Container shipping company headquartered in Singapore and Tokyo, Ocean Network Express Pte Ltd (ONE) on Thursday (1 October) announced to its customers it will implement a Low Sulphur Fuel surcharge (LSF) of USD 3/TEU for all Korea export and import cargoes as of November 1st 2020.
The company said new air quality control regulations set by the South Korean Ministry of Maritime Affairs and Fisheries (MOF) have defined selected South Korean ports and areas as Emission Control Areas (ECA).
As a result, vessels are required to use max 0.1% sulphur content fuel and to observe mandatory vessel speed reductions within ECAs and these measures have resulted in increased operational costs.
The LSF quantum has been derived via a logical & equitable calculation mechanism and any future adjustments will made on the same basis, it added.
ONE said it will continue to explore all avenues available to mitigate fuel consumption and fuel associated costs for the benefit of the global environment and the supply chain costs of our valued customers.
Related: KR: South Korea to enforce first phase of 0.10% sulphur Emission Control Area in Sept
Related: Gard: South Korea to implement emission reduction initiatives in major port areas
Related: FOBAS Bulletin: South Korean SECA to come into force on 1 September, 2020
Photo credit: Ocean Network Express
Published: 2 October, 2020
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