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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
707.50
0.00
715.00
+15.00
Feb 23
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	707.50	0.00	715.00	+15.00	Feb 23

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
452.90	+2.58	547.17	+6.91	812.04	+11.25	Feb 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	425	459	-34	474	510	-36	715	749	-34	Feb 23
Singapore	440	456	-16	512	552	-40	707	742	-35	Feb 23
Fujairah	417	420	-3	509	542	-33	774	805	-31	Feb 23
Houston	377	428	-51	488	490	-2	693	743	-50	Feb 23

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Latest News
- 2026-02-23
  Oil at six-month high with nuclear talks and US tariffs in focus
  Oil prices reached a six-month high on Monday as the U.S. and Iran prepared for a third round of nuclear talks while increased economic uncertainty was also in focus after the latest U.S. tariff upheaval. Brent crude futures were up 62 cents or nearly... Read more Oil prices reached a six-month high on Monday as the U.S. and Iran prepared for a third round of nuclear talks while increased economic uncertainty was also in focus after the latest U.S. tariff upheaval.
  Brent crude futures were up 62 cents or nearly 0.9% at $72.38 a barrel, a fresh six-month high, by 1432 GMT while U.S. West Texas Intermediate crude gained 69 cents or 1% to $67.17.
  Growing concern over potential military conflict between the U.S. and Iran pushed Brent prices up more than 5% last week to their highest since July 2025 at $72.34.
  "With the next, and possibly last, round of the Iranian nuclear talks not until Thursday, focus is on the U.S. Supreme Court’s decision to strike down import tariffs and the subsequent reaction from the government," said PVM Oil Associates analyst Tamas Varga.
  The U.S. Customs and Border Protection agency said it would halt collections of tariffs imposed under the International Emergency Economic Powers Act at 12:01 a.m. EST (0501 GMT) on Tuesday.
  However, Trump said on Saturday that he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries, the maximum allowed under the law, after the U.S. Supreme Court struck down his previous tariff programme.
  "This morning’s weakness is a defensive move, and needless to say, with the uncertainty surrounding a U.S. military intervention in Iran, the ongoing Russian-Ukrainian war and now the U.S. Supreme Court’s decision, oil price direction is not (clear), but volatility is guaranteed," PVM’s Varga said.
  
  Iran has indicated it is prepared to make concessions on its nuclear programme in return for lifting sanctions and recognition of its right to enrich uranium, a senior Iranian official told Reuters ahead of Thursday’s third round of nuclear talks between the two nations.
  While prices on paper had moved higher, softer prompt spreads and weaker physical differentials pointed to pricing being based on geopolitical concerns rather than an actual lack of oil in the market, Morgan Stanley analysts said in a note. Source: Reuters/Investing.com
- 2026-02-23
  BIMCO Documentary Committee looking at clauses for time charter biofuels and BARECON ETS allowances
  The agenda for the BIMCO Documentary Committee’s online meeting on Wednesday next week (25 February) will include a review of a new biofuel clause for time charter parties, and a new BARECON emission trading scheme (ETS) allowances clause. In a statement... Read more
- 2026-02-23
  Essar Energy Transition announces project to assess feasibility of UK CCS facility
  Essar Energy Transition’s subsidiary Stanlow Terminals Ltd (STL) has entered into a collaboration agreement with Spirit Energy and Progressive Energy to assess the business case and development planning feasibility of a CO2 shipping import terminal, based... Read more
- 2026-02-23
  Barbados mulling green shipping corridor options
  A pre-feasibility study commissioned by the International Maritime Organization (IMO) is set to explore green shipping corridor options for the Caribbean island country Barbados. In a statement issued on its website on Friday (20 February), the IMO... Read more
- 2026-02-23
  David Robert joins Britannia Group as new Head of Asia
  David Roberts has moved from NorthStandard, where he was Head of Asia, to join Britannia Group as its Regional Head of Asia. David was with NorthStandard for over thirty years and has been in Singapore since 2013, having previously worked in London,... Read more
- 2026-02-23
  Oil drops amid Iran nuclear talks, US tariff uncertainty
  Oil prices fell about 1% on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump’s fresh tariff hikes created uncertainty for global growth and fuel demand. Brent... Read more Oil prices fell about 1% on Monday as the U.S. and Iran prepared for a third round of nuclear talks, easing fears of an escalating conflict, while President Donald Trump’s fresh tariff hikes created uncertainty for global growth and fuel demand.
  Brent crude futures slid 76 cents, or 1.06%, to $71 a barrel by 0354 GMT while U.S. West Texas Intermediate crude futures were at $65.75 a barrel, down 75 cents, or 1.10%.
  Trump said on Saturday he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries, the maximum level allowed under the law, after the U.S. Supreme Court struck down his previous tariff programme.
  "The tariff news over the weekend has resulted in some risk aversion flows this morning, which can be viewed in the price of gold and U.S. equity futures and this is weighing on the crude oil price," IG Markets analyst Tony Sycamore said.
  China said on Monday it is making a "full assessment" of the U.S. Supreme Court’s tariff ruling and called on Washington to remove "relevant unilateral tariff measures" imposed on its trading partners.
  The tariff decision offset growing concerns of a military conflict between the U.S. and Iran, which pushed Brent and WTI prices up more than 5% last week.
  Iran and the U.S. will hold a third round of nuclear talks on Thursday in Geneva, Oman’s Foreign Minister Badr Albusaidi said on Sunday.
  
