Bunkers, busts, blame and blockchain
Given the higher costs of new industry-compliant marine fuel, there will be those who will try to cheat the system or play the blame game, but blockchain holds a solution
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LAST month the World Shipping Council (WSC), BIMCO, the Cruise Lines International Association (CLIA), and the International Parcel Tankers Association (IPTA) asked all maritime countries to strictly enforce the 0.50 per cent global sulphur cap for marine fuel.
The shipping industry organisations were partly motivated by reports that Indonesia and India would not be requiring compliance in their domestic trades. It now appears that both countries will enforce the new regulation.
But the possibility that enforcement of, and therefore compliance with, the sulphur cap could be patchy really worries the shipping organisations and the big players in the industry. What they really want to see is a level playing field. Because of the higher costs of compliant fuels, savings achieved through cheating could be significant.
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