IMO New Regulation: Year 2020
The IMO (International Marine Organization) has stated by January 1st, 2020 all merchant vessels are required to decrease their sulfur emission from 3.5% to 0.5%. The purpose is to improve the environment and air quality, since vessels currently produce harmful emissions that are dramatically affecting our planet.
What to expect
Increased Shipping rates: To adhere to the new regulation, carriers will start increasing their costs which will trickle down to the importer. Carriers will increase their bunker surcharge to deal with the costs that come to decreasing the sulfur emission.
CSL is closely monitoring the IMO 2020 regulation and will continue to keep you updated.