World News
NYK Saw Near-4000% Increase in Biofuel Use in Fiscal 2024
Shipping firm NYK saw its use of biofuel bunker blends increase by nearly 40 times in the 2024 fiscal year.
The firm consumed 251,017 mt of B24 in the year to March 31, 2024, it said in a sustainability report on Tuesday, up by 3893% from the 6,287 mt used in the same period a year earlier.
"We are steadily increasing the use of biofuels," the company said in the report.
"This effort in FY2024 is equivalent to a reduction of 180,000 tons of CO2 equivalent."
The company plans a further 12-month trial of B100 in the 2026 fiscal year.
Biofuel bunker blends are increasing in popularity as a means of achieving immediate net GHG reductions in the existing fleet with little need for modifications. Demand for the blends is expected to increase significantly, driven in large part by EU emission regulations, but questions remain over the extend to which supply can be scaled up to meet the new buying interest from a range of industries.
NYK also said it has also been increasing its use of bio-LNG on board its gas-powered car carriers since June of this year.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 437.50 | 4.50 | 682.50 | 15.50 |
| Rotterdam | 408.50 | 3.00 | 681.00 | 14.50 |
| Houston | 435.50 | 6.00 | 690.50 | 13.00 |
| Fujairah | 436.50 | 0.00 | 724.00 | 4.50 |
| Global 20 Ports Average | 473.00 | 4.00 | 767.00 | 12.00 |
| Global 4 Ports Average | 429.50 | 3.50 | 694.50 | 9.50 |
| Global Average Bunker Price | 516.00 | 0.50 | 812.00 | 2.50 |
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