World News
Gard Updates Guidance on Bunker Supply Contracts
Insurance provider Gard has provided updated guidance for shipping companies on how to approach bunker supply contracts.
The firm published the new guidance on its website late last week, setting out common pitfalls for bunker buyers and how to avoid them. The report was written by Rory Butler and Louise Lazarou of law firm Holman Fenwick Willan.
"It is important for buyers to understand the consequences of accepting sellers' terms and well worth the effort to attempt to negotiate a more balanced contract," the lawyers advised.
"Even when the terms are not negotiable, risks can be mitigated by exercising due diligence before selecting the sellers.
"It is also important to note that risks can be mitigated by having prudent practices for bunkering, sampling, bunker handling and consumption regardless of bunker supply contract terms."
To read the guidance in full, click here.
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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