IMO 2020 Compliance Challenges – An Overview of the Market
The International Maritime Organization (IMO) is pursuing cleaner and more environmentally friendly solutions. From 1 January 2020, new regulations from IMO will require international transport vessels globally to reduce their sulphur oxide (SOx) emissions from 3.5% to 0.5%. Vessels built once the new regulations come into effect will also be subject to stricter regulations on nitrogen oxide (NOx) emissions.
As reputation matters, especially for public companies, the major oil companies will insist on compliant vessels. It’s estimated that 90% of the global fleet will comply by the start of 2020.
What does this mean for the oil and gas industry?
How are vessel owners, operators, and the supply chain gearing up for IMO 2020? Are there any project risks and future pitfalls?