World News
IBIA Suspends All Russian Members
The International Bunker Industry Association (IBIA) today said it has suspended all its Russian members until further notice.
"IBIA joins others in condemning Russia's invasion of Ukraine," the organization said in an emailed note to members.
"Furthermore, IBIA notes the widespread international condemnation of Russia's hostile actions in Ukraine, as well as the imposition of significant sanctions against Russia and Russian interests by a large number of countries. IBIA urges all members to be vigilant in all their business transactions to ensure they are not in breach of any applicable sanctions.
"In light of this tragic and extraordinary situation, after careful consideration, the Board of IBIA has decided to suspend all services to Russian members of the Association until further notice."
An IBIA representative set out to Ship & Bunker what this would mean for the Russian members.
"In practice, this means that the Russian members will be excluded from all our services, such as access to the ‘members only’ parts of our website and online networking, no access to IBIA member meetings, events, training or Working Groups," the representative said.
"Furthermore, we will not accept any sponsorship or advertising in our magazine or events, and we will pause our regular “Russian update” section in our magazine."
IBIA joins a host of other players in the marine fuels space who have taken action to freeze out Russian business above and beyond that mandated by sanctions.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| 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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