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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
954.00
-62.00
1 220.00
-5.00
May 12
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	954.00	-62.00	1 220.00	-5.00	May 12

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
772.70	-2.36	939.61	-4.08	1 411.16	-5.27	May 14

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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	689	736	-47	785	818	-33	1 220	1 333	-113	May 14
Singapore	682	764	-82	830	908	-78	1 209	1 326	-117	May 14
Fujairah	685	710	-25	890	879	+11	1 535	1 389	+146	May 14
Houston	655	745	-90	848	874	-26	1 235	1 262	-27	May 14

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Latest News
- 2026-05-14
  Singapore records marginal y-o-y decline in April bunker sales
  The 4,351,000 metric tonnes (mt) of bunkers – including alternative fuel – sold in the Port of Singapore last month marked a 1.2% decrease on the 4,404,400 mt that was sold in April 2025. Last month’s total was also 8.7% down on the 4,765,400 mt that... Read more
- 2026-05-14
  bound4blue and Cryosafe Services evaluate eSAIL integration on LNG carriers
  bound4blue and LNG operations specialist Cryogenic Services are working together on the potential deployment of eSAILs onboard LNG carriers. The scope of work will include factors such as vessel air draft, cargo operations, gangway entry, and mooring... Read more
- 2026-05-14
  OliOil working with Elomatic to develop its autonomous oil spill response container system
  Finnish start-up OliOil has announced that it will be working Elomatic to develop its oil spill response container system. In a joint statement issued on Monday (11 May), the companies said that their collaboration will focus on driving the technology... Read more
- 2026-05-14
  Polish Shipping Association joins ICS
  The International Chamber of Shipping (ICS) has announced that the Polish Shipping Association is joining the association as a Full Member. Commenting on the announcement, Thomas A. Kazakos, ICS Secretary General, said: ‘We are delighted to welcome... Read more
- 2026-05-14
  The end of the line for Liquid Wind
  In a statement with the stark heading ‘Liquid Wind AB Declared Bankrupt’, the Swedish e-fuel company has confirmed that Liquid Wind AB, the parent company of the Liquid Wind Group, entered bankruptcy on 11 May and the business, including subsidiaries... Read more
- 2026-05-14
  MABUX: Bunker Weekly Outlook, Week 20, 2026.
  During the week, the global bunker market entered a phase of relative stabilization, although mixed price fluctuations continued to persist. At the same time, the volatility amplitude narrowed considerably compared to previous periods. By the end of the... Read more During the week, the global bunker market entered a phase of relative stabilization, although mixed price fluctuations continued to persist. At the same time, the volatility amplitude narrowed considerably compared to previous periods. By the end of the week, the 380 HSFO index declined by USD 6.17, falling from USD 782.82/MT last week to USD 776.65/MT. In contrast, the VLSFO index recorded a moderate increase of USD 4.44, rising from USD 939.45/MT to USD 943.89/MT. Meanwhile, the MGO LS index decreased by USD 6.57, from USD 1,410.57/MT last week to USD 1,404.00/MT. At the time of writing, mixed movements remained the dominant trend across the global bunker market.
  
  The MABUX Global Scrubber Spread (SS) — the price differential between 380 HSFO and VLSFO — recorded a moderate increase of USD 10.61, rising from USD 156.63 last week to USD 167.24, and remaining comfortably above the psychological threshold of USD 100.00 (SS Breakeven). The weekly average of the index also advanced by USD 4.69. In Rotterdam, the SS Spread contracted sharply by USD 35.00, declining from USD 131.00 last week to USD 96.00 and falling below the USD 100.00 breakeven level. At the same time, the port’s weekly average SS Spread increased by USD 6.16. In Singapore, the 380 HSFO/VLSFO spread narrowed marginally by USD 1.00, from USD 126.00 last week to USD 125.00. During the week, the spread temporarily dropped to USD 87.00, while the weekly average in the port increased by USD 4.34. Overall, the SS Spread lacked a clear directional trend throughout the week. Nevertheless, values remaining predominantly above the USD 100.00 threshold continued to support the strong economic attractiveness of scrubber usage in combination with 380 HSFO versus conventional VLSFO consumption. Despite ongoing relative stability, bunker fuel price volatility remains elevated, which may create conditions for a renewed upward trend in the SS Spread next week. More detailed information is available in the “Differentials” section of mabux.com.
  
