Transition into the new reality

The marine industry is one of many aiming to reduce its greenhouse gas (GHG) emissions by using greener marine fuel to power the ships.
We have now surpassed the first wave of IMO2020 regulation and hopefully the accompanying market uncertainty will diminish as we
proceed into 2020. According to a BIMCO report: In December 2019, a total of 2,630 thousand tonnes of LSFO were sold, accounting for 59% of total sales
in the port of Singapore. This is a massive change considering that it accounted for roughly 1% of total sales in the last couple of years.
At the start of 2019, low-sulphur fuels accounted for a single digit percentage of total sales compared with a jump to 70% in December.
The massive uptick in market share of low-sulphur fuels illustrate the first wave of IMO2020, but BIMCO does not necessarily expect the
low-sulphur to high-sulphur sales ratio to remain at these levels in the coming year.

Full article, ELNAVI February 2020, Issue 554, Page. 6

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