The upcoming implementation of restrictions on sulfur emissions in marine fuels can potentially jack up the annual fuel costs for the shipping industry by a whopping $50-$60 billion, including by $10 billion for the containers sector alone, A.P. Moller-Maersk CEO Soren Skou Thursday said. Skou favored greater use of cleaner fuels in the near term vis-a-vis other options such as LNG and scrubbers, and also strongly suggested a ban on the movement of ships using higher sulfur fuel oil, or HSFO without installing scrubbers from 2020. The new global cap of 0.5% sulfur on marine fuels will be implemented from 2020. The shipping industry uses around 280 million mt of fuel annually and if the current differential between HSFO and low sulfur fuels persists at around $200/mt, it will be a huge additional expenditure, which can cascade into higher costs of moving goods across the globe, Skou said after […]