World’s Ship Owners Warn About a Fuel Risk to Global Trade
- Strongest warning yet as industry moves to lower-sulfur fuel
- Sees possibility of fuel shortage, potential safety issues
Photographer: Kristian Helgesen/Bloomberg
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A group representing the vast majority of the world’s ship owners said world trade is at risk if issues surrounding new fuel rules aren’t resolved quickly, providing the starkest warning yet as to the potential impact of regulations that are due to enter into force in less than two years’ time.
From January 1, 2020, the world’s ships will need to use fuel that contains no more than 0.5 percent sulfur, or be fitted with kit to remove the pollutant, under rules set out by the International Maritime Organization. The shift, announced in late 2016, requires significant investment in new projects among oil-refining companies that can sometimes take many years to plan and construct.