UK calls for global 2050 net-zero shipping emissions target
The UK backs a world-leading absolute zero target for international shipping emissions by 2050, which would need to be agreed by the International Maritime Organization, the UK government said in a statement Sept. 13.
This could be a tall order. “It’s an extremely ambitious target and not dependent solely on [the] shipping industry to deliver it,” Tony Foster, CEO and CIO of marine asset manager Marine Capital said on the sidelines of a panel discussion during London International Shipping Week 2021. “Policy and regulation have to play a major role, including, almost certainly, carbon taxes.”
PUBLISHED SEP 13, 2021 14:01 UTC BY S & P Global
Can The Global Shipping Industry Really Go Green?
As environmental concerns become increasingly pressing for governments and businesses alike, the shipping industry is taking steps to reduce its carbon footprint. In late August Danish shipping company Maersk, the world’s largest container shipping line, announced that it had invested $1.4bn in eight new vessels that will be powered by methanol rather than oil-based fuels.
The ships, set to be delivered in 2024, represent 3% of the company’s total container capacity. They will replace older ships in the fleet and are expected to save up to 1m tonnes of carbon dioxide per year.
PUBLISHED SEP 09, 2021 14:00 CDT BY OILPRICE.COM
SINGAPORE Cash premiums for cargoes of Asian fuel oil were mostly higher on Monday, lifted by higher bids and deal values in the Singapore trading window.
Sentiment in the 0.5% very low-sulphur fuel oil (VLSFO) market has firmed recently on expectations of tightening supplies, particularly for cutter stocks, over the near term, trade sources said. Sluggish bunker demand in the Singapore hub, however, may cap gains. In the high-sulphur fuel oil (HSFO) market, prices have been bolstered by tight supplies that are shared among few suppliers. But the surge in prices may soon crest as peak seasonal power generation demand in the summer begins to fade, the trade sources said.
Published 24th August 2021 by Business Recorder
SINGAPORE: Cash premiums for cargoes of Asia’s 380-cst high-sulphur fuel oil (HSFO) climbed to their highest since January 2020 on Monday at $16.25 a tonne to Singapore quotes, lifted by sustained demand and tight high-sulphur fuel supplies.
In the 0.5% very low-sulphur fuel oil (VLSFO) market, cash differentials were also slightly higher as deal values strengthened.
However, sluggish bunkering demand and more adequate low-sulphur fuel supplies are expected to keep a lid on sentiment in the VLSFO market, trade sources said.
Published 14th September 2021 by Business Recorder