  Iran has indicated it is prepared to make concessions on its nuclear programme in return for the lifting of sanctions and recognition of its right to enrich uranium, a senior Iranian official told Reuters.
  "Brent has at least $10 per barrel Iran risk premium but as long as the threat of U.S. strikes hangs over diplomatic efforts, with a constant looming reminder from the naval armada amassed by Washington in the Middle East, it is hard to see crude sliding substantially," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
  Goldman Sachs said the global oil market is expected to remain in surplus in 2026, assuming no Iran-related disruption to supply, while raising its Brent and WTI forecasts for the fourth quarter of 2026 by $6 to $60 and $56 a barrel, respectively, citing lower OECD inventories.
  However, potential sanctions relief for Iran and Russia could accelerate landed stock builds and unlock higher supply over the longer term, posing downside risks of $5 and $8 to 2026 fourth-quarter prices, Goldman Sachs analysts said. Source: Reuters/Investing.com
- 2026-02-23
  Oil Traders May Be Pricing Iran Risk Too Lightly
  Crude oil prices on Thursday settled at the highest in six months, with Brent crude topping $71 per barrel and WTI over $66. However, this may be just the start of a much stronger rally—it all depends on developments between the United States and Iran. The... Read more Crude oil prices on Thursday settled at the highest in six months, with Brent crude topping $71 per barrel and WTI over $66. However, this may be just the start of a much stronger rally—it all depends on developments between the United States and Iran.
  
  The latest round of negotiations between the two on Iran’s nuclear program started well enough, with both sides signaling they wanted to make a deal. Iran’s Foreign Minister signaled there was progress being made, saying the negotiating teams had agreed on “guiding principles.” However, there were still sticking points, and while these were not detailed by anyone in an official capacity, the U.S. president apparently lost patience and issued a grave warning to Iran: make a deal or “Otherwise bad things happen.”
  
  In evidence of just how fast geopolitical tensions could escalate, Iran responded with its own warning, saying that “in the event that it is subjected to military aggression, Iran will respond decisively and proportionately” in a letter to the United Nations.
  
  “All bases, facilities, and assets of the hostile force in the region would constitute legitimate targets,” Tehran also warned. “The United States would bear full and direct responsibility for any unpredictable and uncontrolled consequences.”
  
  Backing these warnings with actions, the United States has been building up its already sizable military presence in the Persian Gulf, while Iran has been engaging in military drills, first in the Strait of Hormuz earlier this week, and then in the Gulf of Oman, together with Russia.
  
  In such an environment, it is actually surprising that oil prices have now soared much higher. Iran is, after all, a major oil producer, with over 3 million barrels in daily output. Non-OPEC production growth is great for global supply numbers and the glut story still dominates energy reporting, but the disruption of 3 million barrels in daily production can hardly be brushed off, especially if the conflict spreads across the Middle East.
  
  Indeed, Reuters columnist Clyde Russell noted this week that oil traders are acting as though they expect that “everything will turn out fine”. There is a very good reason for such expectations. President Trump may want to make Iran stop its nuclear program, but he also wants gas for American drivers to remain cheap—and that won’t be possible with a war in the Middle East. There is also the reputational aspect of Trump presenting himself as a peacemaker, although an argument could be put forward that the ultimate goal of what the U.S. is doing to Iran is peace.
  
