World News
BIMCO Adds Methanol Annex to Standard Bunker Contract
Shipping industry body BIMCO has added a methanol annex to its Bunker Terms 2018, setting out standard terms for methanol bunkering as the fuel gains traction.
The annex adopted by its Documentary Committee includes updated definitions, sustainability certification requirements and options to set limits on GHG intensity and emissions calculations, BIMCO said in a statement on Thursday.
It also introduces enhanced safety measures, requiring closed or remote sounding procedures during methanol bunkering due to the fuel's toxic nature.
The BIMCO Bunker Terms 2018 serve as the standard contract for the purchase and supply of marine fuels to ships.
"The Methanol Annex has been developed in close consultation with industry stakeholders and technical experts to ensure that it meets the practical and legal requirements of methanol as a marine fuel," Nicholas Fell, chairperson of BIMCO's Documentary Committee, said.
"It reflects on current industry practices and anticipates future developments in the regulatory area."
BIMCO said the move follows its LNG annex from 2023, with work now underway on an ammonia annex and a biofuels clause for time charter parties.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 478.00 | 3.00 | 681.50 | 6.00 |
| Rotterdam | 450.00 | 7.50 | 676.50 | 10.00 |
| Houston | 460.00 | 1.00 | 661.50 | 0.00 |
| Fujairah | 481.00 | 0.50 | 738.00 | 0.00 |
| Global 20 Ports Average | 513.50 | 0.00 | 761.50 | 1.50 |
| Global 4 Ports Average | 467.50 | 1.00 | 689.50 | 4.00 |
| Global Average Bunker Price | 556.00 | 0.00 | 804.50 | 2.50 |
Popular Now More
-
Oct 10The fees will start to be imposed on vessels owned, operated, flagged or built in the US from October 14, and be ramped up in the coming years. -
Oct 10The deal expands Bunker One's UK presence with added road tanker bunker delivery capability. -
Oct 10The firm's entry comes at a time when some conventional bunker firms are holding back on LNG bunkering plans.