  The Istanbul ECA Spread (ES) ended the week with a sharp increase of USD 55.00, rising from USD 20.00 last week to USD 75.00, while the weekly average advanced by USD 15.00. The Venice ECA Spread remains uncalculated due to the absence of regular market quotations. Overall, the ECA Spread has fully recovered the losses recorded over the previous weeks and is now approaching the USD 100.00 threshold, gradually improving the economic attractiveness of conventional ULSFO compared to traditional MGO LS fuel. We expect the ECA Spread to remain close to the USD 100.00 level next week. More detailed information is available in the “Differentials” section of mabux.com.
  
  According to the International Energy Agency (IEA), the conflict involving Iran and the resulting disruptions to LNG exports from the Middle East are reshaping the medium-term outlook for the global gas market, with tighter supply conditions expected to persist longer than previously anticipated. LNG availability has already declined by an estimated 15% due to the conflict and the closure of the Strait of Hormuz, one of the world’s key energy transit routes. At the same time, the EU faces additional pressure to replenish depleted gas inventories, which fell to multi-year lows by the end of the heating season. Europe is expected to require an additional 10 bcm of natural gas this summer to support storage refilling efforts. The IEA estimates that the combination of current supply disruptions and slower LNG capacity growth could result in a cumulative loss of around 120 bcm of global LNG supply between 2026 and 2030, reinforcing expectations of a structurally tighter gas market over the medium term.
  
  European underground gas storage levels continued their moderate recovery trend as of May 12, reaching 35.57% of total capacity, up 1.50 percentage points compared to the previous week. Nevertheless, current storage levels remain 25.89% below those recorded at the beginning of the year, when inventories stood at 61.46%. Meanwhile, the European TTF gas benchmark remained broadly stable, easing marginally by EUR 0.242/MWh, from EUR 46.926/MWh last week to EUR 46.684/MWh.
  
  The price of LNG as a bunker fuel at the port of Sines (Portugal) decreased by USD 46.00 this week (USD 1,059/MT compared to USD 1,105/MT last week). The price differential between LNG and conventional fuel also narrowed to USD 220 in favor of LNG (compared to USD 294 the week before): MGO LS was quoted at USD 1,279/MT at the port of Sines on May 11. More detailed information is available in the "LNG Bunkering" section of mabux.com.
  
  At the end of Week 20, the MABUX Market Differential Index (MDI) — the ratio between market bunker prices (MBP) and the MABUX Digital Bunker Benchmark (DBP) — reflected the following trends across the world’s major bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • 380 HSFO segment: Fujairah moved into the overvalued zone, becoming the only overvalued port in this fuel category, with the overpricing premium increasing by 61 points. The remaining hubs continued to trade in the undervalued zone, although discount levels narrowed by 56 points in Rotterdam, 55 points in Singapore, and 29 points in Houston. Singapore’s MDI fell below the USD 100.00 mark, while Fujairah’s index approached the 100% MBP/DBP correlation line.
  
  • VLSFO segment: Fujairah also entered the overvalued zone, with the premium rising by 70 points. The other ports remained undervalued. Over the week, the MDI discount narrowed by 110 points in Rotterdam and by 68 points in Singapore, while increasing marginally by 2 points in Houston. Rotterdam’s MDI crossed below the USD 100.00 threshold, whereas Houston’s index remained close to the 100% MBP/DBP correlation level.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston remained in the undervalued zone. MDI levels declined by 120 points in Rotterdam, while increasing by 23 points in Singapore and by 10 points in Houston. Fujairah continued to be the only overvalued port in this segment, with the overpricing premium rising by 51 points. The MDIs in Rotterdam, Singapore, and Fujairah all exceeded the USD 100.00 mark.
  
  Overall, the balance between overvalued and undervalued ports shifted once again toward overvaluation during the week, with one port in both the 380 HSFO and VLSFO segments moving into the overvalued zone. Nevertheless, it remains premature to conclude that a sustained overvaluation trend is emerging in the global bunker market.
  
  More detailed information on the correlation between market prices and the MABUX Digital Bunker Benchmark is available in the “Digital Bunker Prices” section on mabux.com.
  
  According to Integr8, conditions are once again emerging in the market for increased risks associated with bunker fuel quality. The report notes a combination of factors including rising bunker fuel prices, changes in crude oil and petroleum product flows, deteriorating blending technology, pressure on supply chains, and the emergence of non-standard blend components that fall outside standard ISO specifications. Fuel oil exceeding specifications is already being recorded at major bunker hubs. In Singapore, for example, increased ash, sodium, and water content has been observed in HSFO, indicating increased risks of instability and deterioration in fuel quality. The report also notes that increased supplies of heavy Venezuelan crude to US Gulf Coast refineries is contributing to deterioration in HSFO quality in Houston, including increased density, ash, and vanadium content. Integr8 emphasizes that bunker fuel quality should not be assessed solely based on ISO 8217 compliance, as operational reliability, storage conditions, compatibility risks, and hidden costs are also important. The company recommends that buyers, suppliers, and ship operators strengthen their fuel quality monitoring before operational issues and complaints arise.
  
