Shipping sector braces for emissions storm
Is the fuel oil market ready for tighter carbon and sulphur emissions rules on shipping?
Tighter emissions regulations are set to cause a revolution in the shipping fuel market over the next few years, with plans now in place for carbon emissions cuts and tougher regulations on sulphur emissions increasingly likely to come into force in 2020. A compromise agreement reached by member states of the International Maritime Organisation (IMO) in London on 13 April has paved the way for carbon emissions cuts of at least 50% by 2050, compared with 2008 levels. A more stringent target had been sought by the UN shipping agency but this was scaled back due to concerns among countries including India, Brazil and the US over the impact of higher costs on trade. Nevertheless, the deal is sig
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