World News
EU Regulations to Leave Fossil Bunkers at Price Parity With Alternatives by 2035: Wärtsilä
The EU's emissions trading system and FuelEU Maritime regulations could leave fossil fuel bunkers at the same price as greener alternative fuels as soon as 2035, according to engineering company Wärtsilä.
The firm has published a new report on how regulation will affect future prices for marine fuels, it said in an emailed statement on Thursday.
The two EU regulations will see the cost of using fossil fuels in ships more than double by 2030, before closing the price gap with sustainable fuels over the subsequent five years, according to the report.
"Achieving net zero in shipping by 2050 will require all the tools in the toolbox, including sustainable fuels," Roger Holm, president of Wärtsilä Marine, said in the statement.
"As an industry, we must focus on coordinating action across policymakers, industry and individual operators to bring about the broad system change required to quickly and affordably produce a mix of sustainable fuels.
"Policy in Europe is showing just how impactful action at the international level can be, closing the cost gap between fossil- and low-carbon fuels for the first time."
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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