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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 648.00
-235.00
1 240.00
-15.00
Nov 9
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 648.00	-235.00	1 240.00	-15.00	Nov 9

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
658.51	-3.10	837.94	+0.49	1 423.30	-0.50	Nov 12

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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	551	645	-94	715	736	-21	1 240	1 500	-260	Nov 12
Singapore	660	663	-3	812	832	-20	1 172	1 493	-321	Nov 12
Fujairah	558	629	-71	818	772	+46	1 545	1 556	-11	Nov 12
Houston	495	638	-143	738	748	-10	1 262	1 342	-80	Nov 12

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Analytical Section
- Daily and Weekly Bunker analyses and Future Curves
- World and regional Bunker indices
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Latest News
- 2026-11-12
  MPA opens applications for LNG FSU licences in Singapore
  In a move that is expected to support LNG bunkering operations in the world’s biggest bunker port, the Maritime and Port Authority of Singapore (MPA) has announced that it has opened applications for licences to operate up to two LNG floating storage... Read more
- 2026-11-12
  IMO working group accepts Korean proposal as basis for OCCS safety guidelines
  At the IMO’s 12th session of the Sub-Committee on the Carriage of Cargoes and Containers (CCC 12), the working group agreed to use a proposal from a Korean public-private partnership as the foundation for the development of interim guidelines for onboard... Read more
- 2026-11-12
  Construction begins on shore power facilities at ROG’s Waalhaven ship repair yard
  Rotterdam Shore Power (RSP) – the joint venture between the Port of Rotterdam and Eneco – has announced that construction of shore power facilities at ROG Ship Repair & Rotterdam Offshore Group has begun. ‘Together with our construction partners, NOS... Read more
- 2026-11-12
  Everllence two-stroke dual-fuel LNG technology selected for Indian chemical tankers project
  Everllence has announced it has received an order from India’s Swan Defence and Heavy Industries Limited (SDHI) for two-stroke, dual-fuel LNG engine technology. The engines will power a series of six 18,000 DWT IMO Type II chemical tankers that are... Read more
- 2026-11-12
  EPS wraps up first TTS LNG bunkering in Davisville
  Eastern Pacific Shipping (EPS) has announced that it has completed its first truck-to-ship (TTS) LNG bunkering inDavisville, Rhode Island. The milestone operation saw the Singapore-headquartered shipping company’s Lake Victoria pure car and truck carrier... Read more
- 2026-11-12
  DP World partner ATI secures renewal of Manila South Harbour concession
  In a development which it says will ‘provide long-term certainty to advance investment in port modernisation, innovation and sustainable infrastructure’, DP World has announced that Asian Terminals, Inc. (ATI), its strategic partner in the Philippines,... Read more
- 2026-11-12
  Oil falls over $1 on easing geopolitical fears and oversupply worries
  Oil prices fell more than $1 per barrel on Thursday as easing concerns over an escalation of conflict in the Middle East reduced the risk premium in crude markets, while rising OPEC+ output and growing US inventories fed worries about oversupply. Brent... Read more Oil prices fell more than $1 per barrel on Thursday as easing concerns over an escalation of conflict in the Middle East reduced the risk premium in crude markets, while rising OPEC+ output and growing US inventories fed worries about oversupply.
  
  Brent futures were down $1.47, or 1.58%, to $91.29 a barrel by 0426 GMT. US West Texas Intermediate crude futures slipped $1.24, or 1.43%, to $85.29.
  
  Which producers or sectors are most exposed to oil oversupply?
  
  What could reverse the easing in geopolitical fears?
  The declines reversed Wednesday’s gains, when Brent rose 1.4% and WTI added 0.6% after both benchmarks hit two-month lows the previous day.
  
  "Markets are falling on expectations that behind-the-scenes efforts are underway to secure a ceasefire between Russia and Ukraine and that it is unlikely the Iran war will escalate ahead of the US-China summit next week," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities.
  
  "However, given the uncertainty surrounding the Strait of Hormuz, the markets are unlikely to suffer a significant collapse," Kikukawa said.
  
  Russian and Ukrainian negotiators agreed to a major prisoner exchange at two days of peace talks in Abu Dhabi that ended on Wednesday, although US mediators said differences remained on other major issues, including territory.
  
  Ukrainian President Volodymyr Zelenskiy said Kyiv hoped to achieve concrete results on resolving the war this year.
  
  Meanwhile, Iran will not allow even a single particle of enriched nuclear material to leave the country and there will be consequences if the US launches new strikes, Iranian security chief Mohsen Rezaei said in televised remarks.
  
