World News
Efficiency Could Shave Billions From Shipping's Annual Fuel Bill
Shipping could make substantial financial savings and reduce its carbon footprint by running ships better, a new report has found.
The report from pro-green industry body Global Maritime Forum is the result of extensive conversations with industry players.
"Through a series of conversations with industry stakeholders over the past 18 months, many ambitions have been identified, which can be placed into four buckets," a statement on its website said.
The four areas are: scaling best practice, internal incentives, value chain alignment and new business models. And the report found four major enablers to achieve operational savings: data and transparency, pilot voyages and demonstrations, changes in legal contracts and clauses, and enabling policies and regulations.
Referring to the recent meetings at the International Maritime Organisation on curtailing ship emissions, the report saw a clear role for efficiency gains in shrinking shipping's carbon footprint.
"If ambitions are low, there will be a need to move quickly and independently of the IMO to reduce emissions, and operational efficiencies are one of the most apolitical means we have," the statement said.
"If ambitions are high, this just highlights the need to reduce emissions from every source possible, and the real first movers will do this through their operations," it added.
GMF is an alliance of ship owners, charterers and research outfits. The report or insight brief is available from its website.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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