|Sulphur cap to 'take centre stage' at Tank Storage Asia conference|
|WoodMac's Konrad Jar to discuss how the industry can prepare for 2020.
|Image credit: Pixabay CC0|
|Updated on 13 Aug 2018 12:29 GMT
|The International Marine Organisation's (IMO) global cap on marine fuel sulphur content is set to be a key discussion topic at the upcoming Tank Storage Asia conference later this month.
Hosted in Singapore, the home of the world's biggest bunker port by volume, the conference will take place over two days - September 26 and 27 - with speakers representing BMT Group, Petronas, Vopak, Wood Mackenzie and other firms involved in the storage industry.
Discussing the event, Nick Powell, StocExpo & Tank Storage Portfolio Divisional Director, said the sulphur 2020 regulation "will take centre stage" at the Singapore conference.
He commented: "2020 is not far away and will be on our doorstep before we know it. It is important to act now to ensure that the right frameworks, operations and business models are in place to guarantee compliance as the vessels that fail to do so will face severe fines or could be prevented from sailing.
"The industry as a whole shouldn't overlook the wider impact that the regulation will have, Singapore may need to repurpose some storage tanks to prepare for a shift from fuel oil to gas oil bunkering."
On the issue of demand, Powell said: "The IMO 2020 regulation is going to have a marked impact on the tank storage industry, with many believing that there will be an increase in demand for storage as the industry shifts to compliant fuel options."
According to a study by consultancy Wood Mackenzie, the shipping industry's annual bunker costs could rise by up to $60 billion as a result of the sulphur cap in 2020.
Speaking at the Tank Storage Asia conference will be Konrad Jar, Wood Mackenzie's Vice President Head of Downstream Consulting, Asia Pacific, who will specifically examine how the industry can prepare for the sulphur limit, and will be addressing key issues such as compliance, the refining industry's role and key implications.
The full conference programme can be viewed by clicking here.