Oil major BP has announced that it will begin to sell very low sulphur fuel oil (VLSFO) with a maximum sulphur content of 0.5% that meets the upcoming IMO 2020 regulation, following successful sea trials in the Amsterdam/Rotterdam/Antwerp (ARA) and Singapore hubs.
Research firm Woodmac has forecast that just over 10% of marine fuel will be scrubbed in 2020 when the IMO 0.5% sulphur cap rule is enforced.
Bunker supplier Peninsula Petroleum will expand its operations to Malta in late-December, backed by exclusive bunker tankers and reliable cargo sourcing.
Intercontinental Exchange, Inc. (ICE) is planning to launch a new marine fuel 0.5% futures contracts early next year in advance of IMO’s global 0.5% sulphur cap regulation from 2020.
New York Mercantile Exchange (NYMEX) will launch trading for 11 marine fuel 0.5% futures contracts on the CME Globex electronic platform from 9 December this year, roughly one year ahead of IMO’s 2020 fuel sulphur cap regulation.
The International Chamber of Shipping (ICS) said it is encouraged by efforts made by IMO member states to resolve issues ahead of the 2020 global sulphur cap while also welcoming a statement by the International Organization for Standardization (ISO) that the existing standard for marine fuel oils can be used for the new fuel blends that will come into use.