World News
Lloyd's Register Sees Up to $50,000 Cost Per Incident of Off-Spec Fuels
Classification society Lloyd's Register has published new research putting the cost of off-specification fuels at as much as $50,000 per incident.
The organisation has published a new report in collaboration with consultancy Thetius on the value of fuel oil testing, it said in a statement on its website on Thursday.
The report estimates that more than one million mt/year of off-specification fuels are sold in the global bunker market, costing ship operators $27,000-50,000 per incident.
"Outlining why ship operators need dependable support in bunkering disputes along with independent testing and verification, the report highlights why the introduction of biofuel oils, growing prevalence of bunker licensing schemes along with upcoming changes to ISO standards for marine grade fuels make it more vital than ever that ship operators receive the correct advice and oversight on bunker procurement and refuelling operations," the company said in the statement.
"The report also emphasises the number of contributing factors that have made the market prone to serious issues including the Russia/Ukraine crisis, fraud and corruption, lack of supply chain transparency and climate change."
To read the report in full, click here.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 634.00 | 10.50 | 747.00 | 35.00 |
| Rotterdam | 574.00 | 16.00 | 738.50 | 12.00 |
| Houston | 595.50 | 13.00 | 762.50 | 14.50 |
| Fujairah | 624.50 | 18.50 | 867.50 | 24.00 |
| Global 20 Ports Average | 645.00 | 13.50 | 832.00 | 16.50 |
| Global 4 Ports Average | 607.00 | 14.50 | 779.00 | 21.50 |
| Global Average Bunker Price | 707.50 | 5.50 | 892.00 | 2.00 |
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