Shipping companies, refineries, freight derivatives or diesel cracks? Investment funds are placing their bets as the shipping sector prepares for new rules limiting sulfur emissions from ocean-going vessels. Ever since the International Maritime Organization said the maximum sulfur content in marine fuel must drop to 0.5% from 3.5% from 2020, shipping companies have been wrestling with how to comply without driving up costs at an uncertain time for global trade. Some shipowners are installing exhaust cleaning systems known as scrubbers so they can continue to use high-sulfur fuel and some are switching to low-sulfur marine diesel, but all expect a period of turbulence when the “IMO 2020” rules […]