World News
Use BIMCO Clauses for IMO2020 Transition, Gard Advises
Marine insurer Gard has recommended owners and charterers to use the BIMCO 2020 clauses as the industry transitions to the new global 0.50% sulfur cap from Jan 1, 2020.
“The 2020 Fuel Transition Clause for Time Charter Parties and the 2020 Marine Fuel Sulphur Content Clause for Time Charter Parties were published on 10 December 2018 and provide an objectively ‘fair’ approach to apportionment of liability for some of the key issues arising out of the change in regulation,” says Gard.
The advice comes as part of a wider advice notice for owners and charterers as the industry enters the “final countdown” to the new IMO 2020 global sulfur cap.
Among other advice for those switching to low sulfur fuels for compliance, Gard says a Ship Implementation Plan (SIP) should be prepared that at a minimum provides guidance on how to segregate different fuel grades, how and when to carry out compatibility testing, and how and when to carry out tank cleaning.
Other items to consider are how owners and charterers will handle tank cleaning and when that tank cleaning will take place.
Bunker buyers should also Identify what type of compliant fuel will be used and begin to source reliable suppliers.
The full advice notice can be found here: http://www.gard.no/web/updates/content/27391956/the-final-countdownthe-2020-sulphur-cap
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 8.50 | 779.00 | 29.50 |
| Rotterdam | 608.00 | 11.00 | 764.50 | 24.50 |
| Houston | 636.50 | 8.00 | 807.50 | 5.00 |
| Fujairah | 649.50 | 4.00 | 888.50 | 11.50 |
| Global 20 Ports Average | 665.50 | 6.50 | 870.50 | 14.50 |
| Global 4 Ports Average | 635.50 | 3.50 | 810.00 | 17.50 |
| Global Average Bunker Price | 725.00 | 2.50 | 925.50 | 8.00 |
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