World News
MEPC80: Discussions Continue in IMO GHG Working Group
Discussions are continuing behind closed doors at an IMO working group set up to formulate a plan on decarbonisation, with just two days of this week's meeting left to agree and adopt a revised GHG strategy.
The working group has been discussing GHG strategy since Monday, and was working into Wednesday evening. The group will resume its work at 10 AM on Thursday, the IMO Secretariat said on Thursday morning.
The IMO's Marine Environment Protection Committee is meeting in London this week, tasked among other matters with adopting a revised strategy on the reduction of GHG emissions from ships.
A deal is likely to be announced towards the end of Friday. A target of net-zero emissions for the shipping industry by 2050 is likely to emerge, as well as non-binding goals for emission cuts by 2030 and 2040.
More complicated, enforceable measures such as global carbon taxation for shipping appear unlikely to emerge this week.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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