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The maritime industry is facing great changes: Since 1 January 2020, vessels are only allowed to use fuel with a maximum sulphur content of 0.5 percent. The so-called IMO2020 regulation was the first in a series of International Maritime Organization (IMO) measures to reduce marine pollution. Using low-sulphur fuel oil will be the key solution for the shipping industry and Hapag-Lloyd to remain compliant. Furthermore, it is the most environmentally friendly solution in the short term.
The strict IMO emissions regulation significantly improves the ecological footprint of the shipping industry. Based on the assumption that the spread between high-sulphur fuel oil (HSFO) and low-sulphur fuel oil (LSFO 0.5%) will be 250 US dollars per tonne by 2020, Hapag-Lloyd estimated additional costs of around 1 billion US dollars in the first years. For this reason, Hapag-Lloyd had developed the Marine Fuel Recovery (MFR) mechanism, which was gradually implemented as of 1 January 2019.
With the Marine Fuel Recovery (MFR) mechanism, we developed a system for our customers that we think is fair, as it allows for a causal, transparent and easy-to-understand calculation of fuel costs. The MFR, which is reviewed quarterly, takes into consideration various parameters, such as the vessel consumption per day, fuel type & price (specific for HSFO, LSFO 0.5% and LSFO 0.1%), sea and port days, and carried TEU. These parameters derive from a typical representative service in the market on a specific trade.
All vessels operated by Hapag-Lloyd have been fully compliant with the IMO2020 regulations since its start on January 1, 2020.
Find further information regarding IMO2020 and Hapag-Lloyd's new Marine Fuel Recovery (MFR) mechanism.