The IMO 2020 global sulphur goal is currently one of the most important topics in the maritime industry. Although there is a heated debate on the need for preparation, not all bunker suppliers are actually taking action.
In comparison, Monjasa has been getting ahead with its IMO 2020 planning. They have recently talked about the wide variety of preparations they have been engaged in, including engagement with customers and maritime authorities and focusing on compliance.
“If you do it much later than Q3 you’re going to run into problems” is the key message.
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The surest way to minimise exposure to potential dangers is dealing with a strong counterparty. Despite recent underlining of the importance of seeking out and working alongside strong partners in the bunker sector, the risk management advice pertains across the wider industry.
Recent events have shown that ship owners and suppliers still need bunker traders. As in any commercial transaction, there are key criteria to be considered when selecting a trader counterparty. There are hundreds of traders in the global bunker market but few will meet the risk management criteria to be considered a strong counterparty.
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Although using scrubbers would be one solution for meeting the requirements of lower sulphur emission standards, at this point in time, only around 500 ships have installed scrubbers. “Fairly disappointing,” says director of scrubber producers’ association EGCSA.
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When do you think will the market for scrubbers take off?