World News
World Shipping Council Calls for Increased EU Alternative Bunker Fuel Production
EU member states will need to increase their production of alternative bunker fuels to make a success of their new proposed climate target for 2040, according to container industry body the World Shipping Council.
The recommended target of a 90% reduction in EU GHG emissions by 2040, including shipping, was set in the European Commission's recommendations for the EU's climate law on Tuesday.
"Committing the EU to production of zero-GHG fuel pathways is essential, not least because European Member States account for one-fifth of global shipping energy sales," the WSC said in a statement on its website.
"Meeting 2040 goals must lead to new energy production facilities to supply the maritime sector with zero-GHG fuels, which will demand substantial financial investment.
"Additionally, the rollout of infrastructure to support the adoption and distribution of these alternative fuels across the sector is crucial."
This will necessitate national governments within the EU committing to raise production levels, James Corbett, WSC environmental director for Europe, said in the statement.
"EU policymakers need to translate these regional goals into increased national commitments to produce the fuels required by EU regulations like FuelEU Maritime," Corbett said.
"The liner sector is already investing in the vessel technologies to use renewable marine fuels, and global decarbonisation for all of shipping depends upon EU leadership in reaching international agreement at the IMO MEPC."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
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