  The global bunker market remains highly volatile amid persistent geopolitical tensions in the Middle East and the continuing disruption of shipping operations in the Strait of Hormuz. Ongoing military and political uncertainty in the region continues to exert strong pressure on global energy and bunker fuel markets, contributing to sharp and irregular price movements. We expect bunker market indices to maintain mixed fluctuations next week as traders continue to react to geopolitical developments, supply concerns, and elevated freight and insurance costs. However, any further escalation in the military confrontation between the United States and Iran could trigger another sharp upward spike in bunker prices.
  Source: MABUX
- 2026-05-14
  Oil edges up as investors focus on Trump-Xi meeting in Beijing
  Oil prices rose on Thursday, with markets focusing on the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive result on the Iran war, which has significantly disrupted global oil... Read more Oil prices rose on Thursday, with markets focusing on the high-stakes meeting between U.S. President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive result on the Iran war, which has significantly disrupted global oil supply.
  Aside from trade matters, Trump is expected to encourage China to convince Tehran to make a deal with Washington to end the conflict, but analysts doubt that Xi will be willing to push its long-time strategic partner too hard.
  Brent crude futures were up 26 cents, or 0.25%, to $105.89 a barrel by 0250 GMT, while U.S. West Texas Intermediate futures rose 32 cents, or 0.32%, to $101.34.
  Both benchmark oil futures contracts fell on Wednesday as investors worried about possible U.S. interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures fell more than $2 a barrel, while WTI futures fell more than $1.
  Trump received a grand welcome at Beijing’s Great Hall of the People on Thursday ahead of talks with China’s Xi Jinping set to cover their fragile trade truce, the Iran war and U.S. arms sales to Taiwan.
  "Oil prices are in a wait-and-see mode," said ING analysts in a note on Thursday, adding that the market could be pinning too much hope on the U.S.-China talks yielding some positive results on Iran.
  The Strait of Hormuz, a key energy gateway, has been largely shut since the war broke out at the end of February.
  
  While Trump has said he did not think he would need China’s help to end the war, the president is nonetheless expected to ask Xi for assistance in resolving the costly and unpopular conflict.
  "Failure to make meaningful progress on reopening the strait could leave the US with few options other than renewed military action," IG analyst Tony Sycamore said in a note.
  Iran, meanwhile, appears to have tightened its control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region.
  A Chinese supertanker carrying two million barrels of Iraqi crude sailed through the Strait of Hormuz on Wednesday after being stranded in the Gulf for more than two months due to the U.S.-Iran war. It was only the third oil tanker to exit the strait since the war began.
  Global oil supply will fall short of total demand this year as the war wreaks havoc on Middle East oil production and drains inventories at an unprecedented pace, the International Energy Agency said on Wednesday, upending its earlier outlook calling for a surplus. Source: Reuters/Investing.com
- 2026-05-14
  StanChart Warns Physical Oil Premium Collapse May Be Temporary
  Over the past couple of months, physical oil cargo premiums have surged as markets reacted to the threat of physical supply disruption, forcing buyers to pay significantly higher prices for guaranteed, prompt delivery of crude oil. As the conflict escalated... Read more Over the past couple of months, physical oil cargo premiums have surged as markets reacted to the threat of physical supply disruption, forcing buyers to pay significantly higher prices for guaranteed, prompt delivery of crude oil. As the conflict escalated and Iran blocked the Strait of Hormuz, buyers scrambled to secure immediate, non-Middle Eastern "prompt barrels", driving up the spot price premiums for available cargoes. North Sea Forties crude spiked to nearly $150 a barrel by mid-April, exceeding the 2008 peak. Many commodity experts predicted that oil futures would eventually trade up to the physical; however, we have lately been seeing just the opposite, with the physical trading down to the futures. Whereas physical prices still indicate market tightness, they have recently returned to a more normal range. Dated Brent (the primary physical benchmark for crude oil in the North Sea) settled just $0.43/bbl higher than front-month Brent on 11 May, good for a w/w fall of $11.31/bbl. Saudi Aramco’s official selling price (OSP) remains historically high; however, June saw m/m reductions to both Europe (~2/bbl) and Asia (~4/bbl) after May’s OSP recorded the largest ever m/m price increase. And now commodity experts at Standard Chartered have predicted that this downward adjustment will reverse before long.
  
