According to International Maritime Organization, it will be mandatory globally to cut sulfur emissions from marine fuels to 0.5% from next year compared to the current 3.5%. This will push up the demand for marine gasoil, or MGO, which is moved in clean tankers and their freight rates are also expected to get a boost, making them attractive for investors.
“The IMO 2020 regulations are already being factor into the value of ships,” said an S&P broker who does not wish to be identified. Even for the 10-year-old LR2s, brokers estimate that the going rate is now $22-$23 million. These ships were worth around $19.5-$20 million in August last year, they said. A 10-year-old ship is now priced close to the value of a five-year-old six months ago, they added.
Large iventory of MGO are expected to move from North Asia, India and the Middle East to Europe to satiate the burgeoning demand in anticipation of marine fuel emission norms. Such is the interest in LR2s that last month even a 14-year-old fetched around $13.5-$14 million for the seller, sources said.
Source: News Formal (newsformal.com)
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