In line with the national anti-pollution campaign to “make the sky blue again”, China has introduced a series of environmental policies in the past few years. In particular, in response to the environmental requirements of the International Maritime Organization (IMO), China has begun setting upemission control areas (ECAs) since 2016 to strictly control air pollution from ships, complemented by a range of supporting measures to ensure the supply of compliant low sulfur marine fuel. Current international and national rules require ships engaged in international voyages to use fuel oil with sulfur content no higher than 0.50% m/m; but fuel with higher sulfur content is permitted for those equipped with exhaust gas cleaning systems or other devices that achieve equivalent or better emission reduction results\.Based on the level of sulfur content, marine residual fuels are classified into high sulfur fuel oil (HSFO), low sulfur fuel oil (LSFO), and ultra-low sulfur fuel oil (ULSFO). Sulfur content in HSFO reaches 3.50% m/m or even 4.50% m/m and above; that of LSFO and ULSFO is generally below 0.50% m/m and 0.10% m/m, respectively.Shanghai Futures Exchange (SHFE) lists fuel oil futures contracts for RMG 380 marine fuel with a maximum sulfur content of 3.50% m/m. Shanghai International Energy Exchange (INE) lists LSFO futures contracts for low sulfur marine fuel with a maximum sulfur content of 0.50% m/m.

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