World News
Trillions of Dollars of Investment Needed to Develop New Bunker Fuels
Trillions of dollars of investment is needed to develop new fuels and infrastructure to meet IMO's GHG reduction targets, a new report has concluded.
The paper, "Sailing on Solar" from nonprofit Environmental Defense Fund Europe (EDF), sees "green ammonia" as one of the most promising bunker fuels of the future, providing its production uses renewable energy.
Using solar power is seen as the mostly likely production route.
"Emissions-free shipping can be the engine that drives green development across the world," said Aoife O'Leary, senior legal manager at Environmental Defense Fund Europe.
"The abundance and falling costs of untapped renewable resources like solar and wind energy in developing countries make the production of maritime fuels that emit no greenhouse gases a big potential investment opportunity where such production is undertaken by additional renewable capacity. And shippers can look forward to future running on the air, water, wind and sunlight that go into manufacturing new fuels like green ammonia."
Identifying medium and long-term measures to reduce industry GHGs will be the focus of two week's of discussions at IMO starting tomorrow.
EDF's full report can be read here: https://europe.edf.org/file/399/download?token=agUEbKeQ
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 549.00 | 7.00 | 670.50 | 3.50 |
| Rotterdam | 508.00 | 1.00 | 659.00 | 4.50 |
| Houston | 546.50 | 3.00 | 672.00 | 5.00 |
| Fujairah | 542.00 | 6.50 | 744.00 | 4.50 |
| Global 20 Ports Average | 578.00 | 2.00 | 758.50 | 2.50 |
| Global 4 Ports Average | 536.50 | 3.50 | 686.50 | 4.50 |
| Global Average Bunker Price | 623.50 | 2.00 | 807.50 | 2.00 |
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