Fuel for Shipping in the Future

What a shipper pays for their container freight rate is based on numerous factors, most notably the fuel in the ship. The current prices for diesel fuel are increasing all of the time. Meanwhile, there is a growing concern in the international shipping industry over reducing carbon emissions from the vessels. All shippers should be aware of the current fuel situation on an ocean vessel. And in order for a shipper to make long-term plans, they should also examine the long-term outlook for the shipping market.
A recent shipping report entitled ‘Global Marine Fuel Trends 2030’ revealed the many different scenarios in the ocean freight industry as it relates to the usage of fuel on a ship. One scenario in the report suggested that the current status quo might continue in the year 2030. However, there could be other possibilities. Different shipping nations could work together to develop a policy that ensures more alternative fuels in all ships. There is also another possibility of nations not working together on sustainable energy changes. No mater what the possibility, this report confirmed that heavy fuel oil (HFO), which is the main current fuel source, would continue to be used in 2030. However, there could be possibilities of having LNG powered ships, or ships with low sulphur diesel alternatives or hydrogen. In order for these possibilities to become realities, there should be more environmental regulations, and nations need to care more about cleaner vessels for reducing emissions.