World News
IMO2020: Owners Should Prepare for the Worst, Says Singapore Law Firm
With IMO2020 less than six months away, Singapore law firm Joseph Tan Jude Benny LLP has warned the industry is ill prepared for the new sulfur cap and owners should prepare for the worst.
"I do not think the maritime industry has adequately prepared for the IMO2020 sulphur cap to kick into force. Many owners or charterers have not fully considered the impact or implications, or have adopted a 'wait-and-see' attitude to the regulations," Managing Partner, K Murali Pany, told delegates at a recent event held in Dubai by UAE law firm Fichte & Co Legal.
"My advice to all ship owners, regardless of location, is to take necessary steps to prepare. If you have a choice between doing nothing and hoping for the best, or doing something and preparing for the worst, it should always be the latter. By conducting due diligence and putting the appropriate protocols in place, you'll be prepared for the worst. If the worst doesn't happen, your processes will still be better than before."
Elsewhere during the event, Hessa Al Malik, Executive Director of Maritime Transport Sector at UAE's Federal Transport Authority – Land and Maritime (FTA), addressed the importance of compliance.
"While many may be fretting the mandate, it should be embraced as it will preserve the region's natural resources, continue meeting a growing demand, and foster a greater environment for all," she said.
The new global 0.50% sulfur cap comes into force from January 1, 2020.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 556.00 | 9.50 | 674.00 | 4.50 |
| Rotterdam | 507.00 | 5.00 | 663.50 | 12.50 |
| Houston | 549.50 | 2.50 | 677.00 | 5.00 |
| Fujairah | 548.50 | 7.00 | 748.50 | 4.50 |
| Global 20 Ports Average | 580.00 | 3.50 | 761.00 | 1.50 |
| Global 4 Ports Average | 540.00 | 6.50 | 691.00 | 6.50 |
| Global Average Bunker Price | 625.50 | 7.00 | 809.50 | 1.50 |
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