World News
IMO 2020 Will Benefit World Fuel Services: Kasbar
World Fuel Services Corporation (WFS) [NYSE:INT] Chairman and CEO, Michael J. Kasbar, believes his company will benefit from the upcoming IMO 2020 rule
The global 0.50% sulfur cap on marine fuel that comes into force from January 1, 2020 will mean most vessels switching to low sulfur distillates for compliance.
But a growing number of vessels choosing scrubbers will look to continue burning traditional HFO, while a raft of new VLSFO's are also expected to become available.
"You certainly have some issues relative to the availability of high sulfur fuel oil; the supply and logistics, the compatibility. So it's going to be definitely a different type of market," Kasbar said during the firm's latest earnings call.
"Certainly that will benefit us from a perspective of the expertise that we bring in terms of sourcing different qualities of fuels and making sure that it's available. So it's going to be a bit more work for the marine team without question, but it's right up our ally and we're well positioned for it."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
Popular Now More
-
Apr 24Non-compete clauses have not always been used in a fair and reasonable way in the bunker industry, Maritime Recruitment Company Ltd's Vernon Jayanathan tells Ship & Bunker. -
Apr 25The new hire was previously a marine fuel trader for Vilma Oil in Madrid from June 2017 to last month. -
Apr 24The arrests were both on Monday.