High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
Just as every gas pump in the United States has a stamp on it saying it’s been certified by a weights and measures regulatory body, shipowners are asking for the same thing, particularly in Singapore where more than 42 million tons of marine fuels was sold last year.
Within Singapore alone, there are 219 bunker tankers operated by 65 different companies according to the Maritime and Port Authority of Singapore (MPA).
In 2012, the ExxonMobil-chartered bunker tanker MT Emissary was the first to adopt a system for mass flow metering (MFM) approved by the MPA for bunker fuel delivery. Since then, the MPA and ship operators have embraced the use of mass flow metering for bunkering and Singapore is now the first port in the world to mandate the use of this technology.
The official mandate takes effect on 1 January 2017, but in the meantime, ExxonMobil Marine Fuels & Lubricants has announced that it will double its fleet of chartered bunker tankers in Singapore that feature MFMs.
ExxonMobil notes, “The system offers major benefits for vessel operators, with savings of up to an estimated three hours and US$7,000 per delivery, as well as increased transparency during the bunkering process.”
“The MPA’s recent announcement that they will mandate mass flow metering systems supports ExxonMobil’s view that this technology delivers significant value to vessel operators. This is why we have been providing our customers with the benefits of the mass flow metering system in Singapore for almost two years,” said Molina Albright, General Manager, Marine Fuels, Asia Pacific at ExxonMobil Marine Fuels & Lubricants.
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