ExxonMobil eyes marine fuels business expansion as the IMO's 2020 deadline looms
I cover commodities, mostly oil & gas, often debunking risk premiums.IMO 2020 rule is as much a challenge for shipping companies as it is for their fuel vendors © POFAs the shipping world scrambles to get ready for the International Maritime Organization's IMO 2020 ruling, oil major ExxonMobil's marine fuels outfit is"digging deep" to be at the forefront of the emerging low sulfur market.
But according to Luca Volta, Marine Fuels Venture Manager at ExxonMobil , the oil major views the impending low-sulfur marine fuels climate as an emerging opportunity and not an operational problem. Initially ExxonMobil has named the ports of Antwerp, Rotterdam, Genoa, Marseilles, Singapore, Laem Chabang and Hong Kong, where compliant fuels would be available, with locations in North America to follow. However, Singapore was the obvious choice to get the drive going.
"It will be challenging for all of them to adapt; but all the top ten ports will have product available. ExxonMobil wants to be a significant player in this post IMO 2020 marine bunker and fuel market, and we are digging deep to make it happen." Luca Volta, Marine Fuels Venture Manager at ExxonMobil, says the oil major views the impending low sulfur marine fuels climate as an emerging opportunity and not an operational problem.But how is the shipping industry gearing up as the deadline approaches?"There are operational anxieties. But I've got say that I am seeing very detailed compliance plans being instituted by shipping companies.
Volta agreed with the anecdotal evidence and said ExxonMobil will work with shipping customers opting to go down that route."However, that exponential rise in the deployment of scrubbers is from a relatively low base. The latest market projections point to a couple of thousand scrubbers by 2020. Let's say these projections miss the mark by 100% and that there will 4,000 ships fitted with scrubbers.
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