World News
New Partnership Seeks to Set Marine Fuel Sustainability Standards
The Sustainable Shipping Initiative (SSI) and the Copenhagen Business School have agreed to work together on developing sustainability standards for marine fuels, the organisations said Tuesday.
The partnership will seek to set criteria for new low-carbon fuels so that interested parties can determine their sustainability, SSI said in a statement on its website.
"Today, we have no clarity nor consensus on the sustainability issues surrounding the fuels being explored for shipping's decarbonisation, and the criteria to assess their sustainability remain undefined," Andrew Stephens, executive director at SSI, said in the statement.
"This work will contribute to this debate and ultimately, inform the selection of one or more winning options for zero-emission shipping."
This area is already a contentious one, with differing calculations on the greenhouse effect of methane leaked during LNG bunker operations being used to produce vastly different estimates of the greenhouse gas emission savings to be had by switching the shipping industry from burning oil to natural gas.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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