World News
ICS Highlights Shipping's Tightening Environmental Regs in Latest Annual Report
The International Chamber of Shipping (ICS), in its latest Annual Review, highlighted a number of opportunities and issues around tightening environmental regulations on shipping.
Specifically, the report explores the challenges that may be presented by the need of the International Maritime Organization (IMO) to reduce CO2 emissions in line with the ambition set by the Paris Agreement on climate change, the worldwide entry into force of the IMO Ballast Water Management Convention in September 2017, and the implementation in 2020 of the global 0.50 percent sulfur in fuel cap.
ICS notes that each of these issues will have profound implications for the economics of shipping.
"As the implementation date for the global cap approaches, it will be vital for IMO Member States to start addressing issues associated with compliance, in order to ensure fair competition and the maintenance of a level playing field," said ICS of the 0.50 percent cap on sulfur in bunkers in 2020.
In February, ICS issued a statement against the inclusion of shipping emissions in the European Union's (EU's) Emissions Trading Scheme (ETS) from 2023 if IMO does not have a comparable system operating for global shipping from 2021.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 491.00 | 2.50 | 592.50 | 16.50 |
| Rotterdam | 445.00 | 13.00 | 593.50 | 11.00 |
| Houston | 443.50 | 6.50 | 601.50 | 5.50 |
| Fujairah | 487.00 | 10.50 | 711.00 | 12.00 |
| Global 20 Ports Average | 517.50 | 1.50 | 697.00 | 3.00 |
| Global 4 Ports Average | 466.50 | 3.50 | 624.50 | 0.00 |
| Global Average Bunker Price | 559.50 | 2.50 | 736.00 | 2.00 |
Popular Now More
-
May 05BP was listed by the MPA as being in the top ten of its licensed bunker suppliers by volume in 2024, and came in at seventh place in 2023 and sixth in 2022. -
May 05The executive had worked for Glander since June 2006. -
Apr 30The new hire was previously director of marine fuel marketing at UET Marine in Houston.