Reuters reports that China has approved a long-awaited tax waiver on exports of cleaner ship fuel, helping refiners to boost output. Yet, Beijing may initially limit shipments with the aim to focus on growing its coastal marine fuel market.
2020 sulphur cap
Maersk is now increasing fuel surcharge imposed on the transport of boxloads of goods as the implementation of the new environmental rules sent the industry’s costs soaring.
With the official implementation of the 2020 sulphur cap, the Global Shippers Forum (GSF) launched advice, assisting importers and exports who will have to deal with the demands for surcharges from shipping lines seeking to cover their costs of compliance.
Dymanar launched its 2019 Reefer Analysis presenting how the landscape of the reefer field evolved, given that 2019 was a full year; Increased trade tensions followed by sanctions, the IMO’s 2020 sulphur cap which approaches in less than a week and how it may affect the reefer sectors and the slowing economy which affected the trade flows.
Monjasa, the Danish bunkering expert, acquired four new banks in 2019, while increasing its credit facilities by an additional total of USD 160 million, amid preparations of the upcoming 2020 sulphur cap.
As the IMO’s 2020 Sulphur Cap is approaching, Hapag Lloyd is taking steps towards the ultimate compliance with the new regulations, introducing an IMO2020 Transition Charge (ITC) for short-term contracts as of 1 December 2019.
Drewry and the European Shippers’ Council launch a bunker adjustment factor mechanism and bunker charge guide to help shippers monitor and control bunker charges as shipping lines switch to the more expensive bunkers required under the IMO 2020 low-sulphur regulation.
French shipping major, CMA CGM, announced that in light of the upcoming 2020 sulphur cap it will be compliant, providing a mix of three solutions, using compliant fuels with 0.50% or 0.10% sulphur, while it will also apply a new surcharge.
Belgian tanker shipping company, Euronav, published its second quarter and first half of 2019 results. Euronav’s CEO, Hugo De Stoop, reported that they took a loan to assist the company better-prepare for the approaching IMO’s 2020 sulphur cap.
KPI Oil Bridge is waiting for the new sulphur regulations that will come into effect in 2020, as Søren Høll, CEO of KPI Bridge Oil, confirmed the company’s readiness for the expected changes. They anticipate a price increase of 30-40% depending on the region and local availability, while they also expect to experience a shortage of available credit in the market.
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