THE demand for high sulphur bunker fuel oil (HSFO) is set to dwindle by 2030, potentially causing the use of scrubbers to fail, as the shipping industry accelerates to decarbonise, reports London-based S&P Global Platts.
Regardless, ports such as Singapore are seeing robust HSFO sales in 201, with January to September sales of HSFO standing at 9.4 million tonnes, up 26 per cent year on year.
'The shipping industry will surely go through drastic changes, with the International Maritime Organisation (IMO) stepping up on carbon-free emissions or zero-carbon by the shipping industry by the year 2050,' said consultancy SDE International chief Simon Neo.
'I do not see much future for fossil fuel in bunker going forward,' said Mr Neo.
The initial greenhouse gases strategy aims to reduce carbon in the shipping industry 40 per cent by 2030, with a 70 per cent goal by 2050.
The new strategy aims to cut total annual international shipping emissions 50 per cent by 2050, compared with 2008.
'My only fear about carbon credit is that it will increase the cost of transportation by sea and that it will increase by a lot depending on how this credit will cost.' said Mr Neo.
SeaNews Turkey
Regardless, ports such as Singapore are seeing robust HSFO sales in 201, with January to September sales of HSFO standing at 9.4 million tonnes, up 26 per cent year on year.
'The shipping industry will surely go through drastic changes, with the International Maritime Organisation (IMO) stepping up on carbon-free emissions or zero-carbon by the shipping industry by the year 2050,' said consultancy SDE International chief Simon Neo.
'I do not see much future for fossil fuel in bunker going forward,' said Mr Neo.
The initial greenhouse gases strategy aims to reduce carbon in the shipping industry 40 per cent by 2030, with a 70 per cent goal by 2050.
The new strategy aims to cut total annual international shipping emissions 50 per cent by 2050, compared with 2008.
'My only fear about carbon credit is that it will increase the cost of transportation by sea and that it will increase by a lot depending on how this credit will cost.' said Mr Neo.
SeaNews Turkey