Ocean Network Express (ONE) will implement a revised bunker surcharge mechanism a year ahead of the IMO 2020 sulphur regulations deadline.
The Japanese containership giant has described its new ONE bunker surcharge (OBS) as “more appropriate to the revised cost scenario”.
The new OBS will apply on all new contracts which commence on 1st January 2019 and to be valid till further notice, ONE said.
Existing contracts will still be subject to the previous bunker adjustment factor (BAF) mechanism and remain so until their expiry.
The calculation for the new OBS will be based on the fuel price multiplied by the trade wise loading factor multiplied by the trade imbalance.
ONE said the fuel price will be calculated based on the past three months average bunker price in key bunkering ports.
It added that it expects to start bunkering with low sulphur fuels from the fourth quarter of 2019, therefore the changed calculations will be based on fuel prices from that point in time.
