5th December 2019
EP Report
Global oil refiners have upgraded processing units and adjusted operations to raise output of low-sulphur residual fuels and marine gasoil (MGO) to prepare for stricter shipping fuel standards that kick in on Jan. 1, 2020.
The new International Maritime Organization (IMO) rules prohibit ships from using fuels containing more than 0.5 percent sulphur, compared with 3.5 percent through the end of December, unless they are equipped with exhaust-cleaning “scrubbers”.
The shipping industry consumes about 4 million barrels per day (bpd) of marine bunker fuels, and the rule changes will impact more than 50,000 merchant ships globally, opening a significant new market for fuel producers.
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