Key Takeaways • Jan. 1 will mark the full implementation of IMO 2020 regulations reducing sulfur oxide emission from 3.5 percent m/m to 0.5 percent m/m. To navigate IMO 2020, carriers and shippers will need open dialgue. • More than 570,000 premature deaths avoided (2020-2025) Taking bold action to clean up shipping emissions by reducing sulphur 2020 + • From 1 January 2020 0.50% reduced from 3.50% – significantly less sulphur permitted in ships’ fuel 77% drop in overall SOx emissions from ships (2020-2025) Clean tankers, which handle petroleum products, will face a similar set of challenges, but with a much higher chance of a positive outcome, benefiting from the increased demand for gasoil resulting from IMO 2020. Low Sulphur IMO 2020 Regulation As of January 1st 2020, the sulphur in fuel oil must be reduced to 0.50% from 3.50%. This upcoming bunker specification change will be the biggest upheaval the refining and shipping industries have ever faced. Background: IMO 2020 IMO regulations to reduce emissions of sulphur oxides (SO X) from ships first came into force in 2005, under Annex VI of the International Convention for the Prevention of Pollution from Ships (known as the MARPOL Convention). IMO 2020 marks the most recent culmination of efforts in decreasing the pollution exhibited by the maritime industry on the ecological life impacted by its day-to-day operations. The International Maritime organization (IMO) will introduce its industry wide maximum sulfur content of marine fuel on the 1 of January 2020, known as IMO 2020. This report provides insight and a general overview of the issues in order to support better understanding and negotiations. The IMO 2020 regulations specifying 0.50% sulphur emissions will go into effect on January 1, 2020. Preparing for IMO 2020 | What the International Maritime Organization Regulations Will Mean for Shippers around the World 4 WHEN DO IMO 2020 REGULATIONS GO INTO EFFECT? IMO 2020, also known as Sulphur 2020 or MARPOL 2020, is a regulation officially confirmed by the International Maritime Organization in October 2016 with the aim of reducing harmful sulfur oxides (SOx) emissions by the maritime industry. On January 1, 2020, the IMO (International Maritime Organization) will be implementing a cap on the amount of sulphur in fuel oil used on board ships (without exhaust gas cleaning systems—or scrubbers). THE COST OF NON-COMPLIANCE The International Maritime Organization (IMO) has implemented regulations starting January 1, 2020, that will require the lowering of sulfur content in bunker fuels from 3.5% to 0.5% (referred to as IMO 2020).

feedstOck And ArbItrAge chAllenges As IMO 2020 bunker fuel chAnges l OOM The petrochemicals industry is expected to witness price spikes in 2020 as refiners and chemical producers adjust to the new environment, according to S&P Global Platts Analytics. Under the new global cap, ships will have to use marine fuels with a sulphur content of no more than 0.50%S against the current limit of 3.50%S in an effort to reduce the amount of sulphur oxide.

The IMO 2020 regulation defined. The IMO … May 19, 2020 VIA ELECTRONIC TRANSMISSION Ambassador Richard Grenell Acting Director Office of the Director of National Intelligence Dear Ambassador Grenell: On May 13, 2020, you provided us with declassified information related to the “unmasking” of Lt. General Michael Flynn, and we very much appreciate your continued This requirement comes in addition to the 0.10% sulphur limit in the Emission Control Areas (ECA) zones. I. It is anticipated that these regulations will drive a switch from high-sulfur fuels toward cleaner fuels in the marine industry. caused by IMO 2020, may have a profound influence on trade routes for dirty tankers, affecting ton-mile demand in unexpected ways. Since then, the limits on SO X have been progressively tightened and from IMO 2020 transforms that aggressive sulfur reduction effort, which had been regional, into a global campaign. imo 2020 On 1 January 2020, the International Maritime Organisation (IMO) will implement a new regulation for a 0.50% global sulphur cap for marine fuels.

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