World News
BIMCO President Faults "Environmental Siege" on Shipping
The shipping industry is under "environmental siege" with new regulations imposing costs on already struggling ship owners, John Denholm, the new president of Baltic and International Maritime Council (BIMCO), said in a speech.
Denholm, who took over the presidency from Yudhishthir Khatau, said "environment" will be the theme of his turn in office and emphasised that shipping is the most environmentally friendly mode of industrial transport.
He said the oversupply of tonnage operating on the market is being drawn out by owners buying more fuel-efficient vessels.
Denholm also pointed to a "huge, politically inspired environmental agenda" placing regulations on emissions and ballast water.
He said BIMCO must push for environmental legislation to be "workable and affordable," and that the organisation will try to defer implementation of rules on low-sulfur fuels.
Some European leaders have said emission regulations should be delayed to give ship owners more time to adjust.
Denholm also said the International Maritime Organisation (IMO)'s Ballast Water Convention presents a "huge risk" that owners could invest in equipment that ends up not meeting approval.
IMO head Koji Sekimizu has said the industry "cannot escape" addressing ballast water issues.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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