World News
Ballast Water Management Convention Poised to Enter Into Force Next Year
The International Maritime Organization (IMO) says that Indonesia this week has ratified the Ballast Water Management (BWM) Convention, a move that will likely enable the agreement to enter into force on November 24, 2016, pending verification of gross tonnage data on the country's registered fleet.
Koji Sekimizu, IMO Secretary-General, on Monday at the assembly's 29th session said that while the required number of countries had ratified the convention, aggregate tonnage still fell short of the requisite to bring it into force, calling the convention "tantalizingly close."
"During this biennium, a great deal has been achieved in removing barriers for ratification and also providing confidence to Administrations and shipowners that the convention is ready for implementation and that this can be done in a fair and transparent way," said Sekimizu.
IMO noted Morocco put forward its ratification at the session on Monday, bringing the aggregate tonnage to 32.93 percent of the required 35 percent needed to meet entry into force criteria, a move that was then followed by Indonesia's own ratification on Tuesday.
"The figures are very close, formal verification process will conclude as soon as possible," an IMO source way quoted as saying.
Some are said to have expressed doubts that Indonesia's tonnage will be sufficient to meet the 35 percent requirement.
However, Finland has been tipped to also make its ratification this week - set to be the 47th country to do so - meaning that the tonnage requirement is almost certain to be met.
"The convention is key in the fight against harmful impacts of invasive species in the marine environment," stated the IMO.
However the convention is also set to have a notable impact on shipping rates.
In October, shipbroker, Charles R. Weber Company, Inc. (CR Weaver) suggested that already buoyant tanker rates could get a further boost as tonnage is taken out of service for special surveys or dry docking ahead of the implementation of the Ballast Water Management Convention.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.50 | 1.50 | 666.50 | 3.50 |
| Rotterdam | 515.00 | 1.50 | 662.50 | 0.50 |
| Houston | 542.50 | 5.00 | 656.50 | 2.00 |
| Fujairah | 560.50 | 6.50 | 742.00 | 4.50 |
| Global 20 Ports Average | 585.00 | 3.00 | 749.50 | 1.00 |
| Global 4 Ports Average | 547.50 | 3.50 | 682.00 | 0.50 |
| Global Average Bunker Price | 634.00 | 2.00 | 805.50 | 1.50 |
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