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低硫燃料油期货——What effects does IMO’s 2020 global sulfur limit have on the marine fuel market?

时间:2025-06-25

As IMO’s 2020 global sulfur limit comes into force, 


countries have taken active steps toward compliance, 


and upstream and downstream companies in the industry 


have also made preparations and plans. Research shows 


that there will three major changes to the consumption of 


marine fuel:


(1) Switch to low sulfur fuel oil (less than 0.50% m/m in 


sulfur content) or marine gas oil (MGO). Low sulfur heavy 


marine fuel is all-in-all the most economical and widely 


used solution at present. While this fuel is more expensive 


to produce (and therefore more costly to run on), it can be


used in most ships today without additional or modified 


equipment.


(2) Installation of an exhaust gas cleaning system 


(“scrubber”) in ships, so that they can still use marine 


fuels with sulfur content no higher than 3.50% m/m. 


Ship owners need to weigh the savings from the use 


of cheaper high sulfur fuels against the investment in 


additional equipment and the issue of disposing of the 


wastewater and other desulfurization-related liquid 


wastes. At present, countries and regions including China, 


the United States, Singapore, Germany, Belgium, Norway, 


and United Arab Emirates have expressly prohibited 


ships on international voyages from discharging, in their 


territorial waters, washwater from open-loop scrubbers, 


while countries including Japan and South Africa still allow 


it.


(3) Conversion to alternative energies such as liquefied 


natural gas (LNG). While LNG is an option, currently 


there are very few ocean-going ships capable of using 


it as fuel. Furthermore, the lack of resupply facilities and 


the high cost of LNG are also challenges that need to be 


overcome.


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