With the aim of reducing particulate emissions from ocean going ships in its ports, the South Korean Ministry of Maritime Affairs and Fisheries (“MOF”) has announced air quality control regulations which define selected South Korean ports and areas as Emission Control Areas (ECA).

Namely, these new air quality control regulations mandate that vessels are required to use max 0.1% sulphur content fuel and to observe mandatory vessel speed reductions within ECAs.

Although, these measures result in increased operational costs.

As a result of these regulations and changed circumstances, ONE will implement a Low Sulphur Fuel surcharge (LSF) of US$3/TEU for all Korea export and import cargoes as from November 1st 2020 (based on freight application date at origin side).

The LSF quantum has been derived via a logical & equitable calculation mechanism and any future adjustments will made on the same basis.

ONE continues to explore all avenues available to mitigate fuel consumption and fuel associated costs for the benefit of the global environment and the supply chain costs of our valued customers.

...as the company concluded.