World News
Insurer Allianz Reports Small Impact From IMO 2020 Transition
Tuesday August 3, 2021
Insurer Allianz has reported a limited impact of the IMO 2020 transition on insurers via damage to ships' engines.
The industry has 'by and large' responded well to the transition, the company said in a new report on maritime safety.
"We have seen a small number of machinery claims related to the use of low-sulphur fuels and scrubbers, and this is an area we continue to monitor," Justus Heinrich, global product leader for marine hulls at Allianz, said in the report.
"However, scrubbers are just an interim solution and ultimately the industry will need to invest in cleaner vessels."
The report cites instances of jet fuel blending components being mixed into VLSFO last year as an example of damage caused by the transition.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 26The new hire previously worked as a bunker trader for IBT Bunkering & Trading in Hamburg. -
Nov 25The organisation has been focused on developing a standard clause that is workable for most scenarios and commercial relationships, following feedback from industry consultations.