World News
Korean Register Approves Ammonia Bunker Barge Design
Classification society the Korean Register (KR) has granted approval in principle to an ammonia bunker barge design.
The 8k ammonia bunker vessel design is being developed jointly by KR, design engineering company KMS EMEC and shipping company Navig8, the classification society said in a statement on its website.
The ship will be capable of running on both MGO and ammonia.
"Working with Navig8, KMS EMEC created the first domestic conceptual design, in accordance with the MAN Energy Solution's engine specifications. KR then completed the necessary risk assessments, design safety verification and reviewed compliance with Korean and international regulations," KR said in the statement.
"Navig8 contributed to the 8K ammonia bunkering vessel design development by conducting a detailed review of the commercial feasibility and operational economics of ammonia as a ship fuel, from the viewpoint of a shipping company."
Green ammonia is likely to take a significant share of the global bunker market in the coming decades as the shipping industry seeks to eliminate its carbon emissions. It will need more storage space on board than conventional bunkers, as well as renewable power capacity on land to produce the fuel.
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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