World News
Bunker Holding Calls for 'Ambitious Goals' From IMO Ahead of Key MEPC80 Meeting
Marine fuels conglomerate Bunker Holding has called for the IMO to set 'ambitious goals' for maritime decarbonisation ahead of a critical meeting next week.
The 80th session of IMO's Marine Environment Protection Committee (MEPC80) is talking place in London next week, tasked with revising the organisation's decarbonisation strategy. The UN body's initial strategy, set in 2018, envisages a cut of least 40% in carbon emissions per transport work from 2008's levels by 2030, and a cut of at least 50% in the shipping industry's total GHG emissions by 2050.
Member states are likely to toughen both of these targets next week, as well as potentially adding an interim target for 2040.
"Honestly, I don't know what they are bringing," Keld Demant, CEO of Bunker Holding, told Ship & Bunker this week.
"But I can tell you clearly what we hope, and that is that they will accept that the only way to finance this major transition is by IMO setting some quite ambitious goals, and by IMO making sure that they find a way so this can be at least partly financed by the business."
Bunker Holding has previously called for full decarbonisation of the shipping industry by 2050.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.50 | 9.00 | 685.00 | 6.50 |
| Rotterdam | 506.00 | 6.00 | 665.00 | 11.00 |
| Houston | 552.50 | 0.50 | 682.00 | 4.00 |
| Fujairah | 548.00 | 7.50 | 750.00 | 3.00 |
| 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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