New fuel mixes entering the shipping arena require pricing visibility to gain traction. Argus, a commodity price reporting agency, has 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 made up of 24% used cooking oil methyl ester (UCOME) and 76% very-low sulphur fuel oil (VLSFO), delivered-onboard in Singapore.
In Singapore, the world’s biggest bunkering hub, the B24 market is growing rapidly. Sales in 2022 were more than 140,000 tonnes, with trade accelerating over the last three months of the year.
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.”
With shipping facing an array of alternative fuel choices to choose from, data companies are rolling out many new price indices. Platts, for instance, has been covering methanol and ammonia prices since for the last 15 months.
