Adds to growing global suite of marine biodiesel prices
LONDON, Nov. 2, 2023 /PRNewswire/ — Global energy and commodity price reporting agency Argus has launched a new Mediterranean marine biodiesel price assessment for B24, a blend of 24% used cooking oil methyl ester and 76% very-low sulphur fuel oil.
The new daily dob Algeciras-Gibraltar price joins Argus’ existing global suite of marine biodiesel price assessments including prices for blends containing used cooking oil methyl ester, ‘advanced’ biodiesel produced from feedstocks listed in Annex IX part A of the EU’s Renewable Energy Directive, and, in the US, other crop-based biodiesel grades.
Prices are provided for the key bunkering regions of Singapore, northwest Europe, the Mediterranean, New York and Houston.
Marine biodiesel blends such as B24 are attractive to shipowners as they are compatible with existing engine technologies. Marine biodiesel delivers an immediate carbon reduction without the need for high capital investment to meet upcoming regulation, including the extension of the EU’s Emissions Trading System to shipping from January 2024.
At a global scale, under International Maritime Organisation regulations, blending biofuel into conventional marine fuel can improve the Carbon Intensity Indicator (CII) of a vessel. Shipowners seeking to delay new vessel investment decisions may use marine biodiesel to improve CII ratings of existing vessels.
Argus Media chairman and chief executive Adrian Binks said: “Argus is the only price reporting agency offering a global suite of marine biodiesel prices that reflect shipowners’ global bunkering operations today. Our new B24 Mediterranean price is underpinned by our traditional assessment methodology and provides important transparency based on spot market activity to the growing marine biodiesel market.”
The new B24 dob Mediterranean price is based on physical spot market information including deals, bids and offers relating to fuel loaded at Algeciras/Gibraltar at the southern tip of Spain.
More information about Argus European marine biodiesel prices can be found here.
Argus contact information
London: Seana Lanigan
+44 20 7780 4200
Houston: Matt Oatway
+1 713 968 0000
Singapore: Tomoko Hashimoto
+65 6496 9960
About Argus Media
Argus is the leading independent provider of market intelligence to the global energy and commodity markets. We offer essential price assessments, news, analytics, consulting services, data science tools and industry conferences to illuminate complex and opaque commodity markets.
Headquartered in London with 1,300 staff, Argus is an independent media organisation with 29 offices in the world’s principal commodity trading hubs.
Companies, trading firms and governments in 160 countries around the world trust Argus data to make decisions, analyse situations, manage risk, facilitate trading and for long-term planning. Argus prices are used as trusted benchmarks around the world for pricing transportation, commodities and energy.
Founded in 1970, Argus remains a privately held UK-registered company owned by employee shareholders, global growth equity firm General Atlantic and Hg, the specialist software and technology services investor.
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SOURCE Argus Media
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