  There is still a risk of further escalation leading to an oil supply disruption, however. And it may come at a bad moment for those who assume the world is oversupplied with crude oil. It was this assumption that kept a lid on prices over the past year or so despite earlier flare-ups in the Middle East and the sanctions against Russia. There was too much oil in the world anyway, so disruptions would not threaten availability, the assumption went. But this week served more bullish news that could challenge that assumption.
  
  Earlier this week, the Joint Organizations Data Initiative reported that global oil demand had dropped by over 600,000 barrels daily in December 2025 compared to the previous month and by over 530,000 barrels daily from a year earlier. Production of oil was higher, both within OPEC and outside it. However, inventories were down, by 22 million barrels to a total that was 111.7 million barrels below the five-year average. That does not really say glut.
  
  “Oil glut predictions are seriously exaggerated,” Saudi Aramco’s chief executive, Amin Nasser, said on the sidelines of the World Economic Forum in Davos last month. Global oil stocks are low, while the amassed barrels in floating storage on tankers are mostly sanctioned supplies, the CEO of the world’s biggest oil firm and top crude exporter said at the time.
  
  What’s more, spare capacity has dwindled over the past year, also limiting potential efforts to boost output in case of major supply disruptions, said Nasser. “It (spare capacity) is ‌at 2.5%, and we need a minimum of 3%. If OPEC+ further unwinds cuts, spare capacity will ‌fall even further, and we will need to watch this very carefully,” he said.
  
  Put the risk of a war in the Middle East next to the lower spare capacity and sanctioned barrels, and the glut begins to look quite a bit less certain. Of course, it should be noted that the risk of war should not be overestimated, as well as underestimated. As Reuters’ Russell noted in his column, the track record of wars in the Middle East suggests the likelihood of an oil supply disruption is limited. Yet it is very much present, if only to make oil traders’ lives more difficult. Source: Oilprice.com
- 2026-02-23
  EU Names Azerbaijan a Cornerstone of Europe’s Post-Russia Energy Map
  Last July, Ukraine started importing natural gas from Azerbaijan for the first time in history, just months after it officially stopped the transit of Russian natural gas through its pipeline network in January 2025. Ukraine’s Naftogaz signed a supply... Read more Last July, Ukraine started importing natural gas from Azerbaijan for the first time in history, just months after it officially stopped the transit of Russian natural gas through its pipeline network in January 2025. Ukraine’s Naftogaz signed a supply agreement with Azerbaijan’s SOCAR Energy Ukraine that saw the former Soviet nation export its natural gas through the Trans-Balkan Corridor, with Ukraine looking to diversify its energy supply, enhance energy security, and offset significant domestic production losses caused by a constant barrage of Russian hits on its infrastructure.
  
  The Trans-Balkan route is highly strategic for Ukraine because it not only provides it access to Azerbaijani gas through the Trans Adriatic Pipeline (TAP) but also LNG from terminals in Turkey and Greece, as well as access to the Black Sea shelves of Romania and Bulgaria.
  
  However, Ukraine is hardly the only country that has deepened energy ties with Azerbaijan in recent years. The European Commission’s recent meta-study on the continent’s energy connectivity highlights Azerbaijan as a critical and strategic partner for the EU, particularly through the Southern Gas Corridor (SGC).
  
  In 2022, the European Commission signed a Strategic Partnership in the Field of Energy with Azerbaijan, aiming to double gas exports to the EU to 20 billion cubic meters (bcm) annually by 2027. Azerbaijan provides a vital "Southern Corridor" for gas, helping Europe reduce its dependence on single-source suppliers like Russia. SGC is a 3,500km megaproject that connects Azerbaijan’s Shah Deniz field to Europe via the South Caucasus Pipeline, the Trans-Anatolian Pipeline (TANAP) and the Trans-Adriatic Pipeline (TAP).
  
  In January this year, Azerbaijan officially commenced gas deliveries to Austria and Germany, bringing the total number of countries using its pipeline gas to 16. Azerbaijan is already a primary gas supplier for Italy, Greece and Bulgaria. Azerbaijan exported approximately 12.9 billion cubic meters (bcm) of natural gas to Europe in 2024, good for a nearly 60% jump in just three years. This volume, delivered largely via the Trans Adriatic Pipeline (TAP), represents more than half of Azerbaijan's total 25.2 bcm exports for the year.
  
