Blending constraints limit bunker fuel options

摘要

Low-sulphur fuel oil blendstocks are rising rapidly in value as refners, bunker fuel suppliers and shipowners prepare for the IMO 2020 rule change. The switch to new IMO marine fuel sulphur regulations is less than three months away and markets are feeling the impact of the biggest change in refnery product specifcations in decades. Up to three-quarters of the 3.5mn b/d bunker fuel oil market is expected to switch to IMO-compliant fuels - either marine gas- oil or 0.5pc sulphur fuel oil - from January. Many shipowners are opting for the cheaper 0.5pc fuel oil blend, and product margins refect the change (see graph).