Euronav Storing Initial Supply of IMO 2020-Compliant Fuel On Board ULCC Oceania

TI Oceania tanker

Euronav Storing Initial Supply of IMO 2020-Compliant Fuel On Board ULCC Oceania

Mike Schuler

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September 5, 2019

Built in 2003, Euronav’s 380-meter TI Oceania has a deadweight of 441,561 tonnes. File picture politeness Euronav

Belgian vessel proprietor Euronav claims it has actually until now acquired 420,000 statistics lots of reduced sulphur gas oil which is saving aboard among its ultra big unrefined providers to prepare of the IMO 2020 gas guidelines.

The business made the disclosure on Thursday together with extra information concerning its strategy to adhere to the upcoming reduced sulphur gas guidelines.

Euronav claims the typical rate spent for the IMO 2020-compliant gas total up to $447 per statistics heap, contrasted to the $447 per statistics heap standard it spent for high sulphur gas throughout the very same duration.

The business claimed to aid it plan for the January 1 due date, it has actually developed a committed gas purchase group that will certainly obtain, examination, and also keep the brand-new Very Low Sulphur Fuel Oil, or VLSFO, for its very own usage.

To keep the VLSFO it has actually acquired, Euronav is presently utilizing among its 2 Ultra Large Crude Carriers (ULCC), the Oceania, which will certainly rearrange to later on this month. Euronav’s various other ULCC, the Europa, is presently under industrial time charter till completion of 2019.

Finally, Euronav claims it has actually likewise safeguarded an extra $100 million in funding for gas purchase.

“The introduction of new Sulphur emissions regulations as part of ‘IMO 2020’ is on of the most progressive and significant developments for all shipping segments over the past fifty years,” claims Hugo De Stoop, CHIEF EXECUTIVE OFFICER ofEuronav Reducing delivery’s Sulphur impact is a vital advance for all seaborne transport and also Euronav completely invites the brand-new guidelines and also expects completely following them.

“In summary, Euronav has purchased the equivalent of 420,000 metric ton of compliant fuel and Marine Gasoil at what we believe to be a competitive price. This volume can provide a substantial coverage of our fuel requirements during the initial period of the regulation. Leveraging our balance sheet strength and operational capability to purchase and secure supply of tested compliant product that should provide a natural hedge for Euronav against any lack of fuel oil availability, poor quality compliant fuel or unwanted price spike and help establish strong, direct B2B relationships for future fuel sourcing,” Stoop included.

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