World News
Moving Away from HFO Key to Achieving Sustainable Shipping, Says SSI
Alastair Fischbacher, CEO of the Sustainable Shipping Initiative (SSI), says the organisation's Vision for 2040 focuses on reducing the shipping industry's reliance on heavy fuel oil (HFO) in favour of shifting to a diversified mix of low carbon energy sources that will enable a reduction in greenhouse gases (GHG) and other emissions.
Fischbacher says the SSI supports the adoption of clean technologies and other measures to increase fuel efficiency, reduce fuel burn, as well as its associated emissions, but notes that improved efficiencies will not be sufficient to achieve a low carbon footing within the shipping industry.
As a result, the SSI says that cleaner fuels, including liquefied natural gas (LNG), methanol, and biofuels should be promoted and supported in order to achieve sustainability goals for shipping.
"Collectively, these developments and others have begun to negate the challenge facing LNG’s development as a bunker fuel – namely that it requires significant investment in infrastructure to see the market develop at scale," said Fischbacher.
SSI says that the organisation and its members are taking practical steps toward supporting the adoption and demonstration of the benefits of cleaner fuels, specifically for LNG.
Fischbacher points to members such as Carnival Corporation & plc (Carnival), among others, who have played "a leading role" in supporting the uptake of LNG as shipping fuel.
"Essential to accomplishing this will be a robust, progressive and equitable framework designed and implemented by the IMO (International Maritime Organization) driving the rapid reduction of GHG emissions, supporting the United Nations Framework Convention on Climate Change (UNFCCC) target of less than 2°C warming, as agreed at the COP 21 meeting in December in Paris," concluded Fischbacher.
On Wednesday, Ship & Bunker reported that SSI's annual report the document suggests that, while there are significant short-term challenges, progress toward sustainable shipping is happening.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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