International fuel testing and inspection company Veritas Petroleum Services (VPS) on Wednesday (12 August) said it has now written a “White Paper”, which reports upon a VPS investigation into the quantity shortage risks and associated potential cost savings with these marine fuels, by evaluating the VPS Bunker Quantity Survey data.
The initiative to produce this paper comes from VPS’s observation that transition of marine fuels to meet IMO 2020 Sulphur regulations has seen a greater supply of Very Low Sulphur Fuel Oil (VLSFO) and Distillate Fuel (MDO/MGO) to the shipping industry.
This has raised the stakes regarding the associated costs of transaction of these marine fuels for the foreseeable future, it said.
VPS noted that a statistically sound data set was considered for this investigation, covering more than 10,000 bunkerings, carried out in 2019 around the world.
The Bunker Quantity shortage risk potential for any bunker fuel delivery can occur for various reasons which may be categorized as follows:
VPS noted that a final analysis of the VPS BQS data highlights the average financial losses relating to fuel delivery, per vessel per year, can be almost USD 100,000, even with low fuel costs at the time of writing.
However, the cost of a VPS Surveyor to avoid such losses would be less than 15% of the potential losses per vessel per year, highlighting the value a VPS Bunker Quantity Survey can bring to each vessel.
This problem will be amplified when in addition there is a quantity shortage claim, undeclared Remaining Onboard Quantity (ROB), or a sampling dispute, it added.
A copy of the VPS White Paper, “Quantity Shortage Prevention of Marine Fuels” can be obtained from marketing@v-p-s.com .
Photo credit: Manifold Times
Published: 13 August, 2020
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