World News
COP28: Singapore, LA Deepen Decarbonisation Ties
The port of Singapore has deepened its commitment to developing green corridors for international shipping through a partnership with the ports of Los Angeles and Long Beach.
The agreement, which builds on the memorandum of understanding already signed between the two global shipping hubs, is cast as a partnership strategy for a green and digital shipping corridor across the Pacific Ocean, according to the Maritime and Port Authority of Singapore.
"The ports and C40 [a multi-city organisation backing decarbonisaton] will work together and with value-chain stakeholders from the fuel and maritime sectors to establish consensus around green shipping best practices, enhance supply chain efficiency and work with other stakeholders to scale the uptake of zero and near-zero emission technologies, fuels and energy sources," the MPA said.
Under the partnership, a study will look at trade flows and vessel traffic between Singapore, Los Angeles and Long Beach to "estimate the quantity of near-zero and zero-emission fuels required for this traffic and guide implementation by identifying opportunities for collaboration to advance the development of the GDSC".
The announcement was made at COP28 last week.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| LA / LB | 596.00 | 3.50 | 728.00 | 4.50 |
| 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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