The International Bunker Industry Association (IBIA), with support from BIMCO, launched an extensive online survey in February 2022 to identify which confirmed the extent to which the maritime industry stakeholders believe there is a need for a wider adoption of bunker licensing schemes, mass flow metering (MFM) and transparency to improve market conditions.
When the survey closed at the end of March 2022, 189 respondents had participated and shared their experiences and opinions. The survey questions were carefully crafted by the IBIA Bunker Licensing & MFM Working Group, which BIMCO takes part in, and the data has been examined in detail by the group.
The survey revealed that a 91.5% majority agreed that there is a need for increased transparency between bunker suppliers and buyers. Taking the case of Singapore, they seemed to agree that the introduction of a Bunker Licensing Programme (74.5%) and mandatory use of MFMs (76%) have had a positive impact on the bunker market in the port. About half of the respondents assumed introducing these measures would result in fewer suppliers and a nominal increased bunker prices, but not a huge price increase.
Alexander Prokopakis of Probunkers, Chairman of the IBIA Working Group, said: “There is a clear support among the respondents towards building further transparency and compliance within the shipping and bunkering industry, despite the underlying expectations of increased premiums and enhanced competitive landscapes.”
BIMCO Head of Marine Environment, Aron Sørensen, said: “Bunker licensing and properly certified and used MFMs can build transparency and trust in the bunker sector, improve market conditions, and help build a level playing field for quality operators. The survey findings show this is what the industry wants, and it seems an investment worth making to help raise the standards and ensure transparency.”
