As from January 1st 2020, an environmental IMO rule will be applicable to all the approximately 50.000 ships around the world.
This new rule force shipping lines to use fuels not exceeding a percentage of 0,5 % sulphur oxides, fuels which are more expensive than present fuels being used, therefore an increase on freight rates is expected.
The impact to shipping industry (according to specialists) may rise up to 15.000 million dollars
“The main type of “bunker” oil for ships is heavy fuel oil, derived as a residue from crude oil distillation. Crude oil contains sulphur which, following combustion in the engine, ends up in ship emissions. Sulphur oxides (SOx) are known to be harmful to human health, causing respiratory symptoms and lung disease. In the atmosphere, SOx can lead to acid rain, which can harm crops, forests and aquatic species, and contributes to the acidification of the oceans.
Limiting SOx emissions from ships will improve air quality and protects the environment.”