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<br /> Turning tides<br /> The future of fuel oil after IMO 2020<br /> February 2019<br /> IMO beyond 2020<br /> Future emissions regulation for shipping<br /> Refining reoriented<br /> How refinery output will change in the years after 2020<br /> New hopes for fuel oil<br /> Future demand sources in power generation and industry<br /> Industry insights<br /> Interviews with the IMO, Goldman Sachs and Carnival Corporation<br /> spglobal.com/platts<br /> Add Insight<br /> We all have more data at our fingertips than ever before, but information alone isn’t informative.<br /> The knowledge and experience of S&P Global Platts is what makes the difference. For over 100 years, we have brought clarity<br /> and transparency to the energy and commodities markets through independent price benchmarks and analysis, enabling<br /> companies, governments and individuals to act with conviction.<br /> But in a world that’s increasingly complex, competitive and fast moving, it’s crucia<a title="IMO_Zmags page 1" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=1"> Turning tides The future of fuel oil after IMO 20</a> <a title="IMO_Zmags page 2" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=2"> Add Insight We all have more data at our fingert</a> <a title="IMO_Zmags page 3" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=3"> February 2019 Editor Jack Jordan Chief Copy Edi</a> <a title="IMO_Zmags page 4" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=4"> Foreword </a> <a title="IMO_Zmags page 5" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=5"> A significant portion of the shipping industry int</a> <a title="IMO_Zmags page 6" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=6"> Executive summary expected to drop dramatically t</a> <a title="IMO_Zmags page 7" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=7"> © 2019 S&P Global Platts, a division of S&P Globa</a> <a title="IMO_Zmags page 8" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=8"> IMO 2020 and beyond </a> <a title="IMO_Zmags page 9" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=9"> on how similar problems may arise with the new fu</a> <a title="IMO_Zmags page 10" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=10"> Sulfur warrior </a> <a title="IMO_Zmags page 11" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=11"> IMO regulations allow for “equivalents” to meet t</a> <a title="IMO_Zmags page 12" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=12"> Refining reoriented </a> <a title="IMO_Zmags page 13" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=13"> Refining reoriented ƒ Middle distillate cracks</a> <a title="IMO_Zmags page 14" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=14"> Refining reoriented this was followed by explo</a> <a title="IMO_Zmags page 15" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=15"> increase coker utilization rates. US data shows t</a> <a title="IMO_Zmags page 16" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=16"> Refining reoriented the margin in rather thin </a> <a title="IMO_Zmags page 17" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=17"> ƒ Refinery margins for deep conversion facilit</a> <a title="IMO_Zmags page 18" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=18"> Currents of trade Visualizing the flow of fuel oil</a> <a title="IMO_Zmags page 19" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=19"> Western Europe </a> <a title="IMO_Zmags page 20" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=20"> Course corrections </a> <a title="IMO_Zmags page 21" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=21"> Course corrections Further no</a> <a title="IMO_Zmags page 22" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=22"> Course corrections a</a> <a title="IMO_Zmags page 23" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=23"> Another big fuel oil reduction project in Russia,</a> <a title="IMO_Zmags page 24" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=24"> Destination in sight </a> <a title="IMO_Zmags page 25" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=25"> Destination in sight reference conversion fac</a> <a title="IMO_Zmags page 26" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=26"> Countdown to 2020 2016 October 28, 2016 IMO forma</a> <a title="IMO_Zmags page 27" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=27"> April 13, 2018 Last chance for IMO to adopt any n</a> <a title="IMO_Zmags page 28" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=28"> Fuel oil’s new buyers </a> <a title="IMO_Zmags page 29" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=29"> two to three weeks, but as you make a specialized</a> <a title="IMO_Zmags page 30" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=30"> Fuel oil’s new buyers </a> <a title="IMO_Zmags page 31" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=31"> Fuel oil’s new buyers “ Co</a> <a title="IMO_Zmags page 32" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=32"> Fuel oil’s new buyers 3.5%FOBROTTERDAMBARGEPH</a> <a title="IMO_Zmags page 33" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=33"> “Cost is the main driver for energy options. In t</a> <a title="IMO_Zmags page 34" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=34"> Header Left </a> <a title="IMO_Zmags page 35" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=35"> Header Right “ We have inv</a> <a title="IMO_Zmags page 36" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=36"> Fuel for thought </a> <a title="IMO_Zmags page 37" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=37"> Fuel for thought </a> <a title="IMO_Zmags page 38" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=38"> Cleaning up </a> <a title="IMO_Zmags page 39" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=39"> A common open-loop scrubber design Exhaust outlet</a> <a title="IMO_Zmags page 40" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=40"> Cleaning up Container line</a> <a title="IMO_Zmags page 41" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=41"> In May, Goldman Sachs said it set up a financial e</a> <a title="IMO_Zmags page 42" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=42"> Winners and losers Winners and losers The effect</a> <a title="IMO_Zmags page 43" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=43"> exports to plug Europe’s deficit and its desalinat</a> <a title="IMO_Zmags page 44" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=44"> Winners and losers </a> <a title="IMO_Zmags page 45" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=45"> Winners and losers Respiratory health in coas</a> <a title="IMO_Zmags page 46" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=46"> From A to B with LNG </a> <a title="IMO_Zmags page 47" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=47"> Other suppliers have also come forward with plans</a> <a title="IMO_Zmags page 48" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=48"> Full steam ahead </a> <a title="IMO_Zmags page 49" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=49"> Full steam ahead How soon woul</a> <a title="IMO_Zmags page 50" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=50"> Good health and fortune </a> <a title="IMO_Zmags page 51" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=51"> valuations can help quantify the external cost sa</a> <a title="IMO_Zmags page 52" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=52"> Good health and fortune </a> <a title="IMO_Zmags page 53" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=53"> Good health and fortune scrubber installation</a> <a title="IMO_Zmags page 54" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=54"> The last word </a> <a title="IMO_Zmags page 55" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=55"> industrial activity being hit, which is starting </a> <a title="IMO_Zmags page 56" href="https://secure.viewer.zmags.com/publication/6af79a6c?page=56"> spglobal.com/platts | support@platts.com Header L</a>