IBIA, Platts in Partnership to Foster IMO2020 Understanding

Tuesday September 10, 2019

The International Bunker Industry Association (IBIA) and price-reporting agency S&P Global Platts are to work together to help the bunker and shipping industries prepare for the looming International Maritime Organisation (IMO) rule change on the sulfur content of bunker fuel, the organisations have said.

The scope of the collaboration includes webinars for IBIA members, the sharing of data, including pricing data, and making insights available to IBIA members.

IBIA director Unni Einemo said the tie up would bring "industry stakeholders the tools they need to manage the transition to IMO2020".

The collaboration will mean that IBIA has "access to market data and analysis from a trusted partner", she added.

S&P head of oil markets Vera Blei said that Platts data would help "the industry understand and comply with what many consider to be the most disruptive change in living memory".

From the start of next year, the global fleet must use bunker fuel capped at 0.5% sulfur or have the necessary emissions abatement equipment installed to continue to use high sulfur fuel oil.