World News
Intertanko Launches ECA Bunker Surcharge Clause
Industry body the International Association of Independent Tanker Owners (Intertanko) has announced it has prepared a new bunker clause for members operating within Emissions Control Areas (ECAs).
"In order to minimise the risk of bunker volatility for Members, and to take account of increasingly onerous regulations on emissions, INTERTANKO has developed a bunker surcharge clause," said Intertanko.
"The clause addresses any additional bunker costs when trading in an [ECAs]."
The suggested standard terms cover calculations based on Worldscale rates as well as lump sum dollars-per-tonne.
Intertanko noted, however, that "there would be no additional compensation for owners who have opted to use scrubbers or other alternatives to low sulphur fuel to satisfy the ECA requirements" when using the lump sum basis.
The clause has also been adapted for use in the parcel trades where only part of a vessel is chartered.
"[The clause is] designed to assist Members in recouping actual amounts paid for bunkers, thereby avoiding disputes with charterers over bunker prices and minimising risk associated with price volatility," explained Intertanko.
According to its website, as of January 2014 Intertanko represents 212 independent tanker owners and operators with a combined fleet of 3,040 tankers.
Intertanko recently welcomed moves by the International Maritime Organization (IMO) to address concerns over bunker quality following lobbying by the organisation.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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