World News
Fiji Pushes to Ratify IMO's Bunker Oil Pollution Convention
Lui Naisara, deputy secretary for Fiji's Ministry of Transport, has urged for the ratification of the International Maritime Organisation (IMO) convention on Civil Liability for Bunker Oil Pollution, saying it will enable full compensation to the country for pollution damage caused by marine fuel spills, local news reports.
"Fiji will only be able to fully utilise the compensation for pollution damage framework under the IMO Bunker Convention, 2001, once it becomes a party to the convention," said Naisara Tuesday at a meeting of the Standing Committee on Defence and Foreign Affairs.
"This is a very important convention that Fiji needs to undertake. Should in any event we have an oil spill here in Fiji, the economic cost on our marine environment will greatly impact the livelihoods of our people and our food chain."
Naisara also argues that ratifying the convention is an important step in supporting Fiji's economy, which relies on fossil fuel transportation activities.
In June, India became the latest country to ratify the convention.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 551.00 | 3.00 | 672.00 | 5.50 |
| Rotterdam | 515.50 | 2.50 | 652.50 | 3.50 |
| Houston | 540.50 | 4.00 | 670.00 | 5.00 |
| Fujairah | 542.50 | 1.00 | 747.00 | 3.00 |
| Global 20 Ports Average | 573.50 | 1.50 | 756.00 | 2.00 |
| Global 4 Ports Average | 537.50 | 1.00 | 685.50 | 1.00 |
| Global Average Bunker Price | 624.50 | 0.50 | 801.00 | 0.00 |
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