So, at long last and after 3 years of wrangling we seem finally set to leave the EU on 31st Jan 2020. However this does not mean that Brexit is finished…far from it! There are many things still to be resolved, not least a trading arrangement between the UK and the EU so expect there to be more rancour and heated debates in coming months. We are still monitoring everything extremely closely but at least for the time being it seems to be business as usual. Long may that continue.
Cutting Sulphur Oxide Emissions
The new regulation set by the International Maritime Organisation has been designed to reduce sulphur oxide emissions. This is to be effective from January 1st 2020 onwards and it aims to put the shipping sector on the path towards a more environmentally friendly future. The IMO 2020 regulation applies to all ships on international and domestic voyages. The price of the new IMO compliant fuels is expected to fluctuate due to limited supply and high demand with potential to affect both the vessel owners and shippers but all shippers are adding surcharges to their FCL rates and this is working through LCL too. Overall rates are therefore higher, but we applaud this initiative to clean up the environment.