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Marine Insurers Call for Increased Alternative Fuels Regulation
Insurance industry body the International Union of Marine Insurance has called for greater regulation around alternative bunker fuels.
Further safety measures should be introduced by the IMO to allow the industry to assess the risks around alternative fuels accurately, the organisation said in an emailed statement on Friday.
"As these new fuel types are largely un-tested, the insurance industry has no history or loss records to help it assess the potential risks involved," the industry body said in the statement.
"We need to learn about these new fuels and educate our clients accordingly.
"As importantly, we need IMO regulation and Class rules on the implementation and use of these new fuels.
"This will ensure the safety of the crew and enable marine underwriters to assess and offer necessary financial protection for this new risk profile.
"Mindful of the time it takes for new regulation to come into force, we urge IMO and other regulators to begin work now."
Further guidance is also likely to be needed in crew training, the organisation added.
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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