SINGAPORE, Jan. 31, 2023 /PRNewswire/ -- Global energy and commodity price reporting agency Argus today launched the world's first independently assessed price for ship fuel that includes a biofuel component. The new B24 daily assessment reflects the market value of "bunkers" – as ship fuel is known – made up of 24% used cooking oil methyl ester (UCOME) and 76% very-low sulphur fuel oil (VLSFO), delivered-on-board in Singapore.
The shipping industry is under pressure to decarbonise. International Maritime Organisation regulations and changing consumer demand are driving the switch. Marine biodiesel such as B24 can be used with existing engine technologies, allowing it to deliver an immediate carbon reduction.
In Singapore, the world's biggest bunkering hub, the B24 market is growing rapidly. Sales in 2022 were more than 140,000t, with trade accelerating over the last three months of the year.
The Argus B24 price assessment is underpinned by a transparent methodology based on market transactions, bids and offers. It can be used by companies in contracts, for mark-to-market valuations, to optimise production, and in market analysis.
Argus Media chairman and chief executive Adrian Binks said: "The maritime industry is embracing the need to evolve and reduce greenhouse gas emissions. Our new B24 assessments are the world's first biofuel bunker prices and bring vital transparency to this new and emerging market, which will play an increasingly important role while the industry transitions to develop cost-effective zero carbon solutions."
Argus contact information
London: Seana Lanigan
+44 20 7780 4200
Email Seana
Houston: Matt Oatway
+1 713 968 0000
Email Matt
Singapore: Tomoko Hashimoto
+65 6496 9960
Email Tomoko
About Argus Media
Argus is an independent media organisation with 1,200 staff. It is headquartered in London and has 28 offices in the world's principal commodity trading and production centres. Argus produces price assessments and analysis of international energy and other commodity markets and offers bespoke consulting services and industry-leading conferences.
Companies in 140 countries around the world use Argus data to index physical trade and as benchmarks in financial derivative markets as well as for analysis and planning purposes.
Argus was founded in 1970 and is a privately held UK-registered company. It is owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.
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SOURCE Argus Media
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