World News
Saudi Arabia Becomes Latest State to Ratify BWM Treaty
Monday May 15, 2017
The International Maritime Organization (IMO) today announced that Saudi Arabia has become the latest state to become a party to the Ballast Water Management (BWM) Convention.
As Ship & Bunker has reported, the treaty will enter into force on September 8, 2017.
The number of contracting parties to the BWM Convention currently sits at 55, which accounts for 53.67 percent of the world merchant shipping tonnage.
Saudi Arabia deposited its instrument of accession at IMO on April 27, 2017.
As Ship & Bunker has previously reported, some analysts believe that tanker rates could get a boost as tonnage is taken out of service for special surveys or dry docking ahead of the BWM Convention's implementation.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.00 | 770.00 | 5.00 |
| Rotterdam | 602.50 | 1.00 | 762.00 | 2.50 |
| Houston | 630.50 | 4.00 | 796.50 | 2.50 |
| Fujairah | 648.50 | 0.50 | 900.00 | 4.50 |
| Global 20 Ports Average | 666.00 | 2.00 | 856.00 | 1.00 |
| Global 4 Ports Average | 632.50 | 0.50 | 807.00 | 1.00 |
| Global Average Bunker Price | 715.50 | 1.00 | 893.00 | 8.00 |
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