  Azerbaijan is also actively leveraging its vast renewable energy potential--estimated at over 200 GW--to transition from a hydrocarbon-dependent economy to a green energy producer, with Abu Dhabi’s Masdar and Saudi Arabia’s ACWA Power playing key roles in this transformation. Azerbaijan is transforming into a key Eurasian hub for the transmission of renewable energy with a focus on connecting Central Asia and the Caspian region with Europe. The Caspian/Black Sea/Europe Green Energy Corridor is a primary renewable energy project connecting Azerbaijan, Georgia, Romania and Hungary. A 1,155-kilometer, 1,300 MW undersea cable is planned to transmit wind and solar power from the Caucasus to Southeastern Europe. The EU has granted this project "Project of Mutual Interest" status, with completion aimed for 2032. The Trans-Caspian Energy Corridor is an initiative that connects the renewable energy resources of Kazakhstan and Uzbekistan, via a Trans-Caspian cable, to the Azerbaijan grid, feeding into the Black Sea route to Europe.
  
  Last year, the Green Corridor Union LLC Joint Venture was registered in Baku to manage this project. Meanwhile, the Azerbaijan/Turkey/Europe Corridor is a critical southern, land-based power transmission route being developed to link mainland Azerbaijan with the Nakhchivan exclave and Turkey, strengthening connection to European markets. This includes the construction of 330 kV transmission lines along the Aras River as part of the Zangezur Corridor project. Further, Azerbaijan is currently working with Turkey and Bulgaria to further integrate with Eastern European grids.
  
  Finally, beyond its own resources, Azerbaijan’s geography makes it a pivotal transit node.
  
  Azerbaijan serves as the central hub for the Middle Corridor (Trans-Caspian International Transport Route), linking Chinese and Central Asian markets to Europe via the Caspian Sea, Georgia and Turkey.
  
  The Middle Corridor is a faster alternative to northern routes, with freight volumes increasing rapidly. Azerbaijan’s Port of Baku is central to connecting Aktau (Kazakhstan) and Turkmenistan to the Caucasus. Cargo shipments are rising rapidly, with plans to triple freight flows by 2030. The Zangezur Corridor project aims to further boost connectivity, potentially increasing annual throughput by 15 million tons.
  
  Meanwhile, the Baku-Tbilisi-Kars (BTK) Railway is entering a new expansion phase following significant modernization efforts. Last month, Azerbaijan Railways (ADY) and Georgian Railways JSC signed key agreements in Tbilisi to ensure the full operational launch of their joint venture, BTKI Railways LLC. A critical 184-kilometre section in Georgia has been successfully upgraded, increasing the line's annual freight capacity from 1 million tons to 5 million tons. Source: Oilprice.com
- 2026-02-23
  MABUX: No sustainable trend expected in the Global bunker market on Feb. 23.
  MABUX: No sustainable trend expected in the Global bunker market on Feb. 23. The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its upward movement on Feb. 20: 380 HSFO: USD/MT 450.32... Read more MABUX: No sustainable trend expected in the Global bunker market on Feb. 23.
  
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its upward movement on Feb. 20:
  
  380 HSFO: USD/MT 450.32 (+4.40)
  VLSFO: USD/MT 540.26 (+5.30)
  MGO: USD/MT 800.79 (+7.06)
  
  Despite the recent gains, current price dynamics do not yet indicate the formation of a sustainable trend.
  
  As of Feb. 20, the MABUX Market Differential Index (MDI) — which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – showed the following dynamics across the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah remained in the overcharge zone, although the premium narrowed by $8. Rotterdam and Houston continued to be undercharged, with discounts widening by $6 and $5 respectively. In Singapore, the MDI reached the 100% correlation threshold, indicating full alignment between MBP and DBP.
  
  • VLSFO segment: All four major hubs remained in the undercharge zone. Discounts widened by $8 in Rotterdam, $5 in Singapore, and $6 in Fujairah. In Houston, the discount narrowed by $3, with the MDI approaching full correlation between MBP and DBP.
  
  • MGO LS segment: All selected ports remained in the undercharge zone. Discount levels increased significantly: by $14 in Rotterdam, $17 in Singapore, $14 in Fujairah, and $20 in Houston, reinforcing the prevailing undervaluation trend in this segment.
  
