World News
IMO2020: Shipowners / Operators Still Have Disproportionate Responsibility for New Sulfur Cap, says Greece
The Union of Greek Shipowners (UGS) has largely welcomed IMO’s progress at MEPC74 with respect to the upcoming global 0.50% sulfur cap, but says shipowners and operators are still carrying an unfair share of the IMO2020 burden.
“We are very pleased to see that the UN IMO is making significant progress in terms of addressing a number of important and unforeseen problems with regard to the global 0.5% sulphur cap regime only months before the commencement of its implementation and enforcement”, UGS President Theodore Veniamis said in a statement Monday.
"Although a disproportionate responsibility is still placed upon shipowners / operators, we at least now have some useful tools in hand which will hopefully help towards achieving a smoother implementation process."
Having previously pushed for safety taking precedence over compliance, Veniamis also commended IMO “for giving precedence to safety and environmental protection over formal compliance and commercial considerations” and "ensuring that any uncertainties and deficiencies of the new regime will not be turned into excuses for distortion of competition."
More on MPEC 74 outcomes can be found here: 0.5% Sulfur Rule Guidelines Adopted
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.50 | 2.00 | 778.50 | 8.50 |
| Rotterdam | 602.00 | 0.50 | 748.00 | 6.00 |
| Houston | 624.00 | 5.00 | 792.00 | 3.50 |
| Fujairah | 649.50 | 2.00 | 898.00 | 3.00 |
| Global 20 Ports Average | 662.00 | 2.00 | 855.00 | 1.50 |
| Global 4 Ports Average | 631.00 | 1.00 | 804.00 | 0.50 |
| Global Average Bunker Price | 717.50 | 0.50 | 913.50 | 1.00 |
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