IMO has gathered major shipping players in a Symposium on ‘IMO 2020 and Alternative fuels’, highlighting the importance of partnership within the industry, discussing the role that alternative fuels could have in the path towards decarbonization and raising awareness on the IMO 2020 sulphur cap regulation.
It is currently estimated that operators will be faced with an additional $11 billion fuel bill related to the switchover to low-sulphur fuel oil (LSFO) next year, according to the latest container market outlook of Drewry. Moreover, there is still no clear guidance on just how much additional cost it will cause on the industry and the recent oil-price spikes due to the drone attacks on Saudi oil facilities further complicate the scenario.
The first IMO 2020 compliant bunker load of low sulphur fuel oil (LSFO) was delivered by oil trader and bunker provider GP Global at Fujairah port in the United Arab Emirates. The 6,000-tonne bunker barge was delivered at the port of Fujairah and is expected to serve this as well as other ports nearby, further helping the UAE to meet the IMO regulation.
Reuters reports that Japanese third-largest refiner, Cosmo Oil, is building stocks of very low sulphur fuel oil (VLSFO) that can be supplied to domestic marine fuel markets from October ahead of IMO 2020 sulphur cap. Cosmo Oil produces VLSFO at its residue desulfurizer (RDS) unit at its Chiba refinery near Tokyo to build stocks.
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