World News
Island Oil Wins ISCC Certification for Biofuel Bunker Supply
Marine fuels firm Island Oil has won ISCC certification for the supply of biofuel bunker blends.
Two companies in the group -- trading arm Island Oil Ltd and physical supplier Island Petroleum Ltd -- have attained the ISCC EU certification, the first for trading and the second for trading and storage, the company said in an emailed statement on Thursday.
"The ISCC certification reflects our unwavering commitment to sustainable and responsible practices within the marine fuel supply chain," Chrysostomos Papavassiliou, CEO of Island Oil, said in the statement.
"As an experienced and socially responsible marine fuels supplier, Island Oil Holdings recognizes the pivotal role that biofuels play in reducing the carbon footprint of the shipping industry.
"The ISCC certification of our two main subsidiaries underscores the group's dedication to providing sustainable solutions to its global clientele."
Demand for biofuel bunker blends is increasing as shipowners take them on as a drop-in replacement for conventional fuels with a lower carbon footprint, allowing them to reduce GHG emissions without investing in new ships capable of running on other alternative fuels.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| 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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