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Maersk levies US$50-$200/TEU surcharges for costly UN mandated fuel

MAERSK Line is to impose a fuel surcharge of US$50 to $200 per TEU to cope with the extra cost of very low sulphur fuel required from January 1 by United Nations regulation, reports Bloomberg

29 January 2020 - 19:00

MAERSK Line is to impose a fuel surcharge of US$50 to $200 per TEU to cope with the extra cost of very low sulphur fuel required from January 1 by United Nations regulation, reports Bloomberg.

'Others will definitely take lead from Maersk and follow with their own surcharges,' said Rahul Kapoor, head of research at IHS Markit, Maritime and Trade. 'It's still early days how higher fuel costs would have a meaningful impact on trade volumes.'



In Singapore, the world's biggest ship-refuelling centre, the price of very low sulphur fuel - the fuel of choice for IMO 2020 compliance - is now about $270 a ton more expensive than the old, high-sulphur variety, marine gasoil, the other main product vessel owners can use to comply, is also expensive.



Shipowners' lobby, the Baltic International Maritime Council (BIMCO), warned that higher fuel costs effectively mean higher costs of carrying out world trade, even if such hikes will be largely invisible to end consumers. Container shipping rates have failed to reverse a slump



It currently costs $1,520 to transport a 40-foot box to Los Angeles from Hong Kong, according to data from Drewry Shipping Consultants. That's 22 per cent lower than a year ago.



BIMCO said that persisting high fuel costs could create financial difficulties for some shipowners if the situation doesn't improve. The Baltic Dry Index, a measure of commodity freight costs, slumped 9.6 per cent on Tuesday.


WORLD SHIPPING

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