New fuel to get sea freight environmentally shipshape

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Tens of thousands of cargo ships will have to start using less polluting fuels in January, a boon for the environment that could however lead to ...

PARIS: Tens of thousands of cargo ships will have to start using less polluting fuels in January, a boon for the environment that could however lead to higher bills for consumers.

"That leaves about 3 millions barrels a day that needs to adjust to the 0.5 per cent fuel regulation" said Chris Midgley, head of analytics at S&P Global Platts.The International Energy Agency said recently that the oil products market is heading for its"largest ever transformation" as refiners"will need to adapt to a new demand landscape".

The higher demand for compliant fuels will mean higher demand for low-sulphur crude oil that is used to produce petrol and jet fuel, thus it may also have a knock-on effect for consumers with higher prices to drive or fly. "Brent could rise and test US$70, maybe break through US$70 at the end of the year," said Midgley, compared to under US$60 per barrel currently.

 

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