LONDON, Jan 27 (Reuters) - Green groups on Monday called for a ban on the use of new low sulfur fuel in the Arctic region, citing research showing that blends of the marine fuel contributed to highly polluting black carbon emissions in the environment. Since the start of this year, United Nations shipping agency the International Maritime Organization (IMO) has banned ships … [Read more...]
China Tax Changes Unlikely to Boost Marine Fuel Supply Until Q2
By Roslan Khasawneh and Muyu Xu SINGAPORE, Jan 23 (Reuters) - Chinese oil refiners are unlikely to boost their output of cleaner marine fuels until at least the second quarter of 2020 because they will need to upgrade their facilities, even after the government granted tax waivers to boost output. The supply lag will mean China will not be able to help relieve a regional … [Read more...]
Fuel Spread Narrows in Singapore as Low Sulphur Fuel Prices Drop
The price of low sulphur fuel oil has dropped steeply in recent weeks at the bunkering hub of Singapore in a sign that the bunker market is stabilizing following the implementation of IMO 2020 sulphur cap, according to BIMCO. Prices of low sulphur fuel rose in December as shipowners transitioned to the IMO2020 compliant fuel, causing the VLSFO and High-sulphur fuel oil … [Read more...]
IMO’s Marine Fuel Rules Sets Shipping Industry for a Comeback in 2020 -IHS
By Roslan Khasawneh SINGAPORE, Jan 23 (Reuters) - The global shipping market is set for a recovery, benefiting from new global rules on marine fuels that came into effect at the beginning of the year after more than a decade of tough market conditions, according to IHS Markit. "Overall, there is strong optimism around demand for shipping in 2020," said Rahul Kapoor, vice … [Read more...]
Maersk Raises Bunker Surcharge as Fuel Costs Spiral
By Firat Kayakiran and Jack Wittels (Bloomberg) --The world’s largest container shipping line is hiking up a fuel surcharge that it imposes to transport boxloads of goods across the world’s oceans after new environmental rules sent the industry’s biggest expense spiraling. Most of the world’s ships were forced to switch to burning fuel that’s lower in sulfur this year, … [Read more...]