  Washington has said nuclear issues must be part of any initial negotiations with Iran aimed at ending the eight-month-old war, while US officials downplayed the need for further military strikes.
  
  Adding to bearish sentiment in oil markets, OPEC+ crude production rose in October, driven by higher Saudi Arabian output despite ongoing shipping disruptions through the Strait of Hormuz.
  
  US crude stocks rose by 9 million barrels in the latest week, market sources said, citing data from the American Petroleum Institute. Official data from the US Energy Information Administration is due on Thursday, delayed a day due to a US national holiday on Wednesday. [EIA/S] [API/S] Source: Reuters/Investing.com
- 2026-11-12
  China Expands Its Central Asian Footprint Through Aviation, Energy, and Trade
  China and Central Asia are acting fast to expand air links. Chinese and Central Asian aviation officials gathered in Tashkent on November 3-5 for a Working Group session under the C5+1 format to improve implementation of existing agreements and review... Read more China and Central Asia are acting fast to expand air links. Chinese and Central Asian aviation officials gathered in Tashkent on November 3-5 for a Working Group session under the C5+1 format to improve implementation of existing agreements and review expansion plans. During the meeting, Kazakhstan agreed to raise permitted weekly flights from 150 to 180 and add routes to Chengdu and Kashgar. Uzbekistan, meanwhile, agreed to increase the number of weekly flights to China from 100 to 114.
  
  Uzbekistan also proposed establishing new routes connecting Uzbekistan and Kazakhstan, and expanding weekly service between the two countries’ major cities, Tashkent, Almaty and Astana. Ahead of the conference, Air Astana and China Southern Airlines signed a strategic partnership agreement. At the signing ceremony, Kazakhstan’s vice minister of transport said that flights between Kazakhstan and China had increased 52 percent year-on-year.
  
  Underscoring an ambition to become Central Asia’s aviation hub for Europe-China traffic, Astana announced that it is working on a 25-year civil aviation master plan with the International Civil Aviation Organization. Work is progressing across Kazakhstan on modernizing airports in Almaty and Urzhar, in Kazakhstan near the Chinese border, constructing a second runway in Shymkent and completing new regional airports in Zaisan, Katonkaragay, and Kendirli.
  
  Tajikistan and Turkmenistan are trying to keep pace with rising air traffic. Tajik President Emomali Rahmon ratified a five-year National Civil Aviation Safety Program running until 2031 that covers international air traffic growth, infrastructure modernization, and security preparedness; Turkmen President Serdar Berdymukhamedov endorsed measures to strengthen aviation safety.
  
  Kazakhstan
  
  On the sidelines of the Second Tien Shan Forum on Economic Cooperation in Central Asia, Kazakhstan and China discussed establishing a Kazakh-Chinese direct investment fund with initial capitalization of up to $200 million. Kazakh officials proposed consolidating existing and emerging financial mechanisms into a single Kazakh-Chinese project-financing and insurance window. Under the plan, several pilot projects would be selected to test the mechanism. If realized, the fund and single-window financing system would give Kazakhstan a more streamlined method of accessing Chinese capital and expand the use of the yuan in bilateral project finance.
  
  At the China International Import Expo, Kazakh manufacturers signed agreements worth approximately $100 million. Details of the agreements and manufacturers involved were not disclosed.
  
  Kazatomprom CEO Meirzhan Yussupov told President Kassym-Jomar Tokayev that the company secured new natural uranium supply agreements with major utilities in India and China. These deals reinforce China’s position as the main buyer of Kazakh uranium while signaling diversification toward India.
  
  Negotiations are ongoing on building Kazakhstan’s second nuclear power plant nearly 18 months after Astana announced the selection of China’s National Nuclear Corporation as the preferred contractor. Kazakh Energy Ministry representatives have not specified what the holdup is. The delay leaves open the possibility that Astana could opt for the construction of small modular reactors (SMRs) that have been pitched by the United States or at least bring SMRs into Kazakhstan’s power-generating mix.
  
  Kazakhstan is preparing to join a test of digital documentation for freight shipments between China and the Eurasian Economic Union (EAEU). The first digitally documented shipments covering coal, fertilizers, and consumer goods have begun moving through the Grodekovo-Suifenhe border crossing in Northeast China and Russia’s Far East. The Eurasian Economic Commission’s trade representative said documents authorizing similar shipments involving Kazakhstan could soon be ready for signature. Separately, Kazakhstan is developing a centralized, data-driven fiscal system that uses big data, cross-checking across systems, and AI to strengthen tax collection, price control and spending oversight. These efforts align Kazakhstan with China’s push for digital Belt and Road trade. Such a system would also help cement Astana’s role as China’s primary gateway to the EAEU.
  