  According to StanChart, physical oil cargo premiums have collapsed--with some grades dropping 90%--due to a combination of intentional buyer restraint, increased reliance on inventory and increased supplies from non-disrupted regions.
  
  The sharp fall in the price of physical oil can be chalked up to buyers remaining hopeful the Iran conflict would be resolved rapidly, at least in terms of the Strait of Hormuz blockades, and were dissuaded from purchasing cargoes at extremely elevated prices. High volatility and regular price swings in excess of $10/bbl in a day (front-month Brent traded in a $35/bbl intraday range on 9 March ) have increased the risk of a VaR shock i.e., an acute increase in Value at Risk.
  
  Deferring purchases in the near term has also allowed buyers to benefit from strategic reserve and inventory drawdowns, reduced refinery run rates (and adjustments to maintenance schedules), and alternative supply sources, which have cushioned oil price spikes.
  
  StanChart says physical prices are likely to rise once more when purchases can no longer be deferred, refinery runs pick up and strategic reserve releases are complete, unless a deal to end the conflict can be agreed. This will likely eventually pull futures prices up towards elevated physical benchmarks.
  
  U.S. producers continue to be among the primary beneficiaries of the ongoing energy crisis. According to the latest data from the U.S. Energy Information Administration (EIA), U.S. crude exports reached an all-time record high of 6.4 million barrels per day (bpd) for the week ending April 24, 2026, eclipsing the previous high of 5.3 million bpd set in late 2023. Combined U.S. crude oil and refined petroleum product exports hit a record peak of 12.9 million bpd in the same week. International refiners, particularly across Asia and Europe, are aggressively buying American light sweet shale oil to replace stranded Persian Gulf barrels.
  
  Asian buyers, particularly in Japan, South Korea, and Taiwan, have sharply increased purchases. To meet this massive international demand, the U.S. has drawn heavily from commercial storage and the Strategic Petroleum Reserve (SPR), pulling down domestic inventories by over 2 million bpd. The Trump administration has initiated the sale of ~53 million barrels of crude oil from the SPR to nine energy companies, and is working toward a total release of 172 million barrels. This move is part of a coordinated international effort with the IEA to release roughly 400 million barrels worldwide following supply disruptions in the Middle East.
  
  The European Union Aviation Safety Agency (EASA) recently authorized the broader use of US-grade Jet A fuel in Europe, over the standard Jet A-1 specification with “no regulatory obstacles”. By allowing the use of US-grade jet fuel, the supply pool has been effectively enlarged, removing some of the reliance on imports from the Middle East. However, Jet A has a higher freezing point than Jet A-1, meaning it’s mostly useful for lower altitude, short-to-medium haul flights. The development has allowed Jet fuel differentials to come off recent highs while front-month contracts are now in contango. The U.S. has maintained healthy jet fuel inventories, remaining above seasonal norms and in excess of the five-year range at 43.57 million barrels on 1 May. Meanwhile, inventories in Europe, as evidenced from measures in the larger Amsterdam-Rotterdam-Antwerp (ARA) region, have tightened quickly, falling from ~1.1 million metric tonnes (Mt) held from September to end-December 2025, to just 0.56Mt in the latest weekly data. Source: Oilprice.com
- 2026-05-14
  Middle East War Threatens Renewable Energy Rollout
  War in the Middle East has reshaped near-term energy market expectations, with direct implications for hydrocarbon supply affecting power sectors across liquified natural gas (LNG) imports, oil imports, and spot gas-dependent economies, mainly in Europe... Read more War in the Middle East has reshaped near-term energy market expectations, with direct implications for hydrocarbon supply affecting power sectors across liquified natural gas (LNG) imports, oil imports, and spot gas-dependent economies, mainly in Europe and Asia. While Middle Eastern countries retain access to abundant domestic fossil fuels, the effective closure of the Strait of Hormuz and the crisis extends disruption beyond hydrocarbons. The combination of conflict proximity, supply chain vulnerability, capital diversion, and institutional resilience is critical for renewables deployment. Rystad Energy analyzes how the conflict is affecting renewable energy deployment across key Middle Eastern markets.
  
  The crisis is expected to result in a net delay of between three and 12 months across the active renewable energy pipeline in the Middle East, while simultaneously strengthening the medium to long-term strategic commitment to the energy transition. The overall effect is a short-term delay followed by a sharper medium-term acceleration in Saudi Arabia, the UAE, Oman, and Turkiye, while Qatar, Kuwait, Iraq, Bahrain, and Jordan are expected to face moderate delays with recovery contingent on market stabilization. Additionally, Iran, Israel, Syria, Lebanon, and Yemen remain high risk and are likely to face prolonged delays in renewables deployment (Figure 1).
  
