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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
637.50
0.00
619.00
+2.00
Dec 15
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	637.50	0.00	619.00	+2.00	Dec 15

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
393.65	-2.50	476.86	-2.60	736.13	-4.23	Dec 15

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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	343	401	-58	392	448	-56	619	638	-19	Dec 15
Singapore	348	397	-49	425	485	-60	627	631	-4	Dec 15
Fujairah	317	367	-50	425	476	-51	709	694	+15	Dec 15
Houston	347	379	-32	418	429	-11	622	645	-23	Dec 15

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Latest News
- 2025-12-15
  Hapag-Lloyd orders eight methanol dual-fuel vessels
  German container shipping company Hapag-Lloyd has ordered eight new methanol dual-fuel ships, with deliveries scheduled between 2028 and 2029. The new 4,500 TEU ships will be built at the Chinese shipyard CIMC Raffles. "The new ships will help replace... Read more German container shipping company Hapag-Lloyd has ordered eight new methanol dual-fuel ships, with deliveries scheduled between 2028 and 2029.
  
  The new 4,500 TEU ships will be built at the Chinese shipyard CIMC Raffles.
  
  "The new ships will help replace older tonnage, further decarbonise the Hapag-Lloyd fleet, and reduce our dependence on the charter market," the company’s chief executive Rolf Habben Jansen said.
  
  Last year, the company announced plans to retrofit five conventional-fuelled container ships to run on methanol. These vessels are chartered from Hong Kong-based Seaspan Corporation, and the retrofit is expected to start in the first quarter of 2026.
  
  Source: ENGIИE
- 2025-12-15
  Baleària and ports of Valencia and Palma to develop green corridor by 2030
  Shipping company Baleària and the ports of Valencia and Palma have signed a collaboration agreement today (12 December) to develop what they say will be Spain’s first maritime green corridor. The initiative sets 2030 as the target year for operating... Read more
- 2025-12-15
  Bunkering Services Initiative begins drive to deliver efficiencies and transparency
  On 1 December, the Bunkering Services Initiative (BSI), a voluntary collaboration which includes bunker buyers and fuel suppliers that collectively account for around 20% of bunker volumes in the Amsterdam-Rotterdam-Antwerp (ARA region), officially launched... Read more
- 2025-12-15
  AD Ports looking to take controlling stake in Egyptian container terminal operator
  AD Ports Group is planning to launch a cash mandatory tender offer (MTO) to acquire an additional stake in Alexandria Container & Cargo Handling Company (ALCN), which would give it majority ownership and control of one of the largest container terminal... Read more
- 2025-12-15
  ABB and HDF Energy team up on high-power fuel cells for large seagoing ships
  Swedish-Swiss technology company ABB has signed a joint development agreement (JDA) with French hydrogen fuel cell developer HDF Energy to advance high-power fuel cells capable of powering large seagoing vessels. The project aims to enable megawatt-scale... Read more
- 2025-12-15
  FEUM may come into force in Norway next month
  The Norwegian Maritime Authority (NMA) has announced that FuelEU Maritime (FEUM) regulations may become applicable in Norway ‘earlier than previously expected’ – and could potentially enter into force ‘as early as the turn of the year’. FEUM – formally... Read more
- 2025-12-15
  Oil rises as Venezuelan supply disruptions outweigh surplus concerns
  Oil prices climbed on Monday as supply disruptions linked to escalating U.S.-Venezuela tensions outweighed oversupply worries and the impact of a potential Russia-Ukraine peace deal. Brent crude futures were up 33 cents, or 0.54%, at $61.45 a barrel,... Read more Oil prices climbed on Monday as supply disruptions linked to escalating U.S.-Venezuela tensions outweighed oversupply worries and the impact of a potential Russia-Ukraine peace deal.
  Brent crude futures were up 33 cents, or 0.54%, at $61.45 a barrel, as of 0429 GMT, and U.S. West Texas Intermediate crude was at $57.75 a barrel, up 31 cents, or 0.54%.
  Both contracts slid more than 4% in the prior week, weighed down by expectations of a surplus in 2026.
  "Peace talks between Russia and Ukraine have swung between optimism and caution, while tensions between Venezuela and the U.S. are escalating, raising concerns about potential supply disruptions," said Tsuyoshi Ueno, a senior economist at NLI Research Institute.
  "Still, with markets lacking clear direction, oversupply concerns remain strong and unless geopolitical risks escalate sharply, WTI could fall below $55 early next year."
  Venezuela’s oil exports have fallen sharply since the United States seized a tanker earlier last week and imposed fresh sanctions on shipping companies and vessels doing business with the Latin American oil producer, according to shipping data, documents and maritime sources.
  The market is closely monitoring developments and their impact on oil supply, with Reuters reporting that the U.S. plans to intercept more ships carrying Venezuelan oil following this week’s tanker seizure, intensifying pressure on President Nicolas Maduro.
  Rising expectations of a surplus, however, continued to weigh on prices.
  
