Asia/Pacific News
IMO2020: Cost to Shipping, Refining, a Trillion dollars
Thursday September 27, 2018
The International Maritime Organisation's (IMO) change to the sulfur content of marine fuel, which falls to 0.5% from the start of 2020 from its current level of 3.5%, will cost the refining and shipping industries upwards of a trillion dollars, an oil analyst has said.
The change will affect "all sectors in the energy space as well as many other industries", according to Chris Midgley, head of S&P Global Platts Analytics.
Describing IMO2020 as one of the most disruptive changes to ever affect the refining and shipping industries, the analyst put the eventual cost in excess of $1 trillion over five years.
Midgley was speaking at his company's event in Singapore this week.
