World News
Red Sea Diversions May Raise Ships' Emissions by 70%: UNCTAD
Ships taking longer voyages around Africa to avoid the Red Sea amid recent attacks may end up increasing their GHG emissions by as much as 70%, according to the UN Conference on Trade and Development (UNCTAD).
The UN body released new research on Thursday analysing the impact of the situation in the Red Sea on global shipping. Transits through the Suez Canal have declined by 42% from the most recent peak, according to the report.
Taking into account both longer voyages and increased speeds to make up for lost time, the diversions may lead to a significant jump in shipping's GHG emissions.
"For more than a decade, the shipping industry has adopted reduced speeds to lower fuel costs and address greenhouse gas emissions," the organisation said.
"However, disruptions in key trade routes like the Red Sea and Suez Canal, coupled with factors affecting the Panama Canal and Black Sea, are leading to increased vessel speeds to maintain schedules which have resulting in higher fuel consumption and greenhouse gas emissions.
"UNCTAD estimates that higher fuel consumption resulting from longer distances and higher speeds could result in up to 70% rise in greenhouse gas emissions for a Singapore-Rotterdam round trip."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 624.50 | 1.00 | 732.00 | 8.50 |
| Rotterdam | 571.00 | 3.00 | 758.00 | 16.50 |
| Houston | 591.50 | 4.00 | 760.00 | 5.50 |
| Fujairah | 629.00 | 0.50 | 877.50 | 3.00 |
| Global 20 Ports Average | 637.00 | 0.00 | 819.00 | 3.00 |
| Global 4 Ports Average | 604.00 | 0.00 | 782.00 | 5.50 |
| Global Average Bunker Price | 688.00 | 2.50 | 879.00 | 1.00 |
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