The world's second-largest shipping line in terms of container vessel capacity Mediterranean Shipping Company (MSC) Monday introduced a worldwide temporary emergency bunker surcharge on all ocean and land-based cargo carriage with immediate effect.
Bunker fuel prices are up more than 30% in 2018 and almost 70% since June 2017, while prices of marine fuel in Europe exceeded $442 per metric tonne (pmt) last week, says MSC.
“The continued surge in bunker prices has greatly impacted the operating environment for container shipping lines,” it explains.
“With crude oil today hovering around $80 a barrel – the highest since 2014 – the situation is no longer sustainable without emergency action.
“This last-resort measure is essential to ensure that we navigate these challenging economic conditions in a steady and sustainable way and continue to provide a high quality of service to all our customers.”
The company says it will continue to evaluate longer-term strategies to help ease the situation.
Photo credit: Mediterranean Shipping Company
Published: 22 May, 2018
“At uncertain times [...] the performance of our employees and executives remained steadfast. We remain liquid and profitable due to such efforts,” says President.
Both firms will offer vessel owners and operators a wide range of vessel improvement opportunities and services such as vessel life extension.
Three Directors came to a view that they were unable to discharge their function and duties, says company.
Understanding factors behind BC is a complex science as BC formation depends on multiple and variable factors and how they interact i.e. engine type, engine load etc.
Haur-Bin Chua, Regional Commercial Fuels Sales Director, Marine, ExxonMobil Asia Pacific, discusses market dynamics, the adoption of MFM technology, and digitalisation of the bunkering value chain with Manifold Times.
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Buyers can nominate deliveries on platform and plan operations together with suppliers following ‘one single truth’ concept with all players aware of what has been agreed when and by whom, says DNV spokesman.
Rotterdam’s intention to mandate the usage of MFMs goes down well with licensed bunker supplier VT Group; MFM providers supportive of move but stressed continuous monitoring is needed for optimum performance.
Cost of alternative bunker fuels, bunker operations and technology advancement are some considerations to be examined by the maritime industry, says Neo, director of SDE International Pte Ltd.
Kim Hyung Joon and Han Donghoon were planning to join the Singapore entities of Hartree Group - either Hartree Partners Singapore Pte Ltd or Hartree Marine Fuels - in October, discovered management.
‘When you think of Helmsman on the next occasion, think of us as lawyers with expertise in various fields. Come to us before a problem develops. It’s the process that matters,’ says Tang Chong Jun, Executive Director.
Bernard Chew was a former shareholder of MB Marine and was an authorised signatory of the company’s cheques at the material time, according to court documents obtained by Manifold Times.
