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Global energy and commodity price reporting agency Argus has launched a new Mediterranean marine biodiesel price for B24, a blend of 24% used cooking oil methyl ester (UCOME) and 76% very low sulphur fuel oil (VLSFO).

Published daily on a delivered-on-board (dob) basis for the Mediterranean ports of Algeciras and Gibraltar, the new B24 Mediterranean price was based on physical spot market information including deals, bids and offers, Argus said on 2 November.

“Our new B24 Mediterranean price is underpinned by our traditional assessment methodology and provides … transparency based on spot market activity to the growing marine biodiesel market,” Argus Media chairman and chief executive Adrian Binks said.

The new B24 price joins the company’s existing global range of marine biodiesel price assessments including prices for blends containing UCOME, ‘advanced’ biodiesel produced from feedstocks listed in Annex IX part A of the European Union (EU)’s Renewable Energy Directive, and, in the USA, other crop-based biodiesel grades.

Prices are provided for the key bunkering regions of Singapore, northwest Europe, the Mediterranean, New York and Houston.

Compatible with existing engine technologies, marine biodiesel blends such as B24 deliver an immediate carbon reduction without the need for high capital investment to meet upcoming regulation, including the extension of the EU’s Emissions Trading System to shipping from January 2024, according to Argus.