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World’s Ship Owners Warn About a Fuel Risk to Global Trade

22-May-2018
World’s Ship Owners Warn About a Fuel Risk to Global Trade

A group representing the vast majority of the world’s ship owners said world trade is at risk if issues surrounding new fuel rules aren’t resolved quickly, providing the starkest warning yet as to the potential impact of regulations that are due to enter into force in less than two years’ time.

From January 1, 2020, the world’s ships will need to use fuel that contains no more than 0.5 percent sulfur, or be fitted with kit to remove the pollutant, under rules set out by the International Maritime Organization. The shift, announced in late 2016, requires significant investment in new projects among oil-refining companies that can sometimes take many years to plan and construct.

A group representing the vast majority of the world’s ship owners said world trade is at risk if issues surrounding new fuel rules aren’t resolved quickly, providing the starkest warning yet as to the potential impact of regulations that are due to enter into force in less than two years’ time.

From January 1, 2020, the world’s ships will need to use fuel that contains no more than 0.5 percent sulfur, or be fitted with kit to remove the pollutant, under rules set out by the International Maritime Organization. The shift, announced in late 2016, requires significant investment in new projects among oil-refining companies that can sometimes take many years to plan and construct.

The IMO, which is part of the United Nations, is insistent that the rules will proceed as planned and that there’s no scope for any kind of delay.

The lack of a global standard means there are safety issues too if ships take incompatible fuels on board, Poulsson said.

“Governments, oil refiners and charterers of ships responsible for meeting the cost of bunkers all need to understand that ships will need to start purchasing compliant fuels several months in advance of 1 January 2020,” he said.


Source:-Bloomberg.com

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