Fuel for thought – Survey finds 70%* believe marine industry is not ready for the 2020 0.5% sulphur cap
The run-up to the implementation of the IMO 2020 0.5% global sulphur cap is creating uncertainty across the marine industry, according to the results of a survey we conducted this year.
More than two thirds* of survey respondents think their industry isn’t fully prepared for the changes the revised sulphur cap will bring. The results not only highlight a sense of confusion, they also reveal some expectations – when asked how the sulphur cap would affect the marine industry, the majority believe it will lead to the development of new low sulphur fuels.
When asked about the uptake of liquefied natural gas (LNG), 31%* of respondents believe there will be a growth in its adoption as a marine fuel. These findings align with ExxonMobil’s 2017 Outlook for Energy: A View to 2040, which predicts that by 2040 global LNG consumption will rise to more than two and a half times the 2015 level.
Forty-five* percent of respondents predict an increased investment in abatement technologies (scrubbers). However, only 11%* said they were looking to install a scrubber before 2020, with 40%* citing a lack of economic clarity as a reason for forgoing investment.
Taken overall, the results of the survey indicate that the marine industry cannot adopt a “one size fits all” solution. To avoid the pitfalls that may lie ahead, it’s vital that operators work closely with trusted fuel suppliers to ensure that they select the best route to compliance for their vessel’s needs.
*This data was gathered by ExxonMobil’s latest industry pulse survey conducted in 2017.