IMO2020 Due Soon and Could Impact Costs
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January sees the implementation of the new IMO2020 regulations, which enforce a new global sulphur cap on fuel used by containerships, reducing the current limit by 85 percent.
The new regulations, reducing the old cap of 3.5% to 0.5%, are part of the International Maritime Organization’s (IMO) response to environmental concerns, contributed partially by harmful emissions from ships.
Shipping lines have been preparing for IMO2020 for some time and an increase in general ocean freight charges has been expected as they move over to higher grade fuels.
There are also concerns that this could impact airfreight costs in 2020 too, with the additional need for higher grade fuel, that is also used by airlines, affecting the demand.
At this point in time, there is no clear indication of exactly how IMO2020 may impact costs for next year, but we are watching the situation closely and will advise further information if and when necessary.
Evolution Forwarding specialise in the packing, documentation, compliance and movement of dangerous goods internationally, our expertise and willingness to get the job done has positioned us second to none in this important area.
For further information please email info@evolutionforwarding.com or call 0800 4346244.
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