World News
Eco-Shipping is Booming Because it's "Quite Inexpensive"
Fuel-saving practices like slow steaming and adopting efficiency technology are supporting optimism in a shipping industry that continues to face a difficult market, ChannelNews Asia reports.
"You go slower speeds, longer time from port to port, but when you really think about it, shipping is not the same as air freights, so whether you spend 10 days to go from Singapore to Rotterdam or 12 days, that's not a big difference," said Peter Lorange, president of the Lorange Institute of Business Zurich.
"So in my opinion, eco-shipping is quite inexpensive, so that's why you see it booming."
Fuel-saving measures not only reduce costs but also minimises emissions, helping shipping companies to win business from customers that are working to reduce their environmental impact.
Shipping intelligence firm Clarkson Research recently said that slow steaming is the most effective way to cut fuel costs.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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