A Coalition of 19 Countries at COP26 to Create Zero Emissions Shipping

Source: www.gulfoilandgas.com 11/16/2021, Location: Asia

Risavika LNG index was at 89.95 EUR/MWh and up 15 % from two weeks back. The European gas prices remain volatile as expected, the recent bullish sentiment came from Gazprom not booking any additional gas transit capacity via Ukraine or via the Polish section of the Yamal-Europe pipeline for December. However, the company has been booking short-term transit capacities and started refilling its European storage facilities last week.

Oil product futures are dropping for the third week as oil demand recovery has slowed down. OPEC decreased its 2021 forecast call on its own members' crude by more than 100,000 BBL/D to 27.65mn BBL/D. Fuel oil 3.5 (FO 3.5) price was down 4.4 % to 423.91 USD/t, low sulphur oil (MFO 0.5) dropped 2.6 % to 555.61 USD/t and marine gasoil (MGO 0.1) lower by 4.4 % to 667.77 USD/t in two weeks.

In a longer-term perspective, discussions on decarbonization of maritime shipping took place during COP26 resulting in agreement between 19 countries including Britain and the United States to create zero emissions shipping trade routes between ports to speed up the decarbonization of the global maritime industry. The countries agreed to support the establishment of at least six green corridors by 2025, which will require developing supplies of zero emissions fuels, the infrastructure required for decarbonization and regulatory frameworks. However, it was unclear how green corridor commitments would get to zero shipping emissions and immediate need for regulatory changes had been highlighted.


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