World News
CMA CGM Lowers Fuel Costs Through Ship Retrofits
French carrier CMA CGM is in the process of retrofitting its series of mid-size container ships in an effort to save 5 percent on fuel costs, the company announced.
Another 10 ships will undergo retrofits to better accommodate lower speeds due to slow steaming, CMA said, joining another 15 that were already updated in 2013 and 2014.
The ships will have their bulbous bows removed and replaced with a new one that will better cut through water.
The new bows, which were designed by Hydrocéan, a French engineering company, will also cut down on carbon dioxide (CO2) emissions.
The company is targeting its 5,700, 8,500 and 9,400 TEU vessels, aiming to reduce energy consumption aboard each ship by 5 percent.
All ships that have joined the company's CMA's fleet since the beginning of 2014 have already been adatped for current speeds.
CMA , the world's third largest carrier, has in the past joined other carriers in reducing their speeds, going to 16-18 knots from 24.
Maersk Line, the world's largest carrier, also made changes to bows last year to account for slow steaming.
Drewry also predicted last month that despite falling bunker prices, the practice would likely continue into the near future due to carriers' fears of flooding the market with latent capacity.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
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