Maersk’s environmental fuel fee (EEF) and BAF are subject to trigger of an increase or decrease in the monthly bunker price by an average of $50 per tonne or more.
In an advisory to customers Maersk noted a substantial increase in the VLSFO prices in particular highlighting Singapore were prices were over $700 per tonne earlier this month, more than a 20% increase on the prices used to set BAF and EEF levels.
“The average increase in January thus is expected to exceed $50 per mt. Accordingly, Maersk will apply the additional monthly trigger defined in our Bunker Adjustment Factor (BAF) and Environmental Fuel Fee (EFF) formulas and the new tariffs will be effective 1 March 2020,” the advisory said.
Maersk said the tariff increases across all trades would range from $50 - $200 per feu with exact quantums to be communicated by the end of the month.