World News
European Commission Mulls Carbon Intensity Standard for Bunker Fuel
The European Commission is considering a new initiative to regulate the carbon intensity of fuel being used by ships calling at European Economic Area ports.
Under the proposal called FuelEU Maritime, ships will need to show that their bunker fuel is of a certain percentage below a carbon baseline yet to be decided, according to a report by martime news provider Lloyd's List:
"If [the implementation of the standard is] successful, it would lead to the first standard on the carbon intensity of a fuel in shipping and would put the responsibility on shipowners and operators to ensure they have the lower carbon fuels to meet the criteria," the report said.
The proposal includes zero emissions at berth for some ship types and an efficiency credits trading system.
It could come in to force in 2030 or earlier with a gradual strengthening of the requirements, according to the report.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.50 | 0.00 | 665.50 | 1.00 |
| Rotterdam | 512.00 | 3.00 | 663.00 | 0.50 |
| Houston | 545.50 | 3.00 | 666.00 | 9.50 |
| Fujairah | 560.50 | 0.00 | 743.50 | 1.50 |
| Global 20 Ports Average | 584.00 | 1.00 | 751.50 | 2.00 |
| Global 4 Ports Average | 547.50 | 0.00 | 684.50 | 2.50 |
| Global Average Bunker Price | 633.50 | 0.50 | 805.50 | 0.00 |
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