World News
ISU has Serious Concerns Over Bunker Removal Clause
Members of the International Salvage Union (ISU) expressed concerns about the possible effects of a proposed change to salvage contracts that would give liability insurers more control over the removal of bunker fuel from casualty vessels, according to an ISU press release on the group's general meeting.
The International Group of P&I Clubs has suggested the new language be included as an option in the commonly used Lloyd's Open Form salvage contract.
"We have had preliminary and informal discussions with the Clubs and others but I have to say we have serious concerns about a Bunker Removal Clause," said ISU president Andreas Tsavliris.
He said the ISU has formed a sub-committee to review the concept and give a report at the organisation's next executive committee in December.
The International Union of Marine Insurance's salvage forum and the International Group of P&I Clubs salvage sub-committee have developed proposed language for a bunker removal clause for use in cases where the main objective of removal is reduction of environmental damage, Lloyd's List reports.
Also at the ISU meeting, salvors said they plan to use the Comité Maritime International, which will be held in Beijing this month, to push for a change to the 1989 Salvage Convention to allow for financial awards to salvors for environmental protection efforts.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 493.50 | 0.00 | 609.00 | 3.00 |
| Rotterdam | 432.00 | 18.00 | 582.50 | 17.00 |
| Houston | 450.00 | 8.00 | 607.00 | 11.00 |
| Fujairah | 476.50 | 6.50 | 699.00 | 4.00 |
| Global 20 Ports Average | 516.00 | 5.00 | 700.00 | 5.50 |
| Global 4 Ports Average | 463.00 | 8.00 | 624.50 | 7.00 |
| Global Average Bunker Price | 562.00 | 2.00 | 738.00 | 3.50 |
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