World News
'Clear Performance Standards' Needed For FuelEU Maritime Regulation: WSC
Industry bodies the World Shipping Council (WSC), Danish Shipping and the Methanol Institute have jointly written an open letter to EU decision-makers calling for an agreement on the FuelEU Maritime regulation that can stimulate more alternative bunker fuel demand.
The regulation will need to include 'clear performance standards' to drive the uptake of renewably produced marine fuels, the organisations said in an emailed statement on Friday.
"FuelEU Maritime is perhaps the most important of the EU legislations for shipping," Jim Corbett, European environment director at the WSC, said in the statement.
"Using performance-based targets with quantitative rigor based on lifecycle or Well-to-Wake metrics, FuelEU provides shipping companies the clarity needed for continued first mover innovation that will expand to broad uptake of renewable fuels across the fleets carrying essential cargoes to EU communities."
The FuelEU Maritime regulation will aim to set a mandate for increasing renewable content in marine fuel supply over the coming decades. The final form of the regulation still needs to be negotiated among the EU's governing institutions.
Last week the institutions reached a deal on how to include shipping in Europe's emissions trading system.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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