Argus leads with IMO 2020 fuel price assessments for the U.S. and Europe
Global energy and commodity price reporting agency Argus has launched five new price assessments for fuel markets at the world’s largest bunkering locations, including Rotterdam, New York and the U.S. Gulf coast.
These assessments are for fuel that complies with the International Maritime Organisation (IMO) regulation that will reduce the allowable sulphur content in marine fuels to 0.5 percent from 3.5 percent from January 1, 2020. They expand on Argus’ recent launch of the industry’s first IMO-compliant 0.5 percent sulphur marine fuel price in Singapore.
The IMO is a division of the UN and provides a regulatory framework for the shipping industry. The tighter sulphur regulations are intended to reduce air pollution. Some coastal regions already have emission control areas with a 0.1 percent sulphur limit, but the global limit of 0.5 percent is a major change for the shipping industry and its suppliers, which will require new price assessments to use in trade and risk management.
Through its global oil products services, Argus now delivers daily price assessments covering:
– 0.5 percent sulphur fuel oil in northwest Europe
– 0.5 percent sulphur marine gasoil in northwest Europe
– 0.5 percent sulphur fuel oil at New York Harbor
– 0.5 percent sulphur marine gasoil at New York Harbor
– 0.5 percent sulphur fuel oil at the U.S. Gulf coast
– 0.5 percent sulphur fuel oil in Singapore
“Argus is pleased to be taking the lead in bringing price transparency that enables this large and emerging oil market to advance trading in preparation for the IMO 2020 required fuels, which will be quite different from the marine bunkers we see today,” Argus Media chairman and chief executive Adrian Binks said. “To comply, the market is already pursuing new benchmarks and new pricing tools that we now provide. With decades of experience in pricing these markets, Argus is uniquely qualified and well placed to provide the marine fuels industry with the most robust pricing solutions.”
For more information visit www.argusmedia.com
14th November 2018