  In his address to the nation, President Tokayev said the Bakhty-Ayagoz railway line is expected to launch in 2027. The line is expected to carry 20 million tons of freight annually, expanding Kazakhstan’s access to the Chinese market, while attracting additional transit traffic.
  
  Kyrgyzstan
  
  China’s Ganfeng Lithium Group and the Kyrgyz National Investment Agency signed a memorandum of understanding covering mining-sector cooperation in Kyrgyzstan. The announcement offered no details on specific deposits, investment amounts or implementation timetable. Ganfeng is the world’s largest producer of lithium, which is classified as a critical material by the United States and other major global economies.
  
  Kyrgyzstan’s Eldik Bank and the Xinjiang branch of the Export-Import Bank of China signed a cooperation agreement during the Tian Shan Forum in Almaty. The agreement aims to attract long-term financing for infrastructure, transport and technology projects, including potential credit lines, leasing arrangements, trade finance and cross-border settlements. No specific loans, financing amounts or projects were announced.
  
  Kyrgyzstan’s Chamber of Commerce and Industry and the China-CentralAsia TechnologyTransfer Centersigned an MoU to promote technology transfers, joint projects, specialist training and the development of technology parks in Kyrgyzstan. Details of the memo were not immediately disclosed.
  
  Tajikistan
  
  Tajikistan’s Ministry of Transport announced that it signed a construction agreement with Chinese contractor Nanjing Communication Engineering Company Ltd for reconstruction of the 54.1-kilometer Baljuvon-Sari Khosor road in Khatlon Province. The project includes 10 bridges and 121 drainage culverts and is financed through the European Bank for Reconstruction and Development, which lists a sovereign loan of up to €49.2 million. On November 5, the Asia-Plus news agency reported that preliminary construction work was underway at 15 locations, involving 115 workers, including 40 Chinese nationals. The EBRD financing represents funding for the overall project, not the disclosed value of the Chinese contractor’s agreement, which was not specified.
  
  Tajikistan and China also approved the findings of the feasibility study for a 90-kilometer stretch of the Murghab-Kulma highway. Construction is expected to begin in 2027, and will be funded by a Chinese grant, Caravan Info reports citing Tajikistan’s Ministry of Transport.
  
  Turkmenistan
  
  Turkmenistan’s Ministry of Industry and Construction Production and Chinese company Sany International Development Ltd. signed a memorandum of cooperation during an industry and energy conference in Ashgabat. A Ministry of Energy representative signed a separate memorandum with China’s TBEA Shenyang Transformer Group on energy-sector cooperation. The announcement did not specify investment amounts, implementation timetable or other details.
  
  At a November 6-7 business forum in Shanghai, a Turkmen government-linked company, Ojar Aziya, sought funding from China for several projects, including a highway connecting Sarakhs, Mary and Serkhetabat and a logistics complex in Afghanistan’s Turgundi. The highway project has been on the drawing board since 2024. Beijing has given no sign that it is willing to finance either project.
  
  Uzbekistan
  
  Uzbekistan’s Minister of Construction met with the leadership of China State Construction International Corporation (CSCEC), a state-owned construction and engineering group. CSCEC has implemented several major projects in Uzbekistan, and the meeting focused on developing “blueprints for roads and pipelines in the next batch of projects.” No specific initiatives were immediately announced.
  
  An Uzbek Chamber of Commerce and Industry delegation met in Tianjin with the leadership of the Tianjin branch of the China Council for the Promotion of International Trade. The sides agreed to finalize a memorandum of cooperation covering such areas as agriculture and seed production, textiles, machinery manufacturing, vocational education, as well as port and logistics operations.
  
  A delegation from Uzbekistan’s Ferghana region attended the 15th China Overseas Investment Fair in Beijing, where “agreements on cooperation in a number of areas were reached,” the Uzbek MFA’s news outlet, Dunyo, reported, offering no specifics. Source: Oilprice.com
- 2026-11-12
  MABUX: Global bunker indices to edge lower on Nov. 12.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – showed mixed movements on Nov. 11, with no clear directional trend emerging after seven consecutive sessions of decline: 380 HSFO: USD/MT: 661.61... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO – showed mixed movements on Nov. 11, with no clear directional trend emerging after seven consecutive sessions of decline:
  
  380 HSFO: USD/MT: 661.61 (+0.60)
  VLSFO: USD/MT: 837.45 (+10.65)
  MGO: USD/MT: 1 423.80 (-0.49)
  
  As of Nov. 11, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), indicated the following trends across four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Singapore remained the only overvalued port, with its MDI premium narrowing by $10 and moving closer to the 100% correlation level between MBP and DBP. The other three hubs continued to be undervalued. The MDI discount widened by $3 in Rotterdam but narrowed by $10 in Fujairah and $14 in Houston. Houston's discount remained above the $100 threshold.
  
