World News
Arctic HFO Ban Comes Into Force
Monday July 1, 2024
A ban on the use and carriage of heavy fuel oil as fuel in Arctic waters has come into force.
The ban has come into force as of July 1, having been adopted by the IMO's Marine Environment Protection Committee in June 2021.
The ban was introduced in a bid to reduce the damage from black carbon emissions from ship exhausts on Arctic ice.
Ships are now banned from carrying or using HFO with a density at 15°C higher than 900 kg/m3 or a kinematic viscosity at 50°C higher than 180 mm2/s as fuel in Arctic waters.
Tankers carrying HFO as cargo are not affected, and exemptions for some other ships will apply until July 1, 2029.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 569.50 | 0.00 | 680.00 | 0.00 |
| Rotterdam | 515.00 | 1.00 | 674.00 | 2.00 |
| Houston | 550.00 | 2.50 | 678.00 | 6.50 |
| Fujairah | 560.50 | 0.50 | 753.50 | 2.50 |
| Global 20 Ports Average | 586.00 | 0.00 | 761.00 | 2.00 |
| Global 4 Ports Average | 549.00 | 1.00 | 696.50 | 2.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 800.50 | 2.00 |
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