Off spec fuels can cost ship operators as much as $50,000 per incident - Lloyd’s Register
Lloyd’s Register (LR), in collaboration with marine innovation consultancy Thetius, has published a new report into the market, technology, and regulatory trends of fuel oil bunkering as the industry navigates its way through the decarbonisation and digitalisation challenges of the 21st century.
The report, titled ‘Testing Times – The vital role of ship fuel oil testing and quantity verification in an uncertain era’ estimates that in excess of one million metric tons of off-specification or non-compliant fuels are detected each year, costing ship operators between $27,000-$50,000 per incident.
Outlining why ship operators need dependable support in bunkering disputes along with independent testing and verification, the report highlights why the introduction of biofuel oils, growing prevalence of bunker licensing schemes along with upcoming changes to ISO standards for marine grade fuels make it more vital than ever that ship operators receive the correct advice and oversight on bunker procurement and refuelling operations.
The report also emphasises the number of contributing factors that have made the market prone to serious issues including the Russia/Ukraine crisis, fraud and corruption, lack of supply chain transparency and climate change.
