World News
ABS Withdraws Class Services to Russian Vessels, Assets and Companies
Class society ABS has became the latest player to withdraw services to Russian entities.
"After careful consideration of the situation in the Ukraine and the Black Sea as well as the applicable sanctions, ABS has taken the decision to withdraw all Class services involving Russian vessels, assets and companies," the company said in a statement today.
"The decision follows the tragic events developing in Ukraine and a thorough evaluation of the evolving regulatory and sanctions environment and its applicability to ABS operations. As a U.S. company, ABS strictly follows both the letter and the spirit of U.S. sanctions’ law.
"ABS is in the process of communicating with all affected clients and stakeholders to ensure a safe and orderly transition out of ABS Class.
"ABS is in contact with all employees in the region and working to ensure their safety."
ABS' move echoes that of numerous other firms, including several in the marine fuels space.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 579.00 | 12.50 | 633.00 | 0.00 |
| Rotterdam | 520.50 | 4.50 | 619.50 | 9.00 |
| Houston | 507.00 | 1.50 | 636.50 | 2.00 |
| Fujairah | 567.50 | 10.00 | 763.50 | 5.00 |
| Global 20 Ports Average | 591.00 | 6.50 | 726.00 | 2.50 |
| Global 4 Ports Average | 543.50 | 7.00 | 663.00 | 3.50 |
| Global Average Bunker Price | 635.50 | 8.00 | 803.50 | 2.50 |
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