  JPMorgan Commodities Research said in a note on Saturday that oil surpluses in 2025 are expected to widen further into 2026 and 2027, as global oil supply is projected to outpace demand, expanding at three times the rate of demand growth through 2026.
  Ukrainian President Volodymyr Zelenskiy offered to drop his country’s aspiration to join the NATO military alliance as he held five hours of talks with U.S. envoys in Berlin on Sunday. Negotiations are set to continue on Monday.
  U.S. envoy Steve Witkoff said "a lot of progress was made," though additional details were not divulged.
  Ukraine’s military said on Friday that it attacked a major Russian oil refinery in Yaroslavl, northeast of Moscow; industry sources said the facility had suspended output.
  Russian state oil and gas revenue in December is likely to fall by nearly half from a year earlier to 410 billion roubles ($5.12 billion) due to lower crude prices and a stronger rouble, Reuters calculations showed on Friday.
  A possible peace deal could eventually increase Russian oil supply, which is currently sanctioned by Western countries.
  
  On the supply side, U.S. energy firms last week cut the number of oil and natural gas rigs operating for a second time in three weeks, energy services firm Baker Hughes said on Friday. Source: Reuters/Investing.com
- 2025-12-15
  China Upends the Weak Oil-Demand Narrative
  China’s latest oil import data has been rather bullish, with November imports rising 5% year on year. Not only that, but China is building new storage capacity, so it can keep buying more crude, instead of demonstrating that its oil demand growth is weakening,... Read more China’s latest oil import data has been rather bullish, with November imports rising 5% year on year. Not only that, but China is building new storage capacity, so it can keep buying more crude, instead of demonstrating that its oil demand growth is weakening, as forecasters say. China is making oil demand forecasting uncertain.
  
  FGE NexantECA, for instance, recently reported that China’s apparent demand in October had been revised downwards to 14.6 million barrels of crude daily, or 570,000 barrels daily less than earlier expected. At the same time, the forecaster, along with others, expects the world’s top oil importer to boost its oil purchases next year—because it is building a massive reserve of crude oil, it seems.
  
  As a result, Asian oil demand, which FGE NexantECA expects to dip this year by 38,000 barrels daily, will next year rebound, adding 36,000 barrels daily. This will make Asia one of two continents where the forecasters see demand for oil growing next year, while the rest of the world is seen recording a dip.
  
  Forecasts, however, are uncertain things. Bloomberg this week reported that China’s continued oil buying for its storage was “masking” a slowdown in oil demand growth driven by the adoption of electric vehicles. Yet the latest car sales figures out of China show an annual decline of 32% for total car sales over the first week of December, and a 17% annual decline in EV sales specifically. This suggests that EV sales, even in China, are not on an uninterrupted upward curve, erasing barrel after barrel in oil demand with each passing day.
  
  According to data from Kpler, China’s oil in storage is currently above 1.5 billion barrels. Storage capacity, per Energy Aspects, is 2 billion barrels—and it could be expanded by 260 million barrels in 2026, even as actual imports remain flat on 2025, according to the forecaster—unless they jump.
  
  “Actual imports could be much higher than our forecasts,” especially over the second half of the year, one Energy Aspects analyst told Bloomberg, as the firm forecast China’s oil imports next year at 11.4 million barrels daily, or flat on 2025. And yet China’s November average was 12.38 million barrels daily as stockpiling apparently intensified.
  
