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BIMCO sets sail on producing expedited 2020 sulphur clauses

BIMCO, the international shipping association, has announced its intention to fast stream the publication of its first bunker clauses in response to the International Maritime Organisation's 2020 sulphur rules. Publication of several bunker clauses are expected to be released in late October. Link Here

Chevron launches new 2020 ready lubricant range

Chevron Marine Lubricants has developed a brand-new range of cylinder lubricants compatible with virtually all available global sulphur cap 2020 compliance options. As the global shipping industry prepares for the arrival of the global sulphur cap in January 2020, the operation of ships in a multi-fuel future is a fast approaching reality. Lubricants are essential to the smooth operation and service life of propulsion machinery, but their optimal use is highly dependent on fuel sulphur content. A diversified marine fuel mix demands tailoring lubricant selection to fuel sulphur content to ensure compatibility with fuels bunkered across a fleet. The Taro® Ultra range of lubricants deliver th

Maersk asking shippers to meet low-sulphur fuel costs

Bunker surcharge aims to recover some of $2bn in extra expenses involved in complying with new IMO rules. Containership giant Maersk Line will seek to recover the costs of low-sulphur fuel compliance from its customers. The Danish company said a new bunker adjustment surcharge factor (BAF) is being adopted ahead of new IMO rules coming into force in 2020. "We fully support the new rules. They will be a significant benefit to the environment and to human health,” said Vincent Clerc, chief commercial officer of parent AP Moller-Maersk. “The 2020 sulphur cap is a game changer for the shipping industry. Maersk preparations to comply are well underway and so are our customers’ efforts to plan ahe

Maersk to change fuel surcharge ahead of IMO 2020

The new BAF surcharge aims at recovering the Maersk Line costs of compliance with the global sulphur cap which enters into force on 1 January 2020. This regulation has been developed and adopted by the International Maritime Organisation (IMO), a specialised agency under the United Nations (UN). Whereas today ships can use fuel with a sulphur content of 3.5%, the new sulphur cap will be 0.5%. To become compliant shipowners will have to invest in compliant fuels, LNG or scrubber technology. This is expected to lower global shipping's sulphur emissions, a known source for respiratory disease and acid rain, by more than 80%. "We fully support the new rules. They will be a significant benefit t

Scrubbers Cleaning Up

Norway’s DNB Markets has published an in-depth report on scrubber uptake across the shipping industry and is forecasting the technology add-on to vessels is a good investment and should pay back in less than 18 months after the global sulphur cap kicks in on January 1, 2020. Scrubber uptake is accelerating towards 2,300 units by 2020 – covering 15% of pre-2020 heavy fuel oil (HFO) demand. Sector-wise DNB is predicting scrubber installations reaching 973 in dry bulk, 530 in tankers and 383 in containers by 2020 with larger ships more likely to have the exhaust gas cleaners installed. Link

Markets update 06/09

Dry Cargo shipping demand remains largely reliant on Asian power generation, agricultural imports and manufacturing. The China – US trade war is altering the patterns of soya bean and wheat trade, which may add disruption, delays and tonne mile demand for this increasingly important portion of overall dry bulk cargo demand. China continues to grow iron ore imports and coal imports, as does India, with exporters in Brazil, Australia and Indonesia benefiting the most. Global oil markets continue to remove inventory which was bought at a lower cost than spot purchases, so the tanker business remains starved of cargos for the time being. In its recent outlook report, OPEC suggests that demand f

Policy and regs update 06/09

Everyone is talking about IMO 2020. The tighter emissions regs are forcing ship owners to retrofit scrubber technology (only about 5 per cent of the global trading fleet of about 80,000 ships has done so yet), or to burn more expensive low sulphur fuel oil or marine diesel oil, both of which have supply issues as refiners are yet to complete the investments required to upgrade products to meet the new regs. An increasingly popular alternative is to go for LNG bunkering. The passenger shipping market is doing this, as it tends to refuel at hubs and to have a clear forward fuel demand curve. Cargo vessel owners are yet to be convinced. Spot markets, with their vagaries, short-frequency cycles

Macro update 06/09/18

Donald Trump hogs all the headlines when it comes to policy. His trade war with China, rapprochement with Russia, his issues with the EU and NATO, all point to a more volatile political environment which is bound to affect business confidence, trade, and shipping demand. Frustratingly for his opponents, these effects are yet to show through in the data. Global GDP forecasts from the IMF suggest that growth will be 3.94 per cent this year and next year, with the majority of growth coming from commodity-hungry emerging and fast-growing countries is Asia particularly. In terms of outlook, global energy demand continues to grow, while global energy supplies continue to diversify. The result i

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