The 2020 sulfur cap is expected to significantly change the 

consumption structure of bonded marine fuel. The addition of 

desulfurization equipment and the use of LSFO, marine gas oil, 

liquefied natural gas, or other clean energy options would markedly 

increase the cost of fuel for ships, thus creating sharp price fluctuation. 

Future IMO and governmental policies on ship emissions are also likely 

to significantly affect the demand for fuel oil.

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