arab states that host U.S. bases and issuing warnings to global shipping operators, targeting oil tankers transiting the Strait of Hormuz, the narrow waterway that handles roughly a fifth of global oil shipments.
  The threat to Hormuz, a critical artery for crude exports from major producers including Saudi Arabia, Iraq, and the United Arab Emirates, has injected a significant geopolitical risk premium into oil prices.
  
  "Iranian strikes have now directly targeted energy infrastructure across the Gulf region, but large-scale attacks have so far been avoided. The effective closure of the Strait of Hormuz remains a key concern; our commodities team has estimated that an average of around 20 days remain before major upstream production shut-ins could begin. Estimates vary widely by country — with initial cuts to Iraqi production already taking place," JPMorgan analysts led by Alex Gallin said in a note.
  Iraq has more than halved its oil production as the country runs out of storage, Iraqi oil officials said, while tankers avoid the Strait.
  Oil output at the country’s largest oil field, Rumaila, was cut by 700,000 barrels a day, while the West Qurna 2 field saw its output fall by around 450,000 barrels a day, Iraqi oil officials said.
  Iraq also cut production at the Maysan oil field by around 350,000 barrels a day, they said. Additionally, Iraq has suspended crude production from the northern Kirkuk region as a precaution, they added.
  Market participants looking for cues on how long the conflict could last received an update from Secretary of War Pete Hegseth, who told reporters on Wednesday that Washington could carry out its assault on Iran for as long as it wants to. He also touted the success of joint American and Israeli attacks, including the sinking of an Iranian warship in the Indian Ocean.
  Economic data lifts spirits
  
  One of the key concerns for traders is the inflationary effect that a spike in oil prices can have, which in turn means central banks like the Federal Reserve would not be able to lower interest rates.
  But some solid labor market data on Wednesday provided a lift to the mood. Private employment grew by 63k in February, according to ADP, higher than the expected figure of 50k and the best reading in roughly a year.
  The focus now turns to the more comprehensive nonfarm payrolls report, due on Friday.
  Goldman lifts 2026 crude forecasts
  Goldman Sachs on Wednesday raised its second-quarter 2026 average price forecast for Brent crude oil by $10 to $76 per barrel and for WTI by $9 to $71.
  These forecasts assume that low oil flows via the Strait of Hormuz will lead to large declines in OECD inventories and Middle East oil production in March, according to the bank’s note.
  Goldman said its forecasts remain heavily tilted to the upside, with risks including a longer‑than‑expected disruption to exports through the Strait of Hormuz and potential damage at oil production facilities.
  "If Hormuz volumes were to remain flat for 5 additional weeks, Brent prices would likely reach $100, a level associated with larger demand destruction to prevent inventories from falling to critically low levels," it said in a note.
  According to George Smith, portfolio strategist at LPL Financial, energy markets generally see a temporary risk premium during geopolitical crises.
  
  "Historically, and as markets exhibited this week, oil prices spike on perceived supply risk, energy equities often outperform, but price pressures fade once physical supply and distribution prove resilient," Smith said.
  Trump to facilitate Strait tanker traffic
  Traders are also noting comments from President Donald Trump, who said the U.S. navy would provide escorts for commercial vessels if necessary and pledged government support to guarantee safe passage.
  "The promise of such guarantees comes as insurers are cancelling war risk coverage for vessels moving through the Strait of Hormuz," ING analysts said.
  "This is welcome news, but clearly it won’t happen overnight," they added.
  While military escalation has underpinned prices, signs of international efforts to secure shipping lanes could temper further upside in the near term. Source: Investing.com
- 2026-03-04
  First VLCC LNG ship-to-ship bunkering completed in Hong Kong
  Hong Kong-based energy company CLPe and CNOOC (Shenzhen) International Marine Clean Energy have completed Hong Kong’s first LNG ship-to-ship (STS) bunkering operation for a very large crude carrier (VLCC). The VLCC, Maran Dione, received 4,700 cbm... Read more Hong Kong-based energy company CLPe and CNOOC (Shenzhen) International Marine Clean Energy have completed Hong Kong’s first LNG ship-to-ship (STS) bunkering operation for a very large crude carrier (VLCC).
  
  The VLCC, Maran Dione, received 4,700 cbm (about 2,101 mt) of LNG at the South Cheung Chau Anchorage in Hong Kong. The operation was carried out by CNOOC’s LNG bunkering barge Haiyang Shiyou 301, which has a capacity of 30,000 cbm.
  
  CNOOC (Shenzhen) International Marine Clean Energy is a subsidiary of China National Offshore Oil Corporation (CNOOC).
  
