The Istanbul bunker sector says it will be ready for IMO 2020 regulations. File Image / Pixabay
Several Turkish bunker players and other industry stakeholders have joined forces to prepare for the upcoming "IMO 2020" global 0.50% sulfur cap on marine fuel.
Arkas Bunker, Petrol Ofisi, Socar and Energy Petrol, which together represent about 85% of Turkish bunker market, have come together to form the IstanbulBunker2020 Committee under the Turkish Chamber of Maritime, Ship & Bunker has been told.
The Committee is supported by the Transport and Maritime Ministry, Custom and Trade Ministry, Finance Ministry, Oil Authority, and Customs Authority, along with a number of other related parties such as refineries, universities, and shipowning associations, who will be officially joining regular meetings to be held by the Chamber each month until 2020.
the Istanbul bunker sector will be ready for IMO 2020 regulations
"The Committee performed its first meeting on 22.05.2018 and has already visited governmental bodies on 23.05.2018 in Ankara to start working on draft planning proposals. All committee members declared that the Istanbul bunker sector will be ready for IMO 2020 regulations," a Committee spokesperson told Ship & Bunker in an emailed statement.
IMO's new rules are set to come into force from January 1, 2020, but with the vast majority of ship owners and operators of course to comply by switching away from HSFO bunkers to low sulfur distillate fuels, the shift in market dynamics is expected to take place throughout next year.