World News
ISWG-GHG 22: SEA-LNG Saw More Openness to Finding a Workable Compromise on NZF
LNG bunker industry body SEA-LNG said last week's ISWG-GHG 22 meeting showed member states were more open to finding a workable compromise on the Net-Zero Framework (NZF).
The meeting in London marked SEA-LNG’s first participation at the IMO as an accredited participant, it said in a press release on Monday.
The discussions covered five areas: GHG Fuel Intensity (GFI) calculation and certification, the GFI reduction pathway, compliance approaches, a possible fund or facility, and zero- or near-zero-emission (ZNZ) rewards.
SEA-LNG said the debate showed “how difficult the negotiation remains” but also “how much it has matured”.
On technology, the organisation said neutrality was “becoming even more important”, with onboard carbon capture and storage (OCCS) moving into the GFI discussion.
SEA-LNG also highlighted growing discussion around compliance flexibility, including surplus units, pooling, borrowing and netting.
It said solutions should remain “fuel agnostic and practical and realistic”
The organisation said the fund debate was becoming “less binary” and increasingly focused on what functions were needed, how they would be financed and what role the IMO should play.
On methane, SEA-LNG said the pathway “remains firmly part of the conversation”, pointing to sustainable biomethane and synthetic methane.
It added that the debate was now “more specific, more informed and more grounded in the practical realities of implementation” than it was two years ago.
“The direction of travel is still not clear,” SEA-LNG said.
“But there is more openness today to finding a workable compromise than there was six months ago.”
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 874.00 | 5.00 | 1304.00 | 6.00 |
| Rotterdam | 698.50 | 5.00 | 1430.00 | 11.50 |
| Houston | 748.00 | 15.00 | 1386.50 | 23.00 |
| Fujairah | 976.00 | 7.50 | 1686.00 | 8.50 |
| Global 20 Ports Average | 882.00 | 7.00 | 1534.00 | 5.50 |
| Global 4 Ports Average | 824.00 | 5.50 | 1451.50 | 6.50 |
| Global Average Bunker Price | 938.00 | 8.00 | 1608.00 | 10.50 |
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