Beginning January 1st, the International Maritime Organization (IMO) is set to impose new emissions regulations.
It’s part of a campaign designed to drastically curb pollution caused by ships.
Right now, the upper limit on sulfur oxides in ship fuel is 3.5%.
Once the new regulations take effect, that will drop down to 0.5%.
While the major oil companies and shipowners have blown billions to get ready, not everyone else has kept up.
And despite knowing this day was coming, many in the industry are still woefully unprepared.
“The market is in complete flux. Nobody seems to have the answers of how this will play out.”
Because it was an industry-wide cost impact, most experts expected shipping liners to raise prices in preparation.
But it looks like a lot of them missed the boat.
And it’s leaving experts flabbergasted.
“It’s a complete mess and the customers are suffering with all of this uncertainty.”
Find out how the whole scenario stands to impact everyone.
Maritime transport is critical to our global economy.
Over 90% of the world’s trade is carried by sea…
Read more here.