The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engine emissions from 3.5% currently to 0.5% or less from 1 January 2020.

It may seem an arcane rule change, but

VLCC

Although there were stratospheric rates seen on subjects last week, charterers did not lift subjects on a large proportion, thus regaining some control and forcing owners to kowtow. We now see 280,000mt Middle East Gulf to US Gulf basis Cape/Cape