World News
Kitack Lim Hails 'Relatively Smooth' IMO 2020 Transition
The shipping industry has had a "relatively smooth transition" into using the new 0.50% sulfur bunker fuels so far, with few reported cases of non-availability, the International Maritime Organization said in a statement on its website Tuesday.
Very low sulfur fuel oil and marine gasoil prices appear to be stabilising, the UN body said, and only 10 cases of non-availability of compliant fuels have been reported in the organization's Global Integrated Shipping Information System.
"I believe it is testimony to the diligence and dedication of IMO, its Member States, the shipping industry, the fuel supply industry and other relevant industries that such a major rule change is being implemented successfully without significant disruption to maritime transport and those that depend on it, IMO Secretary General Kitack Lim said.
"The next important target is fast approaching, when carrying non-compliant fuel oil on board ships becomes prohibited on 1 March 2020.
"I urge all shipowners, operators and masters to comply with the carriage ban, where applicable, when it comes into effect.
"IMO will remain vigilant and ready to respond and provide any support."
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 |
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