  • VLSFO segment: Fujairah was the only overvalued port, with its MDI premium widening by $19. The other three hubs stayed in the undervaluation zone. MDI discounts narrowed across all three ports: by $22 in Rotterdam, $12 in Singapore, and $14 in Houston. Singapore's MDI moved closer to the 100% correlation level between MBP and DBP.
  
  • MGO LS segment: Fujairah returned to the overvaluation zone, becoming the only overpriced port in this fuel segment, with its MDI premium increasing by $78. The other three hubs continued to be undervalued. MDI discounts narrowed significantly across the board: by $78 in Rotterdam, $46 in Singapore, and $29 in Houston. Despite this adjustment, discounts in Rotterdam and Singapore still exceeded the $100 mark.
  
  MABUX forecasts a moderate downward correction in global bunker indices on Nov. 12:
  380 HSFO: minus 3-5 USD/MT, VLSFO: minus 3-5 USD/MT, MGO LS: minus 5–10 USD/MT.
  Overall, price dynamics are expected to remain mixed across fuel segments and major regional bunkering hubs, despite the prevailing downward trend.
  Source: MABUX
- 2026-11-12
  Crude Is Back at 80% in the Gulf, but Refined Products Are Stuck at 35%
  The story in the Strait of Hormuz has been that Middle Eastern crude exports have recovered to about 80% to 85% of pre-war levels, including pipeline shipments, while refined-product exports remain muted. The uneven recovery shows how Gulf producers... Read more The story in the Strait of Hormuz has been that Middle Eastern crude exports have recovered to about 80% to 85% of pre-war levels, including pipeline shipments, while refined-product exports remain muted.
  
  The uneven recovery shows how Gulf producers prioritize crude oil shipments over refined products as the Hormuz chokepoint remains vulnerable despite encouraging diplomatic signals.
  
  Fereidun Fesharaki, chairman emeritus of industry consultant FGE NexantECA, said last week that while Middle Eastern crude exports, including pipeline shipments, have recovered to 80% to 85% of pre-war levels, refined-product shipments remain at around 35% to 40%.
  
  "Oil infrastructure such as refineries remains susceptible to drone strikes," which has led Gulf producers to prioritize crude shipments, said Xavier Tang, senior market analyst for Vortexa.
  
  More good news from Hormuz on Tuesday, as Bloomberg reports that Qatar's liquefied natural gas loadings have reached 13 to 15 shipments per 10-day period on a moving-average basis this month, up from about 11 in October, or roughly half of pre-war levels.
  
  The figures are based on Bloomberg, Kpler and Copernicus data.
  
  A pickup in Qatari LNG supply reaching the global market would be welcome news for Europe, where natural gas inventories are well below seasonal norms and gas prices trade around 82 euros per megawatt-hour, down from more than 100 euros before last week's positive diplomatic signals erased a hefty war-risk premium in energy markets.
  
  One of Qatar's LNG tankers was attacked last month, but that hasn't decreased exports or Hormuz transits. Previous attacks slowed Qatari LNG flows through Hormuz.
  
  These positive developments toward ending the conflict and easing the global energy crisis sound promising, but stockpiles worldwide have been dangerously depleted this year. Ukraine's relentless targeting of Russian refineries suggests that global markets will remain tight well into next year, especially for diesel.
  
  For Europe, the window to rebuild NatGas inventories has closed, with seasonal storage withdrawals already underway for several weeks.
  
  As we reported Monday, Qatar is hedging against what could be years of Hormuz chokepoint uncertainty with deals to buy up to 7 million tons of US LNG annually from Cheniere and Woodside.
  
  This year's US-Iran conflict knocked out roughly 17% of Qatar's export capacity, costing an estimated $20 billion in annual revenue. With deliveries beginning in 2030 and 2031, the deals cement America's LNG dominance into the 2030s and reveal a striking reversal: one of the world's largest LNG exporters is turning to its biggest rival for insurance amid Hormuz uncertainty that will linger for years. Source: Oilprice.com

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