World News
Methanol Institute Says Global Approach Essential for Shipping Decarbonisation at MEPC 84
The Methanol Institute is calling on the IMO to keep a global approach at the centre of shipping’s climate rules, as negotiations continue around MEPC 84.
A measure agreed at the global level remains critical to decarbonising the sector, warning that a patchwork of regional or national rules would increase costs, add complexity, and slow innovation, it said in a LinkedIn post on Tuesday.
Alongside this, the institute highlighted the need for technical work to progress in parallel, including lifecycle emissions accounting, fuel certification, and the definition of zero- and near-zero emission fuels.
It said these elements are essential to provide the clarity needed for projects to reach final investment decisions.
The group also pointed to investor confidence as a key factor in scaling alternative marine fuels such as methanol, noting that predictable regulation and supportive mechanisms will be needed across the value chain.
It referenced incentives, including multipliers, as a way to reward emissions reductions while maintaining a technology-neutral approach.
It added that discussions should remain anchored to the IMO’s 2023 GHG Strategy, with the focus now on translating targets into practical, workable global rules for the industry.
The IMO’s working group on GHG emissions is meeting at its London headquarters this week ahead of the Marine Environment Protection Committee’s 84th session (MEPC 84).
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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