World News
Ambitious CO2 Reduction Objectives Will Only Be Achievable With Alternative Marine Fuels Which Do Not Yet Exist: ICS
The International Chamber of Shipping (ICS) today warned that an ambitious and dramatic reduction in C02 emissions from shipping "will only be achievable with alternative marine fuels which do not yet exist."
However, ICS Chairman Esben Poulsson said he was "very confident" such fuels will be available "in the not too distant future," although it was noted that widespread availability of alternative bunkers such as hydrogen or fuel cells is not expected "for at least another 20 or 30 years."
The comments come as the Chamber today set out what the industry would like the International Maritime Organization (IMO) to achieve as part of its CO2 reduction strategy for the shipping sector.
Following Shipping's exclusion from the COP21 Paris Climate Agreement, IMO has been under pressure to deliver a plan to reduce the sector's CO2 emissions.
And while ICS says the sector's total CO2 has already been reduced by more than 10 percent between 2007 and 2012, projections for trade growth mean "dramatic reductions in the sector's total CO2 will be difficult to achieve in the immediate future" until the alternative marine fuels become widely available.
ICS' position echoes comments from Dr Michael Traut, Research Associate at the Tyndall Centre, University of Manchester, who last year told Ship & Bunker that decarbonisation and the replacement of traditional bunkers with alternative fuels or other technology is the only way the shipping industry can adequately reduce its emissions in line with the COP21 global climate deal.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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