2020 SULPHUR CAP INTRODUCING MSC S BUNKER CHARGE MECHANISM FOR December 2018
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1 2020 SULPHUR CAP INTRODUCING MSC S BUNKER CHARGE MECHANISM FOR December 2018
2 LOW SULPHUR 2020 SCENARIO The UN International Maritime Organization requires that from 1 January 2020, Sulphur content in the fuel used for international shipping must be limited globally to 0.5%, compared with the current standard of 3.5%, in order to minimize emissions of Sulphur oxides from ships. In specific Emission Control Areas (ECAs), defined by the UN IMO or other government bodies, the limit is already 0.1% Global: 0.5% ECAs: 0.1% China: 0.5%; 0.1% limits under consideration 2
3 PREPARING FOR THE 2020 SULPHUR CAP As we continue to prepare for the 2020 low-sulphur fuel regime, the cost of adapting our fleet and fuel supply is expected to be in excess of USD 2 billion a year. Low-Sulphur fuel is expected to be substantially more expensive than traditional marine fuel oil. We believe it is essential to segregate transparently the rising burden of fuel costs, so these costs may be visibly passed on throughout the supply chain. 3
4 FORMULA FOR THE BUNKER RECOVERY CHARGE (BRC) Following considerable analysis of operating costs and market factors we have decided to implement a new BRC (Bunker Recovery Charge), effective 1 January BRC Bunker Recovery Charge Fuel Price per Ton = x (currently based on the monthly average of the HSFO 380 CST index for each specific trade/service; from Q4 2019, low-sulphur fuel oil 0.5% may apply, in order to be ready for 2020) Trade Factor (coefficient = fuel consumption per round trip TEUs carried round trip) For reefer cargo, the BRC will be calculated as BRC x 1.5, due to the additional cost of electricity generation used to power reefer containers 4
5 BRC FORMULA - ADDITIONAL INFORMATION The BRC is currently based on the monthly average of the HSFO 380 CST index for each specific trade/service; from 4Q 2019, a monthly average of a low-sulphur fuel oil 0.5% index may apply, in order to be ready for 1 January 2020 The BRC replaces the current Bunker Contribution known as BUC, the Fuel Adjustment Contribution (FAD), the Emergency Fuel Surcharge (EFS), and largely absorbs other fuel-related charges. It does not cover charges related to coastal Emission Control Areas as defined by the IMO, EU or other government bodies (for example, but not exclusively, N. American/Caribbean, Baltic/N. Sea, China).
6 VARIATION BY TRADE EXPLANATORY EXAMPLES The Trade Factor coefficient is one of the elements described above used to calculate the BRC The table of selected trades shows how the BRC will vary when different coefficients are applied to example fuel prices A Trade Factor coefficient may change depending on modifications to the size, number of ships & container imbalance on any given trade The BRC for 1 January 2019 is set one month in advance, based on the fuel price average of November BRCs will be updated monthly and communicated accordingly TRADE Asia-Europe Europe-Asia Asia-N America W Coast N America W Coast-Asia Asia-N America E Coast N America E Coast-Asia Asia-LatAm E Coast LatAm E Coast-Asia N Europe-N America E Coast N America E Coast-N Europe Europe-Med & Black Sea Med & Black Sea-Europe N Europe-Indian Subcontinent Indian Subcontinent-N- Europe N Europe-W Africa W Africa-N Europe N Europe-Latam E Coast Latam E Coast-N Europe Europe-Israel & Cyprus Israel & Cyprus-Europe BUNKER RECOVERY CHARGES BASED ON EXAMPLE FUEL PRICES (USD) $400 $450 $500 $550 $600 $650 $700 $248 $96 $200 $40 $520 $80 $360 $260 $200 $60 $208 $104 $260 $200 $80 $279 $108 $225 $45 $585 $90 $405 $293 $225 $68 $234 $117 $135 $293 $225 $90 $310 $250 $50 $650 $100 $450 $250 $75 $260 $130 $150 $250 $100 $341 $132 $275 $55 $715 $110 $495 $358 $275 $83 $286 $143 $165 $358 $275 $110 $372 $144 $300 $60 $780 $540 $390 $300 $90 $312 $156 $180 $390 $300 $403 $156 $65 $845 $130 $585 $423 $98 $338 $169 $195 $423 $130 $434 $168 $350 $70 $910 $630 $455 $350 $105 $364 $182 $455 $350 6
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