May 16, 2023
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Yesterday, Argus, an energy and commodity price reporting agency, introduced the first independently assessed vessel fuel price, including a biofuel component.
The new B24 daily assessment will reflect the bunkers’ market value – as ship fuel is known – of about 76% very-low sulfur fuel oil (VLSFO) and 24% used cooking oil methyl ester (UCOME), delivered on board in Singapore.
The shipping industry has been facing pressure to decarbonize. International Maritime Organization regulations and evolving consumer demand are boosting such a switch.
Marine biodiesel like B24 can be used with existing engine technologies, permitting it to deliver carbon reduction immediately.
In Singapore, the world's largest bunkering hub, the B24 market has been increasing. Sales observed in 2022 were over 140,000t, with trade accelerating over the last three months of 2022.
The price assessment set by Argus B24 has been underpinned by a transparent and thorough methodology based on market transactions, offers, and bids.
It can be utilized by firms in contracts to establish mark-to-market valuations, optimize production, and even in market analysis.
References: IANS, PR Newswire
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