World News
17 Countries Back Adding $150/MT Carbon Levy to Bunker Sales
Support is growing for the imposition of a carbon levy on bunker sales ahead of a crucial IMO meeting next week.
At the GHG working group at the IMO this week, a total of 17 countries are currently backing a proposal to add a $150/mtCO2e levy to bunker sales.
The IMO's Marine Environment Protection Committee is set to discuss a variety of decarbonisation proposals at its meeting in London from March 15-22.
A $150/mtCO2e levy would add about $467/mt to the price of VLSFO.
"Delegates at the International Maritime Organization have the unique opportunity to climate-proof global trade by decarbonizing the shipping industry," Panos Spiliotis, IMO delegation lead at the Environmental Defense Fund, said in an emailed statement.
"A global greenhouse gas pricing mechanism is a central pillar of that ambition, and this week showed that the international community – including many developing countries and small island states – are leading the way.
"As we head into further talks next week, I'm hopeful more countries will support measures that fully deliver on the IMO's 2023 Strategy."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 565.50 | 4.50 | 678.50 | 4.50 |
| Rotterdam | 512.00 | 3.50 | 676.00 | 9.00 |
| Houston | 552.00 | 3.00 | 682.00 | 4.00 |
| Fujairah | 555.50 | 7.50 | 753.00 | 1.50 |
| Global 20 Ports Average | 583.50 | 4.00 | 762.50 | 2.50 |
| Global 4 Ports Average | 546.50 | 4.50 | 697.50 | 2.50 |
| Global Average Bunker Price | 632.50 | 2.00 | 811.00 | 1.50 |
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