Shipowners flock to Bunkerworld's Singapore forum

Asia's major shipping lines will gather in numbers at the forthcoming Bunkerworld: Sustainable Shipping forum to be held in Singapore later this month as the sector grapples with rising fuel costs prompted by emissions' reduction targets and rising crude levels.

On the rise: Emissions regulations will add to rising fuel costs

Although the ECAs (Emission Control Areas) remain isolated to European waters and parts of the Californian coastline, many Asian ship operators have been feeling the pinch as they manage higher premiums for low sulphur fuel oil and distillates in ECA's, exacerbated by record crude and intermediate fuel oil prices (IFO).

Ronald Widdows, chief executive of the global container shipping business APL Ltd, said recently: "Not many people understand the significance of fuel costs,” said Widdows. “It makes the whole supply-demand balance a less significant issue.”

Moreover, liners want shippers to accept 'fair' share of bunker price increases and have asked shippers to contribute more; including significant rate increases alongside staged increases in bunker surcharges.

Bunker prices for low sulphur fuel oil (LSFO) in Singapore were today pegged at $606 per metric tonne for IFO380, $40 above higher sulphur product. Marine diesel oil (MDO), required by ports in Europe and California to be bunt 'off port' today stood at $1,158, a premium of $602 per tonne on IFO380 sold in Singapore today, according to Bunkerworld prices.

Shipping companies attending the Bunkerworld SustainableShipping forum, to be held in the Mandarin Oriental Hotel, May 28-30, include:

• Altus Chartering Pte
• APL
• BW Shipping Managers Pte 
• IMC Shipping Co Pte Ltd
• Eastwind Shipmanagement Pte Ltd
• Hanjin Shipping
• J. Lauritzen Singapore Pte Ltd
• K-line
• Maersk Singapore Pte. Ltd.
• Mitsui
• Navig8 Asia Pte
• Pacific Basin Shipping (HK) Ltd
  

Other companies and organisations represented as speakers or supporters at the forum include: BIMCO, Castrol Marine, Chemoil Energy, DNV, Krystallon, the International Bunker Industry Association, Maritime and Port Authority of Singapore (MPA), Peninsula Petroleum, Petrobras Marine, Platts, SEAaT, Searights, Shell Marine Products, and the Singapore Shipowners Association.

Delegates are also able to attend a specially-produced one-day environmental workshop that focuses on emissions from ships and the impact that environmental legislation is having on shipping and bunkering operations. Led by leading environmental expert and independent consultant Robin Meech, Managing Director of Marine & Energy Consulting Ltd. To sign up for the workshop, click here.