Argus Media on Thursday (11 May) released a white paper titled NW Europe biofuels bunker demand from ships without scrubbers to rise in 2024 on biofuel demand from vessels without scrubbers in EU territorial waters when they will have to pay for their CO2 emissions starting next year.
Argus said as a result of the move, demand for biofuels for bunkering from vessels without scrubbers could increase in northwest Europe. By contrast, vessels with scrubbers could continue to burn high-sulphur fuel oil (HSFO) in the region.
Ships operating in the EU territorial waters will have to pay for 40pc of their CO2-equivalent emissions from 2024, 70pc from 2025, and 100pc from 2026.
It said vessels travelling in the northwest Europe emission control areas (ECA) with no scrubbers could switch from burning MGO to B100 in 2024. The added CO2 emissions cost could drive the price of MGO at a premium to B100.
By contrast, vessels travelling in the northwest Europe ECA, with installed scrubbers, could continue to burn HSFO in 2024.
The whitepaper also highlights biofuel for bunkering subsidies in Rotterdam as well as prices for Singapore B24 biofuel for bunkering being priced at a premium to Rotterdam B30 and B20.
Note: The full Argus Media whitepaper titled NW Europe biofuels bunker demand from ships without scrubbers to rise in 2024 can be found here.
Photo credit: Argus Media
Published: 12 May, 2023
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