World News
BIMCO Preparing Bunker Terms for LNG Marine Fuel Contracts
Shipping industry body BIMCO is preparing to release an update to its recommended contractual terms for bunker deals to cover the specifics of LNG as a marine fuel.
The organisation publishes what it seeks to promote as a standard contract for the purchase and supply of marine fuel to ships, with the latest version coming out in 2018.
A working group is now drawing up an annex to the 2018 document covering LNG as a bunker fuel, a BIMCO representative told Ship & Bunker this week.
"We will be informing everyone once it is ready," the representative said.
"As with all of our working groups, it is a diverse working group made up of lawyers, industry representatives, P&I clubs from various countries etc."
LNG bunker demand has grown rapidly in recent years, and fossil gas remains the dominant alternative marine fuel. Shipowners with gas-powered tonnage are also increasingly seeking out bio- and synthetic LNG as fuel as a means of cutting GHG emissions.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| 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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