  The companies did not disclose the vessel’s owner.
  
  In June last year, CLPe partnered with CNOOC to deliver a record 10,000 cbm (4,470 mt) of LNG to German shipping company Hapag-Lloyd’s container vessel Hanoi Express at the Kwai Tsing Container Terminals.
  
  Source: ENGIИE
- 2026-03-04
  87 maritime businesses urge Net-Zero Framework adoption in 2026
  A group of 87 businesses, including shipowners, ports, energy producers and technology suppliers, have signed a joint statement calling on the International Maritime Organization (IMO) to adopt the Net-Zero Framework this year. In their statement,... Read more
- 2026-03-04
  Uni-Fuels expands bunkering ops to Thailand
  Uni-Fuels has announced that its regional operating subsidiaries have expanded bunkering operations across Thailand. In a statement issued yesterday (3 March), the Singapore-headquartered marine fuel company said the expanded network covers key commercial... Read more
- 2026-03-04
  Indian Petroleum Ministry ‘fully prepared’ for evolving Middle East situation
  India’s Ministry of Petroleum & Natural Gas has reported that the country is ‘fully prepared amid the evolving situation in the Middle East’, with ‘robust energy supplies’. In a statement issued yesterday (3 March), the Ministry said that India – which... Read more
- 2026-03-04
  FID approved for Eni’s Pavia biorefinery conversion
  Italy’s Eni has confirmed that a Final Investment Decision (FID) has been approved for its plan to convert certain units of the Sannazzaro de’ Burgondi refinery in Pavia, Lombardy into a biorefinery. As previously reported by ship.energy, the energy... Read more
- 2026-03-04
  More details needed on U.S. protection proposals in Hormuz, says BIMCO
  BIMCO has commented that Donald Trump’s proposal to have the U.S. Navy escort tankers through the Strait of Hormuz ‘sounds interesting’, but said the association is ‘awaiting further clarifications’ on how this would unfold. ‘Naval escorts would help... Read more
- 2026-03-04
  Oil extends sharp gains as Middle East conflict widens
  Oil prices rose in Asian trading on Wednesday after two days of sharp gains, as an intensifying conflict between the U.S., Israel, and Iran kept supply disruption risks at the forefront of investor concerns. As of 22:25 ET (03:25 GMT), Brent Oil Futures... Read more Oil prices rose in Asian trading on Wednesday after two days of sharp gains, as an intensifying conflict between the U.S., Israel, and Iran kept supply disruption risks at the forefront of investor concerns.
  As of 22:25 ET (03:25 GMT), Brent Oil Futures expiring in May rose 1% to $82.21 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.7% to $75.07 per barrel.
  Both benchmarks closed nearly 5% higher on Tuesday. Brent oil surged above $85 per barrel, reaching their highest level since July 2024.
  Get premium commodity market insights with analyst comments on InvestngPro
  Traders weigh supply risks amid widening Middle East conflict
  The current crisis began over the weekend when U.S. and Israeli forces launched coordinated strikes on the Iranian military that killed Supreme Leader Ayatollah Ali Khamenei.
  The situation kept deteriorating as Israeli and U.S. forces carried out additional strikes on Iranian-linked facilities on Tuesday. Iran responded by stepping up military posturing in the Gulf and issuing warnings to global shipping operators.
  Tehran has also targeted oil tankers transiting the Strait of Hormuz, the narrow waterway that handles roughly a fifth of global oil shipments. Iranian authorities vowed to attack any vessel passing through the strait.
  The threat to Hormuz, a critical artery for crude exports from major producers including Saudi Arabia, Iraq, and the United Arab Emirates, has injected a significant geopolitical risk premium into oil prices.
  
  "The disruption to oil flows through the Strait is starting to affect oil flows further upstream," ING analysts said in a note.
  They noted reports saying Iraq has started shutting in production at the Rumaila field, the country’s largest, and at West Qurna 2, with 1.2 million b/d going offline.
  Trump to facilitate tanker traffic through the Strait of Hormuz
  However, oil markets gave back part of their earlier gains in the previous session after U.S. President Donald Trump said the U.S. Navy would provide escorts for commercial vessels if necessary and pledged government support to guarantee safe passage.
  "The promise of such guarantees comes as insurers are cancelling war risk coverage for vessels moving through the Strait of Hormuz," ING analysts wrote.
  "This is welcome news, but clearly it won’t happen overnight," they added.
  While military escalation has underpinned prices, signs of international efforts to secure shipping lanes could temper further upside in the near term.
  Source: Reuters/Investing.com
- 2026-03-04
  The End of Energy Security as We Knew It
  For years, policymakers reassured markets that the architecture of global energy security had grown stronger. Shipping routes were diversified. Strategic reserves were expanded. Renewable energy gained momentum. Major producers coordinated more closely... Read more For years, policymakers reassured markets that the architecture of global energy security had grown stronger. Shipping routes were diversified. Strategic reserves were expanded. Renewable energy gained momentum. Major producers coordinated more closely to shield oil prices from geopolitical shocks. The system, many believed, had matured.
  
