World News
Efficiency Measures Will Save Carnival $2.5 Billion in Bunker Costs by the End of 2014
British-American cruise line Carnival Corporation estimated that its multi-year fuel conservation program will have saved the company $2.5 billion in fuel costs by the end of 2014.
Carnival said that it had reduced its fuel usage by one billion gallons and cut carbon emissions by 12 billion kilograms since its Fleet Fuel Conservation Program started 2007.
"We have made great strides in working together to reduce energy and fuel consumption across our fleet, which is a top priority for us as a company," said Arnold Donald, CEO of Carnival Corporation.
By the end of the year, Carnival's fleet of over 100 ships is expected to see a 24 percent improvement in fuel efficiency compared to its benchmark in 2007, with 2014 on its own seeing a 5 percent increase.
The initiative has seen changes to hull coatings, lighting, and air conditioning aboard Carnival ships, among others.
Carnival also said that it was in a position to exceed its goal of a 20 percent reduction in carbon emissions by 2015.
"We're committed to building on the momentum of our sustainability initiatives because it is the right thing to do for the environment and our fellow citizens, the passengers and crew on our ships, the communities we visit, and also for our business," Donald said.
The company said that fuel costs ae its single biggest expense.
Carnival also announced earlier this year that it would install scrubbers in 70 ships, more than double what it had previously announced.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 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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