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IMO 2020 added $100 million to CMA CGM's first quarter bunker bill

FRENCH shipping giant CMA CGM bunker fuel bill rose 11 per cent in the first quarter, as fuel became more expensive immediately after the global sulphur limit came into force on 1 January, reported London's Argus Media

14 June 2020 - 19:06

FRENCH shipping giant CMA CGM bunker fuel bill rose 11 per cent in the first quarter, as fuel became more expensive immediately after the global sulphur limit came into force on 1 January, reported London's Argus Media.

CMA CGM spent US$975 million on fuel in the first quarter, up by $100 million. Its fleet complies with the International Maritime Organisation (IMO) 0.5 per cent sulphur cap by burning 0.5 per cent fuel oil, or continuing to burn 3.5 per cent fuel oil on its ships with scrubbers fitted.



Prices for 0.5 per cent fuel oil rose to $600-$780 per tonne in the key bunkering hubs of Singapore, Fujairah and Rotterdam in early January, but then fell to less than $250 per tonne in April and have since been below $300 per tonne. This compares with $300-40 per tonne in the first quarter last year for 3.5 per cent fuel oil, which was then the most-used fuel.



CMA CGM said it reduced its bunker costs through a surcharge for its customers. It recently waived this as prices fell.



The shipowner also took delivery of one 23,000 TEU LNG-fuelled containership this year, the Jacques Saade, and expects to take delivery of a further eight later this year. CMA CGM has a 300,000 per tonne per year supply contract with Total for the nine vessels, which will run for 10 years from 2020.



CMA CGM made a profit of $48 million in the first quarter, up from $43 million a year earlier.


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