Singapore: ready for IMO2020. File image/Pixabay.
A Singaporean minister has confirmed that shipping's demand for low sulfur fuel oil which meets the International Maritime Organisation's (IMO) 0.5% sulfur cap stipulation will be met once the new rule comes into force from the start of next year.
Senior transport minister Janil Puthucheary, who was speaking in the southeast Asian bunkering hub this week told a shipping event that Singapore has been working with big oil refiners and shipowners and will have no problem procuring sufficient volumes of fuel that is compliant with new industry rules, according to business and financial news provider the Wall Street Journal.
Announcements of regional production of IMO-compliant bunker fuel are beginning to surface while oil and oil storage companies are looking increasing capacity in the port.
Singapore is the world's biggest port-based market for bunker fuel regularly selling over 4 million metric tonnes a month.