World News
Storage Facing Big Questions Ahead of IMO2020: Vitol
Vitol executive committee member Chris Bake says the storage sector faces big questions over how it will handle the upcoming IMO2020 regulations.
The global 0.50% sulfur cap on marine fuel comes into force from January 1, 2020.
"(Lower sulphur) marine gasoil has to build ahead of 2020. At the same time fuel oil will have to build because there is lack of demand but it's difficult to figure out when that inflection point is," Bake was quoted by Reuters as saying.
"It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power."
Bake also noted the industry had missed the opportunity to install scrubbers, which would have enabled vessels to continue burning the high sulfur fuel oil products.
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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