World News
INTERTANKO: Virtual Arrival Systems Lower Bunker Bills
Independent tanker owners trade group INTERTANKO says the use of virtual arrival systems is helping its members reduce their bunker bills.
Speaking at last week's Connecticut Maritime Association (CMA)'s Shipping 2014 annual conference, INTERTANKO Managing Director Katharina Stanzel said it was a "win win" for both vessel owner and charterer.
She explained that the system takes advantage of the fact that there is very often congestion when a vessel arrives at port.
In such circumstances, the virtual arrival system allows the vessel to slow down ahead of time and instead arrive later when a berth is available, and in the process reducing vessel costs through reduced bunker consumption.
Giving an example of how the system works in practice, Stanzel said: "The voyage starts and a few days in we realise there's no slot available, so we get the notification that we should slow down."
"We then say, ok, this is how long the voyage would take normally, we've been told to slow down, so the voyage is going to take an extra three days."
"The savings that we're making in fuel in those three days would then, for example, be split between the parties as per their contractual agreement. So its win win for both."
"It does really work when people know each other and they have a trusting relationship."
CMA's next event, CMA Shipping 2015, will be held on March 23-25, 2015 at the Hilton Stamford Hotel, Connecticut.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 641.00 | 4.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 629.50 | 2.00 | 802.50 | 6.50 |
| Fujairah | 647.50 | 2.00 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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