  China has been stockpiling crude oil at a daily rate of around 1 million barrels this year. It has also been building new storage capacity. This year and next will see a total of 11 new storage sites built across the country, with a combined capacity of some 169 million barrels. According to Citigroup, China will continue stockpiling crude at a rate of 900,000 barrels daily next year, Bloomberg reported, adding this would be an increase on stockpiling rates of 800,000 bpd since March this year. When you add January and February, the stockpiling rate rises to 990,000 barrels daily.
  
  Other forecasters also see an accelerated rate of putting oil into storage next year, with FGE seeing an increase from 480,000 bpd this year to 600,000 bpd. The difference in figures is likely due to the fact that China does not release official data on oil in storage, which makes forecasters make their own calculations based on whatever data and observable information is available. Reuters, for instance, calculates the oil in storage by subtracting imports from refinery run rates—hence the 990,000 bpd average rate of stockpiling.
  
  This stockpiling on the part of China has become a major reason for the relative stability of oil prices this year. This stability has, among other things, been based on the rather reasonable assumption that if China, the world’s largest oil importer, has built a supply cushion in case of disruption, then a surge in demand following such a disruption is unlikely. This assumption has acted as one more lid on prices, along with the regular reports about electric vehicles replacing internal combustion engines in the world’s biggest car market.
  
  With China seen ramping up the rate at which it puts oil into storage, the price stability will likely remain a feature of oil markets in 2026, not least because China can absorb a lot more crude in storage than it is currently putting in. According to OilX, the country’s storage caverns are only half full, meaning there is a lot of space to boost that reserve cushion.
  
  Yet while so many forecasters remain convinced that global oil demand growth is ailing, the International Energy Agency just came out with a report in which it revised its demand projections higher and its glut projections lower. Total global oil supply dipped by 610,000 bpd in November compared to October and by a whopping 1.5 million bpd from September’s all-time high, the IEA noted in its latest monthly report. It still sees a supply overhang of a substantial 3.84 million barrels daily, but that is down from a previously forecast glut of 4.09 million barrels daily, because demand for oil is now seen as stronger. China and 2026 can still serve some surprises. Source: Oilprice.com
- 2025-12-15
  India Deepens Russian Oil Ties Despite U.S. Tariff Pressure in 2025
  Since the Russian invasion of Ukraine in 2022, the global energy landscape has changed significantly, as the United States and Europe introduced strict sanctions on Russian energy. This led to a rapid movement away from Russian oil and gas by Europe,... Read more Since the Russian invasion of Ukraine in 2022, the global energy landscape has changed significantly, as the United States and Europe introduced strict sanctions on Russian energy. This led to a rapid movement away from Russian oil and gas by Europe, as countries scrambled to find alternative supplies. As Russia lost many of its main energy trade partners, it also looked elsewhere, offering oil and gas at heavily discounted prices. The tactic worked, as China and India stockpiled vast quantities of low-cost Russian energy. Moscow now aims to strengthen its ties with India, despite threats from U.S. President Trump to impose higher tariffs on any country importing crude from Russia.
  
  In October, President Trump said he expected India to stop importing Russian oil, following the introduction of a 25 percent tariff on India as a penalty for importing Russian oil and gas in August, on top of an existing 25 percent tariff. Trump told reporters that India’s Prime Minister Narendra Modi has assured him that India planned to halt the crude imports. “He’s a friend of mine, we have a great relationship … we have a great relationship – no, we were not happy with him buying oil from Russia because that let Russia continue on with this ridiculous war where they’ve lost a million and a half people,” Trump said.
  
  When Trump introduced the new tariffs, the White House trade adviser Peter Navarro said that India’s ongoing purchases of Russian oil were funding Russia’s war with Ukraine and must stop. “India acts as a global clearinghouse for Russian oil, converting embargoed crude into high-value exports while giving Moscow the dollars it needs,” Navarro wrote in an opinion piece in the Financial Times.
  
  However, in November, India’s imports of Russian crude were expected to hit a five-month high, at around 1.855 million bpd, compared to 1.48 million bpd in October, according to data from ship tracking agency Kpler. A trade source explained, “Russian supply is expected to be high in November as many refineries tried to fill the stocks prior to the U.S. sanctions deadline and also due to the rule for oil products production for the EU market from non-Russian oil from 2026.”
  
