World News
Star Bulk Sees IMO GHG Targets Holding Back Newbuild Orders: Argus
Dry bulk shipping company Star Bulk Carriers sees the IMO 2030 and 2050 targets on greenhouse gas (GHG) emissions reduction potentially tightening freight markets by holding back new ship orders, according to price reporting agency Argus Media.
"Shipowners are terrified about buying a ship today, which probably will be obsolete in 5-10 years," Argus cited Star Bulk president Hamish Norton as saying at an industry event in New York Thursday.
The lack of newbuildings is positive for Star Bulk because of reduced competition, Argus cited Norton as saying.
The IMO's initial strategy on GHGs envisages a cut of at least 40% from 2008's levels to carbon emissions per transport work by 2030, and a cut of at least 50% to total GHG emissions from shipping by 2050.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 655.50 | 2.00 | 808.50 | 4.50 |
| Rotterdam | 619.00 | 0.00 | 789.00 | 8.00 |
| Houston | 628.50 | 7.50 | 812.50 | 1.50 |
| Fujairah | 653.50 | 4.50 | 900.00 | 2.50 |
| Global 20 Ports Average | 672.00 | 0.50 | 885.00 | 7.00 |
| Global 4 Ports Average | 639.00 | 2.50 | 827.50 | 2.00 |
| Global Average Bunker Price | 727.50 | 1.50 | 933.50 | 5.00 |
Popular Now More
-
Apr 18Singapore's authorities are in the process of developing a regulatory framework for a methanol bunkering licence, and plan to call for applications for the licence by the end of this year. -
Apr 16The firm will acquire majority ownership of the Spanish firm for an undisclosed sum, subject to closing conditions and regulatory approvals. -
Apr 18The company is looking for candidates with at least seven years of experience, both as a trader and a manager.