  Supply chain disruption
  
  There is a clear disruption across key maritime routes that is already pushing back project timelines. While other regions have registered high module imports due to China's elimination of the VAT export rebate on 1 April, the Middle East region lagged behind. The March 2026 solar PV imports collapsed against 2025 monthly averages across every Persian Gulf market- the UAE fell 608 MW from 767 MW to just 160 MW, Saudi Arabia dropped 625 MW from 704 MW to 80 MW, and Oman fell to zero from 77 MW. The contrast with Türkiye importing 248 MW (+166 MW above its 2025 average) and Israel at 220 MW (+118 MW), reflecting their independence from Hormuz and Red Sea routing (Figure 2).
  
  The impact is more severe because multiple cost pressures have materialized simultaneously. The freight rates for the Asia-Mediterranean route are up from $2,826/FEU in late February to $3,594/FEU by early April. Additionally, China's elimination of the VAT export rebate on 1 April added a direct 9% cost impact on module pricing, while silver prices in the USD 70–80/oz range are pushing up cell costs, prompting OEM suppliers, EPC contractors and developers to revisit signed contracts, repricing risk, and consider redirecting capital toward more stable, lower-risk markets within the Middle East.
  
  The region's highly competitive auction market, which results in world-record bids in the range of USD 10.5 - USD 20/MWh, gives a thin margin to the developers. To achieve this, the CAPEX intensity for these projects is already at a lower end. Multiple cost pressures and with war risk premium now being embedded into project finance, EPC contractors are repricing force majeure and logistics exposure into new bids. Countries like Kuwait, progressing to awarding their first large-scale solar projects totaling 1.6 GW, are particularly vulnerable to this repricing. For projects that have already reached financial close across the Middle East, the result is margin compression.
  
  Middle East solar module manufacturing capacity is expected to grow from 4.7 GW in 2025 to 35.8 GW by 2030 — a sevenfold expansion in five years. Türkiye, already plateaued at 22.2 GW of domestic manufacturing capacity from 2026 onward, is effectively import-independent for solar modules and fully insulated from any future Hormuz disruption.
  
  The financial incentive for renewables deployment for oil and gas-exporting Gulf states such as the UAE, Saudi Arabia, Qatar, Kuwait, and Iraq has strengthened under this crisis. At more than $90 per barrel of Brent crude oil and between $15 and $20 per million British thermal units of LNG, every megawatt of solar or wind deployed domestically frees up hydrocarbons for export at elevated prices. The opportunity cost of burning liquids/gas in a domestic power station has never been higher. However, the effective closure of the Strait of Hormuz remains a significant constraint for countries reliant on the route for exports. Gulf renewables programs are facing logistical and financial delays, not strategic ones, and striking the right balance between restoring hydrocarbon exports and renewables deployment will result in an optimal outcome. Source: Oilprice.com
- 2026-05-14
  MABUX: Global bunker market expected to see slight downward correction on May 14.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — remained broadly stable on May 13, showing no clear directional trend: 380 HSFO: USD/MT: 775.06 (-0.97) VLSFO: USD/MT 943.69 (-3.20) MGO:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — remained broadly stable on May 13, showing no clear directional trend:
  
  380 HSFO: USD/MT: 775.06 (-0.97)
  VLSFO: USD/MT 943.69 (-3.20)
  MGO: USD/MT 1 416.43 (+15.44)
  
  As of May 13, the MABUX Market Differential Index (MDI). which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), recorded the following changes across the four major global bunkering hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four major ports stayed in the undercharge zone. The underpricing widened by $28 in Rotterdam, $38 in Singapore, $32 in Fujairah, and $37 in Houston. Houston’s MDI exceeded the $100 mark.
  
  • VLSFO segment: Houston shifted into the undercharge zone, joining Rotterdam and Singapore. The underpricing widened by $56 in Rotterdam, $6 in Singapore, and $34 in Houston. Fujairah’s MDI reached the 100% correlation level between MBP and DBP.
  
  • MGO LS segment: Rotterdam, Singapore, and Houston continued to register undercharge conditions. The underpricing margin increased by $10 in Rotterdam, $6 in Singapore, and $39 in Houston. Fujairah remained the only overpriced port, although its premium narrowed by $24. MDI values in Rotterdam, Singapore, and Fujairah stayed above the $100 threshold.
  
  MABUX expects the global bunker market to enter a slight downward correction on May 14: minus 3-6 USD/MT, VLSFO: minus 3–8 USD/MT, MGO LS: minus 5–15 USD/MT.
  Source: MABUX

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