Maersk is calling on the International Maritime Organization (IMO) to have a carbon dioxide tax for the maritime industry ready by 2025; starting at about $50 a tonne and gradually increasing it to $150 a tonne in later years, Bloomberg reports.
The company said the tax will bridge the price gap between traditional bunker fuels that vessels currently consume and greener alternatives that are much more expensive.
Fuel costs would effectively almost double if the measure were imposed today because of how carbon dioxide emissions are counted.
According to Maersk, the $150 tax will equate to a $450 per metric tonne (pmt) hike in the cost of Very Low Sulphur Fuel Oil (VLSFO).
VLSFO costs about $500 to $525 pmt depending on where in the world it’s bought, according to data compiled by Bloomberg.
“It’s not trivial to move to green fuels from a cost perspective,” said Soren Skou, CEO of A.P. Moller Maersk. “We need to somehow level the playing field, and that’s the purpose of a market-based measure.”
The issue is set to be discussed at a UN meeting beginning next week.
Photo credit: Maersk
Published: 4 June, 2021
The top three positive movers in the 2020 bunker supplier list are Hong Lam Fuels Pte Ltd (+13); Chevron Singapore Pte Ltd (+12); and SK Energy International (+8), according to MPA list.
Bunker tanker Lizrix able to segregate up to five grades of marine fuels for deliveries.
Project involves Vessel Offshore Plant Research Institute, POSCO, EK Heavy Industries, Transgas Solution, Mytek, Valmax Technology, and Seoul Line
Bunker One will have the exclusive rights to purchase 100% of Vertex's Marrero, Louisiana refinery's marine fuel production until December 2029.
Firm started in early April and is actively seeking credit from physical bunker suppliers at the republic.
Monetary Authority MD Ravi Menon delivers keynote speech and leads panel of maritime industry experts to discuss opportunities to be exploited in a post-Covid-19 world.
On 5th June 2021, VPS carried out a Remaining On Board (R.O.B.) survey on board a Singapore-registered bunker tanker at short notice by the Charterer and quickly identified the theft of 98 metric tons of bunker fuel.
The Bunkerchain Pte Ltd and Helmsman LLC sponsored event will be moderated by Gabian Chew, Senior Editor of Singapore bunkering publication Manifold Times.
No quarantine required if vessels have not called at Brazil, India, Nepal, Pakistan, the Philippines and South Africa during the 21 days prior to arrival at Hong Kong port, according to Marine Department notice.
CCIC discuss the progression of MFM technology for bunkering at Singapore port with Manifold Times; and possible development of a primary facility for MFM calibration.
‘The acquisition of PGI Industries will enhance VPS’ preventative maintenance services offered to the power sector, increasing protection and sustainability of the asset,’ says Malcolm Cooper, CEO, VPS.
A foreign vessel was involved in an alleged unauthorised STS incident with bunker tanker Pearl Melody on 5 June, Director and General Manager of Consort Bunkers tells Manifold Times.
14 Jun 2021
