World News
BIMCO Adopts FuelEU Maritime Clause
Shipping industry body BIMCO has adopted a new contractual clause for time charter parties relating to the FuelEU Maritime regulation.
The organisation has been focused on developing a standard clause that is workable for most scenarios and commercial relationships, following feedback from industry consultations, BIMCO said in a statement on its website on Monday.
The FuelEU Maritime regulation comes into force on January 1, mandating steadily falling carbon intensity of the fuels used by ships on voyages including European ports.
"The FuelEU Maritime regulation will significantly impact the shipping industry, even more so than the EU Emissions Trading System," Nicholas Fell, chair of BIMCO's documentary committee, said in the statement.
"The clause we have adopted today is the result of a collaborative process between owners, charterers, P&I and legal experts and other stakeholders."
To view the new clause in full, click here.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| 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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