Limassol, 21 June 2019
18th June 2019, Presentation by
Mrs Marina Andreou, Customer Service Manager of VTTV
Cyprus Marine Club held a fascinating presentation by Mrs Marina Andreou / Customer Service Manager of VTTV entitled “IMO 2020: The Impact of New Regulations on Shipping and Oil Storage Markets. The presentation touched very compelling, hot topic in shipping industry and stimulated a vivid discussion among members of the Club afterwards.
In 2016, the International Marine Organization (IMO) agreed to limit the sulfur content in all marine fuels to 0.5 percent beginning in 2020, with the exception of fuel burned in Sulfur Emission Control Area regions, which are already at lower sulfur limits. The volume of oil demand affected by this change is significant. Demand for high-sulfur residual fuel oil for ship bunkers was 3.5 million barrels per day in 2018—out of 7 million barrels per day of total resid demand—and the global refining system is not yet equipped to make this volume of residual fuel oil at 0.5 percent sulfur once the regulation goes into effect.
President of Cyprus Marine Club, Capt. Eberhard Koch, welcomed the members with his opening speech. He briefed the Members from an owner’s point of view on IMO 2020
The next summer “Get Together” will take place on 23rd July – Marina Beach Bar with presentation by Mrs. Despina Theodosiou – CEO Tototheo Maritime and President of WISTA International.
After the presentation all guests were invited to raise any questions and then rich buffet was offered at the Home of Marine Club, Epsilon.
The Cyprus Marine Club is a non-profit organization that embraces and encourages a plethora of maritime industry stakeholders for friendly membership. Ship Owners, Ship Managers, Crew Managers, Service Providers & Suppliers, Agents, Terminal Operators, Legal and Financial and more, come together with a focused effort to promote and celebrate the Cyprus maritime industry and share experiences.