Bunker procurement strategies in liner shipping companies : considerations in fuel consumption reduction based on regulatory and technical aspects
Shipping trade is of great importance as it gets goods to move around globally and internationally. With continual growth of shipping, the need for fuel to move the ships increases as well. Undoubtedly, bunker costs appear to be the greatest expenditure for operating costs, fetching up to almost 60%...
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| Format: | Final Year Project |
| Language: | English |
| Published: |
2010
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| Online Access: | http://hdl.handle.net/10356/39461 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | Shipping trade is of great importance as it gets goods to move around globally and internationally. With continual growth of shipping, the need for fuel to move the ships increases as well. Undoubtedly, bunker costs appear to be the greatest expenditure for operating costs, fetching up to almost 60%. Tagged with fluctuating market price, shipping companies are exposed to the risk of making losses as well as benefit from making profits. Nevertheless, this only drives the companies to find ways to reduce fuel consumption and bunker costs.
However, shipping contributes to air pollution from the emissions of the ships. Strict regulations are imposed to restrict the emissions for the benefit of the society and environment. Hence, shipping companies would need to consider its impact on their business and operations. Additionally, companies would need to consider if their practices are effective in reducing bunker costs and what other practices can be deemed feasible. Eventually, this report ventures the factors that may affect and prompt considerations that could influence the ways in reducing bunker consumption. |
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