PLUNGING oil prices have reduced the motivation to continue the common practice of reducing bunker quality through blending, said International Bunker Industry Association (IBIA) chairman Jens Maul Jorgensen.
"It's a problem we don't have any more because oil prices have dropped by almost 50 per cent and with prices around US$340 per mt [metric tonne]," Mr Jorgensen told the IBIA Asia dinner in Singapore.
"There are no excuses, refiners don't benefit when they blend the product down in quality because of a huge reduction and P&I clubs can now press their clients to get the latest ISO specs inserted in their vessel description," he said.
Held at Singapore's Fullerton Hotel and attended by 280 delegates including the MPA's assistant CEO M Segar, the dinner came at the end of Singapore Maritime Week.
The special relationship that the International Bunker Industry Association (IBIA) enjoys with Singapore's Maritime & Port Authority (MPA) was also underscored.
Singapore is a signatory to IBIA's Port Charter to raise bunkering standards by obliging signatories to join a licensing scheme, enforcing regulations, having a testing regime and qualified professionals involved in the supply chain.
The evening also saw the award of honourary membership to Tey Yoh Huat, senior research fellow at the National University of Singapore Centre for Maritime Studies, in recognition of his contribution to the maritime industry his service to IBIA as chairman of the IBIA (Asia) bursary committee.
Capt Tey was the inaugural chairman of the bursary committee which provides support to young people engaged in a maritime career. The fund supports scholarships for young people who are undertaking cadetships.
WORLD SHIPPING
27 April 2015 - 18:22
No need to cut bunker quality via blending with oil prices so low: IBIA
PLUNGING oil prices have reduced the motivation to continue the common practice of reducing bunker quality through blending, said International Bunker Industry Association (IBIA) chairman Jens Maul Jorgensen.
WORLD SHIPPING
27 April 2015 - 18:22
No need to cut bunker quality via blending with oil prices so low: IBIA
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