World News
Eastern Pacific Shipping Bans Coal Cargoes
Ship management firm Eastern Pacific Shipping has announced it it refusing to carry coal cargoes on its bulkers on environmental grounds.
The firm announced its new 'no coal cargo policy' in its ESG report for 2022 on Tuesday. The company's bulkers have not carried any coal since April 2020.
"By officially implementing a No Coal Cargo Policy, EPS hopes to play a small role in making the commodity no longer economically viable, therefore increasing the demand for greener options," the company said in the report.
"EPS' No Coal Cargo Policy also aims to be a message to the maritime industry that decarbonisation isn't exclusive to how we move ships -- what we move also matters."
If similar policies were adopted by other shipping firms, the move could have a profound effect on bulker markets, with a more limited fleet available for those looking to move coal around the world. ESG objections to the nature of the cargoes carried could also potentially emerge in the tanker market.
Eastern Pacific Shipping is planning to increase its usage of LNG and LPG as alternative marine fuels in the next few years, the company said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 567.50 | 3.50 | 700.00 | 14.50 |
| Rotterdam | 512.50 | 4.00 | 695.00 | 17.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 562.50 | 2.50 | 755.00 | 0.00 |
| 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 |
Popular Now More
-
Nov 21CCO Christoffer Berg Lassen is stepping down from the company to be replaced by Anders Grønborg, while Peder Møller becomes its first chief operating officer. -
Nov 25The firm has installed rotor sails expected to save 10-15% in fuel consumption on transpacific routes on board the Chinook Oldendorff. -
Nov 20The ISO 6853:2024 specifications, the first of their kind, cover the general requirements and properties for methanol specifically being used as marine fuel.