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
3.94 million mt of various marine fuels were sold at the world’s largest bunkering port in September, a decrease from 4.22 million mt recorded in the same period last year.
Retrofit conversion will initially enable operation with currently available LNG fuel, most importantly with negligible methane slip from the engine.
Ships ordered by Sallaum Lines will be designed by Shanghai Merchant Ship Design & Research Institute, a ship design consultant under China State Shipbuilding Corporation.
Creditors are required to submit debts or claims and any security to the liquidator by 8 January 2019.
Grant Thornton Singapore Private Limited was appointed as joint and several liquidators of Xin Chun and Xin Dun for winding up the companies.
In 2020, Sing Fuels expanded and diversified portfolio across different geographies to carry out continued growth and presence in key markets.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