  Yet the recent U.S.–Israel strikes on Iran have shaken that confidence to its core.
  
  When tensions escalated around the Strait of Hormuz, the vulnerability of the global energy system was exposed with startling clarity. Iran has long threatened to disrupt traffic through this narrow maritime corridor — and even the credible risk of closure was enough to rattle markets worldwide. The Strait carries roughly a quarter of the world’s seaborne crude oil trade, along with vast volumes of liquefied natural gas and petroleum products. Any sustained disruption is not a regional issue; it is a systemic one.
  
  The temporary halt in flows through Hormuz revived memories of the 1973 oil embargo, when Arab producers cut supplies to Western economies. But today’s energy map is far more interconnected. This time, the shockwaves extended well beyond Europe and North America, reaching deep into East Asia — including China, Japan, and South Korea — whose industrial economies depend heavily on Gulf exports.
  
  According to data from the U.S. Energy Information Administration, approximately 26 percent of global seaborne crude oil trade passes through the Strait of Hormuz — around 14 million barrels per day of crude and condensate, plus nearly 6 million barrels per day of petroleum products. The strait is also a vital artery for LNG, with more than 11 billion cubic feet per day transiting its waters. A prolonged disruption would strain both oil and gas markets simultaneously — a dangerous combination in an already fragile global economy.
  
  Markets reacted swiftly. Reports of attacks targeting oil infrastructure in the Gulf — including facilities near Saudi Arabia’s Ras Tanura — pushed oil prices sharply higher within hours of trading. LNG prices also climbed. Even temporary production pauses, such as those affecting Qatari LNG output, signaled how quickly local military escalation can translate into global economic stress.
  
  Political rhetoric on both sides suggests the crisis may not be brief. U.S. President Donald Trump has indicated that military operations could extend for weeks if necessary, while senior Iranian officials, including Ali Larijani, have publicly framed the confrontation as one the country is prepared to endure over the long term. In such an environment, supply shocks risk becoming structural rather than temporary.
  
  But beyond the immediate volatility lies a deeper truth: the global energy security framework remains overly concentrated in a single geographic chokepoint.
  
  Even if conflict subsides — whether through regime change in Tehran or diplomatic stabilization — the structural fragility remains. The world still relies heavily on narrow transit corridors and politically exposed infrastructure. Diversification of suppliers has advanced, but diversification of transit routes and physical security has lagged behind.
  
  A redesigned energy order would require more than short-term crisis management. It would demand:
  
  Expanded transit corridors from the Gulf to Europe via pipeline networks through Iraq, Türkiye, Jordan, Syria, Egypt, through the Mediterranean ports.
  Alternative export routes to Asia, including subsea pipelines or overland connections through Pakistan and India.
  Accelerated integration of renewables and regional grids, reducing dependence on maritime fossil fuel chokepoints.
  Enhanced protection of energy infrastructure, treating oil and gas facilities as neutral assets insulated from military escalation.
  Such changes would not be simple. They would require coordination between rival blocs, sustained investment, and regional political stabilization.
  
  Ultimately, durable energy security cannot be achieved through military deterrence alone. It rests on reducing the incentives and capabilities for disruption. That means strengthening state institutions, curbing non-state armed threats, and lowering sectarian and ethnic tensions that have fueled instability for decades.
  
  Countries like Iraq, the Kurdistan Region, Syria, Jordan, and Türkiye — alongside a post-conflict Iran — could play pivotal stabilizing roles if integrated into a broader cooperative energy framework supported by both Western and Eastern powers.
  
  The lesson of this crisis is stark: globalization made energy markets interconnected, but it did not make them resilient. The world built a system optimized for efficiency and price stability, not for geopolitical fracture.
  
  Now, confronted with renewed conflict in the Gulf, the international community faces a choice. It can continue patching vulnerabilities as they emerge — or it can undertake the far more difficult task of redesigning global energy security for an era defined by rivalry, fragmentation, and climate transition. Source: Oilprice.com

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