  Since 2022, India, the world’s third-biggest oil importer, has become the largest purchaser of seaborne Russian crude. In 2021, before Russia invaded Ukraine, Russian oil contributed around 2.5 percent of India’s total oil imports, according to the U.S. Energy Information Administration. However, by 2025, this figure increased to around 50 percent of oil imports.
  
  Despite the threats from President Trump, it seems like the trend is likely to continue. In December, Modi met with Russian President Vladimir Putin in his first visit to India since the invasion of Ukraine. At the Russia-India annual bilateral summit in New Delhi, Putin stated, “Russia is ready for uninterrupted shipments of fuel to India,” saying their ties were “resilient to external pressure”.
  
  Putin also criticised the United States for its hypocrisy in calling for India to halt its crude imports from Russia. “The United States itself still buys nuclear fuel from us for its own nuclear power plants.” If the U.S. has the right to buy Russian fuel, India should enjoy “the same privilege,” he added. In 2023, U.S. imports of Russian enriched uranium reached a record high in more than a decade, at $1.2 billion.
  
  Meanwhile, Kremlin spokesman Dmitry Peskov told reporters, “India, as a sovereign state, conducts foreign trade operations and purchases energy resources where it is beneficial for India, and as far as we understand, our Indian partners will continue this policy to ensure their economic interests.” Modi said in the conference that, “energy security has been a strong and important pillar of the India-Russia partnership.”
  
  During the summit, India and Russia made several agreements on defence and economic cooperation. The two powers completed an economic cooperation programme until 2030, which states the aim of doubling trade to $100 billion a year by the end of the decade.
  
  To continue importing Russian crude, India may have to change suppliers following the implementation of stricter sanctions on Russia’s largest oil producers, Rosneft and Lukoil, which together supply around 60 percent of the Russian crude imported by India. Russian companies, such as Surgutneftegaz, which have not faced such strict sanctions, are expected to step in to meet India’s oil demand. India will also likely continue buying oil from Gazprom Neft. Russia is expected to continue shipping crude to India using shadow fleets made up of older tankers. Moscow has significantly increased its use of these ships in recent months to circumvent sanctions.
  
  Despite the broad sanctions on Russian energy and repeated threats from President Trump, it appears that India will continue to import large quantities of Russian crude at a discounted rate to support its energy sector and economy. Meanwhile, Russia’s President Putin has made it clear that Moscow is more than willing to supply India with this energy. Source: Oilprice.com
- 2025-12-15
  MABUX: Global bunker market to continue declining on Dec. 15.
  The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its downward trend on Dec. 12, falling for the fourth consecutive day: 380 HSFO: USD/MT 396.15 (-2.68) VLSFO: USD/MT 479.46 (-3.23) MGO:... Read more The MABUX World Bunker Index — a composite indicator reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its downward trend on Dec. 12, falling for the fourth consecutive day:
  
  380 HSFO: USD/MT 396.15 (-2.68)
  VLSFO: USD/MT 479.46 (-3.23)
  MGO: USD/MT 740.36 (-6.45)
  
  As of Dec. 12, the MABUX Market Differential Index (MDI) — tracking the correlation between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – indicated the following dynamics in the major global hubs: Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Underpricing persisted, narrowing by $2 in Rotterdam and $4 in Singapore, while widening by $1 in Fujairah and remaining unchanged in Houston.
  
  • VLSFO segment: All four ports remained undercharged. The discount widened by $3 in Rotterdam, but narrowed by $4 in Singapore, $3 in Fujairah, and $1 in Houston. Houston’s MDI approached the full (100%) correlation mark between MBP and DBP.
  
  • MGO LS segment: The MDI registered undercharging in Rotterdam and Houston, with the discount narrowing by $3 and $7, respectively. Singapore and Fujairah moved into the overcharge zone, with the premium increasing by $15 in both ports. Singapore’s MDI remained close to the full (100%) correlation mark between MBP and DBP.
  
  We expect the downward trend in the global bunker market to continue on Dec. 15: 380 HSFO – minus 1-2 USD/MT, VLSFO – minus 1-2 USD/MT, MGO LS – minus 2-4 USD/MT.
  Source: MABUX

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