World News
IMO's MEPC Sets Stage for Summer 2023 Showdown on GHG Emissions
The stage has been set for a climactic meeting at the International Maritime Organization next summer to decide the future direction of the shipping industry's emissions policy.
The UN body's Marine Environment Protection Committee (MEPC) met this week and made further progress on GHG emissions measures. Guidelines were set for various short-term measures focused on reducing the emissions of the existing fleet, but the larger decisions on how to revise the long-term targets in the organisation's GHG strategy have been left to the next meeting.
The proposal to impose a $2/mt levy on bunker fuel purchases to set up an international research and development fund for shipping emissions reduction technologies did not meet the committee's approval.
"IMO continues to be on track for MEPC 80 in summer 2023 to be a key point at which direction, targets, GHG emissions framing (well-to-wake) and policy, including GHG pricing, will clarify," Tristan Smith, director of consultancy UMAS, said in an emailed statement.
"The momentum is building for a significant strengthening of ambition and policy action, which will then affect opportunities risks and values in the sector including in this decade."
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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