World News
BIMCO: Market-Based Decarbonisation Measures Should be Governed at Global Level
Any market-based measures introduced to coax the shipping industry into decarbonisation should be governed at the global level, according to industry body BIMCO.
The organisation is encouraging the industry and its regulators to enter a dialogue about how market-based measures could be introduced, it said in a statement on its website on Tuesday.
"BIMCO would like to stress that market-based measures for shipping should be governed by global rules, as it is critical that the industry is not required to pay for its carbon emissions multiple times," the organisation said.
"This is relevant if market-based measures are being implemented regionally as, for example, has been announced by the European Commission."
The European Commission is expected to announce plans in June for bringing the shipping industry into its emissions trading system, forcing shipowners to pay for their carbon emissions. The industry has largely opposed this proposal thus far, saying the regional approach taken by the EU risks undermining global efforts towards decarbonisation being formulated by the International Maritime Organization.
"The International Maritime Organization is a good platform for the debate on a ruleset, according to Kaptanoglu, but it is critical that the debate begins now, in order for the industry to make the transition in time to reach our CO2 reduction targets," BIMCO said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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