The new shipping rules have proved to be a burden to most of the stakeholders and partners in the decisive turnaround that the industry has seen in the past six months and is expected to witness from 1st January 2020 as the deadline for the new grade of bunker fuel kicks in.
A lot of refining companies have set up floating platforms for the replacement of on-board fuel for the Marine container carriers and other maritime vessels the fuel supply is expected to be scarce and patchy outside the main bunkering ports.
Singapore as of date has a large number of oil tankers and supertankers parked in the territorial waters to provide for the immediate relief of larger maritime vessels to converge on the strait of Malacca which is of significant importance to ensure global energy security as a lot of the exports from Asia Pacific nations including India and China pass through from here and a lot of Chinese imports are directed from this strait which is one of the busiest straits in the world.
The maritime industry believes that the tramp sector will have to suffer the most amidst this chaotic transition from a high-grade Sulphur based fuel to a very low-grade Sulphur based fuel, the International Maritime Organization (IMO) had issued new norms to comply with the environmental pollution targets of the world for the shipping industry to change the fuel in use from 3.5% Sulphur content to 0.5% Sulphur content for which the deadline was set at 31st December 2019, after which the strict scrutiny of the IMO will kick in for all the defaulters involved in the play.
Tags : shipping rules, International Maritime Organization (IMO), Asia Pacific nations, maritime industry ,