  We expect sideways movements in the Global Bunker Index on Feb. 23, without the emergence of a firm directional trend: 380 HSFO – plus-minus 1-3 USD/MT, VLSFO – plus-minus 1-3 USD/MT, MGO LS – plus-minus 3-5 USD/MT. Overall, the market remains in a phase of short-term volatility, while structural directional signals remain limited.
  Source: MABUX
- 2026-02-23
  Big Tech Is Raiding the Energy Sector to Power the AI Boom
  As the tech sector expands, in line with the growing global demand for advanced technologies, it appears that many companies may be poaching workers from the energy sector. Hiring skilled employees from the energy industry could help tech companies to... Read more As the tech sector expands, in line with the growing global demand for advanced technologies, it appears that many companies may be poaching workers from the energy sector. Hiring skilled employees from the energy industry could help tech companies to advance their ambitions for developing giant new data centres to power artificial intelligence (AI) and other technologies, without the need for retraining costs.
  
  Tech companies worldwide are investing heavily in the development and expansion of the data centres that they require to deploy advanced technologies. With AI being incorporated into countless search engines, websites, and applications, tech companies cannot develop their new data centres fast enough. This has led several companies to invest in major new projects, as well as establish deals with energy firms to provide power for these centres.
  
  Almost 100 GW of new data centres are expected to be added from 2026 to 2030, doubling the global capacity. The world’s data centre sector will likely expand at a 14 percent CAGR through 2030. By the end of the decade, AI could represent half of all workloads, compared to around a quarter of data centre workloads in 2025. This will have a meaningful impact on the power sector, with some countries feeling the strain more than others.
  
  Data centres contributed around 1.5 percent of global electricity consumption in 2024, marking a 12 percent year-on-year increase over the last five years. The global electricity demand from data centres is expected to almost double by 2030. In the United States, rapid sectoral expansion means that data centres were expected to require 22 percent more power by the end of 2025 than just one year earlier. This figure is forecast to increase threefold by 2030. The development and expansion of data centres is expected to require around $3 trillion in investment by 2030.
  
  Tech companies are increasingly looking to the energy industry to support sectoral expansion, using the skills and expertise of those working in the power sector to develop their projects. Several firms are investing in workforce expansion to prepare for the accelerated rollout of AI and other technologies.
  
  One of the main restrictions to scaling AI so far has been gaining sufficient access to power. According to a recent report, energy-related hiring by the tech sector increased by 34 percent year on year in 2024, and a similar figure was seen in 2025. Tech companies are turning to energy experts to help them overcome the power supply hurdle by developing their in-house energy supplies. Some larger tech firms have absorbed whole energy companies to achieve this. When it comes to the acquisition of energy firms, Google’s parent company, Alphabet, plans to acquire data centre company Intersect, at a projected cost of $4.75 billion.
  
  Several of the big tech names, such as Microsoft, Google, and Amazon, have led the trend to date. Operational roles in energy procurement, markets, grid interface and strategy have increased, according to recruiters. Meanwhile, reports suggest that Microsoft has employed 570 energy workers since 2022. Microsoft took on General Electric’s former CFO, Carolina Dybeck Happe, in 2024 as the firm’s COO. Amazon is thought to have employed 605 energy sector workers, putting it ahead of other tech firms. In addition, Google has hired around 340 people from the energy sector.
  
  New employees come from a diverse range of energy backgrounds, from oil and gas to academia. However, many individual employees poached from the energy sector have been given temporary contracts. This is likely because they are expected to be required for the infrastructure development and the setting up of large-scale data centres, but they may not be needed after this has been achieved.
  
  The CEO of The Green Recruitment Company, Daniel Smart, suggested that, as most tech firms have never built an energy project before, they prefer to outsource. “They’ll outsource the construction of it, and possibly even outsource the running of it and just buy the energy,” said Smart. In “phase two”, tech firms will attempt to improve the energy efficiency of data centres, which could support the creation of some permanent roles, according to Smart.
  
  Meanwhile, utilities may find it increasingly difficult to hire the talent required to support grid expansion, as tech companies have the funds required to provide more attractive offers to energy workers. This could exacerbate the anticipated power supply and demand gap of the coming years and lead to the need to invest heavily in training programmes for the next generation of employees.
  
  The rapid expansion of the tech sector’s data centres is driving many companies to hire talent from the energy sector to support development. With little skills in this field, tech firms are looking to energy experts to understand how to effectively develop this business and improve efficiency. This could make it increasingly more difficult for utilities and energy companies to retain talent, which could have a negative knock-on effect on grid expansion. Source: Oilprice.com

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