World News
Kitack Lim Warns Global GHG Approach Could Be Left Behind by Regional Moves
The International Maritime Organization's global efforts to delver greenhouse gas emissions cuts from shipping could be overtaken by measures taken by regions and individual countries if progress is not made at a key meeting this week, according to Secretary General Kitack Lim.
The IMO's Marine Environment Protection Committee is meeting virtually this week, discussing GHG emissions regulations among other issues.
"Failure is not an option, as if we fail in our quest, it is not unreasonable to conclude that we run the risk of having unilateral or multilateral initiatives," Lim said at the start of the meeting on Thursday.
"I urge all delegates to work together and exhort all of you to break new ground and to demonstrate the best cooperative spirit, in the interest of the Organization keeping in mind that the reduction factors will be further strengthened in the course of implementation and experience gained."
The European Union is widely expected to announce next month that it will include shipping within its emissions trading system. The UK, China and Singapore are thought to be considering a similar approach, depending on the success of the European move.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 1.00 | 683.00 | 2.50 |
| Rotterdam | 515.50 | 1.00 | 685.00 | 7.50 |
| Houston | 555.00 | 1.00 | 678.00 | 1.00 |
| Fujairah | 563.00 | 2.00 | 754.50 | 0.50 |
| Global 20 Ports Average | 587.50 | 1.50 | 765.00 | 0.50 |
| Global 4 Ports Average | 551.00 | 1.00 | 700.00 | 1.00 |
| Global Average Bunker Price | 634.50 | 1.00 | 812.50 | 1.00 |
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