Shipping operators face rise in fuel bills
By Robert Wright in London
Published: April 8 2008 04:05 | Last updated: April 8 2008 04:05
Shipowners could face fuel cost increases of as much as 50 per cent after an International Maritime Organisation committee approved rules barring vessels from using their traditional heavy fuel in many parts of the world.
Passage of the rules has raised concerns about the ability of oil companies to meet the shipping industry’s fuel needs. Ships currently use oil known as bunker, which is the residue left after higher-quality products are refined out of crude oil and is far cheaper than other fuels.
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