Argus Launches World’s First Biofuel Blended Ship Bunker Price
(Argus) 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.
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 is an independent media organisation wit over 1,200 staff. It is headquartered in London and has 29 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. READ MORE
