A- add to that, Margaret.

Yeah.

I, I would just layer it over the EU, um, of 2026, where they're gonna start really looking at people's emissions.

Um, and that, that is just a...

There's the EU, and then there's a tax system within the EU called the ETS.

That's a lot of money.

You know, if you're coming to EU, uh, from another place, 50% of your fuels need to have this sort of emissions profile.

Interesting

A- add to that, Margaret.

Uh, yeah, I, I would just layer it over the EU, um, of 2026, where they're gonna start really looking at people's emissions.

Um, and that, that is just a, there's the EU and then there's a tax system within the EU called the ETS.

That's a lot of money.

You know, if you're coming to EU, uh, from another place, 50% of your fuels need to have this sort of emissions profile, it's very hard.

And then you layer in 2028, according to the IMO right now, that's gonna kick in.

Interesting

... is that I think the people that represent the, um, port authorities, there needs to be some onus on them from a, a business case, that y- you don't wanna put yourself out of business, so in your 50-year master plan, w- where's the alternative fuel infrastructure?

Okay.

The way the maritime industry works for container ships is TEUs, is 20-foot equivalent units.

So a price for a 20-foot TEU from Shanghai to LA Long Beach, it's about between $1,500 and $2,200.

[laughs]

And, and the, the other thing to realize is that for the bulk commodities, the ore and the...

There's so much more that goes into pricing, where it's the, it's the supply of ships that are out there, the demand, the routes they're on.

So containers are a little bit different, but they are affected by fuel price, recession, global uncertainties.

Margaret Doyle is a director of Transparency Fuels, a marine fuels brokerage with more than 30 years' experience in the industry, from shipping and consulting to policy.

The way the maritime industry works for container ships is TEUs, is twenty-foot equivalent units.

So a price for a 20-foot TEU from Shanghai to LA Long Beach, it's about between $1,500 and $2,200.

Yeah.

And, and the, the other thing to realize is that for the bulk commodities, the ore and the...

There's so much more that goes into pricing, where it's the, it's the supply of ships that are out there, the demand, the routes they're on.

So containers are a little bit different, but they are affected by fuel price, recession, global uncertainties.